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
AH
Adam Heflin
Detailed
Executive Vice President and Chief Nuclear Officer
AC
Andrew Cooper
Detailed
Senior Vice President and Chief Financial Officer
JT
Jacob Tetlow
Detailed
Executive Vice President and Chief Operating Officer
SB
Shirley Baum
Detailed
Senior Vice President and General Counsel
Board of directors at PINNACLE WEST CAPITAL.
BS
Bill Spence
Detailed
Director
CE
Carol Eicher
Detailed
Director
GB
Glynis Bryan
Detailed
Director
Gd
Gonzalo de la Melena
Detailed
Director
JT
James Trevathan
Detailed
Director
KS
Kristine Svinicki
Detailed
Director
PS
Paula Sims
Detailed
Lead Independent Director
RF
Rick Fox
Detailed
Director
RB
Ron Butler
Detailed
Director
SF
Susan Flanagan
Detailed
Director
Research analysts who have asked questions during PINNACLE WEST CAPITAL earnings calls.
Julien Dumoulin-Smith
Jefferies
8 questions for PNW
Also covers: AEE, AEP, AES +60 more
PP
Paul Patterson
Glenrock Associates
5 questions for PNW
Also covers: AEE, ES, ETR +7 more
TM
Travis Miller
Morningstar
5 questions for PNW
Also covers: CMS, DTE, ES +10 more
RL
Ryan Levine
Citigroup
4 questions for PNW
Also covers: AEP, AES, ATO +17 more
AC
Anthony Crowdell
Mizuho Financial Group
3 questions for PNW
Also covers: AEE, AEP, AES +30 more
Nicholas Campanella
Barclays
3 questions for PNW
Also covers: AEE, AEP, AES +33 more
SK
Sophie Karp
KeyBanc Capital Markets Inc.
3 questions for PNW
Also covers: AEE, AEP, AGR +14 more
SD
Steve D'Ambrisi
RBC Capital Markets
3 questions for PNW
Also covers: AEE, DUK, ETR +3 more
CE
Chris Ellinghaus
Siebert Williams Shank
2 questions for PNW
Also covers: BKH, CPK, CTRI +7 more
FZ
Fayyaz Zuberi
Barclays
2 questions for PNW
FS
Fei She
Bank of America
2 questions for PNW
Also covers: ATO
Michael Lonegan
Evercore ISI
2 questions for PNW
Also covers: AEP, DTE, EIX +7 more
SD
Stephen D’Ambrisi
Ladenburg Thalmann
2 questions for PNW
Also covers: D, DUK, OGE +2 more
Alex
Citigroup
1 question for PNW
Also covers: CYTK, DUK, FUL +5 more
CE
Christopher Ellinghaus
Siebert Williams Shank & Co., LLC
1 question for PNW
Also covers: BKH, CPK, CTRI +12 more
DA
David Arcaro
Morgan Stanley
1 question for PNW
Also covers: AEP, AES, ATO +35 more
DL
Dylan Lipner
Ladenburg Thalmann
1 question for PNW
Also covers: CPK, OGE, SR +1 more
PF
Paul Fremont
Ladenburg Thalmann
1 question for PNW
Also covers: AEE, CNP, CPK +18 more
SP
Shahriar Pourreza
Guggenheim Partners
1 question for PNW
Also covers: AEE, AEP, AVA +29 more
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 growth and investment plans at ‘Powering Arizona’s Future’ investor meetings
PNW
Guidance Update
New Projects/Investments
Debt Issuance
- Long-term EPS growth target of 5%-7% CAGR off the 2024 midpoint, driven by reduced regulatory lag, formula rates, adjustor mechanisms and continued cost management.
- $10.35 billion capital plan for 2025–2028 splitting across generation, transmission, distribution and other investments, with rate base growing from $12.23 billion in 2024 to $15.7 billion by 2028.
- 2026 financing plan includes approximately $3.8 billion cash from operations, $2.6 billion–$2.9 billion capital investment, $300 million–$350 million each of APS and PNW debt, and $1.0 billion–$1.2 billion of PNW equity.
- Emphasis on customer affordability with flat core O&M per MWh goals, a ~3.7% DPS CAGR dividend target, and maintenance of investment-grade credit ratings at both APS and Pinnacle West.
- APS filed its 2025 rate case seeking a $580 million net revenue increase (13.99% rate impact), with proposed rates effective in the second half of 2026 under Docket No. E-01345A-25-0105.
1 day ago
Pinnacle West Capital reports Q4 2025 results
PNW
Earnings
Guidance Update
New Projects/Investments
- In Q4, Pinnacle West earned $0.13 per share, compared to a $0.06 loss in Q4 2024; FY 2025 EPS of $5.05 declined from $5.24 primarily due to weather and higher financing and pension/OPEB costs, offset by robust sales growth.
- The company reaffirmed 2026 guidance of $4.55–$4.75 EPS, with weather-normalized sales growth of 4%–6%, long-term sales growth of 5%–7% through 2030, and capital spending focused on reliability and customer demand, targeting 7%–9% rate base growth through 2028.
- Operational highlights include a record system peak of 8,648 MW on August 7, a 100% summer capacity factor at Palo Verde (INPO Excellence Award), over 34,000 new meters installed, and completion of 400 MW of owned generation ahead of schedule.
- The pending rate case remains on track, with testimony due next month and hearings in May, aiming to implement a formula rate plan to reduce regulatory lag and align cost recovery with growth.
4 days ago
Pinnacle West Capital reports Q4 2025 earnings and 2026 guidance
PNW
Earnings
Guidance Update
New Projects/Investments
- 2026 EPS guidance of $4.55–$4.75 per share, driven by higher transmission revenues (+$0.56) and retail sales growth (+$0.26), partially offset by weather headwinds (–$0.13).
