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Dec 31, 2025
Pinnacle West Q4 2025 Earnings Report
Pinnacle West Q4 2025 Earnings Report
Key Takeaways
Pinnacle West reported positive fourth-quarter 2025 results with net income of 15403000 driven by strong customer and retail sales growth in Arizona, alongside improved operating income year over year.
Net income attributable to common shareholders was 15403000 compared to a loss in the prior year quarter.
Operating revenues increased to 1128167000 from 1095408000 year over year.
Operating income rose to 121010000 from 84538000 in Q4 2024.
Customer growth reached 2.4% and weather-normalized retail sales growth was 5.0% in 2025.
Revenue by Geographic Location
Forward Guidance
For 2026, the company expects consolidated earnings in the range of 4.55 to 4.75 per diluted share on a weather-normalized basis.
Positive Outlook
- Projected 2026 EPS range of 4.55 to 4.75.
- Continued customer growth expected between 1.5% and 2.5% annually through 2030.
- Projected retail sales growth between 5% and 7% annually over the next five years.
- Strong reliability performance and peak demand growth above 5%.
- Ongoing infrastructure investment to support demand growth.
Challenges Ahead
- Earnings remain below allowed regulatory return.
- Exposure to weather variability.
- Rising interest and operating expenses.
- Regulatory and rate recovery uncertainty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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