Pinnacle West delivered solid financial performance in Q3 2025, with increases in revenue and net income driven by strong customer growth, higher energy demand, and effective cost management.

Pinnacle West Capital Corp. reported consolidated net income of $192.6 million, or $1.58 per diluted share, for the second quarter of 2025. This represents a decrease from $203.8 million, or $1.76 per diluted share, in Q2 2024. The decline was largely attributed to cooler weather, increased operations and maintenance expenses, and higher depreciation and interest charges, partially offset by higher transmission revenues and customer growth.

Pinnacle West reported a net loss of $4.6 million for Q1 2025, a decrease from a net income of $16.9 million in the same period last year. The loss was primarily driven by higher operating and maintenance expenses, increased depreciation and amortization, lower pension and benefit credits, reduced other income, and higher interest charges. These negative impacts were partially offset by favorable new customer rates, a gain from a non-utility equity investment, lower income taxes, higher transmission revenue, and increased revenue from the LFCR adjustor mechanism.

Pinnacle West reported a consolidated net loss of $6.8 million for Q4 2024, translating to a loss of $0.06 per diluted share. Revenue for the quarter grew 10.5% year-over-year to $1.1 billion, driven by increased customer demand and rate adjustments. However, higher operations and maintenance costs, depreciation, and interest expenses negatively impacted profitability. Retail electricity sales grew by 5.7% year-over-year, and customer growth remained strong at 2.1%.

Pinnacle West reported a slight decrease in net income for Q3 2024 compared to the previous year, primarily due to increased expenses. However, record-setting summer heat drove increased customer sales and usage, contributing to strong financial results.

Pinnacle West reported a consolidated net income attributable to common shareholders of $203.8 million, or $1.76 per diluted share, for the quarter ended June 30, 2024. This is an improvement compared to the consolidated net income of $106.7 million, or $0.94 per diluted share, for the same period in 2023. The increase was primarily driven by new customer rates and record heat in June.

Pinnacle West Capital Corp. reported a consolidated net income attributable to common shareholders of $16.9 million, or $0.15 per diluted share, for the quarter ended March 31, 2024, compared to a net loss of $3.3 million, or a loss of $0.03 per diluted share, for the same period in 2023. The improved results reflect new retail base rates, customer growth, increased usage, and higher revenue from the Lost Fixed Cost Recovery (LFCR) adjustor mechanism.

Pinnacle West Capital Corp. reported a consolidated net loss attributable to common shareholders of $23,000, or $0.00 per diluted share, for the quarter ended Dec. 31, 2023, compared with a net loss of $24.0 million, or a loss of $0.21 per share, for the same period in 2022. Full-year 2023 net income attributable to common shareholders was $501.6 million, or $4.41 per diluted share.

Pinnacle West reported a consolidated net income attributable to common shareholders of $398.2 million, or $3.50 per diluted share, for the third quarter of 2023, compared to $326.3 million, or $2.88 per share, for the same period a year ago. The increase was primarily driven by record-setting summer weather, which increased revenues, net of fuel and purchased power costs.

Pinnacle West reported a decrease in net income for the second quarter of 2023, with net income attributable to common shareholders at $106.7 million, or $0.94 per diluted share, compared to $164.3 million, or $1.45 per diluted share, for the same period in 2022. The decrease was primarily due to mild weather, higher operating and maintenance expenses, increased interest charges, and lower pension credits, partially offset by higher transmission revenue and revenue from the Lost Fixed Cost Recovery mechanism. However, the company increased its 2023 consolidated earnings range to $4.10 to $4.30 per diluted share on a weather-normalized basis.

Pinnacle West reported a consolidated net loss of $3.3 million, or a loss of $0.03 per diluted share, for Q1 2023, compared to a net income of $17.0 million, or $0.15 per diluted share, for the same period in 2022. The results were influenced by increased operations and maintenance expenses, lower pension credits, higher interest charges, and increased depreciation and amortization, which were partially offset by higher revenue from weather effects, customer growth, and lower income taxes. The company affirms its full-year 2023 guidance.

