Pinnacle West Capital
Owns APS, Arizona's regulated electricity generator and grid operator.
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Profile
Owns APS, a vertically integrated electric utility that sells regulated retail and wholesale power across much of Arizona. Revenue comes from generation, transmission, and distribution, while rates and cost recovery depend largely on Arizona Corporation Commission decisions.
Owns Arizona Public Service, the regulated utility that supplies retail and wholesale electricity across much of Arizona. APS generates power, buys energy and capacity, and operates the transmission and distribution networks that deliver service to homes, businesses, and public-sector customers. Nearly all operating activity and earnings come from this regulated electricity segment.
Runs a vertically integrated system anchored by the Palo Verde nuclear plant, alongside natural-gas, coal, solar, storage, and purchased-power resources. Execution centers on maintaining generation and grid reliability while adding capacity for rising customer and commercial demand. Retail rates and cost recovery depend on Arizona Corporation Commission decisions; wholesale sales and transmission service also operate under federal regulation.
Company facts
Categories
Key statistics
Year to date +10.8% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 21, 2026 | Morgan Stanley | Reiterate | Equal Weight | $97 | $94 |
| Aug 17, 2026 | Truist Financial | Target | $105 | $101 | |
| Jul 22, 2026 | Morgan Stanley | Target | $95 | $97 | |
| Jul 22, 2026 | BMO Capital | Reiterate | Market Perform | $99 | $104 |
| Jul 8, 2026 | Jefferies | Reiterate | Buy | $115 | $129 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 4, 2026Q2 FY26 | $1.46 | $1.43 | −2.1% | $1.40B | $1.46B | +4.2% | +0.63% |
| May 4, 2026Q1 FY26 | −$0.03 | $0.27 | +1,000.0% | $1.08B | $1.15B | +6.0% | −0.51% |
| Feb 25, 2026Q4 FY25 | $0.05 | $0.13 | +160.0% | $1.17B | $1.13B | −3.6% | −0.25% |
| Nov 3, 2025Q3 FY25 | $3.04 | $3.39 | +11.5% | $1.17B | $1.82B | +55.7% | −0.10% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.03B | $1.36B | $1.82B | $1.13B | $1.15B | $1.46B | |
| Gross profit | $352.1M | $595.1M | $708.0M | $206.1M | $712.9M | $1.46B | |
| Operating income | $57.2M | $307.6M | $649.2M | $145.0M | $401.4M | $305.7M | |
| Net income | −$4.6M | $192.6M | $413.2M | $15.4M | $32.9M | $178.6M | |
| Diluted EPS | −$0.04 | $1.58 | $3.39 | $0.12 | $0.27 | $1.43 | |
| Gross margin | 34.1% | 43.8% | 38.9% | 18.3% | 62.0% | 100.0% | |
| Operating margin | 5.5% | 22.6% | 35.7% | 12.9% | 34.9% | 21.0% |
Fiscal years (4-quarter sums)FY21 $3.80B · FY22 $4.32B · FY23 $4.70B · FY24 $5.12B · FY25 $5.34B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $9.1M · Total debt $11.37B · Total assets $32.58B · Shareholders' equity $7.03B
Dividends
Raised for 32 straight years — most recently to $0.91 from $0.895 in Nov 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 3, 2026 | Aug 3 | Sep 1 | $0.91 | |
| May 4, 2026 | May 4 | Jun 1 | $0.91 | |
| Feb 2, 2026 | Feb 2 | Mar 2 | $0.91 | |
| Nov 3, 2025 | Nov 3 | Dec 1 | $0.91 | raised from $0.895 |
| Aug 1, 2025 | Aug 1 | Sep 2 | $0.895 | |
| May 5, 2025 | May 5 | Jun 2 | $0.895 | |
| Feb 3, 2025 | Feb 3 | Mar 3 | $0.895 | |
| Nov 4, 2024 | Nov 4 | Dec 2 | $0.895 | raised from $0.88 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 121.19M · Float 120.54M · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital Research Global Investors | 16.49M | 13.61% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 11.78M | 9.72% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 7.90M | 6.52% | 13F | Aug 13, 2026 |
| State Street Corp | 7.02M | 5.79% | 13F | Aug 7, 2026 |
| Barrow Hanley Mewhinney & Strauss LLC | 6.58M | 5.43% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Jose Luis Jr Esparza | other: SVP Public Policy APS | −1,800 | $102.01 |
| Aug 10, 2026 | Elizabeth A. Blankenship | officer: VP, Controller and CAO | −980 | $99.17 |
| May 13, 2026 | Jacob Tetlow | other: EVP, COO, APS | −6,567 | $99.00 |
Peers
- Fortis
In-state Arizona utility overlap through TEP and UniSource.
- NextEra Energy
Utility-scale clean-power and storage benchmark for APS.
- TXNM Energy
Neighboring Southwest utility peer in generation and transmission.
- Sunrun
Customer-side solar and batteries competing with utility load.
- Edison International
Western IOU benchmark for grid and clean-energy investment.
- Southwest Gas
Arizona gas utility named in PNW's competition framing.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pinnacle West Capital | $97.64 | 0.00% | $11.83B | 18.7 | 19.8 | 2.1 | +7.1% |
| Fortis | $54.88 | +0.38% | $27.83B | 23.9 | 21.6 | 3.1 | −0.2% |
| NextEra Energy | $81.84 | +0.02% | $170.72B | 18.3 | 19.9 | 5.9 | +12.5% |
| TXNM Energy | $57.64 | 0.00% | $6.38B | 32.0 | 20.0 | 2.9 | +9.2% |
| Sunrun | $8.80 | +0.27% | $2.09B | 5.9 | 13.7 | 0.6 | +52.8% |
| Edison International | $70.69 | +0.77% | $27.00B | 7.2 | 11.8 | 1.4 | −4.1% |
| Southwest Gas | $88.65 | −0.49% | $6.45B | 12.4 | 19.1 | 3.7 | −68.0% |
| Median | 15.4 | 19.5 | 3.0 | +4.5% |