Pinnacle West Capital Corporation presented October 2026 investor-meeting materials describing growth, investment and financial plans for itself and Arizona Public Service Company (APS). The materials set a 5%-7% long-term EPS growth target off the original 2024 midpoint, based on weather-normalized projections for 2024-2028, and state 2026 sales growth guidance of 4%-6%, with long-term sales growth of 5%-7% through 2030.
APS estimates $10.35 billion of total capital expenditures for 2025-2028; that estimate excludes the Cholla gas-conversion project, currently expected to cost up to approximately $440 million. The materials also cite $6 billion+ of cumulative transmission capital expenditures for 2026-2035 and an approximately $8.0 billion 2026-2028 financing plan. APS announced up to 2 GW of new gas generation.
Separately, APS's pending 2025 rate case seeks a $609 million net revenue increase, with a stated 14.69% day-one customer net revenue impact. APS requested rates become effective in the second half of 2026, and a final decision is estimated for December 2026.
Pinnacle West Capital Corporation (PNW) filed an update for September 2026 investor meetings outlining growth, investment, and regulatory plans for its APS utility. Management is targeting 5%-7% long-term EPS CAGR
The plan calls for about $10.35 billion$12.23 billion in 2024$15.7 billion in 2028$609 million14.69%
The materials describe a 2026–2028 financing plan of roughly $8.0 billion including APS and Pinnacle West debt plus $1.0–$1.2 billion3.7%
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.