Analyst Consensus ?
ConsensusHold23 ratings
Bullish730.4%
Neutral1565.2%
Bearish14.4%
1 unmapped firm rating excluded from the percentages.
Pinnacle West Capital Corporation · PNW · FY2026 Q1 · Calendar Q2 2026
Pinnacle West Beats Q1 Estimates as Arizona Semiconductor Load Powers 9.4% Sales Growth
Pinnacle West's Q1 2026 results reflect accelerating demand from Arizona's semiconductor and data-center buildout. Weather-normalized sales growth of 9.4% and customer growth of 2.2% YoY drove Q1 EPS of $0.27, reversing a prior-year loss and exceeding consensus estimates. Management maintained full-year 2026 EPS guidance of $4.55-$4.75, supported by $850M in secured equity funding and an expanding capital program. The pending rate case and August IRP filing are central to closing the 200-basis-point gap between EPS growth and rate-base CAGR.
Reported Before market openNYSEUtilities
$12.28B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.27
Consensus $-0
EPS surprise
+1000.0%
Reported versus consensus
Reported revenue
$1.15B
Consensus $1.08B
Revenue surprise
+6.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$101.38Current
$59Low
$92.65Average
$129High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 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 |
|---|---|---|---|---|
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 22, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 1, 2026 |
| Truist Securities | Hold | Hold | Maintain | May 29, 2026 |
| TD Cowen | Hold | Hold | Maintain | May 15, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Apr 21, 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 $101.38. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $97 | $106.12 | -4.3% | Jul 22, 2026 |
| BMO Capital | Analyst unavailable | $104 | $105.29 | +2.6% | Jul 22, 2026 |
| Jefferies | Julien Dumoulin-Smith | $129 | $108.61 | +27.2% | Jul 8, 2026 |
| Barclays | Nicholas Campanella | $108 | $107.01 | +6.5% | Jul 1, 2026 |
| Morgan Stanley | Analyst unavailable | $95 | $104.7 | -6.3% | Jun 24, 2026 |
| Truist Financial | Richard Sunderland | $105 | $100.37 | +3.6% | May 29, 2026 |
| Morgan Stanley | Analyst unavailable | $92 | $101.8 | -9.3% | May 21, 2026 |
| Barclays | Nicholas Campanella | $102 | $101.83 | +0.6% | May 5, 2026 |
| Morgan Stanley | David Arcaro | $98 | $102.26 | -3.3% | Apr 21, 2026 |
| Wells Fargo | Analyst unavailable | $106 | $102.95 | +4.6% | Apr 21, 2026 |
| Truist Financial | Richard Sunderland | $108 | $102.95 | +6.5% | Apr 20, 2026 |
| Argus Research | Analyst unavailable | $106 | $102.3 | +4.6% | Apr 14, 2026 |
| Stifel Nicolaus | Analyst unavailable | $107 | $99.7 | +5.5% | Feb 26, 2026 |
| Morgan Stanley | Analyst unavailable | $96 | $97.84 | -5.3% | Feb 20, 2026 |
| RBC Capital | Stephen D'Ambrisi | $103 | $91.65 | +1.6% | Jan 23, 2026 |
| Wells Fargo | Analyst unavailable | $91 | $93.71 | -10.2% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $90 | $92.3 | -11.2% | Jan 15, 2026 |
| UBS | Analyst unavailable | $95 | $87.82 | -6.3% | Dec 17, 2025 |
| Morgan Stanley | Analyst unavailable | $85 | $87.74 | -16.2% | Dec 16, 2025 |
| Morgan Stanley | Analyst unavailable | $91 | $89.44 | -10.2% | Nov 20, 2025 |
| Jefferies | Julien Dumoulin-Smith | $115 | $89.45 | +13.4% | Nov 4, 2025 |
| Wells Fargo | Shahriar Pourreza | $92 | $91.8 | -9.3% | Oct 27, 2025 |
| RBC Capital | Stephen D'Ambrisi | $99 | $91.8 | -2.3% | Oct 27, 2025 |
| Morgan Stanley | David Arcaro | $93 | $92.96 | -8.3% | Oct 22, 2025 |
| BMO Capital | Analyst unavailable | $99 | $93.15 | -2.3% | Oct 20, 2025 |
| KeyBanc | Sophie Karp | $97 | $93.45 | -4.3% | Oct 15, 2025 |
| UBS | Analyst unavailable | $101 | $91.59 | -0.4% | Oct 10, 2025 |
| Barclays | Nicholas Campanella | $95 | $90.82 | -6.3% | Oct 7, 2025 |
| Morgan Stanley | David Arcaro | $87 | $86.21 | -14.2% | Sep 25, 2025 |
| Mizuho Securities | Analyst unavailable | $90 | $87.38 | -11.2% | Sep 9, 2025 |
| Morgan Stanley | David Arcaro | $89 | $91.16 | -12.2% | Aug 21, 2025 |
| Barclays | Nicholas Campanella | $91 | $86 | -10.2% | Nov 18, 2024 |
| Mizuho Securities | Tony Crowdell | $98 | $88.23 | -3.3% | Oct 29, 2024 |
