Pinnacle West Reports 2026 First-Quarter Financial Results

About this update from Pinnacle West Capital Corporation

PHOENIX, May 04, 2026 --( BUSINESS WIRE )-- Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $32.9 million, or $0.27 per diluted share of common stock, for the quarter ended March 31, 2026. This result compares with a consolidated net loss attributable to common shareholders of $4.6 million, or a loss of $0.04 per diluted share, for the same period in 2025. The results reflect an increase of approximately $38 million, primarily as a result of higher transmission revenues; lower operations and maintenance expenses; the effects of weather; and customer growth, usage and related pricing. These positive factors were partially offset by higher interest charges; higher income taxes; and higher depreciation and amortization expenses. "Phoenix and much of Arizona just went through its warmest winter on record, and the heat didn’t let up as we moved into spring," said Pinnacle West Chairman, President and Chief Executive Officer Ted Geisler . "As a result, our first‑quarter results exceeded expectations, with our retail customers using much more energy than they typically would under normal weather conditions." Impacts of Weather on Customer Usage Along with robust customer growth of 2.2% and weather-normalized sales growth of 9.4% during the quarter, weather variations spurred an increase in overall customer energy consumption. During the 2026 first-quarter, the average daytime high and overnight low temperatures were 8.6% and 11.9% higher, respectively, than last year’s comparable period — and both figures easily beat historical averages by double-digits. The month of February ranked as Arizona’s hottest ever February, reducing the need for customers to run their heating systems. The warming trend then intensified into a historic March, shattering long-standing heat records across the state and the entire southwestern U.S. Arizona’s March temperatures averaged 12.1 degrees above normal, with Phoenix recording its earliest 100‑degree day ever on March 18, the first of nine days of 100-degrees or greater in the month. The historically warm March temperatures meant home and businesses air conditioners were running more often than usual, resulting in cooling load levels and higher average energy use that typically would not be reached until May. Planning Ahead and Ensuring Summer Reliability Geisler said that as new families, businesses, and industries choose Arizona for its opportunities and quality of life, that growth comes with a responsibility to plan ahead, invest wisely and ensure that every community APS serves — rural and urban, large and small — has access to safe and reliable energy. "That responsibility shapes every decision we make, including keeping customer bills as low as possible," he said. Additionally, employees are staying focused on the critical preparations needed to ensure reliable power throughout the upcoming peak summer season. "Whether it’s enhancing the company’s already vigorous wildfire mitigation program, running emergency‑operations drills, securing critical spare equipment, or performing preventative maintenance across power plants, substations and other infrastructure, the company’s top priority remains delivering safe and reliable power for all our customers, especially during the upcoming summer months," he said. "That is our core responsibility, and we do not take it lightly." The company continues to add new infrastructure to support growth and reliability, while also securing extra energy resources for the summer. APS employees also are wrapping up a scheduled maintenance and refueling outage for Unit 2 at Palo Verde Generating Station. As one of the nation’s largest power producers and a key source of clean energy for the Southwest, the three‑unit nuclear plant remains central to meeting the region’s heavy summer demand. Financial Outlook For 2026, the Company continues to estimate its consolidated earnings will be within a range of $4.55 to $4.75 per diluted share on a weather-normalized basis. Key factors and assumptions underlying this outlook can be found in the first-quarter 2026 earnings presentation slides at pinnaclewest.com/investors . Conference Call and Webcast Pinnacle West invites interested parties to listen to the live webcast of management’s conference call to discuss the company’s financial results and recent developments, and to provide an update on the company’s longer-term financial outlook, at noon ET (9 a.m. Arizona time) today, May 4. The webcast can be accessed at pinnaclewest.com/presentations and will be available for replay on the website for 30 days. To access the live conference call by telephone, dial (888) 506-0062 or (973) 528-0011 for international callers and enter participant access code 699156 . A replay of the call also will be available at pinnaclewest.com/presentations or by telephone until 11:59 p.m. ET, Monday, May 11, 2026, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering replay passcode 53811. General Information Pinnacle West Capital Corp. , an energy holding company based in Phoenix, has consolidated assets of about $31 billion, about 6,200 megawatts of generating capacity and approximately 6,600 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service , the company provides retail electricity service to about 1.5 million Arizona homes and businesses. For more information about Pinnacle West, visit the company’s website at pinnaclewest.com . Dollar amounts in this news release are after income taxes. Earnings per share amounts are based on average diluted common shares outstanding. For more information on Pinnacle West’s operating statistics and earnings, please visit pinnaclewest.com/investors . FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements based on current expectations. These forward-looking statements are often identified by words such as "estimate," "predict," "may," "believe," "plan," "expect," "require," "intend," "assume," "project," "anticipate," "goal," "seek," "strategy," "likely," "should," "will," "could," and similar words. Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from outcomes currently expected or sought by Pinnacle West or APS. These factors include, but are not limited to: These and other factors are discussed in the most recent Pinnacle West/APS Form 10-K and 10-Q along with other public filings with the Securities and Exchange Commission, which readers should review carefully before placing any reliance on our financial statements or disclosures. Neither Pinnacle West nor APS assumes any obligation to update these statements, even if our internal estimates change, except as required by law.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260504968876/en/ Contacts Media Contact: Alan Bunnell (602) 250-3376 Analyst Contact: Amanda Ho (602) 250-3334 Website: pinnaclewest.com

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