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Pinnacle West Capital
Pinnacle West Capital (PNW) investor relations material
Pinnacle West Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Achieved strong operational and financial results in 2025, with record demand, top-quartile reliability, and customer satisfaction improvements.
Full-year 2025 net income attributable to common shareholders was $616.5 million ($5.05 per diluted share), down from $5.24 in 2024, reflecting robust customer and sales growth but higher expenses.
Customer growth reached 2.4% in 2025, with weather-normalized retail electricity sales up 5.0% year-over-year.
Focus remains on executing grid expansion, processing the rate case, and maintaining affordability for customers in 2026.
Customer assistance programs provided $70 million in annual support, and customer satisfaction ranked in the first quartile nationally.
Financial highlights
2025 operating revenue was $5.34 billion, up from $5.12 billion in 2024.
Q4 2025 EPS was $0.13, reversing a $0.06 loss in Q4 2024, driven by strong sales and cost management.
Adjusted gross margin for 2025 was $3.25 billion; 2026 guidance is $3.31–$3.37 billion.
Adjusted O&M expense for 2025 was $1.04 billion; 2026 guidance is $1.02–$1.04 billion.
Retail customer growth reached 2.4% in 2025, with total customers at 1,446,756.
Outlook and guidance
2026 EPS guidance reaffirmed at $4.55–$4.75 per share, with long-term EPS growth target of 5%–7% through 2030.
Weather-normalized sales growth guidance for 2026 remains 4%–6%, with Extra High Load Factor customers contributing 3%–5%.
Long-term sales growth guidance raised to 5%–7% through 2030.
2026 capital investment plan totals approximately $2.6 billion, supporting reliability and growth.
Rate base growth guidance remains 7%–9% through 2028.
How will APS address earning below allowed return?
Detail impact of AI/data centers on future load growth
What is the strategy for timely investment recovery?
Uncommitted load: conversion process & timing
Formula rate impact on EPS linearity?
Non-traditional financing for grid expansion?
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Next Pinnacle West Capital earnings date
Q1 202630 Apr, 2026
Pinnacle West Capital
Next Pinnacle West Capital earnings date
Q1 202630 Apr, 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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