PINNACLE WEST CAPITAL CORP

Listed Company

PNWCIK 0000764622NYSELarge AcceleratedElectric ServicesArizonaFY ends Dec 31

Period

FY 2025

Revenue

$5.34B

Net Income

$631.64M

Total Assets

$30.03B

Equity

$7.05B

Shares Out

121.19M

Op. Cash Flow

$1.81B

PNW$107.67+17.66% · past yearDBEQ Basic

Daily closing prices

Business

Pinnacle West Capital Corp is an investor-owned electric utility holding company whose principal subsidiary, Arizona Public Service Company (APS), serves approximately 1.4 million retail customers across Arizona. APS generates, transmits, and distributes electricity through a diverse portfolio including nuclear, natural gas, coal, solar, wind, and energy storage resources. The company operates as a single regulated retail and wholesale electricity business segment in Arizona, subject to state and federal regulation.

Summary from 10-K filed 2026-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
OPERATING REVENUES (Note 4)	5,340	5,125	4,696	4,324	3,804
Fuel and purchased power	1,933	1,823	1,793	1,629	1,153
Operations and maintenance	1,185	1,165	1,059	987	954
Depreciation and amortization	915	895	794	753	651
Taxes other than income taxes	235	227	224	220	235
Other expense	4	2	2	2	6
Total	4,272	4,113	3,871	3,592	2,999
OPERATING INCOME	1,068	1,012	825	732	805
Allowance for equity funds used during construction (Note 1)	61	39	53	45	42
Pension and other postretirement non-service credits, net (Note 9)	12	49	41	98	113
Other income (Note 15)	49	49	34	8	45
Other expense (Note 15)	−30	−34	−25	−52	−25
Total	93	102	102	99	174
Interest charges	470	426	375	284	254
Allowance for borrowed funds used during construction (Note 1)	−48	−48	−44	−28	−21
Total	422	377	331	256	—
Income Before Income Taxes	738	737	596	576	746
Income Taxes (Note 5)	107	111	77	75	110
NET INCOME	632	626	519	501	636
Less: Net income attributable to noncontrolling interests (Note 12)	15	17	17	17	17
Net Income (Loss) Attributable to Common Shareholders	617	609	502	484	619
Weighted average common shares outstanding basic (in shares)	120	114	113	113	113
Weighted-average common shares outstanding diluted (in shares)	122	116	114	113	113
Net income attributable to common shareholders basic (in dollars per share)	5.15	5.35	4.42	4.27	5.48
Net income attributable to common shareholders diluted (in dollars per share)	5.05	5.24	4.41	4.26	5.47

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	7	4	5	5	10
Customer and other receivables	580	526	514	453	392
Accrued unbilled revenues (Note 4)	174	177	168	165	134
Allowance for doubtful accounts (Note 4)	−25	−25	−22	−24	−25
Materials and supplies (at average cost)	546	469	444	410	349
Income tax receivable (Note 5)	6	0	332,000	14	8
Fossil fuel (at average cost)	19	32	49	40	18
Assets from risk management activities (Note 13)	3	11	7	88	63
Deferred fuel and purchased power regulatory asset (Note 8)	149	288	463	461	388
Other regulatory assets (Note 8)	137	133	163	78	130
Other current assets	109	75	101	60	84
Total current assets	1,704	1,689	1,927	1,751	1,551
Nuclear decommissioning trusts (Notes 17 and 18)	1,414	1,283	1,201	1,073	1,295
Other special use funds (Notes 17 and 18)	435	408	363	347	358
Assets from risk management activities (Note 13)	5	6	0	44	47
Other assets	145	115	103	126	98
Total investments and other assets	1,999	1,812	1,667	1,591	1,798
Plant in service and held for future use	27,370	25,861	24,211	22,452	21,689
Accumulated depreciation and amortization	−9,012	−9,027	−8,408	−7,930	−7,505
Net	18,358	16,834	15,803	14,522	14,184
Construction work in progress	1,650	1,593	1,724	1,883	1,329
Palo Verde sale leaseback, net of accumulated depreciation of $110,886 and $268,894 (Note 12)	32	83	86	90	94
Intangible assets, net of accumulated amortization of $1,057,812 and $925,880	576	591	267	259	274
Nuclear fuel, net of accumulated amortization of $111,096 and $115,894	104	98	99	100	106
Total property, plant and equipment	20,720	19,198	17,980	16,854	15,987
Regulatory assets (Notes 1, 5, 8 and 9)	1,463	1,389	1,390	1,283	1,193
Operating lease right-of-use assets (Note 20)	3,650	1,605	1,310	802	890
Assets for other postretirement benefits (Note 9)	399	342	323	397	546
Other	96	66	63	46	38
Total deferred debits	5,609	3,403	3,087	2,528	2,667
TOTAL ASSETS	30,032	26,103	24,661	22,723	22,003
Accounts payable	680	485	442	430	393
Accrued taxes	187	176	167	164	169
Accrued interest	106	82	73	61	57
Common dividends payable	110	107	100	98	96
Short-term borrowings (Note 6)	757	568	610	341	292
Current maturities of long-term debt (Note 6)	600	800	875	—	—
Customer deposits	64	44	42	42	42
Liabilities from risk management activities (Note 13)	35	52	81	38	4
Liabilities for asset retirements (Note 21)	72	50	29	12	4
Operating lease liabilities (Note 20)	189	100	68	105	100
Regulatory liabilities (Note 8)	211	207	210	272	296
Other current liabilities	151	172	194	148	152
Total current liabilities	3,161	2,844	2,889	1,762	1,757
LONG-TERM DEBT LESS CURRENT MATURITIES (Note 7)	9,206	8,059	7,541	7,741	6,914
Liabilities from risk management activities (Note 13)	1	9	43	5	0
Deferred income taxes (Note 5)	2,471	2,444	2,416	2,384	2,312
Regulatory liabilities (Notes 1, 5, 8 and 9)	1,736	1,855	1,966	2,062	2,499
Liabilities for pension benefits (Note 9)	168	139	113	116	153
Liabilities for asset retirements (Note 21)	1,199	1,097	937	786	763
Customer advances	632	569	534	422	257
Coal mine reclamation	160	171	184	—	—
Deferred investment tax credit	308	249	258	181	187
Unrecognized tax benefits	105	44	34	39	5
Operating lease liabilities (Note 20)	3,548	1,521	1,210	639	728
Other	249	242	251	247	233
Total deferred credits and other	10,578	8,343	7,946	7,060	7,311
COMMITMENTS AND CONTINGENCIES (Note 14)	—	—	—	—	—
Common stock, no par value; authorized 300,000,000 and 150,000,000 shares authorized at respective dates, 120,950,839 and 119,143,782 shares issued at respective dates	3,231	3,122	2,753	2,725	2,703
Treasury stock at cost; 46,968 and 46,968 shares at respective dates	−3	−3	−8	−5	−6
Total common stock	3,228	3,118	2,744	2,720	2,696
Retained earnings	3,851	3,667	3,466	3,360	3,265
Accumulated other comprehensive loss (Note 19)	−32	−31	−33	−31	−55
Total shareholder equity	7,046	6,754	6,178	6,049	5,906
Noncontrolling interests (Note 12)	41	103	107	111	115
Total equity	7,087	6,857	6,285	6,160	6,021
TOTAL LIABILITIES AND EQUITY	30,032	26,103	24,661	22,723	22,003

