The stock rose 1.7%, a roughly flat reaction, as Pinnacle West raised 2026 EPS guidance and reported strong sales growth; the transcript also leaves key outcomes pending, including its rate case decision and regulatory approval of the TSMC agreement.
- Q3 earnings were $3.49 per share, up $0.10 year over year.
- The company raised 2026 EPS guidance to $5.05–$5.25 from $4.55–$4.75 and lifted its full-year retail sales growth outlook to 8%–10%.
- Weather-normalized retail sales grew 9.5% for the quarter: commercial and industrial sales rose 14.5%, residential sales 4.5%; customer growth was 1.8%.
- A 25-year TSMC agreement is intended to serve about 1.88 GW of demand at full build-out, with upfront contributions and credit support; it remains subject to regulatory approval.
- Pinnacle West expects a final rate case decision before year-end. Its IRP projects annual energy requirements more than doubling to about 80,600 GWh by 2041.
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