- 2025 adjusted gross margin totaled $3.25 billion and adjusted O&M expense was $1.04 billion, reflecting normalizing fuel and DSM adjustments.
- Q4 2025 weather-normalized retail sales growth accelerated to 6.8%, marking nine consecutive quarters within or above the 4%–6% target range.
- 2025–2028 capital plan of $10.35 billion, including $2.60 billion in 2026 investments to support grid reliability and load growth.
4 days ago
Pinnacle West Capital reports Q4 2025 results
PNW
Earnings
Guidance Update
New Projects/Investments
- Q4 EPS of $0.13 vs a $0.06 loss a year ago, driven by favorable O&M and 6.8% weather-normalized sales growth, offset by milder weather and higher financing and pension costs.
- Full-year EPS of $5.05 vs $5.24 in 2024, with 5% weather-normalized sales growth (2% residential, 7.5% C&I) and 2.4% customer growth, despite a $0.71 weather drag.
- 2026 guidance reaffirmed: EPS $4.55–$4.75, 4%–6% weather-normalized sales growth, and 7%–9% rate-base growth through 2028.
- Operational highlights include a record system peak of 8,648 MW, over 34,000 new meters installed, and completion of 400 MW of owned resources ahead of schedule, while the Red Hawk gas expansion remains on track for 2028.
- Regulatory update: rate case hearings begin in May with a push for a formula rate structure; holdco debt at 17% of total debt, targeting mid-teens.
4 days ago
Pinnacle West Capital delivers Q4 and full-year 2025 earnings and 2026 guidance
PNW
Earnings
Guidance Update
New Projects/Investments
- Q4 EPS of $0.13 vs a $0.06 loss in Q4 2024; full-year EPS of $5.05 vs $5.24 in 2024, with a $0.71 weather-related drag.
- Q4 weather-normalized sales growth of 6.8%; full-year weather-normalized sales growth of 5% (2% residential; 7.5% commercial & industrial).
- 2026 guidance affirmed: EPS of $4.55–$4.75, 4%–6% weather-normalized sales growth, and 7%–9% rate-base CAGR through 2028.
- Recorded system peak demand of 8,648 MW, top-quartile reliability and customer satisfaction; completed 400 MW of APS-owned resources ahead of schedule and progressing Red Hawk gas expansion (2028) and pipeline upgrades.
- Accelerating customer growth: 34,000 new meters installed; 2.4% total customer growth; partnering with TSMC on multi-fab expansion, including second fab in full production by 2027 and additional future facilities.
4 days ago
Pinnacle West reports 2025 full-year and fourth-quarter results
PNW
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Full-year 2025 net income of $616.5 million ($5.05 diluted EPS) vs $608.8 million ($5.24) in 2024; Q4 net income of $15.4 million ($0.13) vs Q4 2024 loss of $6.8 million (-$0.06).
- 2025 performance boosted by 2.4% customer growth and 5.0% weather-normalized retail electricity sales growth, driven by higher usage, transmission revenues, and rate case effects.
- APS set three consecutive all-time peak demand records (>5% y-o-y), ranked in the top quartile for reliability nationally, and expanded $70 million in customer assistance programs.
- 2026 earnings guidance of $4.55–$4.75 per diluted share on a weather-normalized basis.
4 days ago
Pinnacle West reports Q4 and full-year 2025 results
PNW
Earnings
Guidance Update
Debt Issuance
- Pinnacle West delivered consolidated net income attributable to common shareholders of $616.5 million (or $5.05 diluted EPS) for full-year 2025, compared with $608.8 million (or $5.24 diluted EPS) in 2024; Q4 2025 net income was $15.4 million (or $0.13 diluted EPS) versus a $6.8 million loss (or –$0.06 diluted) in Q4 2024.
- APS customer base grew by 2.4% in 2025, with weather-normalized retail electricity sales up 5.0% year-over-year; management projects average annual customer growth of 1.5%–2.5% and sales growth of 5%–7% through 2030.
- 2026 EPS guidance is set at $4.55–$4.75, underpinned by adjusted gross margin of $3.31–$3.37 billion and adjusted O&M expense of $1.02–$1.04 billion.
- The 2026 capital program is $2.6–$2.9 billion, funded by approx. $3.8 billion cash from operations, $300–$350 million APS debt, and $1.0–$1.2 billion PNW equity issuance.
4 days ago
Pinnacle West amends revolving credit facilities
PNW
Debt Issuance
- Pinnacle West entered a third amended and restated five-year unsecured revolving credit facility of $300 million maturing February 18, 2031, replacing its prior $200 million facility and including covenants on APS ownership, debt-to-capitalization and lien restrictions
- Arizona Public Service Company, its primary subsidiary, entered an amended and restated five-year unsecured revolving credit facility of $1.7 billion maturing February 18, 2031, replacing its prior $1.25 billion facility
Feb 19, 2026, 10:07 PM
Pinnacle West declares quarterly dividend
PNW
Dividends
- The board declared a quarterly dividend of $0.91 per share, payable on March 2, 2026, to shareholders of record on February 2, 2026.
- Pinnacle West Capital Corp. is an energy holding company with consolidated assets of nearly $30 billion, about 6,500 MW of generating capacity and roughly 6,400 employees in Arizona and New Mexico.
- Its principal subsidiary, Arizona Public Service, provides retail electricity service to approximately 1.4 million Arizona homes and businesses.
Dec 10, 2025, 9:06 PM
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
Quarterly earnings call transcripts for PINNACLE WEST CAPITAL.
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