moneyheap
AVA · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Avista Corporation (AVA) stock moving?
Avista's Q3 2026 results were mixed but reassuring on guidance. Non-GAAP utility EPS was $0.38 against $0.37 a year earlier, and GAAP net income rose to $49M from $29M on investment gains. The 2026 non-GAAP utility EPS range of $2.52-$2.72 was confirmed, with management expecting the midpoint, which equals the $2.62 consensus. Benzinga's corrected report, however, shows adjusted EPS of $0.38 missing the $0.42 estimate and sales of $421M missing the $425.5M estimate, so the quarter's headline numbers were weaker than expected. On Nov 9 the company also paused processing of new data-center applications for 12 months, which adds regulatory and growth uncertainty. The investor deck still points to 4-6% long-term utility earnings growth, a 9.0% ROE target and $3.6B of capital spending over 2027-2031. Price action confirms a reaction to the print: the stock rose 5.4% on Nov 4 from $38.11 to $40.17 on 1.83M shares, about three times the October average, and peaked at $41.27 on Nov 5 on 2.04M shares. Volume has since normalized to 844K on Nov 10, and the stock closed at $40.21, holding most of the gain and trading in a $39.49-$40.91 range. The Oregon gas rate approval on Oct 30 is a routine item.
News behind the analysis
- Avista Corporation Reaffirms 2026 Earnings Guidance and Pauses Data-Center ApplicationsAvista reaffirmed its 2026 utility earnings guidance and announced a 12-month pause on processing new data-center applications to support policy and planning discussions.
- Avista Corporation Reports Third Quarter 2026 Financial ResultsQ3 GAAP net income rose to $49M from $29M, and non-GAAP utility EPS was $0.38 versus $0.37 a year earlier. The 2026 non-GAAP utility EPS guidance of $2.52-$2.72 was confirmed.
- CORRECTION: Avista Q3 Adj. EPS $0.38 Misses $0.42 Estimate, Sales $421.000M Miss $425.528M EstimateBenzinga's corrected note says adjusted EPS missed the $0.42 estimate and sales missed the $425.5M estimate. An earlier Benzinga headline had called the EPS in line.
- Avista Affirms FY2026 Adj EPS Guidance of $2.52-$2.72 vs $2.62 EstThe guidance range's midpoint of $2.62 matches the consensus estimate. Management said it expects to land at the midpoint of the range.
- Avista Q3 EPS $0.38, Inline, Sales $421.000M Miss $425.528M EstimateAn earlier Benzinga flash put Q3 EPS in line with estimates while sales came in about $4.5M below expectations.
- Avista Q3 2026 Earnings Call TranscriptTranscript of the third-quarter 2026 earnings call, held the same day the results were released.
- Invested in Progress Grounded in Resilience Investor Presentation, November 2026The investor deck reiterates long-term utility earnings growth of 4-6% and a 9.0% long-term ROE target, with $3.6 billion of capital spending planned for 2027-2031.
- Oregon Public Utility Commission Approves Avista Purchased Gas AdjustmentThe Oregon commission approved Avista Utilities' annual purchased gas adjustment, with updated customer rates effective October 31, 2026.
About Avista Corporation
Avista Corporation is a Spokane, Washington–based regulated utility that supplies electricity and natural gas to customers in eastern Washington, northern Idaho and parts of Oregon. It also owns Alaska Electric Light & Power (AEL&P), which serves Juneau, and it makes a large share of its power from hydroelectric dams.
How it makes money
Most of its revenue comes from Avista Utilities, which sells electricity and natural gas at rates set by state regulators in Washington, Idaho and Oregon. Electricity is the larger part of the business. A smaller share comes from AEL&P in Alaska, and the company also has minor investments outside the utilities. Profits grow mainly by investing in its grid and getting regulators to approve a return on that investment. Avista plans about $615 million of utility capital spending in 2026 and has a five-year plan of roughly $3.4–3.6 billion.
What usually moves AVA
- State rate-case decisions, e.g. the Washington general rate case
- Interest rates and the cost of debt and equity financing
- Hydro conditions and power supply costs
- Wildfire risk and liability in the Pacific Northwest
- Load growth, including possible large data-center customers