Pinnacle West Reports Lower Q2 Earnings, Reaffirms 2026 Guidance, Raises Long-Term Sales Growth Outlook
PNW is trading near its 52-week low of $85.323 (15% above the low).
Summary
Pinnacle West's Q2 2026 earnings fell to $1.43 per share from $1.58 a year ago, but the company reaffirmed its 2026 EPS guidance and raised its long-term sales growth outlook to 5-7% through 2030, supported by robust customer and load growth.
Key Events · Earnings and Guidance · PNW
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Q2 Earnings Miss
Net income of $178.6M ($1.43 diluted EPS) vs $192.6M ($1.58) in Q2 2025, driven by higher interest and depreciation, partially offset by weather and customer growth.
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2026 Guidance Reaffirmed
Full-year 2026 EPS guidance maintained at $4.55-$4.75 on a weather-normalized basis, with key assumptions including 1.5-2.5% customer growth and 4-6% weather-normalized sales growth.
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Long-Term Sales Growth Raised
Weather-normalized retail sales growth target increased to 5-7% through 2030 (from prior 4-6%), reflecting strong large C&I demand, including data centers and manufacturing.
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Cholla Gas Conversion Announced
APS plans to convert two retired coal units at Cholla to natural gas, adding ~380 MW by 2029 at an estimated cost of up to $440 million, subject to regulatory approvals.
Analysis · PNW · Energy & Transportation
Pinnacle West posted Q2 2026 net income of $178.6 million, or $1.43 per share, down from $1.58 a year ago on higher interest and depreciation, partially offset by weather and customer growth. The company reaffirmed its 2026 EPS guidance of $4.55-$4.75 and raised its long-term weather-normalized retail sales growth target to 5-7% through 2030, reflecting strong demand from data centers and manufacturing. The filing also details a $440 million Cholla gas conversion project, an updated rate case seeking a $691.6 million revenue increase, and a financing plan that includes $1.0-$1.2 billion in equity, with $685 million already priced. These updates provide clarity on the growth trajectory and regulatory path, but the earnings miss and ongoing equity needs temper the positive long-term signal.
How filings like this one have moved
In the 30 days to Oct 12, 2026, 28.9% of the 1436 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.52%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, PNW was trading at $98.00 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $12.2B. The 52-week trading range was $85.32 to $111.16. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.