Analyst Consensus ?
ConsensusHold23 ratings
Bullish730.4%
Neutral1565.2%
Bearish14.4%
1 unmapped firm rating excluded from the percentages.
Pinnacle West Capital Corporation · PNW · FY2025 Q3 · Calendar Q4 2025
Pinnacle West raises guidance as Arizona demand supports investment
The quarter supports a constructive operating thesis: strong Arizona population, employment and high-tech demand is driving sales growth, while management is expanding generation and transmission capacity. The evidence is positive but the next-year case depends on project execution, rate-case recovery, financing and subscription-model uptake.
Reported Before market openNYSEUtilities
$11.62B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.39
Consensus $3.04
EPS surprise
+11.5%
Reported versus consensus
Reported revenue
$1.82B
Consensus $1.17B
Revenue surprise
+55.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.1%
Event window
SPY move
+0.2%
Same window
Abnormal move
+0.9%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
-1.0%
Up to 20 sessions
PNWSPY benchmark
Ask FN2 about PNW FY2025 Q3
Transcript, numbers and history already loaded
Why did PNW rise 1.1% after beating EPS estimates in FY2025 Q3?What changed in PNW's guidance and outlook in FY2025 Q3?Give me the bull and bear case for PNW after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management raised guidance, reported stronger weather-normalized sales growth, disclosed a $6 billion FERC-regulated transmission backlog, and provided more detail on the subscription model and the Desert Sun and gas-pipeline buildout.
Guidance delta
Management raised 2025 EPS guidance to $4.60-$4.90; 2026 EPS was projected at $4.55-$4.75 without assuming an outcome from the pending rate case.
Key takeaways
- Q3 EPS was $3.39, and management raised 2025 EPS guidance to $4.60-$4.90.
- Weather-normalized sales growth reached 5.4%, including 6.6% growth from commercial and industrial customers.
- Management highlighted generation and transmission investment, including Desert Sun, a gas pipeline, and a $6 billion transmission backlog.
- The capital plan through 2028 includes $2.6 billion of transmission capex and a balanced debt-equity mix.
Management priorities
- Commission the gas pipeline in 2029 and Desert Sun Phase 1 by 2030.
- Expand Desert Sun and the subscription model for large-load customers.
- Advance transmission projects supporting the $6 billion asset backlog.
- Resolve the pending rate case and improve recovery timing.
- Execute the capital plan through 2028 while managing financing.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$95.92Current
$59Low
$92.25Average
$129High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 1, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 18, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 17, 2026 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 22, 2026 |
| TD Cowen | Hold | Hold | Maintain | May 15, 2026 |
| Argus Research | Buy | Buy | Maintain | Apr 14, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Feb 26, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Feb 26, 2026 |
| UBS | Neutral | Neutral | Maintain | Dec 17, 2025 |
| Keybanc | Overweight | Downgrade | Dec 12, 2025 | |
| Mizuho | Neutral | Outperform | Downgrade | Sep 9, 2025 |
| Guggenheim | Buy | Buy | Maintain | Feb 26, 2025 |
| Jefferies | Buy | Buy | Maintain | Jan 28, 2025 |
| Ladenburg Thalmann | Buy | Neutral | Upgrade | Jun 6, 2024 |
| B of A Securities | Buy | Neutral | Upgrade | Mar 18, 2024 |
| Evercore ISI Group | In Line | In Line | Maintain | Mar 4, 2024 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Mar 1, 2024 |
| Credit Suisse | Outperform | Neutral | Upgrade | Mar 14, 2023 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Nov 17, 2022 |
| Goldman Sachs | Sell | Neutral | Downgrade | Aug 20, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Aug 9, 2019 |
| Bank of America | Buy | Neutral | Upgrade | Apr 15, 2019 |
| Williams Capital | Hold | Buy | Downgrade | Mar 7, 2017 |
| CRT Capital | Hold | Hold | Maintain | Jul 21, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $95.92. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Nicholas Campanella | $94 | $93.11 | -2.0% | Oct 1, 2026 |
| Scotiabank | Ian Rapp | $104 | $91.32 | +8.4% | Sep 29, 2026 |
| Morgan Stanley | Analyst unavailable | $94 | $99.28 | -2.0% | Aug 21, 2026 |
| Truist Financial | Richard Sunderland | $101 | $101.48 | +5.3% | Aug 17, 2026 |
| Morgan Stanley | Analyst unavailable | $97 | $106.12 | +1.1% | Jul 22, 2026 |
| BMO Capital | Analyst unavailable | $104 | $105.29 | +8.4% | Jul 22, 2026 |
| Jefferies | Julien Dumoulin-Smith | $129 | $108.61 | +34.5% | Jul 8, 2026 |
