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Avista

Avista (AVA) Q4 2025 Earnings

Reported Feb 24, 2026 at 7:25 PM ET · SEC Source

Q4 25 EPS

$0.87

MISS 15.04%

Est. $1.02

Q4 25 Revenue

$518.0M

MISS 4.27%

Est. $541.1M

vs S&P Since Q4 25

-9.2%

TRAILING MARKET

AVA -1.8% vs S&P +7.4%

Full Year 2025 Results

FY 25 EPS

$2.38

MISS 5.12%

Est. $2.51

FY 25 Revenue

$1.92B

MISS 3.32%

Est. $1.98B

Market Reaction

Did AVA Beat Earnings? Q4 2025 Results

Avista Corporation delivered a disappointing fourth quarter, missing Wall Street expectations on both the top and bottom lines as the Spokane-based utility grappled with a combination of regulatory adjustments and mounting losses in its non-regulated… Read more Avista Corporation delivered a disappointing fourth quarter, missing Wall Street expectations on both the top and bottom lines as the Spokane-based utility grappled with a combination of regulatory adjustments and mounting losses in its non-regulated businesses. The company posted Q4 2025 earnings of $0.87 per diluted share, falling 16.35% short of the $1.04 consensus estimate, while revenue of $518.00 million came in 5.95% below the expected $550.75 million and declined 2.8% from the year-ago period. A key drag on results was a $9.00 million pre-tax refund tied to Colstrip investment adjustments, which pressured electric utility margins even as constructive rate case outcomes and customer growth provided underlying support. Non-regulated operations compounded the shortfall, posting $14.00 million in full-year losses, largely from clean technology investment write-downs amid shifting policy sentiment. Looking ahead, Avista initiated 2026 non-GAAP utility earnings guidance of $2.52 to $2.72 per diluted share, though that range already reflects a $0.12 per share headwind from a large industrial customer's unexpected departure; the company's board also raised the annual dividend to $1.97 per share, marking its 24th consecutive annual increase.

Key Takeaways

  • • Constructive regulatory outcomes from general rate cases
  • • Customer growth and non-decoupled load growth
  • • Disciplined cost management
  • • Increased electric and natural gas utility margins

AVA Forward Guidance & Outlook

Avista initiated 2026 non-GAAP utility earnings guidance of $2.52 to $2.72 per diluted share, which reflects a $0.12 per share negative impact from a large industrial customer departing sooner than expected. Guidance assumptions include normal weather and hydroelectric generation, a negative ERM impact of ($0.10) per diluted share, an effective tax rate of 12%, and capital expenditures of $585 million. Over the long term, the company expects non-GAAP utility earnings to grow 4 to 6 percent from the midpoint of 2025 consolidated earnings guidance. In 2026, Avista expects to issue approximately $230 million in long-term debt and up to $90 million of common stock. The company's five-year base capital expenditure plan for Avista Utilities ranges from $585 million in 2026 to $800 million in 2028, with potential additional capital of up to $350 million for integrating a new large load customer.

24/7 Wall St

AVA YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

AVA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q4 25

“The core of our operations – our utility – is strong. Our utility earnings were up from 2024, but were negatively impacted by the late-December Washington order regarding our exit from Colstrip. Throughout the year, our team remained focused on execution of our key initiatives. Outcomes from our recent request for proposal reinforce our utility strength and support our ability to continue delivering safe, reliable energy to the communities we serve and creating enduring value for our shareholders.”

— Heather Rosentrater, Q4 2025 Earnings Press Release

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