Pinnacle West Capital (PNW)
Owns APS, Arizona's regulated electricity generator and grid operator.
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Owns APS, a vertically integrated electric utility that sells regulated retail and wholesale power across much of Arizona. Revenue comes from generation, transmission, and distribution, while rates and cost recovery depend largely on Arizona Corporation Commission decisions.
Owns Arizona Public Service, the regulated utility that supplies retail and wholesale electricity across much of Arizona. APS generates power, buys energy and capacity, and operates the transmission and distribution networks that deliver service to homes, businesses, and public-sector customers. Nearly all operating activity and earnings come from this regulated electricity segment.
Runs a vertically integrated system anchored by the Palo Verde nuclear plant, alongside natural-gas, coal, solar, storage, and purchased-power resources. Execution centers on maintaining generation and grid reliability while adding capacity for rising customer and commercial demand. Retail rates and cost recovery depend on Arizona Corporation Commission decisions; wholesale sales and transmission service also operate under federal regulation.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 21, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $97 | Target: $94 |
| Aug 17, 2026 | Truist Financial | Target | Target: $105 | Target: $101 |
| Jul 22, 2026 | Morgan Stanley | Target | Target: $95 | Target: $97 |
| Jul 22, 2026 | BMO Capital | Reiterate | Rating: —Target: $99 | Target: $104 |
| Jul 8, 2026 | Jefferies | Reiterate | Rating: —Target: $115 | Target: $129 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $9.1M · Total debt $11.37B · Total assets $32.58B · Shareholders' equity $7.03B
- Revenue
- $1.46B
- Operating income
- $305.7M
- Net income
- $178.6M
HistoryDividendAnnual yield
| Institutions | 138.39% | 266.35M shares | |
|---|---|---|---|
| 740 holders · as of Jun 30, 2026 | |||
| Insiders | 0.18% | 337.7K shares | |
| 16 holders · as of Aug 11, 2026 | |||
| Adds to | 138.57% | ||
192.46M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (192.46M in the company's Sep 22, 2026 report, 121.19M elsewhere); stakes use the report.
These groups come from separate filings that can overlap, so they add to 138.57%; nothing is left for Other.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Capital Research Global InvestorsInstitution | 17.14% | 16.49M · 16.49M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 12.24% | 11.78M · 11.78M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 8.21% | 7.90M · 7.90M | as of Jun 30, 2026 |
State Street CorpInstitution | 7.29% | 7.02M · 7.02M | as of Jun 30, 2026 |
Barrow Hanley Mewhinney & Strauss LLCInstitution | 6.83% | 6.58M · 6.58M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Jose Luis Jr Esparza | other: SVP Public Policy APS | −1,800 | $102.01 |
| Aug 10, 2026 | Elizabeth A. Blankenship | officer: VP, Controller and CAO | −980 | $99.17 |
| May 13, 2026 | Jacob Tetlow | other: EVP, COO, APS | −6,567 | $99.00 |
- Fortis
In-state Arizona utility overlap through TEP and UniSource.
- NextEra Energy
Utility-scale clean-power and storage benchmark for APS.
- TXNM Energy
Neighboring Southwest utility peer in generation and transmission.
- Sunrun
Customer-side solar and batteries competing with utility load.
- Edison International
Western IOU benchmark for grid and clean-energy investment.
- Southwest Gas
Arizona gas utility named in PNW's competition framing.
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Pinnacle West Capital | $93.66 | +0.38% | $11.31B | 17.9 | 19.0 | 2.0 | +7.1% |
| Fortis | $53.95 | +0.63% | $27.29B | 23.7 | 21.9 | 3.1 | −0.2% |
| NextEra Energy | $79.61 | −0.03% | $166.11B | 17.9 | 19.6 | 5.7 | +12.5% |
| TXNM Energy | $58.84 | +0.45% | $6.48B | 32.5 | 20.6 | 2.9 | +9.2% |
| Sunrun | $8.77 | −0.28% | $2.10B | 5.9 | 13.7 | 0.6 | +52.8% |
| Edison International | $55.27 | +0.58% | $21.14B | 5.7 | 8.9 | 1.1 | −4.1% |
| Southwest Gas | $84.69 | +0.05% | $6.13B | 11.8 | 18.1 | 3.5 | −68.0% |
| Median | 14.8 | 18.9 | 3.0 | +4.5% |