Pinnacle West lifts long-term sales growth forecast to 8%-10%

Pinnacle West (PNW) updated its 2026 sales growth guidance to 8% to 10%.

Shares were little changed at 9:35 a.m. ET, from a $104.22 close.

It also raised its long-term sales growth forecast to 8% to 10%, extended through 2030, from 4% to 6%.

Weather-normalized retail sales have grown within or above the original range for 11 consecutive quarters.

Commercial and industrial sales rose 13.9% year to date in 2026. Extra high load factor customers continue to ramp.

Committed load has increased to 5.8 GW, against a 9.2 GW 2026 system peak. More than 84% of committed load is yet to be served.

APS plans $10.35 billion of capital spending from 2025 through 2028, with $2.60 billion projected for 2026.

Up to $440 million would convert the retired Cholla power plant to 380 megawatts of natural gas generation, in service in 2029.

The long-term EPS growth target of 5% to 7%, measured from the original 2024 midpoint, was restated.

The financing plan includes an incremental equity need of $1.0 billion to $1.2 billion, and a new $500 million at-the-market stock program.