Pinnacle West said its consolidated net income attributable to common shareholders for the 3 months ended March 31, 2026 was $33 million, compared with a net loss attributable to common shareholders of $5 million in the prior-year period, an increase of about $38 million. The company cited higher transmission revenues, lower operations and maintenance expenses, and weather effects, including the extreme heat in February–March, as the main factors.

1. 01

   Pinnacle West said its consolidated net income attributable to common shareholders for the 3 months ended March 31, 2026 was $33 million, compared with a net loss attributable to common shareholders of $5 million in the prior-year period, an increase of about $38 million. The company cited higher transmission revenues, lower operations and maintenance expenses, and weather effects, including the extreme heat in February–March, as the main factors.

2. 02

   The company said operations and maintenance expenses in Q1 2026 decreased $23 million from the prior-year period, including a $14 million decrease in non-nuclear generation costs. It also said interest charges, net of allowance for borrowed funds used during construction, rose $19 million over the same period, and it cited higher debt balances as the reason.

3. 03

   Pinnacle West said net cash provided by operating activities on a consolidated basis was $235 million for Q1 2026, down $167 million from $402 million in the prior-year period. It said net cash provided by financing activities was $316 million, up $126 million from $190 million a year earlier, and it attributed the change to a $595 million increase in long-term debt issuances.

4. 04

   The company said APS’s common equity ratio, as defined, was 50% as of March 31, 2026. It said an ACC order does not allow APS to pay common dividends if the payment would reduce the ratio below 40%. The company also said the limit on its consolidated debt-to-total-capitalization ratio is 65%, and that on the same date the ratio was approximately 61% at Pinnacle West and 51% at APS.

Key figures

Quarter ended March 31, 2026

Revenue

$1.1B

Operating income

$131M

Net income

$35M

EPS

$0.27

Operating cash flow

$235M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.