Pinnacle West earnings date and guidance
MyStockButler's October 2026 analysis: Pinnacle West’s next results are expected on November 3, 2026. Watch whether summer profit reflects underlying usage, alongside financing progress.
What has Pinnacle West guided for 2026?
Management guides to 2026 EPS of $4.55–$4.75, with CFO Andrew Cooper expecting to finish near the top. The 2026 outlook calls for 4.0%–6.0% weather-normalized retail sales growth and 1.5%–2.5% customer growth. APS plans $2,600 million of capital expenditures and guides to 123.8 million average diluted shares.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| EPS Guidance | Year to Dec 2026 | 4.55 | 4.75 | August 4, 2026 |
| Retail customer growth | Year to Dec 2026 | 1.5% | 2.5% | August 4, 2026 |
| Weather-normalized retail electricity sales growth | Year to Dec 2026 | 4.0% | 6.0% | August 4, 2026 |
| Average diluted common shares outstanding (millions) | Year to Dec 2026 | 123.8 | 123.8 | August 4, 2026 |
| Total APS — capital expenditures | Year to Dec 2026 | 2,600 | 2,600 | August 4, 2026 |
What this means. The adjusted gross margin leaves out both the costs and offsetting revenue from renewable energy and demand management programs, so it is not the company’s full gross profit.
Has Pinnacle West kept its past promises?
Management’s record earns a favorable but not perfect assessment. It has generally beaten its own EPS guidance and kept customer growth within range, but its 2023 sales forecast was repeatedly reduced before actual growth finished below the original expectation. The next question is whether analysts see the same operating strength.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| EPS Guidance | 5 years | 5 | 0 | 0 |
| Retail customer growth | 5 years | 0 | 5 | 0 |
| Weather-normalized retail electricity sales growth | 5 years | 2 | 2 | 1 |
What do Pinnacle West’s last eight quarters show?
The explanation is largely recurring. Depreciation increased as plant entered service, and interest charges rose with the capital invested. Transmission revenue also fell because of a true-up connected with 2025. Favorable weather, stronger usage and lower operations and maintenance expense helped, but operating margin still fell to 21.0% from 22.6%.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,455,749 | 1,149,597 | 1,128,167 | 1,820,741 | 1,358,751 | 1,032,280 | 1,095,408 | 1,768,801 |
| Gross margin | 61.6% | 62.0% | 62.7% | 64.0% | 64.9% | 63.2% | 63.8% | 64.3% |
| Operating income | 305,672 | 131,174 | 121,010 | 581,846 | 307,552 | 57,222 | 84,538 | 546,986 |
| Net income | 178,574 | 32,920 | 15,403 | 413,208 | 192,564 | -4,644 | -6,827 | 394,966 |
| EPS, diluted | 1.43 | 0.27 | 0.13 | 3.39 | 1.58 | -0.04 | -0.06 | 3.37 |
What this means. Gross margin is not the company's final profit because it leaves out costs such as salaries, offices, and other operating expenses.
What will Pinnacle West’s next results show?
The second is Pinnacle West’s November 3 earnings report. It will reveal how much of summer profit came from heat and how much came from underlying usage. Investors should also check financing progress and whether the record summer peak requires more construction.