Pinnacle West Q3 2026: sales up 8.3%, EPS of $3.49 beats
Pinnacle West beat the $3.34 consensus by $0.15 a share and lifted full-year guidance, but the real story is volume: weather-normalized sales rose 9.5% as Arizona keeps adding homes and large customers. Read the quarter as a growth utility learning to bill for growth — revenue up 8.3%, profit up 5.1%, with the gap going to depreciation and interest.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $3.49 beat the $3.34 consensus by $0.15, or 4.5%, and rose from $3.39 a year ago. Net income of $434.2 million was up $21.0 million, or 5.1% — slower than revenue, because depreciation and interest together grew by $31.6 million against a $39.0 million rise in operating income. That is the signature of a utility in a build-out: profit grows, but not as fast as the top line.
Revenue rose 8.3% to $1.97 billion from $1.82 billion, with gross margin at 61.6%. The gain came from customer sales and usage, warmer weather and 1.8% customer growth: commercial and industrial sales jumped 14.5% while residential rose 4.5%. Weather-normalized sales growth of 9.5% is the number that matters, because it strips out the 3% rise in cooling degree days.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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