PNW

PINNACLE WEST CAPITAL CORP

101.46^post+$0.01 (+0.01%)at close +$0.00 (+0.00%)

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as of 19:59:59 UTCnext report Nov 4 · 91d

Earnings Room‹ back to PNW

The report

reported · the session has closed

Aug 4before the open · Q2 FY26next Nov 4

Reported yesterday, before the open · Q2 FY26The Aug 4 session moved +0.6% against ±3.6% priced in · ×0.18 what the market paid for

Expected movement · next report

market-implied · at the Aug 4 close

±8.8%is what the chain prices between now and the expiry below. Not a view we hold.

That span is 136days, so it covers the report plus the ordinary movement around it. The chain doesn't yet quote a second expiry we can separate the two with; the range narrows onto the report as it approaches.

expiry Dec 18 · first after the reportATM strike 100straddle 10.50ATM IV 22%× 0.85 straddle-to-rangespot 101.46

Blast radius

6 linked · N-PORT + EDGAR

If PNW moves ±8.8% over this report, these carry part of it. Fund rows are arithmetic on published holding weights — what an index fund does by construction. Company rows are ranked by disclosed tie strength.

XLUfundState Street Utilities Select Sector SPDR ETF0.85% of the fund0.07%RSPfundInvesco S&P 500 Equal Weight ETF0.20% of the fund0.02%SPYfundSPDR S&P 500 ETF Trust0.02% of the fund0.00%VOOfundVanguard 500 Index Fund0.02% of the fund0.00%IVVfundiShares Core S&P 500 ETF0.02% of the fund0.00%VTIfundVanguard Total Stock Market Index Fund0.02% of the fund0.00%

Positioning

5 expiries · as of the Aug 3 close

Contracts already committed, not just traded today — puts against calls, sized by expiry. The tick is today's volume moving against that stance; the arrow, how much built up since the prior session.

OI ΔPutsOI

Expiry

OICallsOI Δ

▲ +0%

Aug 21

18d

400

▲ +3%

▲ +1%

Sep 18

46d

▲ +0%

169

Oct 16

74d

1.1k

▲ +0%

▲ +4%

125

Dec 18

137d

557

▲ +0%

▲ +4%

Jan 15

165d

187

▲ +1%

The record

expected in pale · actual in full color

1/8reports moved further than the options market had pricedtypically ±1.4% realized vs ±3.7% priced

Q2 FY26±3.6%→+0.6%×0.18

May 4 '26±2.6%→−0.8%×0.30

Feb 25 '26±3.2%→−0.3%×0.08

Nov 3 '25±4.3%→+2.1%×0.49

Aug 6 '25±4.1%→+0.2%×0.06

May 1 '25±3.9%→−1.9%×0.48

Feb 25 '25±4.7%→+1.1%×0.24

Nov 6 '24±3.3%→+3.9%×1.19

pale = implied the day beforeink = the next day's close× = realized ÷ implied

2-quarter memory

Q2 FY26 · reported 1.43 · rev $1.5B

record note

The note composes when the report lands. Nothing is written for a quarter that hasn't been read.