AI Earnings Predictions for Pinnacle West Capital Corporation (PNW)

EX-99.1

2 a8-kpnw093026exhibit991.htm

EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASENovember 3, 2026

Media Contact: Analyst Contact:Alan Bunnell (602) 250-3376 Amanda Ho (602) 250-3334

Website:pinnaclewest.com

PINNACLE WEST REPORTS 2026 THIRD-QUARTER FINANCIAL RESULTS

•Continued sales growth and summer weather increase energy demand

•Reliable service and strong operating performance support customers

•APS reinforces its Pledge for Responsible Energy Growth

PHOENIX – Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders for the 2026 third quarter of $434.2 million, or $3.49 per diluted share of common stock. This result compares with consolidated net income of $413.2 million, or $3.39 per diluted share of common stock, for the same period a year ago.

The 2026 third-quarter results reflect an increase of about $21 million compared to the 2025 third quarter, primarily as a result of increased customer sales and usage; the positive impacts of weather effects versus the same period a year ago; and customer growth. These positive factors were partially offset by higher depreciation and amortization expenses; and interest charges.

“Arizona continues to grow at an extraordinary pace, and our responsibility is clear: deliver safe, reliable and affordable energy for the customers who count on us every day,” said Pinnacle West Chairman, President and Chief Executive Officer Ted Geisler. “Years of planning and the dedication of our employees enabled us to once again meet strong summer demand while maintaining reliability, returning savings to customers and investing in the infrastructure needed to support Arizona’s future. We are committed to ensuring that growth helps strengthen the grid without shifting costs to Arizona families and businesses.”

Providing Reliable Power Amid Record Growth and Demand

Geisler said APS employees delivered strong operational performance throughout the 2026 third quarter, supporting Arizona's continued economic expansion while maintaining reliable service during another summer of record demand. Reflecting the strength of the state's economy, commercial and industrial sales increased 14.5%, while residential sales grew 4.5%, contributing to overall weather-normalized sales growth of 9.5%.

APS customers set an all-time peak demand record of 9,166 megawatts (MW) on Aug. 2, with demand exceeding 9,000 MW on three occasions during the quarter. APS surpassed last year's previous peak of 8,648 MW a dozen times, marking the fourth consecutive year of record-setting summer demand and highlighting the value of the company's long-term resource planning, proactive maintenance programs and customer-focused demand-side initiatives.

Summer weather also contributed to increased energy use. The quarter was substantially warmer than normal – with residential cooling degree days up 3% from the same period in 2025 – and featured one of the more active monsoon seasons in recent years.

Additionally, overall customer growth increased 1.8%, including 1.9% residential customer growth.

Supporting Arizona's Growth Responsibly

Geisler said that planning for growth has always been central to the company’s mission. Customers’ annual electricity needs are projected to more than double by 2041, while peak demand is expected to rise more than 5,000 MW above today’s peak demand.

To address this growth, APS recently filed its Integrated Resource Plan with the Arizona Corporation Commission (ACC), outlining the resources needed to serve customers over the next 15 years. The plan identifies a diverse portfolio of resources and transmission investments designed to maintain reliability and support customer affordability, while also maintaining the flexibility needed to serve one of the fastest-growing regions in the country.

The company remains equally focused on ensuring that growth strengthens the electric system while protecting existing customers. Toward that end, Geisler reiterated the company's Pledge for Responsible Energy Growth.

The pledge is built on three principles: safeguarding reliability, protecting customer rates and preserving capacity for Arizona’s homes, businesses and communities.

“Growth should pay for growth. It’s that simple,” Geisler said. “When a data center or manufacturer comes to Arizona, they pay the cost of the infrastructure needed to serve them, and those investments help to cover shared grid costs that existing customers would otherwise carry. Done right, new growth doesn’t threaten affordability for Arizona families and businesses. It helps protect it.

“Arizonans should be able to welcome the jobs, investment and opportunity coming to our state with confidence that their energy needs come first and their rates are protected.”

Under the pledge, APS will not connect new extra-large customers faster than the grid can reliably support, will require those customers to fund the costs of serving their growth,

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