PNW · Utilities

PINNACLE WEST CAPITAL CORP

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-08

• Guidance / OutlookImportance 62 · Surprise 68
  Pinnacle West reaffirmed its 2026 earnings guidance of $4.55–$4.75 per share and expects to finish near the high end of that range. Management targets 5%–7% long-term EPS growth and 5%–7% weather-normalized sales…
• Regulated Capital Investment PlanImportance 58 · Surprise 42
  Arizona Public Service projects approximately $10.35 billion of capital expenditures from 2025 through 2028. The program covers generation, transmission, and distribution infrastructure to support load growth and…
• Financing ActivitiesImportance 58 · Surprise 42
  Pinnacle West outlined an approximately $8 billion financing plan for 2026–2028 to fund its Arizona utility investment program. The plan includes $1.0 billion–$1.2 billion of equity financing, creating potential…
• Rate Case OutcomesImportance 52 · Surprise 42
  APS’s 2025 rate case seeks a $609 million net revenue increase. The requested increase is intended to support recovery of utility investment in generation, transmission, and distribution assets. The rate case is…

8-K · 2026-08-07

• Operating Expense TrendsImportance 89 · Surprise 64
  Core O&M was $978 million in 2025 compared with $955 million in 2024, while 2026 guidance is $970-$980 million. Planned-outage expense was $143 million in 2025 and is guided to $80-$90 million in 2026. Renewable energy…
• Rate Case OutcomesImportance 75 · Surprise 60
  APS's 2025 rate case requests a $692 million total revenue-requirement increase and a $609 million net revenue increase after $83 million of adjustor transfers. The requested customer net revenue impact on day one is…
• Data Center / Load GrowthImportance 67 · Surprise 76
  Pinnacle West expects long-term weather-normalized sales growth of 5%-7% annually through 2030, raised from its prior 4%-6% range. Extra-high-load-factor commercial and industrial customers contributed to 13.6% C&I…
• Market Demand TrendsImportance 67 · Surprise 76
  APS serves 1.4 million customers in Arizona, with residential and non-residential customers each representing 50% of retail sales. Weather-normalized retail sales grew for 10 consecutive quarters within or above the…
• Regulated Capital Investment PlanImportance 64 · Surprise 42
  APS estimates approximately $10.35 billion of total capital expenditures for 2025-2028, including $2.40 billion in 2025 and $2.60 billion, $2.65 billion, and $2.70 billion in 2026-2028, respectively. The plan excludes…
• Transmission Investment StrategyImportance 64 · Surprise 42
  APS expects cumulative transmission capital expenditures of more than $6 billion during the 2026-2035 planning period. The plan includes more than 600 miles of 345-kV-and-above lines and more than 300 miles of 230-kV…
• Generation Investment ProgramImportance 64 · Surprise 42
  Pinnacle West announced up to 2 GW of new gas generation to support rising demand in Arizona. The company expects to invest up to approximately $440 million to convert the retired Cholla power plant to 380 MW of…
• Liquidity and Debt PositionImportance 64 · Surprise 42
  The 2026-2028 financing plan calls for approximately $8.0 billion of total funding, including $1.0-$1.2 billion of Pinnacle West equity. The 2026 plan includes $300-$350 million of Pinnacle West debt issuance net of…
• Manufacturing and CapacityImportance 64 · Surprise 42
  APS plans to add up to 2 GW of new gas generation to serve additional load in its Arizona service territory. The company announced up to $440 million to convert the retired Cholla power plant to 380 MW of natural-gas…
• Transmission Capacity ExpansionImportance 64 · Surprise 42
  APS’s 2026-2035 transmission plan includes more than 600 miles of 345-kV-and-higher lines and more than 300 miles of 230-kV lines. Cumulative transmission capital investment is projected to exceed $6 billion through…
• Financing ActivitiesImportance 64 · Surprise 42
  Pinnacle West estimates approximately $8.0 billion of financing needs for 2026-2028, including $1.0-$1.2 billion of PNW equity, $2.6-$2.9 billion of total capital investment, and approximately $3.8 billion of cash from…
• Revenue Performance and MixImportance 36 · Surprise 40
  Weather-normalized retail sales grew 9.6% in the first quarter of 2026 and 7.4% in the second quarter of 2026, following 5.9% growth in the first quarter of 2025 and 5.5% in the second quarter of 2025. Commercial and…
• Weather Impact on DemandImportance 32 · Surprise 24
  Weather effects reduced 2026 gross-margin results by a total of $45 million pretax. The quarterly variance chart shows a $17 million impact in the first quarter and a $28 million impact in the second quarter versus…
• Wildfire Mitigation and ReliabilityImportance 30 · Surprise 42
  APS reports that its Comprehensive Wildfire Mitigation Plan was approved by the Arizona Department of Forestry and Fire Management as required by Arizona Revised Statutes. The program includes right-of-way clearance,…
• Capital Return ProgramImportance 18 · Surprise 14
  Pinnacle West’s annualized dividend per share increased from $2.62 in 2016 to $3.64 in 2025, representing approximately 3.7% compound annual growth. The company targets long-term dividend growth and a sustained…
• Credit Ratings and LeverageImportance 13 · Surprise 6
  As of July 31, 2026, Pinnacle West’s senior unsecured ratings were Baa2 from Moody’s, BBB+ from S&P, and BBB from Fitch, with stable outlooks. APS held higher or equal ratings of Baa1 from Moody’s, BBB+ from S&P, and…

