Avista (AVA) FY2025 results: revenue $2.0 billion, up 1.3% on the year
Avista Corp. (AVA) reported revenue of $2.0 billion for fiscal 2025, the year ended 31 December 2025, up 1.3% on the year before. Net income was $193 million, up 7.2%, and diluted earnings per share $2.38. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$2.0 billion
+1.3% on the year
FY2018FY2025
Operating margin
18.0%
15.8% a year earlier
FY2018FY2025
Net income
$193 million
+7.2% on the year
FY2018FY2025
Diluted EPS
$2.38
+3.9% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 4 raised, 2 new, 1 kept.
Other businesses lost $14 million: Losses at non-regulated other businesses were $14 million in 2025, against $7 million in 2024, mainly from higher net investment losses.
Clean technology drove most investment losses: About 75 percent of 2025 investment losses were in clean technology, where valuations fell after shifting public policy and sentiment. About 25 percent came from diluting a biotechnology stake.
Electric margin gained from load growth: Electric utility margin increased from general rate cases, customer growth and non-decoupled load growth. A $9 million pre-tax refund to customers partly offset the gain.
Operating expenses rose on salaries: Other operating expenses reduced earnings by $48 million after tax, or $0.59 per share, mainly from higher employee salaries and benefits. Wildfire and insurance amortizations also rose, with matching revenue and no earnings effect.
Base capital plan raised through 2030: Avista Utilities expects base capital expenditures of $585 million in 2026, rising to $800 million in 2028 and $710 million in 2030. The prior release had $575 million in 2026 and $705 million in 2030.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
469
534
447
-12.2%
Capital expenditure
570
533
499
+6.9%
Free cash flow
-101
1.0
-51.6
Free cash flow margin
-5.1%
0.1%
-2.9%
Cash from investing
-564
-539
-510
Cash from financing
84.0
0.0
84.9
Depreciation and amortisation
289
274
265
+5.5%
Share-based compensation
9.0
9.0
8.0
0.0%
Dividends paid
159
150
141
+6.0%
Dividend per share
$1.96
$1.90
$1.84
+3.2%
Diluted shares, weighted
81m
79m
76m
+2.8%
Shares outstanding at period end
82m
80m
78m
+2.7%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,709
2,591
2,485
+4.6%
Debt
3,194
3,020
2,931
+5.8%
Operating lease liabilities
60.0
62.0
64.0
-3.2%
Finance lease liabilities
32.0
35.0
39.0
-8.6%
Other liabilities
2,364
2,233
2,183
+5.9%
Total liabilities and equity
8,359
7,941
7,702
+5.3%
Goodwill
52.0
52.0
52.0
0.0%
Cash and equivalents
19.0
30.0
35.0
-36.7%
Receivables
220
205
n/a
+7.3%
Inventory
236
193
160
+22.3%
Other assets
7,832
7,461
7,455
+5.0%
Total assets
8,359
7,941
7,702
+5.3%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.