PNW · 8-K · 20260807PR000044
Financing Activities
PINNACLE WEST CAPITAL CORP · 2026-08-07 · Importance 64 · Surprise 42 · No source text
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 operations net of shareholder dividends. The 2026 plan includes $300-$350 million of PNW debt issuance and $1.0-$1.2 billion of PNW equity. Of the incremental equity need, $685 million was priced under equity forwards through July 2026, and the company used all remaining capacity in its $900 million ATM program before establishing a new $500 million ATM program. Management targets maintaining APS capital above 50% equity and Pinnacle West FFO-to-debt of 14%-16% over the long term.
Key facts
- 2026 Financing Plan estimated total: Approx. $8.0B source
- Utilized all remaining capacity in $900M ATM program and established new $500M ATM program source
- APS debt issuance target net of maturities in 2026: $300M-$350M source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | probable | — | 2026 Financing Plan estimated total: Approx. $8.0B |
| cash | positive | realized | — | Utilized all remaining capacity in $900M ATM program and established new $500M ATM program |
| liability | negative | probable | — | APS debt issuance target net of maturities in 2026: $300M-$350M |