| Barclays | Nicholas Campanella | $108 | $107.01 | +12.6% | Jul 1, 2026 |
| Morgan Stanley | Analyst unavailable | $95 | $104.7 | -1.0% | Jun 24, 2026 |
| Truist Financial | Richard Sunderland | $105 | $100.37 | +9.5% | May 29, 2026 |
| Morgan Stanley | Analyst unavailable | $92 | $101.8 | -4.1% | May 21, 2026 |
| Barclays | Nicholas Campanella | $102 | $101.83 | +6.3% | May 5, 2026 |
| Morgan Stanley | David Arcaro | $98 | $102.26 | +2.2% | Apr 21, 2026 |
| Wells Fargo | Analyst unavailable | $106 | $102.95 | +10.5% | Apr 21, 2026 |
| Truist Financial | Richard Sunderland | $108 | $102.95 | +12.6% | Apr 20, 2026 |
| Argus Research | Analyst unavailable | $106 | $102.3 | +10.5% | Apr 14, 2026 |
| Stifel Nicolaus | Analyst unavailable | $107 | $99.7 | +11.6% | Feb 26, 2026 |
| Morgan Stanley | Analyst unavailable | $96 | $97.84 | +0.1% | Feb 20, 2026 |
| RBC Capital | Stephen D'Ambrisi | $103 | $91.65 | +7.4% | Jan 23, 2026 |
| Wells Fargo | Analyst unavailable | $91 | $93.71 | -5.1% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $90 | $92.3 | -6.2% | Jan 15, 2026 |
| UBS | Analyst unavailable | $95 | $87.82 | -1.0% | Dec 17, 2025 |
| Morgan Stanley | Analyst unavailable | $85 | $87.74 | -11.4% | Dec 16, 2025 |
| Morgan Stanley | Analyst unavailable | $91 | $89.44 | -5.1% | Nov 20, 2025 |
| Jefferies | Julien Dumoulin-Smith | $115 | $89.45 | +19.9% | Nov 4, 2025 |
| Wells Fargo | Shahriar Pourreza | $92 | $91.8 | -4.1% | Oct 27, 2025 |
| RBC Capital | Stephen D'Ambrisi | $99 | $91.8 | +3.2% | Oct 27, 2025 |
| Morgan Stanley | David Arcaro | $93 | $92.96 | -3.0% | Oct 22, 2025 |
| BMO Capital | Analyst unavailable | $99 | $93.15 | +3.2% | Oct 20, 2025 |
| KeyBanc | Sophie Karp | $97 | $93.45 | +1.1% | Oct 15, 2025 |
| UBS | Analyst unavailable | $101 | $91.59 | +5.3% | Oct 10, 2025 |
| Barclays | Nicholas Campanella | $95 | $90.82 | -1.0% | Oct 7, 2025 |
| Morgan Stanley | David Arcaro | $87 | $86.21 | -9.3% | Sep 25, 2025 |
| Mizuho Securities | Analyst unavailable | $90 | $87.38 | -6.2% | Sep 9, 2025 |
| Morgan Stanley | David Arcaro | $89 | $91.16 | -7.2% | Aug 21, 2025 |
| Barclays | Nicholas Campanella | $91 | $86 | -5.1% | Nov 18, 2024 |
| Mizuho Securities | Tony Crowdell | $98 | $88.23 | +2.2% | Oct 29, 2024 |
| Morgan Stanley | David Arcaro | $83 | $89.42 | -13.5% | Sep 25, 2024 |
| Mizuho Securities | Tony Crowdell | $75 | $88.7 | -21.8% | Sep 19, 2024 |
| Wells Fargo | Sarah Akers | $80 | $78 | -16.6% | Jun 5, 2024 |
| UBS | Daniel Ford | $71 | $72.3 | -26.0% | Mar 11, 2024 |
| Guggenheim | Shahriar Pourreza | $78 | $69.4 | -18.7% | Jan 22, 2024 |
| Mizuho Securities | Tony Crowdell | $85 | $77.68 | -11.4% | Aug 22, 2023 |
| Morgan Stanley | Analyst unavailable | $67 | $71.63 | -30.2% | Nov 11, 2022 |
| Morgan Stanley | Analyst unavailable | $76 | $72.7 | -20.8% | Sep 22, 2022 |
| Mizuho Securities | Analyst unavailable | $77 | $75.86 | -19.7% | Aug 9, 2022 |
| Morgan Stanley | Analyst unavailable | $71 | $72.19 | -26.0% | Jul 26, 2022 |
| Morgan Stanley | Analyst unavailable | $70 | $69.12 | -27.0% | Jul 21, 2022 |
| Barclays | Analyst unavailable | $68 | $69.84 | -29.1% | Jul 18, 2022 |
| UBS | Analyst unavailable | $67 | $72.3 | -30.2% | Jun 30, 2022 |
| Morgan Stanley | Analyst unavailable | $73 | $75.94 | -23.9% | May 23, 2022 |
| Wells Fargo | Analyst unavailable | $81 | $75.41 | -15.6% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $75 | $76.4 | -21.8% | Apr 26, 2022 |
| Credit Suisse | Analyst unavailable | $73 | $76.78 | -23.9% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $77 | $78.05 | -19.7% | Apr 20, 2022 |
| UBS | Ross Fowler | $72 | $66.99 | -24.9% | Dec 17, 2021 |
| Bank of America Securities | Julien Dumoulin Smith | $59 | $64.74 | -38.5% | Oct 28, 2021 |
| Guggenheim | Shahriar Pourreza | $58 | $66.5 | -39.5% | Oct 7, 2021 |
| Goldman Sachs | Insoo Kim | $73 | $78.1 | -23.9% | Aug 19, 2021 |
Track every rating change on PNW the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationPinnacle West Capital Corporation (PNW), primarily operating through its Arizona Public Service Company (APS) subsidiary, delivers retail and wholesale electricity services predominantly within Arizona. The company manages the full scope of electricity provision, encompassing generation, transmission, and distribution, leveraging a diverse energy portfolio that includes coal, nuclear, natural gas, oil, and solar power facilities.…
Historical context
All PNW earningsLatest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the PNW recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-04T14:00:43.656120+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T14:00:43.653382+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-04. For educational purposes only; not investment advice.