$AVA

AVISTA CORP

CIK:0000104918|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Utility revenues:
Utility revenues, exclusive of alternative revenue programs	$ 398	$ 399	$ 945	$ 1,024
Alternative revenue programs	15	12	38	4
Total operating revenues	413	411	983	1,028
Utility operating expenses:
Resource costs	127	130	333	386
Other operating expenses	136	124	264	252
Depreciation and amortization	68	72	135	143
Taxes other than income taxes	27	28	62	64
Non-utility operating expenses	1	0	1	1
Total operating expenses	359	354	795	846
Income from operations	54	57	188	182
Interest expense	39	37	79	75
Interest expense to affiliated trusts	1	0	1	1
Capitalized interest	(2)	(1)	(4)	(3)
Other income-net	(4)	(2)	(11)	(8)
Income before income taxes and equity method earnings (losses)	20	23	123	117
Income tax expense	6	1	19	13
Equity method earnings (losses)	21	(8)	23	(11)
Net income and Comprehensive income	$ 35	$ 14	$ 127	$ 93
Weighted-average common shares outstanding (thousands), basic	83,060	80,715	82,700	80,466
Weighted-average common shares outstanding (thousands), diluted	83,109	80,774	82,732	80,542
Earnings per common share:
Basic	$ 0.43	$ 0.17	$ 1.54	$ 1.15
Diluted	$ 0.43	$ 0.17	$ 1.54	$ 1.15

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income	$ 127	$ 93
Non-cash items included in net income:
Depreciation and amortization	135	143
Provision for (benefit from) deferred income taxes	14	(5)
Power and natural gas cost deferrals, net	(13)	(6)
Amortization of debt expense	1	1
Stock-based compensation expense	9	7
Equity-related AFUDC	(7)	(5)
Pension and other postretirement benefit expense	7	7
Other regulatory assets and liabilities	16	30
Other deferred debits and credits	41	33
Change in decoupling regulatory deferral	(40)	(4)
Realized and unrealized (gains) losses on assets and investments	5	2
Equity method (earnings) losses	(23)	11
Other	9	0
Distributions from equity method investments	14	0
Contributions to defined benefit pension plan	(7)	(7)
Changes in certain current assets and liabilities:
Accounts and notes receivable	62	28
Inventory	(28)	(24)
Collateral for derivative instruments	(1)	(1)
Income taxes receivable	23	(3)
Other current assets	(1)	(44)
Accounts payable	(36)	(19)
Other current liabilities	(6)	(13)
Net cash provided by operating activities	301	224
Investing Activities:
Utility property capital expenditures (excluding equity-related AFUDC)	(326)	(246)
Issuance of notes receivable	(3)	0
Investments made in equity investments and property	(9)	(3)
Other	4	1
Net cash used in investing activities	(334)	(248)
Financing Activities:
Net (decrease) increase in short-term borrowings	(92)	51
Proceeds from issuance of long-term debt	160	0
Maturity of long-term debt and finance leases	(2)	(2)
Issuance of common stock, net of issuance costs	58	35
Cash dividends paid	(81)	(79)
Other	(4)	(2)
Net cash provided by financing activities	39	3
Net increase (decrease) in cash and cash equivalents	6	(21)
Cash and cash equivalents at beginning of period	19	30
Cash and cash equivalents at end of period	$ 25	$ 9

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 25	$ 19
Accounts receivable-less allowances of $6 and $5, respectively	153	220
Inventory	264	236
Regulatory assets	179	135
Other current assets	94	119
Total current assets	715	729
Net utility property	6,528	6,319
Goodwill	52	52
Non-current regulatory assets	858	871
Other property and investments-net and other non-current assets	382	388
Total assets	8,535	8,359
Current Liabilities:
Accounts payable	130	163
Short-term borrowings	226	388
Regulatory liabilities	93	126
Other current liabilities	201	201
Total current liabilities	650	878
Pensions and other postretirement benefits	67	65
Deferred income taxes	808	778
Non-current regulatory liabilities	811	818
Other non-current liabilities and deferred credits	344	305
Total liabilities	5,714	5,650
Commitments and Contingencies (See Notes to Condensed Consolidated Financial Statements)
Shareholders' Equity:
Common stock, no par value; 200,000 shares authorized; 83,752 and 82,193 shares issued and outstanding, respectively (shares in thousands)	1,871	1,805
Accumulated other comprehensive loss	(1)	(1)
Retained earnings	951	905
Total shareholders’ equity	2,821	2,709
Total liabilities and equity	8,535	8,359
Non Affiliated Trusts [Member]
Current Liabilities:
Long-term debt	2,982	2,754
Affiliated Trusts [Member]
Current Liabilities:
Long-term debt	$ 52	$ 52