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Barrow Hanley Global Investors, a Delaware LLC, reported beneficial ownership of 6,575,662 shares of PINNACLE WEST CAPITAL CORP common stock. This represents 5.40% of the company’s common shares. The filer has sole voting power over 4,188,224 shares and shared voting power over 2,387,438 shares. It holds sole dispositive power over all 6,575,662 shares and no shared dispositive power.
Pinnacle West Capital Corp officer Elizabeth A. Blankenship, VP, Controller and CAO, reported selling 980 shares of common stock on 2026-08-10 at $99.165 per share in an open-market or private transaction. Following the sale, she held 10,886 shares directly and 54 shares indirectly through a 401(k) plan.
Pinnacle West Capital Corp senior vice president Jose Luis Esparza Jr reported a sale of 1,800 shares of common stock on 2026-08-07 at $102.01 per share. After this open-market sale, he directly holds 4,910 shares, including 62 shares acquired through participation in a dividend reinvestment plan.
Pinnacle West Capital Corporation and its utility APS describe a fast-growing Arizona service territory and plans to meet rising demand. As of December 31, 2025, consolidated assets were $30B, market capitalization was $10.62B, and owned or leased generating capacity was 6.3GW.
The company targets long-term weather-normalized sales growth of 5%-7% through 2030 and long-term EPS growth of 5%-7% off the original 2024 midpoint. From 2025 to 2028, APS plans about $10.35B of capital expenditures to support generation, transmission and distribution, including major transmission projects and new gas generation. APS projects combined ACC and FERC rate base to grow from about $12.23B in 2024 to $15.7B in 2028.
The presentation outlines a 2025 APS rate case seeking a net revenue increase of $609M, corresponding to a 14.69% customer bill impact on day one, based on an adjusted test-year rate base of $15.8B and a requested 10.70% allowed ROE. The financing plan for 2026-2028 totals approximately $8.0B, including $1.0B-$1.2B of Pinnacle West equity. The company highlights flat core O&M despite customer growth, a ~3.7% annual dividend growth rate from 2016-2025, and a long-term dividend payout ratio target of 65%-75%, alongside investment-grade credit ratings with stable outlooks.
Pinnacle West Capital Corporation has a planned sale notice covering up to 980 shares of its common stock to be sold on the NYSE. The shares have an indicated aggregate market value of $98,803.60 and are part of a larger base of 121,197,234 shares of common stock outstanding. The stock to be sold was originally issued between 2015 and 2019 in connection with awards granted under the company’s Long-Term Incentive Plan.
Pinnacle West Capital Corporation entered into an Equity Distribution Agreement allowing “at the market” and related forward sales of its common stock with an aggregate gross sales price of up to $500,000,000. Sales may be made through designated managers as agents or principals, or via forward sale arrangements with affiliated forward purchasers and sellers.
Managers and forward sellers may receive commissions of up to 1% of the gross sales price. The company will not initially receive proceeds from borrowed share sales used to hedge forward agreements but expects cash upon physical settlement based on an adjusted forward sale price. Net proceeds from direct sales and any forward settlements are intended for investment in Arizona Public Service Company to fund capital expenditures, repayment of Pinnacle West’s or APS’s commercial paper, and general corporate purposes. The shares are registered under a Form S-3 shelf (Registration No. 333-277448) and a Prospectus Supplement dated August 4, 2026.
Pinnacle West Capital Corporation is establishing an equity offering program to sell shares of its common stock, with an aggregate gross sales price of up to $500,000,000. Sales may be made from time to time through managers in an “at the market offering” or via forward sale agreements with designated financial institutions.
Managers earn commissions of up to 1% of the aggregate gross sales price, and affiliated Forward Sellers receive up to 1% via reduced forward prices. Net proceeds to Pinnacle West and from settlement of any forward sale agreements are intended for investment in APS to fund capital expenditures, repay all or a portion of $104 million of Pinnacle West and $540 million of APS commercial paper outstanding as of June 30, 2026, and for general corporate purposes. The company may physically, cash or net share settle forward sale agreements, which can affect dilution and cash obligations. Pinnacle West’s common stock trades on the NYSE under the symbol PNW, with a last reported sale price of $100.81 per share on August 3, 2026.
Pinnacle West Capital Corporation and its utility subsidiary Arizona Public Service Company report solid mid‑year 2026 results with ongoing heavy investment and active regulatory proceedings in Arizona. For the quarter ended June 30, 2026, operating revenues were $1.46 billion, up from $1.36 billion a year earlier, while net income attributable to common shareholders was $178.6 million, down from $192.6 million, reflecting higher fuel and interest costs.
For the first six months of 2026, revenues reached $2.61 billion and net income attributable to common shareholders rose to $211.5 million from $187.9 million, aided by higher retail demand. Operating cash flow was $629.3 million against capital expenditures of $1.36 billion, funded in part by new $500 million and $600 million senior note issuances and increased commercial paper. Total assets grew to $32.6 billion, with long‑term debt (including current maturities) of $10.55 billion. The company continues to pursue a large 2025 Arizona rate case and formula‑rate mechanisms to reduce regulatory lag while managing fuel cost recovery through its Power Supply Adjustor.
Pinnacle West Capital Corporation reported 2026 second-quarter consolidated net income attributable to common shareholders of $178.6 million, or $1.43 per diluted share, compared with $192.6 million, or $1.58 per diluted share, a year earlier. Operating revenues for the quarter were $1.46 billion, up from $1.36 billion, driven by strong customer and usage growth but offset by higher fuel, interest, depreciation and amortization costs, and lower transmission revenues.
For the first six months of 2026, net income attributable to common shareholders rose to $211.5 million from $187.9 million, with diluted EPS increasing to $1.70 from $1.54. Retail operating revenues grew to $2.50 billion for the period, versus $2.28 billion in 2025. Weather-normalized total retail electricity sales increased 9.6% in the quarter, and total customer growth was 2.1%.
The company continues to estimate 2026 consolidated EPS in the range of $4.55 to $4.75 on a weather-normalized basis. Management highlights robust residential customer growth of 2.1%, weather-normalized retail sales growth of 4.0%–6.0% expected for 2026, and ongoing investments in generation, transmission, and support programs for vulnerable customers. A detailed earnings slide deck and the press release are available as Exhibits 99.1 and 99.2.