Pinnacle West Capital Corporation Earnings Recaps
Q3 2026
Nov 5, 2026
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.
Key takeaways
- 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.
Q3 2025
Nov 5, 2025
Pinnacle West Capital Corporation reported Q3 2025 earnings of $3.39 per share, reflecting steady growth in transmission revenues and overall sales, while revising guidance upward to account for strong demand and operational improvements.
Key takeaways
- Increased transmission revenue and robust sales growth led to a $0.02 year-over-year EPS increase.
- Revised 2025 EPS guidance raised to $4.90-$5.10, indicating strong operational outlook amidst rising customer demand.
- Achieved 5.4% weather-normalized sales growth, driven by significant contributions from commercial and industrial segments.
- Palo Verde Generating Station operated at full capacity throughout the summer, ensuring reliability amid peak demand.
- Ongoing investments in both generation and transmission infrastructure are positioned to support future growth and enhance grid reliability.