Pinnacle West(US:PNW)2025-11-03 16:00Financial Performance & Guidance - The company projects 2025 adjusted gross margin to be between $3.21 billion and $3.28 billion[8] - The company anticipates 2025 EPS guidance to be between $4.90 and $5.10[8] - The company projects 2026 adjusted gross margin to be between $3.31 billion and $3.37 billion[11] - The company anticipates 2026 EPS guidance to be between $4.55 and $4.75[11] - The company targets long-term EPS growth of 5%-7% off original 2024 midpoint[12] Capital Investments & Rate Base - The company plans a total APS capital investment of $10.35 billion from 2025-2028[15] - The company projects the ACC rate base to be $15.7 billion in 2028[17] - The company projects the FERC rate base to be $4.0 billion in 2028[17] Regulatory & Operational Highlights - The company's 2025 rate case requests a net revenue increase of $580 million, impacting customers by 13.99% on day 1[40] - The company expects core O&M to remain flat with a rapidly growing customer base[23] - The company estimates cash from operations to be approximately $3.8 billion and total capital investment to be between $2.6 billion and $2.9 billion[25] Sales Growth - The company expects weather-normalized retail electricity sales growth of 4%-6% in 2026, including 3%-5% from large C&I customers[12] - The company's residential customer growth is projected to be 1.5%-2.5% in 2026[12]