APS ve druhém čtvrtletí roku 2026 zvýšila počet zákazníků o 2,1 % a prodej elektřiny očištěný o vliv počasí o 5,6 %, zejména díky datovým centrům a pokročilé výrobě.
Key Takeaways PNW's second-quarter 2026 customer growth reached 2.1%, while electricity sales rose 5.6%. PNW expects 5-7% annual retail sales growth through 2030, driven by data centers and industrial customers. PNW plans $7.95B in infrastructure investments through 2028 and targets long-term EPS growth of 5-7%. Pinnacle West Capital Corp. (PNW - Free Report) is benefiting from rising electricity demand across its service territory. Its Arizona Public Service (“APS”) subsidiary benefits from higher electricity usage and economic development, supporting load growth and the need for additional generation and grid investments.
In the second quarter of 2026, APS customer growth reached 2.1%, weather-normalized sales rose 5.6%, total sales increased 9.6%, and commercial and industrial sales climbed 12.7%, driven by data centers and advanced manufacturing customers ramping up year over year. Higher customer demand supports load growth, revenues and PNW’s earnings potential.
PNW expects retail customer growth of 1.5-2.5% in 2026 and weather-normalized retail electricity sales rise of 4-6%. New large manufacturing facilities and data centers are projected to contribute 3-5% to sales growth in 2026. Through 2030, the company forecasts weather-normalized retail sales growth of 5-7%, with large commercial and industrial customers accounting for 4-6%.
Pinnacle West Capital is expanding its infrastructure to serve rising power needs. The company aims to invest $7.95 billion through 2028 in generation, transmission and distribution infrastructure to strengthen reliability and improve operational efficiency. PNW maintains the 2026 earnings guidance of $4.55-$4.75 per share and its long-term earnings growth target of 5-7%.
Thus, sustained customer growth and higher electricity usage can support sales, capacity investments and earnings over the longer term.
Increasing Customer Demand Supports Utility ExpansionRising electricity consumption encourages utilities to upgrade grid infrastructure, expand generation capacity and improve service reliability. These expenditures support new service connections, promote economic expansion and enhance the industry’s long-term growth potential.
Alliant Energy Corporation (LNT - Free Report) projects 60% electricity load growth by 2031, supported by rising demand from large customers, including data centers. Higher power requirements could drive investments in generation, energy storage and grid infrastructure while supporting earnings potential.
PPL Corporation (PPL - Free Report) reported a 31.8-gigawatt (GW) Pennsylvania data center pipeline and a 13.7 GW Kentucky economic development pipeline in the second quarter of 2026, supporting generation investments and long-term earnings growth.
The Zacks Rundown on PNWPNW’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates a decrease of 6.34% and an increase of 18.21%, respectively, year over year.
Image Source: Zacks Investment Research
Debt to CapitalPNW's debt-to-capital currently stands at 61.64%, lower than the Zacks Utility - Electric Power industry’s 62.33%.
Image Source: Zacks Investment Research
PNW Stock’s Price PerformanceIn the past three months, Pinnacle West Capital’s shares have plunged 9.4% compared with the industry’s 10.7% decline.
Image Source: Zacks Investment Research
PNW’s Zacks RankPNW currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
California State Teachers Retirement System ve 2. čtvrtletí zvýšil svůj podíl v Pinnacle West Capital o 10 353,5 % na 14 979 144 akcií. Drží tak 12,36 % společnosti v hodnotě 1,602768 mld. USD.
