Earnings summaries and quarterly performance for PINNACLE WEST CAPITAL.
Executive leadership at PINNACLE WEST CAPITAL.
Ted Geisler
Detailed
Chairman, President and Chief Executive Officer
CEO
Adam Heflin
Detailed
Executive Vice President and Chief Nuclear Officer
Andrew Cooper
Detailed
Senior Vice President and Chief Financial Officer
Jacob Tetlow
Detailed
Executive Vice President and Chief Operating Officer
Shirley Baum
Detailed
Senior Vice President and General Counsel
Board of directors at PINNACLE WEST CAPITAL.
Bill Spence
Detailed
Director
Carol Eicher
Detailed
Director
Glynis Bryan
Detailed
Director
Gonzalo de la Melena
Detailed
Director
James Trevathan
Detailed
Director
Kristine Svinicki
Detailed
Director
Paula Sims
Detailed
Lead Independent Director
Rick Fox
Detailed
Director
Ron Butler
Detailed
Director
Susan Flanagan
Detailed
Director
Research analysts who have asked questions during PINNACLE WEST CAPITAL earnings calls.
Julien Dumoulin-Smith
Jefferies
6 questions for PNW
Also covers: AEE, AEP, AES +54 more
Travis Miller
Morningstar
5 questions for PNW
Also covers: CMS, DTE, ES +10 more
Nicholas Campanella
Barclays
3 questions for PNW
Also covers: AEE, AEP, AES +32 more
Paul Patterson
Glenrock Associates
3 questions for PNW
Also covers: AEE, ES, ETR +7 more
Sophie Karp
KeyBanc Capital Markets Inc.
3 questions for PNW
Also covers: AGR, AVA, CEG +12 more
Fei She
Bank of America
2 questions for PNW
Also covers: ATO
Michael Lonegan
Evercore ISI
2 questions for PNW
Also covers: EIX, ETR, FE +3 more
Ryan Levine
Citigroup
2 questions for PNW
Also covers: AEP, AES, ATO +17 more
Steve D'Ambrisi
RBC Capital Markets
2 questions for PNW
Also covers: AEE, ETR, EVRG
Alex
Citigroup
1 question for PNW
Also covers: DUK, FUL, IFF +1 more
Anthony Crowdell
Mizuho Financial Group
1 question for PNW
Also covers: AEE, AEP, AES +30 more
Christopher Ellinghaus
Siebert Williams Shank & Co., LLC
1 question for PNW
Also covers: BKH, CPK, CTRI +12 more
David Arcaro
Morgan Stanley
1 question for PNW
Also covers: AEP, AES, ATO +32 more
Dylan Lipner
Ladenburg Thalmann
1 question for PNW
Also covers: CPK, OGE, SR +1 more
Paul Fremont
Ladenburg Thalmann
1 question for PNW
Also covers: AEE, CNP, CPK +17 more
Shahriar Pourreza
Guggenheim Partners
1 question for PNW
Also covers: AEE, AEP, AVA +29 more
Stephen D’Ambrisi
Ladenburg Thalmann
1 question for PNW
Also covers: OGE, SR, SWX
Steven Fleishman
Wolfe Research
1 question for PNW
Also covers: AEP, CEG, CNP +18 more
Recent press releases and 8-K filings for PNW.
Pinnacle West outlines long-term financial outlook and investment plan
PNW
Guidance Update
New Projects/Investments
Debt Issuance
- Pinnacle West targets long-term 5-7% EPS CAGR off its 2024 midpoint, supported by regulatory improvements and customer growth drivers.
- Plans a $10.35 billion capital investment from 2025 to 2028, allocated to generation ($2.40 B), transmission ($2.60 B), distribution ($2.65 B) and other ($2.70 B).
- Filed 2025 rate case (Docket E-01345A-25-0105) seeking a $580 million net revenue increase (~14% rate impact) with a 7.63% WACC.
- 2026 financing plan covers an $8 billion funding need, including $300 M-$350 M APS debt, $1.0 B-$1.2 B PNW equity (85% already priced) and $2.6 B-$2.9 B capex.
