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Sep 30, 2025
Pinnacle West Q3 2025 Earnings Report
Pinnacle West reported strong Q3 2025 results, supported by higher customer usage and increased demand amid Arizona's record summer heat.
Key Takeaways
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.
Net income rose to $413.2 million, compared to $395.0 million a year ago.
Revenue increased to $1.82 billion, up from $1.77 billion in Q3 2024.
Customer growth and a hot summer drove record energy demand.
O&M expenses declined, while depreciation dropped due to ceasing operations at Cholla.
Revenue by Geographic Location
Forward Guidance
Pinnacle West raised its 2025 EPS guidance due to strong customer and sales growth, partially offset by higher O&M costs.
Positive Outlook
- Customer and sales growth exceeded expectations.
- Weather-driven demand contributed positively to Q3 results.
- Increased AFUDC and lower depreciation aided earnings.
- Company maintained strong system reliability and performance.
- Planned infrastructure investments position APS for continued growth.
Challenges Ahead
- Operations and maintenance expenses were higher than forecasted.
- Higher interest expenses impacted margins.
- Income taxes increased due to higher pre-tax income.
- Lower pension and post-retirement credits affected net income.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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