California State Teachers Retirement System grew its position in shares of Pinnacle West Capital Corporation (NYSE:PNW – Free Report) by 10,353.5% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,979,144 shares of the utilities provider’s stock after acquiring an additional 14,835,851 shares during the quarter. California State Teachers Retirement System owned 12.36% of Pinnacle West Capital worth $1,602,768,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of the stock. JFS Wealth Advisors LLC grew its position in shares of Pinnacle West Capital by 109.6% in the second quarter. JFS Wealth Advisors LLC now owns 241 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 126 shares during the last quarter. CYBER HORNET ETFs LLC bought a new position in Pinnacle West Capital in the 2nd quarter valued at about $27,000. MUFG Securities EMEA plc acquired a new position in Pinnacle West Capital during the second quarter valued at approximately $32,000. Compass Financial Management LLC bought a new stake in shares of Pinnacle West Capital during the 2nd quarter worth $33,000. Finally, Clearstead Advisors LLC lifted its holdings in shares of Pinnacle West Capital by 88.5% in the fourth quarter. Clearstead Advisors LLC now owns 394 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 185 shares during the last quarter. 91.51% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets Several analysts have recently weighed in on PNW shares. Barclays boosted their price target on Pinnacle West Capital from $102.00 to $108.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Pinnacle West Capital in a research note on Monday, August 3rd. TD Cowen reiterated a “hold” rating on shares of Pinnacle West Capital in a research report on Wednesday, August 12th. Jefferies Financial Group reissued a “buy” rating and set a $129.00 target price on shares of Pinnacle West Capital in a research note on Wednesday, July 8th. Finally, Truist Financial dropped their target price on shares of Pinnacle West Capital from $107.00 to $101.00 and set a “hold” rating on the stock in a report on Monday, August 17th. Three research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $104.62.
Get Our Latest Analysis on PNW Pinnacle West Capital Stock Down 0.3% PNW opened at $96.26 on Friday. Pinnacle West Capital Corporation has a fifty-two week low of $85.32 and a fifty-two week high of $111.16. The company’s 50-day moving average is $101.85 and its 200 day moving average is $101.92. The firm has a market capitalization of $11.67 billion, a P/E ratio of 18.44, a PEG ratio of 3.53 and a beta of 0.45. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.59 and a quick ratio of 0.41.
Pinnacle West Capital (NYSE:PNW – Get Free Report) last released its earnings results on Tuesday, August 4th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.03). The business had revenue of $1.46 billion during the quarter, compared to the consensus estimate of $1.40 billion. Pinnacle West Capital had a net margin of 11.52% and a return on equity of 8.99%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company earned $1.58 earnings per share. Pinnacle West Capital has set its FY 2026 guidance at 4.550-4.750 EPS. Research analysts expect that Pinnacle West Capital Corporation will post 4.71 earnings per share for the current fiscal year.
Pinnacle West Capital Announces Dividend The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 3rd were paid a $0.91 dividend. This represents a $3.64 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date was Monday, August 3rd. Pinnacle West Capital’s payout ratio is currently 69.73%.
Insider Activity In related news, SVP Jose Luis Esparza, Jr. sold 1,800 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $102.01, for a total transaction of $183,618.00. Following the sale, the senior vice president owned 4,910 shares of the company’s stock, valued at approximately $500,869.10. This represents a 26.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Elizabeth A. Blankenship sold 980 shares of the firm’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $99.17, for a total value of $97,186.60. Following the completion of the transaction, the chief accounting officer owned 10,886 shares of the company’s stock, valued at approximately $1,079,564.62. This represents a 8.26% decrease in their position. The SEC filing for this sale provides additional information. 0.19% of the stock is owned by corporate insiders.
Pinnacle West Capital Company Profile (Free Report)
Pinnacle West Capital Corporation (NYSE: PNW) is an energy holding company headquartered in Phoenix, Arizona. Its principal subsidiary, Arizona Public Service Company (APS), is an electric utility that provides power to residential, commercial and industrial customers throughout much of Arizona.
Through APS, Pinnacle West is involved in the generation, transmission and distribution of electricity. Its generation portfolio includes nuclear, natural gas, coal, solar and other renewable energy resources.
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Pinnacle West Capital snižuje provozní náklady a míří na dlouhodobý růst EPS o 5–7 %. V první polovině roku 2026 klesly provozní a údržbové náklady (O&M) o 4,5 % a firma plánuje investice téměř 7,95 miliardy USD do roku 2028.
