The strong beat and maintained guidance support the stock near-term. Watch for the APS rate case decision expected in late 2026 and any updates on equity dilution from the forward program.
Price Chart
Executive Summary
Pinnacle West reported a strong Q1 2026 beat, with EPS of $0.27 vs. consensus of -$0.03 and revenue up 11.4% YoY to $1.15B, driven by hotter-than-normal weather and robust customer growth of 2.2%. The company maintained its 2026 EPS guidance of $4.55-$4.75, signaling confidence in full-year outlook.
Key Financial Metrics
Key Facts
- Q1 2026 diluted EPS $0.27 vs. -$0.04 in Q1 2025 (consensus was -$0.03 per Street estimates)
- Operating revenue $1.15B, up 11.4% YoY from $1.03B
- Maintained 2026 EPS guidance $4.55-$4.75 on weather-normalized basis
- Customer growth 2.2%; weather-normalized retail sales growth 9.4%
- Operating income more than doubled to $131.2M from $57.2M
Financial Impact
EPS surprise of +$0.30 vs. consensus (beat); revenue beat of approximately $70M vs implied consensus
Risk Factors
- Weather dependency: Q1 outperformance partly due to warmer-than-normal weather; normalization could pressure future quarters
- Regulatory risk: ACC rate case outcome could impact allowed ROE and customer bill impact
- Interest rate sensitivity: rising rates increase financing costs and could pressure earnings
- Equity dilution: $1.0B-$1.2B planned equity issuance through 2028 may dilute shareholders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000764622-26-000026 |
| Document: pnw-20260502.htm | 0000764622-26-000026 |
| Document: q1_2026xearningsxfinal.htm | 0000764622-26-000026 |
| Document: 0000764622-26-000026-index-headers.html | 0000764622-26-000026 |
| Document: 0000764622-26-000026-index.html | 0000764622-26-000026 |
| Document: 0000764622-26-000026.txt | 0000764622-26-000026 |
| 8-K Data (Synthetic) | 0000764622-26-000026 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 4, 2026 8w ago | 8-K / 424B5 | $101.45 $97.66 | ▼ −3.74% | ▼ −2.50% | $95.32 (−6.04%) |
Jun 29, 2026 13w ago | 8-K | $107.00 $105.38 | ▼ −1.51% | ▼ −0.49% | $95.32 (−10.92%) |
Jun 8, 2026 16w ago | 8-K | $102.65 $108.61 | ▲ +5.81% | ▲ +4.36% | $95.32 (−7.14%) |
Jun 5, 2026 16w ago | 8-K | $101.29 $106.91 | ▲ +5.55% | ▲ +3.92% | $95.32 (−5.89%) |
Jun 5, 2026 16w ago | 424B5 | $101.29 $106.91 | ▲ +5.55% | ▲ +3.92% | $95.32 (−5.89%) |
Jun 1, 2026 17w ago | 424B5 | $97.48 $107.00 | ▲ +9.77% | ▲ +11.06% | $95.32 (−2.22%) |
May 4, 2026 21w ago | 8-K | $101.82 $97.48 | ▼ −4.26% | ▼ −9.91% | $95.32 (−6.38%) |
Apr 15, 2026 24w ago | 8-K | $103.25 $99.08 | ▼ −4.04% | ▼ −9.86% | $95.32 (−7.68%) |
Apr 3, 2026 25w ago | DEFA14A | $101.57 $101.82 | ▲ +0.25% | ▼ −8.74% | $95.32 (−6.15%) |
Feb 25, 2026 31w ago | 8-K | $98.91 $97.70 | ▼ −1.23% | ▲ +4.01% | $95.32 (−3.63%) |
US Market Status
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