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Get filing alertsPinnacle West raises long-term sales growth to 5-7%, updates rate case to $609M request
Filed August 7, 2026 · Period ending August 7, 2026 · ~2 min read
Key Changes
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high
Long-term EPS growth guidance of 5-7% off 2024 midpoint, supported by reduced regulatory lag, formula rates, and continued cost management.
Exhibit 99.1 view on EDGAR → -
high
APS updated 2025 rate case to $609M net revenue increase (14.69% customer impact), requesting 10.70% ROE with formula rate mechanism and 12-month post-test year plant. Rates expected effective second half 2026.
Exhibit 99.1 view on EDGAR → -
high
Long-term weather-normalized retail sales growth raised to 5-7% annually through 2030, up from prior 4-6% range. YTD 2026 commercial and industrial growth expected to reach 13.6%.
Exhibit 99.1 view on EDGAR → -
high
Capital plan of $10.35B for 2025-2028 (excluding up to $440M for Cholla gas conversion), driving rate base growth from $12.23B in 2024 to $15.7B in 2028. Includes up to 2 GW new gas generation and over $6B transmission investment through 2035.
Exhibit 99.1 view on EDGAR → -
high
2026 financing plan includes $1.0B-$1.2B incremental equity (of which $685M priced under forwards through July 2026), $1.2B APS debt, and $550M PNW debt. Established new $500M ATM program after exhausting prior $900M capacity.
Exhibit 99.1 view on EDGAR →
Summary
Pinnacle West disclosed updated investor presentation materials ahead of August 2026 meetings, providing revised guidance and rate case positions. The updated 2025 rate case filing requests a $609 million net revenue increase (14.69% customer impact) with a 10.70% return on equity and a formula rate mechanism featuring a 12-month post-test year plant period and +/- 40 basis point deadband.
Rates are expected to become effective in the second half of 2026. The company outlined a $10.35 billion capital investment plan for 2025-2028, driving rate base growth from $12.23 billion in 2024 to $15.7 billion in 2028, with investments in up to 2 GW of new gas generation and over $6 billion in transmission expansion through 2035. To fund this growth, Pinnacle West disclosed a 2026 financing plan including $1.0 billion to $1.2 billion of incremental equity (of which $685 million is already priced under equity forwards through July 2026), $1.2 billion of APS debt, and $550 million of Pinnacle West debt. The company exhausted its prior $900 million ATM program and established a new $500 million ATM facility. The combination of accelerating sales growth, substantial capital deployment, and the pending rate case positions the company for continued earnings growth, though execution on the rate case and integration of significant new capital will be key to delivering the guidance.
Section-by-Section Diff
Event · Item 7.01 — Regulation FD Disclosure
Pinnacle West disclosed handouts for August 2026 investor meetings under Regulation FD.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
Pinnacle West Capital Corporation (“Pinnacle West”) will be participating in various meetings with securities analysts and investors in August 2026 and will be utilizing handouts during those meetings. Copies of the handouts are attached hereto as Exhibit 99.1.
The company disclosed materials it will use in upcoming investor and analyst meetings in August 2026. This is a routine Regulation FD disclosure ensuring all investors have access to the same presentation materials being shared in private meetings.
Event · Exhibit 99.1
Pinnacle West disclosed updated 2025 rate case positions, long-term growth targets, and significant capital investment plans in an investor presentation.
Added in current filing · view on EDGAR →
Long-term EPS growth of 5%-7% off original 2024 midpoint, supporting competitive total shareholder return
The company disclosed long-term earnings per share growth guidance of 5% to 7% annually, measured from the original 2024 midpoint. This growth target is supported by reduced regulatory lag, potential formula rates, continued adjustor mechanisms, economic development driving sales and customer growth, and continued cost management.
Added in current filing · view on EDGAR → · paraphrased
$2.40B $2.60B $2.65B $2.70B ... APS Total 2025-2028 $10.35B ... $12.23 $13.33 $15.7 ... 2024 2025 2026 2027 2028
The company disclosed a capital expenditure plan totaling $10.35 billion from 2025 through 2028, with annual spending of approximately $2.4 billion to $2.7 billion. This excludes up to $440 million for the Cholla gas conversion project. Rate base is projected to grow from $12.23 billion in 2024 to $15.7 billion in 2028. Investments include new gas generation of up to 2 GW, transmission expansion exceeding $6 billion cumulatively through 2035, and approximately $200 million for a Palo Verde capacity buyout.
Added in current filing · view on EDGAR →
2026 sales growth guidance of 4%-6% ... Long term sales growth increased to 5%-7% and extended through 2030
The company raised its long-term weather-normalized retail sales growth guidance to 5% to 7% annually and extended the forecast period through 2030, up from the prior 4% to 6% range. For 2026 specifically, sales growth guidance remains 4% to 6%. Year-to-date 2026 commercial and industrial growth reached 13.6%, driven by extra high load factor customers ramping up.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 10, 2026 · How we verify