Key Takeaways Pinnacle West Capital targets 5-7% long-term EPS growth while maintaining disciplined cost management.PNW's first-half 2026 O&M costs fell 4.5% as it plans nearly $7.95B in investment through 2028. PNW plans to convert Cholla to provide about 380 MW of dispatchable generation by 2029. Pinnacle West Capital (PNW - Free Report) is strengthening efficiency through disciplined cost management and tighter control of operating expenses. These efforts support financial stability while creating more flexibility to fund infrastructure investments.
PNW’s operations and maintenance (O&M) expenses fell 1.1% year over year to $283.4 million in the second quarter, while first-half 2026 O&M costs declined 4.5% from the prior-year period. The company expects 2026 adjusted core O&M of $970-$980 million, while adjusted O&M, excluding renewable energy and demand-side-management costs, is projected at $1.02-$1.04 billion.
Pinnacle West Capital also remains committed to reducing O&M expenses on a per-megawatt-hour basis over time. PNW’s cost control is increasingly important as it plans to invest $2.6 billion in 2026 and nearly $7.95 billion through 2028 to support infrastructure and 7-9% rate-base growth.
By lowering costs, PNW can improve earnings and capture greater benefits from its expanding customer base and rising electricity demand. The company expects 2026 earnings per share (EPS) of $4.55-$4.75 and 5-7% long-term EPS growth.
The company is also pursuing cost-effective projects. Its planned conversion of the Cholla plant will repurpose existing infrastructure to provide about 380 megawatts of dispatchable generation by 2029, helping meet rising demand without building an entirely new facility.
Overall, PNW’s stable O&M costs amid rising demand and infrastructure investment are positive, while continued efficiency and regulatory recovery could support margins and long-term growth.
Stronger Cost Control Supports Utility GrowthUtilities that control operating costs can improve margins, preserve financial flexibility, fund infrastructure investments and maintain affordable customer rates. Effective cost management also strengthens operations and supports sustainable earnings growth. Alongside PNW, several other utilities also demonstrate strong cost management as highlighted below:
American Electric Power (AEP - Free Report) expects up to $16 billion in cost offsets from load growth, helping spread fixed costs while supporting customer affordability and long-term earnings growth.
PG&E Corporation (PCG - Free Report) expects to meet its 2026 target of reducing non-fuel O&M costs by 2-4%, supporting both customer affordability and greater operating efficiency.
The Zacks Rundown on PNWPNW’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates a decrease of 6.53% and an increase of 17.90%, respectively, year over year.
Image Source: Zacks Investment Research
PNW’s Stock Trading at a Premium PNW is trading at a premium to the industry, with a forward 12-month price-to-earnings ratio of 18.92X versus the industry average of 15.42X.
Image Source: Zacks Investment Research
PNW’s Stock Price PerformanceIn the past six months, Pinnacle West Capital’s shares have plunged 2% compared with the industry’s 7.9% fall.
Pinnacle West Capital Corporation (PNW) Q2 2026 Earnings Call August 4, 2026 12:00 PM EDT
Company Participants
Amanda Ho - Director of Investor Relations
Theodore Geisler - Chairman of the Board, President & CEO
Andrew Cooper - Senior VP & CFO
Conference Call Participants
Alexander Calvert - Wells Fargo Securities, LLC, Research Division
Richard Sunderland - Truist Securities, Inc., Research Division
Julien Dumoulin-Smith - Jefferies LLC, Research Division
Travis Miller - Morningstar Inc., Research Division
Paul Patterson - Glenrock Associates LLC
Stephen D’Ambrisi - RBC Capital Markets, Research Division
Presentation
Operator
Good day, everyone, and welcome to the Pinnacle West Capital Corporation 2026 Second Quarter Earnings Conference Call. [Operator Instructions] It is now my pleasure to hand the floor over to your host, Amanda Ho. Ma'am, the floor is yours.
