Pinnacle West Reports 2025 Full-Year and Fourth-Quarter Results
PHOENIX--( BUSINESS WIRE)-- Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $616.5 million, or $5.05 per diluted share, for full-year 2025. This result compares with net income of $608.8 million, or $5.24 per diluted share, in 2024.
For the quarter ended Dec. 31, 2025, Pinnacle West reported consolidated net income attributable to common shareholders of $15.4 million, or $0.13 per diluted share, compared with a net loss of $6.8 million, or a loss of $0.06 per diluted share, for the same period in 2024.
The higher 2025 full-year results reflect an increase of about $8 million, primarily as a result of increased customer usage, customer growth and related pricing; higher transmission revenues; and impacts of the 2022 rate case, offset by the effects of weather; and higher net interest, pension and other post-retirement, operations and maintenance and amortization expenses.
“APS, our principal subsidiary, continues to experience significant customer and sales growth as more people move to Arizona, and businesses and commercial operations choose our service territory to locate and expand,” said Pinnacle West Chairman, President and CEO Ted Geisler. “As a result, our 2025 earnings reflect this positive growth pattern and the significant investments being made to expand and reinforce the infrastructure needed to support the collective demand for electricity across our service territory.”
APS experienced robust customer growth of 2.4% in 2025 and anticipates projected average annual growth in the range of 1.5% to 2.5% through 2030. Not surprisingly, these changes are driving a significant increase in energy consumption. APS also experienced weather-normalized, year-over-year retail electricity sales growth of 5.0% in 2025 (at the midpoint of projections). Over the next five years, future sales are expected to increase between 5% and 7% annually due in large part to the expected additions of several large commercial and manufacturing facilities.
Geisler highlighted how, even amid this remarkable growth, employees worked tirelessly to keep the lights on and air conditioners running throughout the year — especially during Arizona’s exceptionally intense 2025 summer, the third‑hottest ever recorded.
“Our diverse generation fleet delivered high-level performance when our customers absolutely needed it most,” he said. “APS customers set three all-time peak demand records — each higher than the last – and peak demand in 2025 rose more than 5% over the prior year. Even with the intense demand, our system continued to perform at a high level, placing APS among the top quartile of utilities nationwide for reliability.”
Despite these strengths, Geisler said APS continues to earn well below its allowed return, underscoring the importance of constructive regulatory outcomes and timely investment recovery needed to serve one of the nation’s fastest-growing regions, while at the same time working to ensure affordability remains a top priority for the company and its employees.
Keeping Bills as Low as Possible and Delivering Superior Customer Experience
“Amid national inflationary pressures, we are committed to keeping bills as low as possible for our customers. In 2025 alone, we expanded customer assistance programs, connecting Arizonans to about $70 million in annual support (most in the state) and reinforcing our commitment to protect households most in need,” he said.
Additionally, since 2021, the company has provided more than $6 million for statewide heat-relief initiatives and helped sustain “211 Arizona,” a service that helps residents access critical health, housing and human-services support.
These and other company-wide efforts helped provide a more seamless customer experience that was recognized by APS customers, as measured by two prominent market research firms, J.D. Power and Escalent. In 2025, APS earned first-quartile national rankings in the J.D. Power Business Customer Satisfaction Study and in its Utility Digital Experience Study for residential customers, respectively — evidence of our work to elevate service, simplify customer interactions and modernize our systems. In a similar survey by market research firm Escalent, we ended the year in the first quartile among large IOUs for overall customer satisfaction among residential customers and second quartile among business customers.
Geisler emphasized that employees remain focused on delivering value by keeping costs in check, strengthening reliability, and raising customer satisfaction, positioning the company for a solid year in 2026.
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 year-end/fourth-quarter 2025 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 11 a.m. ET (9 a.m. Arizona time) today, Feb. 25. 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 131060. A replay of the call also will be available at pinnaclewest.com/presentations or by telephone until 11:59 p.m. ET, Wednesday, March 4, 2026, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering replay passcode 53534.
General Information
Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of about $30 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 1.4 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 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.
THREE MONTHS ENDED
TWELVE MONTHS ENDED
DECEMBER 31,
DECEMBER 31,
2025
2024
2025
2024
$
1,128,167
$
1,095,408
$
5,339,939
$
5,124,915
420,372
396,148
1,933,420
1,822,566
298,734
327,251
1,185,065
1,165,156
226,955
230,585
915,343
895,346
59,376
56,803
234,797
227,395
1,720
83
3,684
2,389
1,007,157
1,010,870
4,272,309
4,112,852
121,010
84,538
1,067,630
1,012,063
15,459
9,830
61,146
38,620
2,993
12,237
12,420
48,870
7,368
5,380
49,406
48,614
(15,277
)
(19,556
)
(30,265
)
(34,136
)
10,543
7,891
92,707
101,968
126,052
107,152
469,701
425,742
(12,093
)
(12,192
)
(47,733
)
(48,270
)
113,959
94,960
421,968
377,472
17,594
(2,531
)
738,369
736,559
(3
)
(10
)
106,726
110,529
17,597
(2,521
)
631,643
626,030
2,194
4,306
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17,224
$
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(6,827
)
$
616,531
$
608,806
120,010
114,337
119,687
113,846
122,299
114,337
121,971
116,232
$
0.13
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(0.06
)
$
5.15
$
5.35
$
0.13
$
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)
$
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$
5.24