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16:00
Aug 04 ◎

PNW FY2026 Q2 Watch

Pinnacle West Capital Corporation (PNW) FY2026 Q2 Earnings Call

TSM PNW ▾

Ted Geisler

Pinnacle West's 20,000-acre economic corridor and an additional 30 million sq ft mixed-use development (Halo Vista) surrounding TSMC implies a significant, long-term increase in demand for a wider set of infrastructure and utility services beyond just Pinnacle's core growth. — The ripple effect of TSMC's investment will drive sustained, robust demand for power and construction, underpinning a multi-year capex cycle.

"Taiwan Semiconductor Manufacturing Company's announcement of an additional $100 billion investment in Arizona, bringing its total commitment to $265 billion."

TSM WATCH

Andrew Cooper

Despite higher interest costs, strong sales and a robust pipeline support the high end of the earnings range, with further upside likely as load growth continues to be revised upward.

"we are reiterating all other aspects of our guidance and currently expect to finish the year at the top end of our earnings guidance range of $4.55 to $4.75 per share."

PNW WATCH

HIGH

16:00
May 04 ◎

PNW FY2026 Q1 Watch

Pinnacle West Capital Corporation (PNW) FY2026 Q1 Earnings Call

N/A PNW TSM ▾

Ted Geisler

Ancillary semiconductor suppliers are purchasing land in PNW's service territory, confirming broader supply chain momentum beyond TSMC.

"United Integrated Services Corp., Sunlit Chemicals, and Mornstar have all purchased land in North Phoenix."

N/A WATCH

Andrew Cooper

Management expresses confidence in the full-year outlook, driven by strong customer growth, robust sales momentum, and progress on regulatory recovery mechanisms.

"We are reaffirming all other aspects of our financial guidance and look forward to reliably serving our customers as we continue executing our strategy throughout the year."

PNW WATCH

Ted Geisler

TSMC's accelerated fab buildout in Arizona (Fab 2 ramping, Fabs 3 & 4 underway) drives load growth for PNW and signals continued TSMC capex in the region.

"We are proud to support TSMC's accelerated expansion in Arizona and are working closely with the company on the infrastructure needed to power their growth."

TSM WATCH

HIGH

16:00
Feb 25 ◎

PNW FY2025 Q4 Watch

Pinnacle West Capital Corporation (PNW) FY2025 Q4 Earnings Call

TSM SEDG ENPH ▾

Ted Geisler

PNW's 4.5 GW of committed load (which includes TSMC) is a floor for its load forecast; its 20 GW uncommitted queue and potential TSMC expansions are incremental and not in the capital plan. — The size of the uncommitted queue and TSMC's expansion potential represent undiscovered upside to PNW's growth and capex plans.

"In Arizona, TSMC continues to expand their footprint with its second fab moving to full production in 2027, a third fab under construction already, a fourth fab and advanced packaging facility in early development, and 900 additional acres"

TSM WATCH

Andrew Cooper

PNW sees 'distributed generation' (rooftop solar) headwinds fading, which could be a tailwind to residential sales growth. — If the rooftop solar slowdown persists, PNW's retail load growth could outpace its already-high expectations.

"Distributed generation produced pretty small offsets to residential sales. I think that's what drove it to the upside and kind of continue to drive that tailwind into Q4 of last year."

SEDG WATCH ENPH WATCH

HIGH

16:00
Nov 03 ◎

PNW FY2025 Q3 Watch

Pinnacle West Capital Corporation (PNW) FY2025 Q3 Earnings Call

PNW TSM AMAT ▾

Andrew Cooper

Guidance was raised for 2025 due to robust sales growth, and the company increased long-term sales growth and rate base growth forecasts, signaling strong forward momentum.

"we are raising our 2025 VPS guidance from a range of $4.40 to $4.60 per share up to $4.90 to $5.10 per share."

PNW WATCH

Ted Geisler

Pinnacle West's load growth is increasingly driven by advanced manufacturing players, notably TSMC and Amcor, who are committing to specific in-service dates (2027-2028) for their facilities, creating a tight, predictable timeline for grid infrastructure investment. — This creates a near-term, fixed deadline for significant load interconnection, favoring utilities and infrastructure builders with projects already in motion.

"Taiwan Semiconductor reaffirmed its commitment to Arizona, accelerating production of two-nanometer wafers and advanced technologies."

TSM WATCH

Ted Geisler

Pinnacle West's new subscription model for large loads (1.2 GW tranche) is a demand-side signal, indicating that counterparties (likely hyperscalers) are signing on to specific capacity tranches, providing visibility into the ramp rate of their demand. — Subscription agreements serve as a real-time proxy for the expansion plans of large-load customers, who are likely the major semiconductor and data center players in the region.

"We've rolled out an opportunity to subscription customers for 1.2 gigawatts, and we're actively working with those counterparties on their desired timing and ramp rate to be able to take advantage of that second phase."

AMAT WATCH

HIGH

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