Every 8-K that Pinnacle West Capital Corporation (PNW) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow PNW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PNW filings page.
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%
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 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 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.
Pinnacle West Capital Corporation and its subsidiary Arizona Public Service Company report approval of a new deferred compensation award for executive Adam Heflin. On June 23, 2026, the Human Resources Committee approved a Discretionary Credit Award Agreement under the company’s 2005 deferred compensation plan.
The agreement provides for a total of $1.5 million in discretionary credits to an account for Mr. Heflin, credited as $300,000 on each of July 1, 2026 and 2027, $400,000 on July 1, 2028, and $500,000 on July 1, 2029, if he remains employed on each date. The account will vest on May 1, 2030, subject to continued employment, and will accrue interest per the plan, with forfeiture generally applying if employment ends before vesting except in specified cases such as death, disability, or termination without cause.
Pinnacle West Capital Corporation and Arizona Public Service furnished an investor presentation for June 2026 analyst and investor meetings, outlining growth, investment, and regulatory plans. The company highlights long-term EPS growth of 5%-7% off its original 2024 midpoint, supported by a strong Arizona service territory and robust customer and sales growth.
The materials describe a capital plan of about $10.35 billion for APS from 2025-2028, significant transmission expansion exceeding $6 billion through 2035, and increasing rate base under both ACC and FERC regulation. Management emphasizes maintaining customer affordability through disciplined O&M, with flat core O&M despite a growing customer base, and a dividend growth track record of roughly 3.7% CAGR.
The presentation also details the 2025 APS rate case, including a requested net revenue increase of $609 million with an estimated 14.69% day-one bill impact, an allowed ROE proposal of 10.70%, and a proposed Formula Rate Adjustment Mechanism to reduce regulatory lag. The company underscores its goal of sustaining investment-grade credit ratings while funding growth with a mix of debt and approximately $1.0-$1.2 billion of planned PNW equity through 2028.
Pinnacle West Capital Corporation entered into a First Amendment to its Equity Distribution Agreement for its at-the-market common stock offering program with a maximum aggregate gross sales price of $900,000,000. The amendment extends the outside maturity period for forward sale agreements from 18 months to 24 months, while leaving all other key terms, including participating banks, commission rates and aggregate capacity, unchanged.
Under this program, Pinnacle West has already offered and sold shares with an aggregate gross sales price of approximately $630 million through June 5, 2026, leaving about $270 million of capacity available. The shares are registered under a Form S-3 shelf registration and a related prospectus supplement.
Pinnacle West Capital Corporation is documenting an offering of $500,000,000 principal amount of 4.650% Senior Notes due 2029 under its existing shelf registration on Form S-3. The company files the underwriting agreement, a seventh supplemental indenture, a specimen note, and related legal and information exhibits.
Exhibit 99.1 estimates issuance and distribution expenses, excluding underwriting discounts and commissions, at $1,304,241. The largest component is rating agency fees of $1,125,000, alongside Securities and Exchange Commission registration fees of $68,991, accounting, legal, printing, and various trustee and depository costs.
Pinnacle West Capital Corporation reported results from its Annual Meeting of Shareholders held on May 14, 2026. Shareholders elected all ten nominated directors to one-year terms expiring at the 2027 Annual Meeting, with each nominee receiving substantially more votes "for" than "withheld."
Shareholders also approved the advisory vote on executive compensation, with 98,755,016 votes for and 2,750,428 against. In addition, they ratified the appointment of Deloitte & Touche LLP as independent accountant for the year ending December 31, 2026, with 107,509,825 votes for and 2,819,186 against.
Pinnacle West Capital Corporation filed an 8-K announcing May 2026 investor meetings and providing a detailed strategic and financial outlook for APS. The company highlights a fast-growing Arizona service territory, with weather-normalized retail sales growth guidance of 4%-6% for 2026 and a long-term 5%-7% range through 2030.
Pinnacle West targets long-term EPS growth of 5%-7% off the original 2024 midpoint, supported by a planned $10.35 billion APS capital program from 2025 to 2028 across generation, transmission and distribution. Management emphasizes declining O&M per MWh, a dividend growth record of about 3.7% annually and a targeted 65%-75% payout ratio.
