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Dec 31, 2025
Avista Q4 2025 Earnings Report
Avista reported higher fourth quarter GAAP and non-GAAP utility earnings compared to the prior year period.
Key Takeaways
For the fourth quarter of 2025, Avista reported GAAP net income of 71000000 and diluted EPS of 0.87, compared to 67000000 and 0.84 in Q4 2024. Non-GAAP utility earnings were 72000000, or 0.88 per diluted share, reflecting improved electric and natural gas utility margins partially offset by higher operating expenses.
GAAP net income increased to 71000000 from 67000000 year over year.
Non-GAAP utility earnings rose to 72000000 from 71000000.
Electric utility margin expanded in the quarter.
Higher operating expenses and income taxes partially offset margin growth.
Forward Guidance
Avista initiated 2026 non-GAAP utility earnings guidance in a range of 2.52 to 2.72 per diluted share.
Positive Outlook
- 2026 non-GAAP utility EPS guidance of 2.52 to 2.72.
- Assumption of normal weather and hydro conditions.
- Planned capital expenditures of 585000000 for 2026.
- Expected long-term non-GAAP utility earnings growth of 4 to 6 percent.
- Constructive regulatory outcomes supporting earnings outlook.
Challenges Ahead
- Expected 0.12 per diluted share reduction from large industrial customer departure.
- Assumed negative ERM impact of -0.10 per diluted share.
- Exposure to regulatory and rate case timing risk.
- Potential volatility from non-regulated investments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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