Amanda Ho
Director of Investor Relations
Thank you, Matthew. I would like to thank everyone for participating in this conference call and webcast to review our second quarter earnings, recent developments and operating performance. Our speakers today will be our Chairman, President and CEO, Ted Geisler; and our CFO, Andrew Cooper. Jacob Tetlow, COO; and Jose Esparza, SVP of Public Policy, are also here with us.
First, I need to cover a few details with you. The slides that we will be using are available on our Investor Relations website, along with our earnings release and related information.
Today's comments and our slides contain forward-looking statements based on current expectations and actual results may differ materially from expectations. Our second quarter 2026 Form 10-Q was filed this morning. Please refer to that document for forward-looking statements, cautionary language as well as the risk factors and MD&A sections, which identify risks and uncertainties that could cause actual results to differ materially from those contained in our disclosures.
Pinnacle West (PNW - Free Report) came out with quarterly earnings of $1.43 per share, missing the Zacks Consensus Estimate of $1.49 per share. This compares to earnings of $1.58 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -4.03%. A quarter ago, it was expected that this power company would post a loss of $0.03 per share when it actually produced earnings of $0.27, delivering a surprise of +1000%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Pinnacle West, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $1.46 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 3.94%. This compares to year-ago revenues of $1.36 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Pinnacle West shares have added about 13.7% since the beginning of the year versus the S&P 500's gain of 11%.
What's Next for Pinnacle West?While Pinnacle West has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Pinnacle West was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $3.11 on $1.88 billion in revenues for the coming quarter and $4.74 on $5.56 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the bottom 29% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Evergy Inc (EVRG - Free Report) , is yet to report results for the quarter ended June 2026. The results are expected to be released on August 6.
This electric utility is expected to post quarterly earnings of $0.82 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Evergy Inc's revenues are expected to be $1.47 billion, up 2.6% from the year-ago quarter.
Key Takeaways Pinnacle West's Q2 EPS is estimated at $1.49, down 5.7%, while revenues are seen rising 3.08%. Arizona customer growth and semiconductor expansion likely boosted PNW's retail electricity demand.Grid investments and cost controls likely aided PNW, though financing costs and property taxes weighed. Pinnacle West Capital Corporation (PNW - Free Report) is scheduled to release second-quarter 2026 results on Aug. 4, before the market opens. The company delivered an earnings surprise of 1000% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
PNW’s Q2 ExpectationsThe Zacks Consensus Estimate for earnings is pegged at $1.49 per share, which implies a year-over-year decrease of 5.70%.
The Zacks Consensus Estimate for revenues is pinned at $1.40 billion, indicating an increase of 3.08% from the year-ago reported number.
The Zacks Consensus Estimate for total electric sales is pegged at 9,722.3 gigawatt-hour, up 3.09% from the year-ago quarter’s reported figure.
Factors Likely to Have Impacted PNW’s Q2 EarningsPinnacle West's second-quarter earnings are expected to have benefited from robust economic growth across its Arizona service territory. Strong expansion in semiconductor manufacturing and customer growth are likely to have driven higher retail electricity sales in the second quarter. Continued expansion by Taiwan Semiconductor Manufacturing Company and its supply-chain partners likely boosted industrial electricity demand for Pinnacle West.
The company's second-quarter earnings are expected to have been supported by sustained retail customer growth and rising electricity demand. Pinnacle West's continued focus on cost management is expected to have supported the to-be-reported quarter's earnings by improving operating efficiency and controlling expenses.
PNW's second-quarter earnings are expected to have benefited from continued investments in grid modernization and transmission infrastructure. The investments likely contributed to higher transmission revenues and improved grid reliability, benefiting the company's upcoming quarterly results.
However, higher financing costs and property taxes associated with increased plant-in-service are likely to have partially offset these positive factors in the second quarter.
What Our Quantitative Model Predicts for PNWOur proven model predicts an earnings beat for Pinnacle West Capital this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, as is the case here, as you will see below.