The materials also describe an improved regulatory environment in Arizona and a 2025 APS rate case requesting a $694 million revenue requirement increase and a 14.75% customer net revenue impact on day one, along with a proposed Formula Rate Adjustment Mechanism intended to reduce regulatory lag and support timely recovery of growing rate base.
Pinnacle West Capital Corporation reported a strong turnaround for the quarter ended March 31, 2026. Net income attributable to common shareholders was $32.9 million, or $0.27 per diluted share, compared with a net loss of $4.6 million, or $(0.04) per share, a year earlier.
Operating revenues rose to $1.15 billion from $1.03 billion, helped by hotter‑than‑normal weather, higher transmission revenues, customer growth and lower operations and maintenance costs. Management highlighted record warmth in Arizona that lifted usage, and reaffirmed 2026 earnings guidance of $4.55 to $4.75 per diluted share on a weather‑normalized basis.
Pinnacle West Capital Corporation and Arizona Public Service are sharing an April 2026 investor presentation outlining growth, investment and regulatory plans. The company operates Arizona’s largest electric utility with $30 billion in consolidated assets, a $10.62 billion market cap and 6.3 GW of owned or leased generation as of December 31, 2025.
Management emphasizes robust Arizona growth, with 2025 weather‑normalized retail sales up 2.0% for residential and 7.5% for commercial and industrial customers, and 2026 sales growth guidance of 4%–6%. Long‑term sales growth guidance is raised to 5%–7% through 2030, supported by data centers and other large customers.
The plan calls for a $10.35 billion APS capital program from 2025‑2028, including generation, transmission and distribution, and more than $6 billion of transmission investment through 2035. Management targets long‑term EPS growth of 5%–7% off the original 2024 midpoint and declining O&M per MWh, while maintaining a dividend that has grown at about 3.7% annually since 2016.
A 2025 APS rate case requests a $694 million total revenue requirement increase and a $611 million net revenue increase after adjustor transfers, implying a 14.75% day‑one customer bill impact. The filing seeks a 10.70% allowed ROE, a capital structure of roughly 52% equity / 48% debt and introduces a proposed Formula Rate Adjustment Mechanism to reduce regulatory lag. Management also highlights stable investment‑grade credit ratings and a financing plan that combines cash from operations, debt and roughly $650 million of Pinnacle West equity to support the capital plan.
Pinnacle West Capital Corporation and its utility subsidiary Arizona Public Service Company (APS) filed a Form 8-K to add exhibits tied to APS’s offering of $600,000,000 principal amount of 5.10% Notes due 2036 under an existing shelf registration.
An underwriting agreement, supplemental indenture, note form, legal opinion and additional information about issuance-related liabilities are included. APS estimates non-underwriting issuance and distribution expenses at $1,494,186, led by rating agency fees of $1,300,000, plus SEC fees, legal, accounting, printing and other administrative costs.
Pinnacle West Capital Corporation and Arizona Public Service Company filed an 8-K to share materials for March 2026 investor meetings outlining growth, investment, and regulatory plans. The company highlights a long-term EPS growth target of 5%-7% off the original 2024 midpoint, supported by a large capital program.
APS plans about $10.35 billion of capital investment from 2025-2028 to support system reliability, new gas generation, nuclear investment at Palo Verde, and major transmission projects, with rate base projected to grow under both ACC and FERC jurisdictions. The service territory continues to post strong sales growth, including 7.5% commercial and industrial sales growth in 2025 and long-term weather-normalized sales growth guidance of 5%-7% through 2030.
The materials describe a focus on affordability, including flat core O&M despite rapid customer growth and APS rates that have risen more slowly than Phoenix inflation. A 2025 APS rate case requests a net revenue increase of $580 million, a 13.99% day-one customer impact, based on an adjusted ACC rate base of $12.5 billion and a proposed 10.70% allowed ROE. The company also outlines an optimized 2026-2028 financing plan combining cash from operations, debt, and approximately $650 million of equity, alongside dividend growth (about 3.7% CAGR in annualized dividends per share) and an emphasis on maintaining investment-grade credit ratings.
Pinnacle West Capital Corporation reported 2025 net income attributable to common shareholders of $616.5 million, or $5.05 per diluted share, slightly above $608.8 million, or $5.24 per diluted share, in 2024. Operating revenues rose to $5.34 billion from $5.12 billion as strong customer and sales growth offset higher fuel, interest and operating costs.