Pinnacle West reported a net loss of $24.0 million, or a loss of $0.21 per diluted share, for the quarter ended December 31, 2022, compared to a net income of $27.6 million, or $0.24 per share, for the same period in 2021. The lower results reflect the unfavorable outcome of the company’s prior rate case, higher expenses, and an impairment charge.

Pinnacle West reported a net income of $326.3 million, or $2.88 per diluted share, for the third quarter of 2022, compared to $339.8 million, or $3.00 per share, for the same period a year ago. The company's lower third-quarter results reflect the unfavorable outcome of the company's prior rate case, which was implemented on Dec. 1, 2021.

Pinnacle West reported consolidated net income attributable to common shareholders of $164.3 million, or $1.45 per diluted share, for the quarter ended June 30, 2022. The company's second-quarter results reflect the unfavorable outcome of the company’s recent general rate case, which was implemented on Dec. 1, 2021.

Pinnacle West reported a decrease in net income for Q1 2022, primarily due to an unfavorable rate case decision implemented on December 1, 2021. This was partially offset by customer growth and increased transmission revenue. The company reaffirms its 2022 consolidated earnings guidance of $3.90 to $4.10 per diluted share on a weather-normalized basis.

Pinnacle West reported consolidated net earnings attributable to common shareholders of $27.6 million, or $0.24 per diluted share, for the quarter ended December 31, 2021. This compares to a net loss of $19.4 million, or a loss of $0.17 per share, for the same period in 2020. The increase was primarily due to the absence of a settlement and shareholders' portion of the coal community transition, both of which were booked in Q4 2020. Mild weather in Q4 2021 was largely offset by increased revenue from higher customer usage and growth.

Pinnacle West reported a decrease in net income for the third quarter of 2021, primarily due to milder weather compared to the previous year's historic heatwave. This was partially offset by strong operational performance, customer growth, and disciplined cost management.

Pinnacle West reported a strong second quarter with increased earnings driven by higher retail sales and customer growth. Record-setting June temperatures also contributed to the positive results, helping to offset higher operations and maintenance expenses, increased depreciation, and higher income taxes.

Pinnacle West reported a consolidated net income attributable to common shareholders of $35.6 million, or $0.32 per diluted share, for the quarter ended March 31, 2021, compared to $30.0 million, or $0.27 per diluted share, for the same period in 2020. The results were positively impacted by weather, higher transmission revenues, and higher pension credits, offsetting increased operations and maintenance expenses.

Pinnacle West reported a net loss of $19.4 million, or a loss of $0.17 per diluted share, for the quarter ended December 31, 2020. This compares to a net income of $64.0 million, or $0.57 per share, for the same period in 2019. The loss was primarily driven by a settlement with the Arizona Attorney General’s Office and accelerated operations and maintenance expenses.

Pinnacle West reported a consolidated net income attributable to common shareholders of $346.4 million, or $3.07 per diluted share, for the third quarter of 2020. This compares to $312.3 million, or $2.77 per share, for the same period last year. The increase was primarily driven by hotter-than-normal weather and strong customer growth of 2.3%.

Pinnacle West reported a consolidated net income attributable to common shareholders of $193.6 million, or $1.71 per diluted share, for the quarter ended June 30, 2020, compared to $144.1 million, or $1.28 per share, in the same 2019 period. The increase was primarily driven by hotter-than-normal weather, which increased revenues, net of fuel and purchased power costs, and lower operations and maintenance expenses, which partially offset the impacts of the COVID-19 pandemic.

Pinnacle West reported a net income attributable to common shareholders of $30.0 million, or $0.27 per diluted share, for Q1 2020, compared to $17.9 million, or $0.16 per diluted share, for the same period in 2019. The results were positively impacted by cost management, which helped offset revenue declines. Customer growth was 2.2% during the quarter.

Pinnacle West reported higher consolidated net income attributable to common shareholders of $64.0 million, or $0.57 per diluted share, for the quarter ended December 31, 2019, compared to $26.1 million, or $0.23 per share, for the same period a year ago. The company's customer base grew two percent, and investments were made in expanding and strengthening infrastructure.