Earnings ESP: The company’s Earnings ESP is +0.95%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Pinnacle West Capital carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Stock to ConsiderInvestors may also consider the following player from the same sector, as it has the right combination of elements to post an earnings beat this reporting cycle.
Duke Energy Corporation (DUK - Free Report) is scheduled to report second-quarter 2026 results on Aug. 4 and is likely to have registered an earnings beat. It has an Earnings ESP of +0.16% and a Zacks Rank #3 at present.
DUK’s long-term (three to five years) earnings growth rate is 6.76%. The Zacks Consensus Estimate for second-quarter EPS is pinned at $1.29, which implies a year-over-year increase of 3.20%.
Southwest Gas (SWX - Free Report) is scheduled to report second-quarter 2026 results on Aug. 5 and is likely to have come up with an earnings beat. It has an Earnings ESP of +5.64% and a Zacks Rank #2 at present.
SWX’s long-term earnings growth rate is 9.89%. The Zacks Consensus Estimate for second-quarter EPS is pinned at 47 cents, which implies a year-over-year decrease of 11.32%.
Spire (SR - Free Report) is set to report third-quarter fiscal 2026 results on Aug. 5 and is likely to have come up with an earnings beat. It has an Earnings ESP of +16.67% and a Zacks Rank #3 at present.
SR’s long-term earnings growth rate is 11.17%. The Zacks Consensus Estimate for third-quarter fiscal sales is pinned at $397.87 million, which suggests a year-over-year decline of 5.70%.
PNW čeká v roce 2026 růst výnosů očištěných o počasí o 4–6 % díky datovým centrům a výrobě. Firma také potvrdila ziskový výhled na rok 2026 na 4,55–4,75 USD na akcii.
Key Takeaways PNW expects 4-6% weather-normalized sales growth in 2026, led by manufacturing and data centers. PNW secured nearly 4.5 GW of committed high-load demand, mainly from data centers and manufacturers. PNW plans to invest $7.95B from 2026 to 2028 in generation, transmission and distribution assets. Pinnacle West Capital (PNW - Free Report) benefits from robust economic growth across its service territory, driven by population growth and rising investments in semiconductor manufacturing, data centers and other industrial facilities. These trends support customer growth, boost electricity demand, drive infrastructure investments and expand the regulated rate base.
PNW projects 1.5-2.5% retail customer growth and 4-6% weather-normalized sales growth in 2026. Demand from new manufacturing facilities and several large data centers is expected to contribute 3-5% in 2026 and support 5-7% annual sales growth through 2030. The company has secured nearly 4.5 gigawatts of committed extra high-load customer demand, primarily from data centers and large manufacturers.
The expansion of TSMC's fabrication facilities and increasing investments from semiconductor suppliers across Arizona are driving higher industrial power demand. Rising industrial activity should boost electricity demand and support PNW's long-term earnings growth.
To meet rising electricity demand, PNW continues to expand its infrastructure. Pinnacle West Capital plans to invest $7.95 billion between 2026 and 2028 in generation, transmission and distribution assets to improve reliability and cater to rising demand across its service region. PNW also maintains its 2026 earnings guidance of $4.55-$4.75 per share, indicating confidence in continued demand growth. Construction has started on the Redhawk expansion, which will add approximately 400 megawatts of natural gas capacity, while the company advances the Desert Sun project and evaluates additional generation resources for 2029-2031.
Strong economic expansion, rising industrial electricity demand and disciplined capital investments position PNW to deliver sustainable earnings growth and create long-term value for shareholders.
Economic Expansion Fuels Long-Term Utility GrowthUtilities benefit from economic growth as expanding businesses, industries, data centers and electric vehicle adoption increase electricity demand. This supports utility investments, generates fresh demand for utility services, drives earnings growth and creates long-term shareholder value.
