Pinnacle West Q1 Earnings Beat Estimates, Revenues Increase Y/Y

Pinnacle West Capital CorporationPNW reported first-quarter 2026 earnings of 27 cents per share, which beat the Zacks Consensus Estimate of a loss of three cents per share by a whopping 1000%. The bottom line improved substantially from a loss of four cents reported in the year-ago quarter.

Total Revenues of PNW

Sales for the quarter totaled $1.15 billion, which surpassed the Zacks Consensus Estimate of $1.08 billion by 6.48%. The top line increased 11.36% from $1.03 billion recorded in the year-ago quarter.

Pinnacle West Capital Corporation Price, Consensus and EPS Surprise

PNW’s Operational Highlights

Total operating expenses were $1.02 billion, up 4.45% year over year, due to higher fuel and purchased power, as well as other expenses. 

Operating income totaled $131.2 million, up 129.2% from $57.2 million recorded in the year-ago quarter.

Total interest expenses were $125.8 million, up 19.84% from $104.9 million reported in the prior-year period.

PNW’s Financial Highlights

As of March 31, 2026, cash and cash equivalents totaled $6.41 million compared with $6.60 million as of Dec. 31, 2025.

As of March 31, 2026, long-term debt-less current maturities amounted to $9.80 billion compared with $9.21 billion as of Dec. 31, 2025.

Net cash flow provided by operating activities in the first quarter of 2026 totaled $235.3 million compared with $401.9 million in the year-ago period.

PNW’s Guidance

The company continues to expect its 2026 consolidated earnings in the range of $4.55-$4.75 per share and projects 5-7% long-term EPS growth from the 2024 earnings base. The Zacks Consensus Estimate for the same is pegged at $4.70, higher than the midpoint of the company’s guided range.

The company projects its 2026 revenues in the range of $5.56-$5.66 billion.

During 2026, management projects its retail customers to increase 1.5-2.5%. Retail electricity sales growth of 4-6%, driven partly by new large manufacturing facilities and multiple large data centers, is expected to contribute 3-5% to sales growth.

Pinnacle West plans to invest $2.60 billion in 2026 and $7.95 billion in the 2026-2028 period to further strengthen its operations.

PNW’s Zacks Rank

Pinnacle West currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Utility Releases

WEC Energy GroupWEC is scheduled to report first-quarter results on May 5. The Zacks Consensus Estimate for first-quarter EPS is pinned at $2.33, which implies a year-over-year increase of 2.64%.

The Zacks Consensus Estimate for first-quarter sales is pinned at $3.21 billion, which suggests year-over-year growth of 1.91%.

NiSourceNI is scheduled to report first-quarter results on May 6. The Zacks Consensus Estimate for first-quarter EPS is pinned at $1.06, which implies a year-over-year increase of 8.16%.

The Zacks Consensus Estimate for first-quarter sales is pinned at $2.43 billion, which suggests year-over-year growth of 12.01%.

PPL CorporationPPL is scheduled to report first-quarter results on May 8. The Zacks Consensus Estimate for first-quarter EPS is pinned at 61 cents, which implies a year-over-year increase of 1.67%.

The Zacks Consensus Estimate for first-quarter sales is pinned at $2.62 billion, which suggests year-over-year growth of 4.65%.

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