Nov 7, 2025, 9:52 PM
Pinnacle West reports Q3 2025 results
PNW
Earnings
Guidance Update
New Projects/Investments
- EPS of $3.39, up from $3.37 in Q3 2024, driven by changes in O&M, depreciation, interest and weather impacts.
- Weather-normalized retail sales growth of 5.4%, marking eight consecutive quarters within the 4%–6% target range.
- Reiterated 2025 EPS guidance of $4.90–$5.10 and provided 2026 EPS guidance of $4.55–$4.75.
- Announced a $10.35 billion APS capital plan for 2025–2028, including $2.40 billion in 2025 to support reliability and growth.
Nov 3, 2025, 4:00 PM
Pinnacle West reports Q3 2025 earnings and raises guidance
PNW
Earnings
Guidance Update
New Projects/Investments
- Earnings per share (EPS) of $3.39, up $0.02 year-over-year, driven by higher transmission revenue and weather-normalized sales growth, partially offset by higher interest expenses and lower weather-driven demand.
- 2025 EPS guidance increased to $4.90–$5.10 (from $4.40–$4.60) with O&M forecast raised to $1.025–$1.045 billion; 2026 EPS is guided at $4.55–$4.75.
- Weather-normalized sales grew 5.4% in Q3, including 6.6% in C&I and 4.3% residential, reflecting strong demand from new data centers and population gains in Arizona.
- Strategic investments announced: anchor shipper on Desert Southwest expansion and development of the Desert Sun Power Plant (up to 2,000 MW natural gas; phase one service by late 2030).
- Capital and financing plan updated: targeting 7%–9% rate-base growth through 2028; ~85% of 2026 equity needs priced and $1.0–$1.2 billion additional equity planned through 2028.
Nov 3, 2025, 4:00 PM
Pinnacle West Capital reports Q3 2025 results and guidance update
PNW
Earnings
Guidance Update
New Projects/Investments
- Q3 EPS of $3.39, up $0.02 YoY, driven by higher transmission revenue and 5.4% weather-normalized sales growth (6.6% C&I, 4.3% residential).
- Raised 2025 EPS guidance to $4.90–$5.10 (from $4.40–$4.60) with O&M forecast of $1.025–$1.045 billion, and projects 2026 EPS of $4.55–$4.75.
- Capital plan includes $2.6 billion in transmission CapEx through 2028 (>$6 billion through 2034) and development of up to 2,000 MW natural gas generation at Gila Bend, plus anchor shipping on the Desert Southwest expansion.
- Long-term growth outlook: rate base +7–9% through 2028; sales growth raised to 5–7% through 2030; long-term EPS growth target of 5–7%.
Nov 3, 2025, 4:00 PM
Pinnacle West reports Q3 2025 results and raises guidance
PNW
Earnings
Guidance Update
New Projects/Investments
- Q3 EPS of $3.39, up $0.02 year-over-year, driven by higher transmission revenues and 5.4% weather-normalized sales growth (6.6% C&I; 4.3% residential).
- Raised 2025 EPS guidance to $4.90–$5.10 (from $4.40–$4.60) and increased O&M forecast to $1.025 B–$1.045 B.
- 2026 EPS guidance set at $4.55–$4.75, with customer growth of 1.5%–2.5%, normal weather, and long-term weather-normalized sales growth lifted to 5%–7% through 2030; rate-base growth projected at 7%–9% through 2028.
- Advancing major infrastructure investments: anchoring the Desert Southwest expansion, planning a 2,000 MW Desert Sun Power Plant and significant transmission upgrades to support diversified load growth.
Nov 3, 2025, 4:00 PM
Pinnacle West Capital reports Q3 2025 results
PNW
Earnings
Guidance Update
New Projects/Investments
- Pinnacle West reported Q3 net income attributable to common shareholders of $413.2 million, or $3.39 per diluted share, versus $395.0 million, or $3.37 per share in Q3 2024.
- Through the first nine months of 2025, earnings were 2.4% lower than in the same period of 2024.
- Q3 customer growth was 2.4%, weather-normalized sales grew 5.4% (residential sales up 4.3%), and APS set an all-time peak demand record of 8,631 MW on August 7.
