EarningsQ2 2026 Earnings Report
GB:0KIT Q2 2026 EPS Results
Actual EPS$1.43
Consensus EPS$1.46
Beat/MissMissed by -$0.03
One Year Ago EPS$1.58
GB:0KIT Q2 2026 Revenue Results
Actual Revenue$1.46B
Expected Revenue$1.40B
Beat/MissBeat by +$59.21M
YoY Revenue Growth+7.14%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
GB:0KIT Upcoming Earnings
Pinnacle West Capital's next earnings date is estimated for October 30, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
GB:0KIT Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized substantial and diversified load growth (weather-normalized sales +9.6%, C&I +12.7%), large economic catalysts (TSMC incremental $100B), record demand, and continued investments in generation and transmission with constructive financing actions and reiterated full-year guidance (expecting to finish at top end of $4.55–$4.75). Offsetting these positives were near-term earnings pressures from higher interest and depreciation, a Q2 EPS decline of $0.15, a transmission true-up timing impact, and additional capital and gas supply execution risks (e.g., Cholla conversion and pipeline development). Overall the growth drivers, strategic investments, strong customer metrics and maintained guidance materially outweigh the near-term financial and execution headwinds.Company Guidance
Strong Sales and Customer Growth
Weather-normalized sales growth of 9.6% year-over-year in Q2; customer growth of 2.1% contributed approximately $0.11 to quarter-over-quarter earnings; residential sales growth of 5.6% and commercial & industrial (C&I) sales growth of 12.7% driven by data center and advanced manufacturing expansion.
Record Peak Demand Demonstrates Territory Growth
Reached an all-time peak demand record of 9,164 megawatts on August 2, exceeding last year's record by more than 500 MW, highlighting accelerating load growth in the service territory.
Major Economic Catalyst — TSMC Incremental Investment
Taiwan Semiconductor Manufacturing Company announced an additional $100 billion investment in Arizona (bringing total commitment to $265 billion) to develop up to 12 fabs and advanced packaging facilities; company will include full intended TSMC build-out in the IRP and expects meaningful incremental demand over time.
Progress on Resource and Reliability Projects
Announced intent to convert two retired coal units at Cholla to natural gas, expected to provide ~380 MW of dispatchable generation by 2029; recent resources (Agave, Ironwood, Sundance) placed into service, increasing available capacity and system reliability.
Transmission Investment and Regulatory Recovery
Accelerating transmission program to improve reliability and access to regional markets, leveraging constructive recovery through FERC formula rate and transmission adjuster; strategic projects in development (including multi-hundred-mile projects with potential multi-$1B scope) that could generate wheeling revenue to support affordability.
Solid Financial Execution and Liquidity Actions
Issued $500 million of senior unsecured notes in Q2 to refinance maturities; utilized existing $900 million ATM capacity and filed a new $500 million ATM to maintain funding flexibility consistent with equity financing guidance.
Customer Experience and Operational Efficiency
Achieved strong results in Escalent customer relationship index (first quartile business satisfaction, second quartile residential); O&M expense declined modestly year-over-year and company reiterated commitment to reduce O&M per MWh over time.
GB:0KIT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed