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The latest update is out from Pinnacle West Capital ( (PNW) ).
Pinnacle West Capital Corp. reported on May 4, 2025 that it generated consolidated net income attributable to common shareholders of $32.9 million, or $0.27 per diluted share, for the quarter ended March 31, 2026, reversing a net loss of $4.6 million, or $0.04 per share, a year earlier. The improvement of about $38 million was driven by higher transmission revenues, lower operations and maintenance costs, favorable weather, and strong customer growth and usage, partially offset by higher interest, tax, and depreciation expenses.
Hotter-than-normal winter and early spring weather across Arizona, including the state’s hottest February on record and a historic March that produced Phoenix’s earliest-ever 100‑degree day, significantly boosted customer energy consumption and cooling load. Weather-normalized sales grew 9.4% and customer growth of 2.2% underscored the strength of the Arizona economy, with APS customers using far more energy than typical for the season.
Management emphasized that rapid growth in families, businesses, and industries is increasing the need for careful planning, infrastructure investment, and cost control to ensure safe, reliable power while keeping bills as low as possible. Employees are focused on summer preparedness, including wildfire mitigation, emergency drills, securing critical spare equipment, and preventative maintenance across plants, substations, and other grid infrastructure.
Pinnacle West is also completing a scheduled maintenance and refueling outage for Unit 2 at Palo Verde Generating Station to help ensure reliability during peak summer demand. The company reaffirmed its 2026 weather-normalized earnings guidance range of $4.55 to $4.75 per diluted share and highlighted the role of new infrastructure and additional energy resources in supporting both ongoing growth and grid reliability.
The most recent analyst rating on (PNW) stock is a Hold with a $100.00 price target. To see the full list of analyst forecasts on Pinnacle West Capital stock, see the PNW Stock Forecast page.
Spark’s Take on PNW Stock
According to Spark, TipRanks’ AI Analyst, PNW is a Neutral.
The score is most constrained by financial quality concerns—especially historically negative free cash flow, leverage, and added uncertainty from abrupt 2025 statement shifts. Offsetting this are constructive technical momentum and a reasonable utility valuation with a ~3.5% dividend, plus an earnings call that reaffirmed guidance and long-term growth despite near-term EPS pressure and regulatory risk.
To see Spark’s full report on PNW stock, click here.
More about Pinnacle West Capital
Pinnacle West Capital Corp. is an energy holding company based in Phoenix with about $31 billion in assets, roughly 6,200 megawatts of generating capacity and around 6,600 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, it supplies retail electricity to about 1.5 million homes and businesses across Arizona.
The company plays a central role in meeting the region’s power demand, including through the three-unit Palo Verde Generating Station, one of the nation’s largest nuclear power producers and a key source of clean energy for the Southwest. Its operations and investments are closely tied to Arizona’s rapid population and economic growth.
Average Trading Volume: 1,245,072
Technical Sentiment Signal: Buy
Current Market Cap: $12.53B
For an in-depth examination of PNW stock, go to TipRanks’ Overview page.