Pinnacle West Capital Corp. raised its 2026 earnings forecast Tuesday after third-quarter profit increased, as stronger electricity sales in Arizona outweighed higher depreciation, amortization and interest costs.
The utility parent now expects earnings of $5.05 to $5.25 per diluted share. Consolidated net income attributable to common shareholders reached $434.2 million, or $3.49 per diluted share, in the three months ended Sept. 30. A year earlier, the figures were $413.2 million and $3.39 per share.
Operating revenue rose to $1.973 billion from $1.821 billion. Pinnacle West said more customers, increased electricity use and weather effects supported the profit gain. Higher depreciation and amortization expenses and interest charges partly offset those gains.
At Arizona Public Service, Pinnacle West's utility subsidiary, weather-normalized retail electricity sales grew 9.5%. Sales to commercial and industrial customers increased 14.5%. The utility recorded peak demand of 9,166 megawatts on Aug. 2, 2026, its highest level to date.
Arizona Public Service also reaffirmed its Pledge for Responsible Energy Growth. Under the pledge, the utility says extra-large customers will cover costs associated with supplying their energy needs as they grow.
Separately, the utility announced more than $33 million in November bill credits. It expects the credits to reduce a typical residential customer's bill by about $14 this month.
Pinnacle West disclosed the results in an earnings release attached to its Nov. 3 SEC filing. The company is scheduled to discuss the quarter and its longer-term outlook at 11 a.m. ET on Nov. 3.
