$PNW · PINNACLE WEST CAPITAL CORP
Pinnacle West reported Q3 2026 net income of $434.2M ($3.49/diluted share) on revenue of $1.973B, up from $413.2M ($3.39/share) a year ago. The company raised its full-year 2026 EPS guidance to $5.05–$5.25, citing strong customer growth, record summer demand, and favorable weather.
- Q3 diluted EPS of $3.49 vs. $3.39 a year ago, on net income of $434.2M attributable to common shareholders.
- Revenue rose to $1.973B from $1.821B in Q3 2025, driven by 9.5% weather-normalized sales growth.
- APS set an all-time peak demand record of 9,166 MW on Aug. 2, exceeding 9,000 MW three times during the quarter.
- 2026 full-year EPS guidance raised to $5.05–$5.25, up from prior outlook, citing strong customer and sales growth.
- Commercial and industrial sales surged 14.5% YoY; residential customer growth hit 1.9%.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The guidance raise and record demand metrics are likely to be received positively given the utility sector's focus on load growth.
A utility raising guidance on double-digit commercial load growth and record peak demand signals structural demand acceleration in Arizona that could support years of rate-base expansion.
Pinnacle West's 9.5% weather-normalized sales growth and data-center-driven load expansion mirror the broader Sunbelt utility theme of accelerating electricity demand from AI, manufacturing, and population migration.
Forward-looking risks include rate recovery uncertainty, rising interest costs (interest charges up to $138.8M from $125.2M YoY), and the operational risks of serving projected doubling of electricity demand by 2041.