- APS plans to invest over $2.5 billion annually through 2028 for infrastructure additions and has proposed a 2,000 MW Desert Sun Power Plant near Gila Bend.
- The company raised its 2025 consolidated earnings guidance to $4.90–$5.10 per diluted share and provided 2026 weather-normalized guidance of $4.55–$4.75 per share.
Nov 3, 2025, 1:31 PM
Pinnacle West reports Q3 2025 financial results
PNW
Earnings
Guidance Update
New Projects/Investments
- Pinnacle West reported consolidated net income of $413.2 million, or $3.39 per diluted share for Q3 2025, versus $395.0 million, or $3.37 per share in Q3 2024.
- Arizona Public Service (APS) saw 2.4% customer growth and 5.4% weather-normalized sales growth, with a record peak demand of 8,631 MW on August 7, 2025.
- The company raised its 2025 consolidated EPS guidance to $4.90–$5.10 and forecasts 2026 EPS of $4.55–$4.75 per diluted share.
- APS plans to invest over $2.5 billion annually through 2028, including a proposed 2,000 MW natural gas plant near Gila Bend to meet growing demand.
- Pinnacle West expanded community support, granting an additional $3 million for utility bill assistance—totaling $6.1 million since 2021.
Nov 3, 2025, 1:20 PM
Pinnacle West presents renewed reliable and resilient investor meetings
PNW
Guidance Update
New Projects/Investments
Debt Issuance
- Pinnacle West forecasts long-term EPS growth of 5%-7% CAGR off its original 2024 midpoint.
- The company plans $9.66 billion in capital expenditures from 2024 to 2027, targeting generation, transmission, and distribution investments.
- In its 2025 APS rate case application, Pinnacle West sought a $580 million net revenue increase (13.99% impact on day one), with rates to become effective in the second half of 2026.
- Financial strategy includes issuance of $800 million of unsecured bonds in May 2025 and equity needs below 40% of new capital to maintain an APS equity layer above 50%.
- The company targets dividend growth with an approximate 4.1% CAGR, a payout ratio of 65-75%, and maintains investment-grade ratings (APS: BBB+ S&P, Baa1 Moody’s).
Sep 2, 2025, 8:04 PM
Pinnacle West Capital files Underwriting Agreement and Supplemental Indenture for debt issuance
PNW
Debt Issuance
- Underwriting Agreement executed for Arizona Public Service Company's issuance of $250 million 5.70% Notes due 2034 and $700 million 5.90% Notes due 2055, with purchase prices of 102.871% and 98.596%, respectively.
- Thirty-Second Supplemental Indenture dated August 15, 2025 establishes the 5.90% Notes due 2055 under the Indenture of January 15, 1998.
- Filed exhibits include the Underwriting Agreement, Thirty-First and Thirty-Second Supplemental Indentures, forms of Notes, legal opinion by general counsel, and prospectus-related materials.
Aug 15, 2025, 12:00 AM
Pinnacle West Capital Corp requests 13.99% base rate increase
PNW
New Projects/Investments
- On June 13, 2025, Arizona Public Service (APS) filed with the Arizona Corporation Commission to raise base rates by $579.52 million, reflecting a 13.99% net increase to revenue collection, to address a $662.44 million revenue deficiency, with new rates targeted for the second half of 2026.
- The filing uses a test year ending December 31, 2024, assumes an original cost rate base of $21.6 billion, and proposes a weighted-average cost of capital of 7.63% (47.65% debt at 4.26% and 52.35% equity at 10.7%).
- APS plans to enhance grid reliability through investments in pole and substation upgrades, smart grid technology, power plant efficiency improvements, and expanded battery storage at renewable sites.
- Rate design changes include updating the residential rooftop solar grid access charge, reallocating costs to new high-usage customers, and introducing a Formula Rate Adjustment Mechanism for gradual annual rate updates.
- The rate case will follow an administrative process with hearings and a recommended order before ACC commissioners, with final rates not expected to take effect until H2 2026.
Jun 13, 2025, 12:00 AM
Quarterly earnings call transcripts for PINNACLE WEST CAPITAL.
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