📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services in the state of Arizona.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding PNW

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	576.1K	$58.0M	0.09%	Mar 2026
Steve Cohen Point72 Asset Management	102.4K	$10.3M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management led with record peak demand, strong customer and sales growth, and a major pipeline announcement. Language is direct and forward-looking: 'we expect that we will end the year in the top half of our full-year EPS range,' 'we continue to see strong in-migration,' 'critical milestone.' No uncertainty or defensiveness detected.

Q3 2025

Confident Specific

Management used strong positive language: 'delivered strong operational and financial performance', 'industry-leading reliability', 'robust sales growth'. They provided specific metrics (5.4% weather-normalized sales growth, 4.3% residential growth) and updated guidance with precise ranges. No hedging or uncertainty was expressed.

Q4 2025

Confident Specific

Management used positive specific language like 'strong results', 'record levels of demand', 'top-quartile reliability', and provided precise figures (e.g., $5.05 EPS, 5% weather-normalized sales growth, 2.4% customer growth). They reiterated full-year 2026 guidance and long-term outlooks without hedging.

Q1 2026 latest

Confident Specific

Management used phrases like 'solid start,' 'strong growth,' and 'meaningful benefit' while providing specific figures for sales growth, customer additions, and earnings drivers. They were direct about progress on regulatory, investment, and subscription model initiatives.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call due to accelerating load growth, clear progress on regulatory and investment execution, and de-risking of the equity plan. The Q1 earnings beat, strong sales growth, and maintained guidance suggest momentum is building. Key watch items: the May rate case hearing outcome, subscription model contract filings later in the year, and the August IRP filing which will quantify future infrastructure needs. If the rate case narrows regulatory lag as proposed, the long-term EPS growth trajectory could converge more closely with rate base growth.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Pinnacle West Q1 EPS $0.27; customer growth 2.2%; sales up 9.4%.

Revenue & Profitability

First-quarter 2026 earnings were $0.27 per share, compared to a loss of $0.04 per share in the prior year. Benefits included higher transmission revenue ($0.16), favorable weather ($0.13), lower O&M, and strong sales growth, partially offset by higher financing costs and depreciation. Weather-normalized sales growth was 9.4% (7.4% adjusted for one-time prior-year adjustment), and customer growth was 2.2%.

Outlook

Management sees sustained expansion in Arizona's economy, especially in semiconductor and advanced manufacturing. Tailwinds include strong customer and sales growth, while headwinds include rising financing costs and the need for timely rate case resolution. The company reaffirmed its annual sales growth guidance of 4%-6% and long-term growth of 5%-7% through 2030.

Growth Drivers

Key growth drivers include customer growth of 2.2% (near high-end of guidance) and weather-normalized sales growth of 9.4%, driven by 14.6% commercial & industrial growth and 1.8% residential growth. The subscription model for large loads and continued expansion of TSMC and related suppliers provide additional upside beyond the committed 4,500 MW of extra-high-load-factor growth.

Balance Sheet & CapEx

Capital investment includes the Redhawk expansion (eight combustion turbines, ~400 MW) and Desert Sun project (major equipment reservations secured, early development progressing). The company recently received bids for its all-source RFP targeting resources for 2029-2031. Transmission capital has doubled over five years, and equity funding needs for 2026 are complete with nearly $850 million in equity forwards available.

Margins

Margin trajectory was not explicitly discussed. O&M decreased in Q1 due to lower planned outage expenses and reduced energy efficiency program costs, and management maintains a goal of declining O&M per megawatt-hour. No specific margin percentages were provided.

Key Risks

Risks flagged include higher financing costs and interest expense, regulatory lag without a constructive rate case outcome, and supply chain challenges for gas conversion projects. Management also noted that subscription model negotiations are complex and that they are not counting on federal permitting reform for their current plans.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Q2 saw robust sales and customer growth, with EPS at $1.43 and strong performance in both residential and commercial segments. Major investments and infrastructure projects are underway to support Arizona's rapid economic expansion, with full-year EPS expected at the top end of guidance.

Q1 2026 Q1 2026 2026-05-04

Q1 2026 saw strong EPS growth, driven by higher transmission revenue, robust customer and sales growth, and lower O&M. Infrastructure investments and subscription model contracts are supporting Arizona's rapid economic and industrial expansion.

Q4 2025 Q4 2025 2026-02-25

Delivered strong 2025 results with robust sales and customer growth, despite weather-driven EPS decline. 2026 guidance and long-term growth outlook reaffirmed, with major infrastructure and regulatory initiatives underway to support Arizona's rapid economic expansion.

Q3 2025 Q3 2025 2025-11-03

Q3 2025 saw strong financial and operational results, with EPS up year-over-year and robust sales growth across all customer classes. 2025 EPS guidance was raised, and long-term sales and rate-based growth outlooks were increased, supported by major investments and a diversified customer base.

Q2 2025 Q2 2025 2025-08-06

Second quarter EPS was $1.58, down year-over-year, but sales and customer growth remain robust, supporting a strong outlook. Major infrastructure and transmission investments are underway, with a new pipeline and rate case to address future growth and reliability.

📊 Analysis Methodology

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