Annual EPS Growth
2025 consolidated earnings were $2.38 per diluted share vs $2.29 in 2024, a +3.9% increase. 2025 non-GAAP utility earnings were $2.55 per diluted share vs $2.38 in 2024, a +7.1% increase.
Quarterly EPS Stability
Q4 2025 consolidated earnings were $0.87 per diluted share vs $0.84 in Q4 2024 (+3.6%), and Q4 2025 non-GAAP utility earnings were $0.88 per diluted share (nearly flat year-over-year).
RFP Project Wins Increasing Flexibility and Capacity
Selected projects include a 14 MW natural gas turbine upgrade (no increase in carbon emissions), a 100 MW battery energy storage system under a build-transfer agreement, a 200 MW wind PPA from Montana, and ~40 MW of demand response — adding diversified, resilient capacity to the portfolio.
Large Potential Customer Development
Received a significant deposit from a data center developer planning initial 125 MW load (ramping to 500 MW) expected online by 2030; the company still has ~1,700 MW in its queue of potential large load customers.
Capital Investment Plan and Growth Outlook
Avista Utilities capex was $553M in 2025 and is expected to be $585M in 2026 (+5.8%). The 2026–2030 base plan totals $3.4B with an expected base capital CAGR of 5% to support grid modernization and reliability.
Dividend Increase and Shareholder Return Focus
Board raised the dividend to $1.97 per share; the company has increased dividends 24 consecutive years with compound annual growth of >5% over that period and is targeting a 60%–70% payout range.
Expanded Customer Assistance Programs
Energy assistance programs have been enhanced and expanded reach up to four times as many customers in need over the last two years, demonstrating progress on affordability and community support.
2026 Utility Earnings Guidance and Long-Term Growth Target
Initiated 2026 non-GAAP utility earnings guidance of $2.52 to $2.72 per diluted share. Long-term EPS growth target is 4%–6% CAGR from the midpoint of 2025 consolidated earnings guidance.