Pinnacle West Capital Corporation (PNW) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Pinnacle West published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Revenue here is Pinnacle West's GAAP line "Operating Revenues". Almost all of it comes from its utility subsidiary Arizona Public Service (APS), which is its one reportable segment.
• Pinnacle West's earnings are seasonal: the third quarter, with Arizona's summer cooling demand, carries most of the year's profit. Nine-month diluted EPS was $5.20, of which Q3 was $3.49.

Source: Pinnacle West Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Pinnacle West splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Pinnacle West's Retail electric service: Residential revenue was $1.0 billion in Q3 2026, up 7% from $963 million in Q3 2025, 52% of total revenue.
• Pinnacle West's Retail electric service: Non-Residential revenue was $863 million in Q3 2026, up 13% from $765 million in Q3 2025, 44% of total revenue.
• Pinnacle West's Wholesale energy sales revenue was $41.5 million in Q3 2026, down 10% from $46.3 million in Q3 2025, 2% of total revenue.
• Pinnacle West's Transmission services for others revenue was $33.7 million in Q3 2026, down 24% from $44.3 million in Q3 2025, 2% of total revenue.
• Pinnacle West's Other sources revenue was $2.5 million in Q3 2026, up 50% from $1.7 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first quote is from the earnings release; the other two are from the third-quarter earnings presentation Pinnacle West filed with it as Exhibit 99.2.

In its Q3 2026 release, Pinnacle West said:

“Given the positive customer and sales growth and impact of weather through the first three quarters of the year, the company is adjusting its 2026 consolidated earnings guidance upward to a range of $5.05 to $5.25 per diluted share.”

“Weather-normalized retail electricity sales growth of 8.0%-10.0%”

“Long-term EPS growth target of 5%-7% off original 2024 midpoint”

Source: Pinnacle West Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PNW forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP operating revenues in millions and diluted EPS attributable to common shareholders, each as first reported in that quarter's release.

We do not hold a confirmed date for Pinnacle West's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Pinnacle West's operating revenues were $1,972.7 million in Q3 2026, against $1,820.7 million a year earlier. Retail electric service from its utility, APS, made up nearly all of it: $1,032.3 million residential and $862.8 million non-residential. Wholesale energy sales were $41.5 million and transmission services for others $33.7 million. (Pinnacle West Q3 2026 release, Nov 3, 2026; Pinnacle West Form 10-Q, Q3 2026, Nov 3, 2026)

APS's retail revenue is billed at tariff rates set by the Arizona Corporation Commission (ACC), so revenue follows usage, customer count and weather. In Q3 2026 commercial and industrial sales rose 14.5% and residential 4.5%, for weather-normalized sales growth of 9.5%. Customer count grew 1.8%, and residential cooling degree days were up 3% from Q3 2025. (Pinnacle West Form 10-Q, Q3 2026, Nov 3, 2026; Pinnacle West Q3 2026 release, Nov 3, 2026)

APS customers set an all-time peak demand record of 9,166 megawatts on August 2, against the previous year's peak of 8,648 MW. Pinnacle West's 2026 assumptions include a 5.0%-7.0% contribution to sales growth from new large manufacturing facilities and several large data centers. (Pinnacle West Q3 2026 release, Nov 3, 2026; Pinnacle West Q3 2026 earnings presentation, Nov 3, 2026)

Pinnacle West's fuel and purchased power costs rose to $758.0 million from $656.0 million. Operating revenues less fuel and purchased power, the measure Pinnacle West uses, rose $50 million to $1,215 million; higher retail revenue from usage and customer growth added $59 million and weather $15 million, while lower renewable energy surcharges took away $19 million. (Pinnacle West Q3 2026 release, Nov 3, 2026; Pinnacle West Form 10-Q, Q3 2026, Nov 3, 2026)

Pinnacle West reports one EPS figure, GAAP diluted EPS attributable to common shareholders: $3.49 in Q3 2026 against $3.39. On its earnings bridge, sales and usage added $0.35 and weather $0.09, while depreciation and amortization took away $0.11 and the larger share count $0.07. (Pinnacle West Q3 2026 release, Nov 3, 2026; Pinnacle West Q3 2026 earnings presentation, Nov 3, 2026)

Diluted shares rose to 124,339 thousand from 121,956 thousand because Pinnacle West is issuing equity to fund its capital plan; about $920 million is priced under equity forwards through October 2026, and it started a new $500 million at-the-market program. Income taxes were $80.4 million on pre-tax income of $516.8 million, a rate of about 16%, inside the 15.0% to 16.0% range the company assumes for 2026. (Pinnacle West Q3 2026 release, Nov 3, 2026; Pinnacle West Q3 2026 earnings presentation, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Pinnacle West gives an annual EPS range in its release, with the assumptions behind it in its earnings presentation. After Q3 2026 it raised 2026 guidance to $5.05 to $5.25 per diluted share, citing customer and sales growth and weather. The assumptions include retail customer growth of 1.5%-2.5%, weather-normalized retail sales growth of 8.0%-10.0%, an effective tax rate of 15.0% to 16.0% and 125.1 million average diluted shares. (Pinnacle West Q3 2026 release, Nov 3, 2026; Pinnacle West Q3 2026 earnings presentation, Nov 3, 2026)

Pinnacle West's 2025 APS rate case is still pending at the ACC. In its rejoinder testimony APS sought a revenue requirement increase, net of adjustor transfers, of $608.7 million and a 10.7% return on equity, while ACC Staff recommended a $506.5 million total base revenue increase and a 9.55% to 9.80% return on equity. The hearing concluded on July 7, 2026, and APS expects a decision before the end of the year. (Pinnacle West Form 10-Q, Q3 2026, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Pinnacle West, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Pinnacle West's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PNW is on is PNW a buy or a sell?, what analysts expect next is on the PNW forecast, and what the company does is on the Pinnacle West Capital Corporation (PNW) stock page.

Every number on this page can be traced to a document Pinnacle West published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.