News · 2026-08-06

• Financing ActivitiesImportance 58 · Surprise 42
  Pinnacle West outlined an approximately $8 billion financing plan for 2026–2028 to fund its Arizona utility investment program. The plan includes $1.0 billion–$1.2 billion of equity financing, creating potential…

News · 2026-08-05

• Guidance / OutlookImportance 62 · Surprise 68
  Pinnacle West reaffirmed its 2026 earnings guidance of $4.55–$4.75 per share and expects to finish near the high end of that range. Management targets 5%–7% long-term EPS growth and 5%–7% weather-normalized sales…
• Financing ActivitiesImportance 58 · Surprise 42
  Pinnacle West outlined an approximately $8 billion financing plan for 2026–2028 to fund its Arizona utility investment program. The plan includes $1.0 billion–$1.2 billion of equity financing, creating potential…
• Data Center / Load GrowthImportance 31 · Surprise 32
  Arizona Public Service reported strong electricity demand from residential, commercial, and industrial customers across Arizona. Data centers and advanced-manufacturing facilities were identified as key sources of load…

10-Q · 2026-08-04

• Rate Case OutcomesImportance 78 · Surprise 58
  APS filed its 2025 Rate Case seeking a $579.5 million net base-rate increase, representing a 13.99% increase and addressing a $662.4 million base-revenue deficiency. In its May 2026 rejoinder testimony, APS reduced the…
• Data Center / Load GrowthImportance 60 · Surprise 40
  APS served approximately 1.5 million retail customers across 11 of Arizona’s 15 counties, with retail customers increasing 2.1% year over year through June 30, 2026. Weather-adjusted retail electricity sales increased…
• Capital Expenditure ProgramImportance 58 · Surprise 42
  APS issued a June 30, 2023 ASRFP that procured 3,606 MW of battery storage, 517 MW of natural gas, 2,649 MW of solar and 500 MW of wind resources expected to enter service from 2026 through 2028. APS’s 2024 ASRFP…
• Revenue Performance and MixImportance 54 · Surprise 40
  Retail electric revenues represented 95% of Pinnacle West’s total operating revenue in 2025 and averaged approximately 94% from 2023 through 2025. Electric operating revenues are driven by customer growth, weather,…
• Regulatory RiskImportance 54 · Surprise 48
  An Arizona Corporation Commission order restricts APS from paying common dividends if the payment would reduce its common equity ratio below 40%. As of June 30, 2026, APS had a 51% common equity ratio, approximately…
• Grid Modernization and ReliabilityImportance 52 · Surprise 42
  APS was selected to receive up to $70 million in Department of Energy federal funding for wildfire mitigation and grid infrastructure projects. The funding remains contingent on APS negotiating and executing final…
• Acquisition / Partnership / DivestitureImportance 47 · Surprise 60
  In June 2025, APS entered into agreements to purchase two of the three leased interests in Palo Verde Unit 2. The acquired interests represented approximately 7% or 94 MW of Unit 2, and the transaction closed in…
