Utilities
Price
$109.37
+2.89%Market Cap
$13.25B
Day High
$109.52
Day Low
$106.58
PNW (Pinnacle West Capital) delivered strong Q1 2026 results with revenue up 11.4% YoY to $1.15B and operating income surging 129.2% to $131.2M, though operating cash flow declined 41.5% and long-term debt rose 21.6% amid continued capital investment.
Key risk: Elevated Leverage and Rising Debt Load
Long-term debt increased 21.6% YoY to $9.80B, while stockholders' equity grew only 4.9% to $7.07B. This rising leverage increases interest expense and financial risk, particularly in a higher-for-longer interest rate environment that raises refinancing costs.
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