Pinnacle West Capital Q2 Earnings Call Highlights

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Pinnacle West Capital (NYSE:PNW) reported second-quarter 2026 net of $1.43 per share, down $0.15 from the aforesaid play a twelvemonth earlier, arsenic higher involvement expense, depreciation and amortization, and little transmission gross much than offset beardown weather-driven request and lawsuit growth.

Chief Financial Officer Andrew Cooper said the institution expects to decorativeness 2026 astatine the apical extremity of its antecedently issued net guidance scope of $4.55 to $4.75 per share. The inferior reiterated each different aspects of its outlook.

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"We had a coagulated 2nd 4th supported by disciplined execution crossed the business," Chairman, President and CEO Ted Geisler said during the company's net call.

Sales Growth Remains Strong

Weather-normalized income accrued 9.6% twelvemonth implicit twelvemonth successful the 2nd quarter, portion lawsuit maturation reached 2.1%. Cooper said hotter conditions, including an aboriginal commencement to triple-digit temperatures successful the Phoenix area, supported cooling request during the period.

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Residential income roseate 5.6%, portion commercialized and concern income accrued 12.7%, driven by enlargement among information center, semiconductor and different advanced-manufacturing customers. Cooper said the quarter's maturation was diversified crossed residential and commercialized lawsuit categories.

The institution did not rise its 2026 sales-growth guidance, though Cooper said year-to-date weather-normalized income maturation has been tracking person to Pinnacle West's longer-term outlook. The company's semipermanent guidance calls for full income maturation of 5% to 7% done 2030, including 4% to 6% maturation for ample commercialized and concern customers.

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Geisler said Taiwan Semiconductor Manufacturing Co.'s existing facilities had a comparatively level year-over-year interaction connected income truthful far, with the bulk of that customer's anticipated request maturation inactive ahead. He said caller income maturation alternatively reflects a operation of residential demand, different manufacturers, tiny and medium-sized businesses, and information centers opening to inhabit facilities.

On Aug. 2, Arizona Public Service, Pinnacle West's inferior subsidiary, recorded an all-time highest request of 9,164 megawatts, much than 500 megawatts supra the prior-year record, according to Geisler.