• Wildfire Regulatory RequirementsImportance 47 · Surprise 60
  Arizona legislation signed on May 12, 2025 requires electric utilities to develop and seek approval for wildfire mitigation plans and establishes the standard of care for wildfire-related claims by reference to those…
• Clean Energy Tax Credit ChangesImportance 47 · Surprise 60
  The One Big Beautiful Bill Act (OBBBA), signed July 4, 2025, curtailed several clean-energy tax credits established under the Inflation Reduction Act. Wind and solar investment and production tax credits now require…
• Fuel and Purchased Power CostsImportance 43 · Surprise 6
  Pinnacle West remains exposed to electricity and natural-gas commodity prices and related transportation costs, which affect purchased-power economics and regulated cost recovery. The company hedges forecasted…
• Generation Capacity ExpansionImportance 40 · Surprise 42
  APS plans to add flexible natural-gas generation to support Arizona’s rapidly growing, around-the-clock electricity demand while continuing to evaluate nuclear, storage, solar, wind, and other resources. In July 2026,…
• Net Income and ProfitabilityImportance 36 · Surprise 40
  Six-month net income attributable to common shareholders increased $23 million to $211 million from $188 million, a 12% year-over-year increase. The improvement reflected weather, higher usage and customer growth,…
• Financing Activities and DividendsImportance 36 · Surprise 14
  Consolidated financing cash flow was $574 million in the first six months of 2026, down $31 million year over year, primarily because short-term borrowings decreased by $775 million. The decline was partly offset by…
• Trade Policy and TariffsImportance 31 · Surprise 32
  Inflation and tariffs are increasing APS’s procurement costs and creating potential supply-chain constraints. CPI-U rose 4.2% nationally in the 12 months ended May 2026 and 3.0% in Phoenix in the 12 months ended April…
• Western Energy Market ExpansionImportance 31 · Surprise 42
  APS is funding implementation of Markets+, the Southwest Power Pool’s day-ahead and real-time western energy market. The Markets+ tariff was filed with FERC on March 29, 2024 and approved on January 16, 2025, with APS…
• Liquidity and Debt PositionImportance 30 · Surprise 14
  Pinnacle West generated $629 million of operating cash flow in the first six months of 2026, down $34 million from $663 million in 2025, while investing cash use declined $53 million to $1.200 billion. APS had a 51%…
• Supply Chain ConstraintsImportance 26 · Surprise 24
  APS reported that increased tariffs and supply chain constraints were affecting procurement costs and led it to amend several agreements from its 2023 ASRFP. The company is maintaining inventory to capture lower…
• Market Demand TrendsImportance 20 · Surprise 24
  Arizona customer demand increased during the six months ended June 30, 2026, supported by favorable weather, higher usage and customer growth. Growth was partially offset by pricing effects and energy-efficiency…

