Avista Corp reported 2025 GAAP net income of $193 million ($2.38 per share), up from $180 million ($2.29) in 2024. Non-GAAP utility earnings rose to $207 million ($2.55 per share) from $187 million ($2.38) a year earlier, driven by general rate cases, customer and load growth, and disciplined cost management, partially offset by a $9 million pre-tax refund related to Colstrip investments.

The company initiated 2026 non-GAAP utility earnings guidance at $2.52 to $2.72 per diluted share. This range reflects a $0.12 downward adjustment due to an unexpected early return of a large industrial customer to independent power markets and the late-December Washington order to exit Colstrip.

Electric utility margin increased by $88 million ($1.09 per share) and natural gas margin by $18 million ($0.22 per share) year-over-year. These gains were offset by $48 million in higher operating expenses, including employee costs and wildfire mitigation amortizations, a $14 million Energy Recovery Mechanism expense, and increased depreciation and interest.

Constructive outcomes from general rate cases supported revenue growth, while results from a recent power procurement RFP reinforced Avista’s utility strength. Despite regulatory headwinds from the Colstrip exit order, these developments underpin the company’s ability to deliver reliable energy and create long-term shareholder value.