Pinnacle West swings to $33M profit on extreme heat, softens clean energy goals

Filed May 4, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~2 min read

Key Changes

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  Q1 2026 net income of $33M vs. $5M loss in Q1 2025, driven by hottest February-March on record in APS territory, higher transmission revenues, and $23M reduction in O&M costs from fewer planned outages.

  MD&A: Quarterly Results verify on EDGAR →
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  Company removed 2030 clean energy targets (65% clean/45% renewable) and 2031 coal exit commitment, replacing with 'aspirational' 2050 carbon-neutral goal allowing offsets; now emphasizes 'potential extension of coal beyond 2031.'

  MD&A: Strategic Vision verify on EDGAR →
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  APS filed $611M net rate increase request (April 2026 rebuttal testimony) with 10.7% ROE, up from initial $579M June 2025 filing; hearing scheduled May 2026.

  MD&A: 2025 Rate Case verify on EDGAR →