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Pinnacle West Capital (PNW) investor relations material
Pinnacle West Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary3 Nov, 2025
Executive summary
Delivered strong operational and financial performance in Q3 2025, with net income attributable to common shareholders rising to $413.2 million ($3.39 per diluted share), driven by customer growth, increased usage, and industry-leading reliability during record-peak demand and extreme weather events.
Arizona's economic momentum is accelerating, supported by population growth, major investments from semiconductor and data center companies, and a robust business climate.
Strategic investments in transmission, baseload generation, and infrastructure are underway to support robust customer and sales growth.
Maintained a focus on cost control, customer affordability, and operational reliability, with a lean culture and flat core O&M despite a growing customer base.
All-time record peak demand of 8,631 MW was set in August 2025, marking the third consecutive year of record-breaking summer demand.
Financial highlights
Q3 2025 operating revenues were $1.82 billion, up from $1.77 billion in Q3 2024, with operating income at $581.8 million and net income at $413.2 million.
Q3 2025 EPS was $3.39 per diluted share, up $0.02 year-over-year; year-to-date EPS was $5.03 (basic), down from $5.42 in 2024.
2025 EPS guidance was raised to $4.90–$5.10 per share, reflecting strong sales, above-normal weather, and increased transmission revenues.
Weather-normalized sales growth reached 5.4% for the quarter, with 6.6% C&I and 4.3% residential growth; customer growth reached 2.4%.
Gross margin for 2025 is projected at $3.21–$3.28 billion, and for 2026 at $3.31–$3.37 billion, excluding renewable and DSM program impacts.
Outlook and guidance
2026 EPS expected at $4.55–$4.75, lower than 2025 due to normal weather assumptions and higher financing and D&A costs.
Long-term sales growth guidance raised to 5%–7% through 2030, with rate-based growth of 7%–9% through 2028.
Affirmed long-term EPS growth guidance of 5%–7% based on 2024 midpoint.
Customer growth guidance narrowed to the high end of 2%–2.5% for 2025; 2026 expected at 1.5%–2.5%.
Retail electricity sales growth (excluding weather) projected at 4%–6% for 2025, and 5%–7% annually through 2030, driven by large load customers.
Detail Desert Sun plant's growth pays for growth
Explain 2026 EPS guidance vs 2025
APS's strategy for record peak demand?
Subscription model: effectiveness for growth?
Drivers for rate base growth beyond 2028?
Regulatory lag mitigation strategy
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Next Pinnacle West Capital earnings date
Q4 202526 Feb, 2026
Next Pinnacle West Capital earnings date
Q4 202526 Feb, 2026
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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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