Avista Corporation, together with its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates through two segments, Avista Utilities and Alaska Electric Light and Power Company (AEL&P). The Avista Utilities segment provides electric distribution and transmission, and natural gas distribution and transmission services in parts of eastern Washington and northern Idaho; and natural gas distribution services in parts of northeastern and southwestern Oregon, as well as generates electricity in Washington, Idaho, Oregon, and Montana. This segment also engages in the supply of electricity to customers in Montana; and wholesale purchase and sale of electricity and natural gas. The Alaska Electric Light and Power Company segment offers electric services in Juneau, Alaska. The company generates electricity through hydroelectric, thermal, wind, and solar generation facilities. As of December 31, 2025, it supplied retail electrical services to approximately 429,000 customers; retail natural gas services to approximately 386,000 customers; and electrical energy to approximately 17,600 customers. The company also operates five hydroelectric generation facilities with a capacity of 102.7 MW; and four diesel generating facilities with a capacity of 107.5 MW. In addition, it engages in venture fund investments, real estate investments, and other investments. The company was formerly known as Washington Water Power and changed its name to Avista Corporation in January 1999. Avista Corporation was incorporated in 1889 and is headquartered in Spokane, Washington.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.0B | $654M | $193M | $-101M | 7.1% | 1.3% | 7.2% |
| 2024 | $1.9B | $602M | $180M | $1M | 6.9% | 10.6% | 5.3% |
| 2023 | $1.8B | $542M | $171M | $-52M | 6.9% | 2.5% | 10.3% |
| 2022 | $1.7B | $506M | $155M | $-328M | 6.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,710 | 1,752 | 1,938 | 1,964 |
| Operating Revenue | - | 1,710 | 1,752 | 1,938 | 1,964 |
| Cost Of Revenue | - | 736 | 702 | 798 | 691 |
| Gross Profit | - | 974 | 1,050 | 1,140 | 1,273 |
| Operating Expense | - | 784 | 792 | 834 | 919 |
| Total Expenses | - | 1,520 | 1,494 | 1,632 | 1,610 |
| Operating Income | - | 190 | 258 | 306 | 354 |
| Total Operating Income As Reported | - | 190 | 258 | 306 | 354 |
| EBITDA | - | 506 | 542 | 602 | 654 |
| Normalized EBITDA | - | 451 | 538 | 600 | 655 |
| EBIT | - | 253 | 277 | 328 | 365 |
| Interest Income | - | 4 | 15 | 14 | 12 |
| Interest Expense | - | 115 | 140 | 145 | 148 |
| Net Interest Income | - | -111 | -125 | -131 | -136 |
| Other Non Operating Income Expenses | 1.74 | 4 | 1.20 | 6 | - |
| Other Income Expense | - | 59 | 4 | 8 | -1 |
| Interest Income Non Operating | - | 4 | 15 | 14 | 12 |
| Interest Expense Non Operating | - | 115 | 140 | 145 | 148 |
| Net Non Operating Interest Income Expense | - | -111 | -125 | -131 | -136 |
| Pretax Income | - | 138 | 137 | 183 | 217 |
| Tax Provision | - | -17 | -34 | 3 | 24 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 11.55 | 0.84 | 0.03 | -0.11 |
| Net Income Continuous Operations | - | 155 | 171 | 180 | 193 |
| Net Income From Continuing And Discontinued Operation | - | 155 | 171 | 180 | 193 |
| Net Income From Continuing Operation Net Minority Interest | - | 155 | 171 | 180 | 193 |
| Net Income | - | 155 | 171 | 180 | 193 |
| Net Income Common Stockholders | - | 155 | 171 | 180 | 193 |
| Net Income Including Noncontrolling Interests | - | 155 | 171 | 180 | 193 |
| Normalized Income | - | 111.55 | 167.84 | 178.03 | 193.89 |
| Diluted NI Availto Com Stockholders | - | 155 | 171 | 180 | 193 |
| Basic Average Shares | - | 72.99 | 76.40 | 78.72 | 80.97 |
| Diluted Average Shares | - | 73.09 | 76.50 | 78.82 | 81.05 |
| Reconciled Depreciation | - | 253 | 265 | 274 | 289 |
| Reconciled Cost Of Revenue | - | 736 | 702 | 798 | 691 |
| Total Unusual Items | - | 55 | 4 | 2 | -1 |
| Total Unusual Items Excluding Goodwill | - | 55 | 4 | 2 | -1 |
| Minority Interests | 0 | - | - | - | - |
| Special Income Charges | - | 7 | 7 | 9 | 11 |
| Other Special Charges | - | -7 | -7 | -9 | -11 |
| Restructuring And Mergern Acquisition | 0 | - | - | - | - |
| Gain On Sale Of Security | - | 48 | -3 | -7 | -12 |
| Depreciation Amortization Depletion Income Statement | - | 253 | 265 | 274 | 289 |
| Depreciation And Amortization In Income Statement | - | 253 | 265 | 274 | 289 |
| Other Operating Expenses | - | 417 | 417 | 444 | 509 |
| Other Taxes | - | 114 | 110 | 116 | 121 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Avista Corporationthis co. | AVA | $3.4B | 17.82β discount | 1.27 | 7.1% | 10.25 |
| MDU Resources Group, Inc. | MDU | $4.4B | 23.22 | 1.59 | 6.9% | 13.45 |
| American States Water Company | AWR | $3.0B | 23.22 | 2.89 | 12.4% | 14.84 |
| Chesapeake Utilities Corporation | CPK | $2.9B | 20.75 | 1.82 | 8.8% | 12.16 |
| MGE Energy, Inc. | MGEE | $2.8B |
| - |
| - |
| - |
| - |
| - |
| 20.52 |
| 2.14 |
| 10.4% |
| 12.11 |
| California Water Service Group | CWT | $2.7B | 21.12 | 1.60 | 7.6% | 11.83 |
| H2O America | HTO | $2.4B | 23.07 | 1.54 | 6.7% | 14.03 |
| Hawaiian Electric Industries, Inc. | HE | $2.3B | 18.37 | 1.44 | 7.9% | 8.28 |
| Northwest Natural Holding Company | NWN | $2.1B | 18.16 | 1.39 | 7.7% | 10.07 |
| Peer Median | - | 20.94 | 1.60 | 7.8% | 12.14 | |