| Morgan Stanley | David Arcaro | $83 | $89.42 | -18.1% | Sep 25, 2024 |
| Mizuho Securities | Tony Crowdell | $75 | $88.7 | -26.0% | Sep 19, 2024 |
| Wells Fargo | Sarah Akers | $80 | $78 | -21.1% | Jun 5, 2024 |
| UBS | Daniel Ford | $71 | $72.3 | -30.0% | Mar 11, 2024 |
| Guggenheim | Shahriar Pourreza | $78 | $69.4 | -23.1% | Jan 22, 2024 |
| Mizuho Securities | Tony Crowdell | $85 | $77.68 | -16.2% | Aug 22, 2023 |
| Morgan Stanley | Analyst unavailable | $67 | $71.63 | -33.9% | Nov 11, 2022 |
| Morgan Stanley | Analyst unavailable | $76 | $72.7 | -25.0% | Sep 22, 2022 |
| Mizuho Securities | Analyst unavailable | $77 | $75.86 | -24.0% | Aug 9, 2022 |
| Morgan Stanley | Analyst unavailable | $71 | $72.19 | -30.0% | Jul 26, 2022 |
| Morgan Stanley | Analyst unavailable | $70 | $69.12 | -31.0% | Jul 21, 2022 |
| Barclays | Analyst unavailable | $68 | $69.84 | -32.9% | Jul 18, 2022 |
| UBS | Analyst unavailable | $67 | $72.3 | -33.9% | Jun 30, 2022 |
| Morgan Stanley | Analyst unavailable | $73 | $75.94 | -28.0% | May 23, 2022 |
| Wells Fargo | Analyst unavailable | $81 | $75.41 | -20.1% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $75 | $76.4 | -26.0% | Apr 26, 2022 |
| Credit Suisse | Analyst unavailable | $73 | $76.78 | -28.0% | Apr 26, 2022 |
| Morgan Stanley | Analyst unavailable | $77 | $78.05 | -24.0% | Apr 20, 2022 |
| UBS | Ross Fowler | $72 | $66.99 | -29.0% | Dec 17, 2021 |
| Bank of America Securities | Julien Dumoulin Smith | $59 | $64.74 | -41.8% | Oct 28, 2021 |
| Guggenheim | Shahriar Pourreza | $58 | $66.5 | -42.8% | Oct 7, 2021 |
| Goldman Sachs | Insoo Kim | $73 | $78.1 | -28.0% | Aug 19, 2021 |
Track every rating change on PNW the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
-1.7%
Event window
SPY move
-0.4%
Same window
Abnormal move
-1.3%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
-2.9%
Up to 20 sessions
PNWSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Q1 EPS of $0.27 beat the estimated loss of $0.03 by a wide margin, and revenue of $1.15B exceeded the $1.08B estimate by 6%. Customer growth accelerated to 2.2% YoY with weather-normalized sales growth of 9.4%, driven by C&I and residential demand. TSMC's accelerated Arizona expansion, including a second fab producing 3-nanometer chips, is driving significant new power demand. The company introduced a subscription-based financing model for extra-high load factor customers to accelerate infrastructure investment.
Guidance delta
Guidance maintained. Full-year 2026 EPS range of $4.55-$4.75 and sales growth of 4-6% reiterated. Equity funding of $850M is in place, with $650M needed this year. Capex outlook is increasing.
Key takeaways
- Q1 EPS of $0.27 exceeded the prior-year loss and beat consensus estimates by a wide margin, with revenue of $1.15B surpassing the $1.08B estimate by 6%.
- Weather-normalized sales growth of 9.4% and customer growth of 2.2% YoY were driven by Arizona's semiconductor and advanced manufacturing expansion.
- TSMC's second fab producing 3-nanometer chips is accelerating power demand in Arizona, reinforcing the long-term load growth thesis.
- The rate case hearing on May 18 targets reducing regulatory lag, with a goal of narrowing the EPS-to-rate-base CAGR gap to 50 basis points by 2029.
- Equity funding of $850M is secured, covering the $650M needed in 2026, ensuring capital availability for ongoing generation and transmission projects.
Management priorities
- File the Integrated Resource Plan (IRP) by August to outline load forecasts and resource needs through 2030.
- Advance Red Hawk combustion turbine expansion and Desert Sun solar/gas project construction.
- Pursue rate case outcome to reduce regulatory lag and improve earnings linearity.
- Develop subscription-model contracts for large-load customers to fund infrastructure investment.
- Evaluate gas conversion options for the retired Cholla coal site.
Related earnings events
UtilitiesSources
- 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 · 2026-07-31T13:42:05.167040+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T13:42:05.164760+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 . For educational purposes only; not investment advice.