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Pinnacle West Capital (PNW) investor relations material
Pinnacle West Capital Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Q2 2025 net income attributable to common shareholders was $193 million ($1.58 per diluted share), down from $204 million ($1.76 per share) in Q2 2024, mainly due to higher O&M, depreciation, and lower pension credits, partially offset by higher revenues and investment gains.
Operating revenues for Q2 2025 were $1.36 billion, up $50 million year-over-year, driven by customer growth, higher transmission revenues, and increased usage.
Customer and sales growth remained robust at 2.4% and 5.2% respectively, with strong demand from data centers and manufacturing.
Arizona set a new peak energy demand record of 8,527 MW in July 2025, reflecting continued population and economic growth.
Major infrastructure projects and regulatory initiatives, including a new rate case and wildfire mitigation legislation, are advancing to support long-term reliability and growth.
Financial highlights
Q2 2025 EPS was $1.58, down from $1.76 in Q2 2024, mainly due to weather, higher O&M, depreciation, and lower pension credits.
Operating revenues for Q2 2025 reached $1.36 billion, up from $1.31 billion in Q2 2024.
O&M expenses increased $15 million in Q2, mainly due to IT, non-nuclear generation, and corporate resource costs.
Issued $800 million in bonds in Q2 to refinance maturities and support capital plan.
Expect to finish 2025 in the top half of the full-year EPS range of $4.40 to $4.60.
Outlook and guidance
2025 EPS guidance is $4.40–$4.60, based on 1.5%–2.5% customer growth and 4%–6% weather-normalized sales growth.
Long-term EPS growth target of 5%–7% off the 2024 midpoint, with capital expenditures planned at $9.66 billion from 2024–2027.
Clean energy goal updated to carbon-neutral by 2050, with interim targets removed to focus on reliability and affordability.
Key reliability projects and new resources totaling over 800 MW are scheduled between 2026 and 2028.
2026 earnings guidance to be provided after rate case conclusion, likely on the Q3 call.
Explain the shift to a carbon-neutral approach.
Assess Palo Verde's long-term value to APS.
Detail the agreements for resources coming online.
Assess risk if uncommitted growth doesn't occur.
When will longer-term CapEx be revealed?
Explain solar power plant performance decline.
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Next Pinnacle West Capital earnings date
Q3 20253 Nov, 2025
Next Pinnacle West Capital earnings date
Q3 20253 Nov, 2025
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Frequently asked questions
Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides electricity service to homes and businesses in metropolitan Phoenix. Pinnacle West Capital Corporation is a subsidiary of Pinnacle West Capital Corporation that offers electric service in the State of Arizona. Pinnacle West Capital Corporation was incorporated under the laws of the State of Delaware in 1985. The Company's service area includes most of the urbanized area in Maricopa County, Arizona. APS employs approximately 2,600 full-time equivalent employees who work at various facilities located throughout Arizona. The company is based in Phoenix, Arizona.
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