Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Arizona summer earns most of the year's profit
The prior year's third quarter earned 66.1% of that year's net income, so summer weather and peak reliability set the annual result.
For investorsWhat has to go right for earnings to keep pace with the build?
For foundersMaking the biggest customers pay for their own capacity
Business sales rose 13.9% against 2.0% more customers, as large plants and data centers change who the grid is built for.
Debt and new shares fill the gap, and interest charges grew faster than operating income this quarter.
As Arizona's largest electric company under cost-based regulation, APS earns an allowed return on what it builds, not a markup it chooses.
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Business Lens describes Pinnacle West Capital from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