8-K · 2026-08-04

• Revenue Performance and MixImportance 49 · Surprise 32
  Second-quarter 2026 operating revenues increased 7.1% year over year to $1,455.7 million from $1,358.8 million. Total electricity sales rose 9.6%, while weather-normalized sales increased 5.6%. Residential customer…
• Interest Expense TrendsImportance 48 · Surprise 40
  Second-quarter 2026 interest charges increased 17.7% to $133.6 million from $113.5 million in the second quarter of 2025. Total interest expense, after the allowance for borrowed funds used during construction,…
• Interest Rate PressureImportance 48 · Surprise 40
  Higher interest charges were a primary factor reducing second-quarter 2026 results by approximately $14 million versus the prior year. Quarterly interest charges increased to $133.6 million from $113.5 million, an…
• Fuel and Purchased Power CostsImportance 45 · Surprise 40
  Second-quarter 2026 fuel and purchased power expense increased 17.1% to $558.5 million from $477.0 million in the prior-year quarter. The $81.5 million increase was the largest year-over-year operating expense increase…
• Guidance / OutlookImportance 42 · Surprise 24
  Pinnacle West maintained its 2026 consolidated earnings outlook at $4.55 to $4.75 per diluted share. The range is stated on a weather-normalized basis for the full year. Management directed investors to the…
• Regulated Capital Investment PlanImportance 31 · Surprise 42
  APS announced plans to convert two retired coal-fired units at the Cholla Power Plant near Joseph City, Arizona, to natural gas. The conversion is expected to return approximately 380 megawatts of dispatchable…
• Manufacturing and CapacityImportance 31 · Surprise 42
  APS plans to convert two retired coal-fired units at the Cholla Power Plant near Joseph City, Arizona, to natural gas. The project is expected to return approximately 380 MW of reliable, dispatchable generation by…
• Market Demand TrendsImportance 22 · Surprise 32
  Early summer heat increased Arizona Public Service (APS) residential cooling degree days by 7% in the second quarter versus the prior-year period. APS reported 2.1% residential customer growth, 5.6% weather-normalized…
• Weather Impact on DemandImportance 22 · Surprise 32
  Unusually early and sustained summer heat increased electricity demand in Arizona during the second quarter of 2026. Temperatures reached 105°F in March, and residential cooling degree days rose 7% compared with the…
• Income Tax Rate ChangesImportance 19 · Surprise 22
  Second-quarter 2026 income tax expense decreased 10.6% to $31.3 million from $35.0 million in the prior-year quarter. The effective income tax rate increased to approximately 14.8% from 15.1%? No, based on reported…
• Net Income and ProfitabilityImportance 14 · Surprise 14
  Second-quarter 2026 net income attributable to common shareholders declined 7.3% to $178.6 million from $192.6 million in the second quarter of 2025. Diluted earnings per share decreased to $1.43 from $1.58, while…

News · 2026-08-04

• Guidance / OutlookImportance 62 · Surprise 68
  Pinnacle West reaffirmed its 2026 earnings guidance of $4.55–$4.75 per share and expects to finish near the high end of that range. Management targets 5%–7% long-term EPS growth and 5%–7% weather-normalized sales…
• Capital Expenditure ProgramImportance 58 · Surprise 42
  Arizona Public Service Company projects approximately $10.35 billion of capital expenditures from 2025 through 2028. Planned investment covers generation, transmission, and distribution infrastructure to support load…
• Liquidity and Debt PositionImportance 58 · Surprise 42
  Pinnacle West outlined an approximately $8 billion financing plan for 2026–2028 to fund its Arizona utility investment program. The plan includes $1.0 billion to $1.2 billion of equity financing, which could create…
• Net Income and EPS PerformanceImportance 41 · Surprise 32
  Second-quarter 2026 EPS was $1.43, down from $1.58 a year earlier and below consensus estimates ranging from $1.47 to $1.49. The year-over-year decline was attributed to higher operating expenses, increased interest…
• Revenue Performance and MixImportance 31 · Surprise 32
  Pinnacle West reported second-quarter 2026 revenue of approximately $1.45 billion to $1.46 billion, up 7.1% year over year and about $60 million above consensus estimates. Weather-normalized sales increased 9.6%, while…