Fourth-quarter 2025 results improved to net income of $15.4 million, or $0.13 per diluted share, compared with a net loss of $6.8 million, or $0.06 per share, a year earlier. APS delivered 2.4% customer growth and 5.0% weather‑normalized retail electricity sales growth in 2025, driven by new residents, businesses and large commercial and manufacturing projects.
For 2026, the company estimates consolidated earnings of $4.55 to $4.75 per diluted share on a weather‑normalized basis and targets long‑term EPS growth of 5% to 7% off its original 2024 midpoint. Management highlighted continued infrastructure investment, a capital plan totaling about $10.35 billion for 2025‑2028 at APS, and an ongoing focus on reliability, wildfire mitigation and keeping customer bills as low as possible.
Pinnacle West Capital Corporation and its utility subsidiary Arizona Public Service Company (APS) have strengthened their liquidity by replacing and expanding their revolving credit facilities and extending their maturities to February 18, 2031.
Pinnacle West entered into a third amended and restated unsecured revolving credit facility of up to $300 million, replacing a prior $200 million facility that would have expired in 2028. APS entered into an amended and restated unsecured revolving credit facility of up to $1.7 billion, up from $1.25 billion. Both facilities support general corporate purposes, including backing commercial paper and issuing letters of credit, and carry interest rates tied to each borrower’s senior unsecured debt ratings. The agreements include customary covenants on leverage, liens, ownership, and change of control, with standard default remedies.
The filing also details 2026 annual incentive plans for key executives, with target awards ranging from 70% to 125% of base salary and maximum opportunities up to 250%, all tied to APS earnings and business unit performance metrics such as safety, customer experience, financial health, reliability, and nuclear operations, and subject to clawback.
Pinnacle West Capital Corporation filed an 8‑K under Item 7.01 stating it will participate in meetings with securities analysts and investors in November 2025 and will use presentation handouts. Those materials are furnished as Exhibit 99.1. The report is a combined submission with Arizona Public Service Company, and each registrant furnishes information pertaining to itself.
Pinnacle West Capital Corporation filed an 8-K announcing that it furnished a press release covering financial results for the quarter ended September 30, 2025. The release is provided under Item 2.02 and attached as Exhibit 99.1.
Under Item 7.01, the company also furnished a slide presentation used on its November 3, 2025 earnings call. The slides include operating results for the quarter and an earnings outlook for 2025 and 2026. The presentation is attached as Exhibit 99.2 and posted on the company’s website.
Pinnacle West Capital Corporation filed an 8-K announcing plans to participate in analyst and investor meetings in October 2025, with presentation handouts furnished as Exhibit 99.1.
This is a combined submission with Arizona Public Service Company, with each registrant furnishing information applicable to itself under Item 7.01 (Regulation FD). The filing also lists the Cover Page Interactive Data File as Exhibit 104.
Pinnacle West Capital Corporation and its subsidiary Arizona Public Service Company filed a current report describing upcoming investor outreach. The companies state that Pinnacle West will participate in meetings with securities analysts and investors in September 2025 and will use prepared handouts in those sessions.
The report notes that copies of these Pinnacle West handouts are included as Exhibit 99.1, and that the filing is made under a Regulation FD disclosure item. Both Pinnacle West and Arizona Public Service Company sign the report separately, each on its own behalf.
Pinnacle West Capital Corporation reported that on August 28, 2025 it entered into an amendment to its existing forward sale agreements with Wells Fargo Bank, National Association. These forward sale agreements were originally dated February 28, 2024 and February 29, 2024. The amendment sets December 31, 2026 as the settlement date for the Share Forward Transactions, subject to the terms of the original forward sale agreements. The full amendment is filed as Exhibit 10.1 to this report.
Pinnacle West Capital Corporation and its utility subsidiary Arizona Public Service Company filed an 8-K to add key documents to their shelf registration. The filing includes an underwriting agreement covering an offering of $250,000,000 of 5.70% Notes due 2034 and $700,000,000 of 5.90% Notes due 2055 under an effective Form S-3. Related supplemental indentures, note forms, a legal opinion, and additional information under Item 14 of the registration statement are also listed as exhibits.