Evergy (EVRG - Free Report) is benefiting from expanding economic activity across Kansas and Missouri. Rising investments in data centers, advanced manufacturing and commercial projects support long-term rate-base and earnings growth.
PPL Corporation (PPL - Free Report) benefits from growing economic activity across Pennsylvania and Kentucky. Expanding data center and industrial investments are driving electricity demand, supporting rate-base expansion and long-term earnings growth.
The Zacks Rundown on PNWPNW’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates a decrease of 6.34% and an increase of 17.60%, respectively, year over year.
Image Source: Zacks Investment Research
PNW’s Dividend YieldPNW currently offers a 3.45% dividend yield, exceeding the Zacks Utility - Electric Power industry's 3.02% average over the past year.
Image Source: Zacks Investment Research
PNW’s Stock Price PerformanceIn the past six months, Pinnacle West Capital shares have risen 14.1% compared with the industry’s 4.6% growth.
Pinnacle West Capital plánuje investovat téměř 7,95 mld. USD v letech 2026 až 2028 do přenosu, distribuce a výroby elektřiny. Firma očekává růst maloobchodního prodeje elektřiny o 4–6 % v roce 2026.
Key Takeaways PNW's capital plan aims to strengthen grid reliability and support long-term earnings growth. PNW plans nearly $7.95B in 2026-2028 investments across transmission, distribution and generation. PNW expects 4-6% retail sales growth in 2026, driven by manufacturing facilities and data centers. Pinnacle West Capital (PNW - Free Report) benefits from its strategic capital investment plan, which strengthens grid reliability, supports rising electricity demand and drives sustainable long-term earnings growth. These investments are aimed at improving system reliability, supporting customer growth and expanding the company's regulated asset base.
PNW aims to invest $2.6 billion in 2026 and nearly $7.95 billion during 2026-2028, allocating about $2.11 billion to transmission, $2.31 billion to distribution and $2.28 billion to generation infrastructure. These investments support a 7-9% rate base growth through 2028 and advance strategic transmission projects.
The company is witnessing strong growth in electricity demand, supported by sustained economic development across its service territory. Arizona continues to attract semiconductor manufacturers, large data centers and other large industrial customers that require 24x7 reliable power. The company expects retail electricity sales to grow 4-6% in 2026, driven primarily by expanding manufacturing facilities and data centers. It projects 5-7% annual weather-normalized sales growth through 2030. PNW is expanding its power infrastructure to meet growing demand and recover its investments through regulatory approvals.
The company continues to target 5-7% long-term EPS growth, supported by sustained infrastructure investment and increasing electricity demand. PNW's systematic capital allocation, expanding regulated rate base and constructive regulatory framework provide a solid foundation for future earnings growth.
Capital Investments Strengthening Regulated GrowthCapital investments strengthen regulated utility growth through grid modernization, transmission expansion, improved reliability and renewable integration. These investments expand the regulated asset base, support timely cost recovery and drive stable earnings and long-term growth.
FirstEnergy Corp. (FE - Free Report) expects to invest $36 billion over 2026-2030 to strengthen its regulated transmission and distribution business. The capital plan prioritizes grid modernization and infrastructure upgrades, supporting an estimated 10% compound annual rate base growth.
PPL Corporation (PPL - Free Report) plans to invest nearly $23 billion during 2026-2029, supporting an average annual rate base growth of 10.3%. These investments strengthen energy infrastructure, expand cleaner generation, improve reliability and maintain affordable electricity for customers.
PNW’s Earnings EstimatesThe Zacks Consensus Estimate for 2026 and 2027 EPS indicates a decrease of 6.73% and an increase of 18.05%, respectively, year over year.
Image Source: Zacks Investment Research
PNW’s Dividend YieldPNW currently offers a 3.42% dividend yield, exceeding the Electric Power industry 2.99% average over the past year.
Image Source: Zacks Investment Research
PNW’s Stock Price PerformanceIn the past month, the company’s shares have risen 7% compared with the industry’s 3.3% growth.