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain on sale relating to BCE	0	−23	−6	0	0
Depreciation and amortization including nuclear fuel	970	956	854	818	719
Deferred income taxes	−51	−21	−24	43	117
Deferred investment tax credit	59	−8	77	−6	−5
Change in derivative instruments fair value	0	0	−777,000	777,000	0
Stock compensation	27	24	17	16	18
Customer and other receivables	−51	−13	−62	−64	−73
Accrued unbilled revenues	3	−9	−3	−31	−2
Materials, supplies and fossil fuel	−64	−8	−43	−83	−33
Income tax receivable	−6	332,000	14	−7	−722,000
Deferred fuel and purchased power	−324	−250	−550	−292	−257
Deferred fuel and purchased power amortization	463	426	547	220	45
Other current assets	−43	−50	−20	76	−23
Accounts payable	171	−7	−76	90	20
Accrued taxes	11	9	2	−4	9
Other current liabilities	19	47	41	−2	−52
Change in unrecognized tax benefits	81	75,000	1	−2	−568,000
Change in long-term regulatory assets	91	43	53	12	−17
Change in long-term regulatory liabilities	37	9	28	−332	58
Change in other long-term assets	−284	−133	−196	159	−345
Change in operating lease assets	152	98	91	105	116
Change in other long-term liabilities	139	25	62	170	78
Change in operating lease liabilities	−165	−93	−66	−104	−108
Net cash provided by operating activities	1,805	1,610	1,208	1,241	860
Capital expenditures	−2,625	−2,249	−1,846	−1,707	−1,473
Contributions in aid of construction	306	311	181	137	106
Proceeds from sale relating to BCE	0	84	23	0	0
Allowance for borrowed funds used during construction	−48	−48	−44	−28	−21
Proceeds from nuclear decommissioning trusts sales and other special use funds	1,855	1,686	1,680	1,208	—
Investment in nuclear decommissioning trusts and other special use funds	−1,859	−1,710	−1,682	−1,212	—
Other	−9	−8	−6	−16	6
Net cash used for investing activities	−2,379	−1,934	−1,694	−1,618	−1,387
Issuance of long-term debt	1,743	1,313	689	876	—
Repayment of long-term debt	−800	−875	−33	−150	—
Short-term borrowings and (repayments) net	214	−241	242	49	142
Short-term debt borrowings under term loan facility	575	550	0	0	—
Short-term debt repayments under term loan facility	−600	−350	0	0	—
Dividends paid on common stock	−423	−395	−386	−379	−369
Common stock equity issuance and purchases net	85	341	−4	—	—
Palo Verde sale leaseback noncontrolling interest acquisition	−199	0	0	—	—
Capital activities by noncontrolling interests	−18	−21	−21	−21	−21
Net cash provided by financing activities	576	323	487	371	477
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	3	−1	123,000	−5	−50

Filings

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Frequently asked questions

What is PINNACLE WEST CAPITAL CORP's CIK number?

PINNACLE WEST CAPITAL CORP's SEC CIK number is 0000764622 (764622). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find PINNACLE WEST CAPITAL CORP's SEC filings?

All of PINNACLE WEST CAPITAL CORP's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did PINNACLE WEST CAPITAL CORP last report earnings?

PINNACLE WEST CAPITAL CORP (PNW) most recently filed an earnings 8-K with the SEC on May 4, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0000764622-26-000026). This is PINNACLE WEST CAPITAL CORP's most recent earnings filing of record — not a forecast of its next earnings date.

What is PINNACLE WEST CAPITAL CORP's most recent earnings 8-K?

PINNACLE WEST CAPITAL CORP's latest earnings 8-K (Item 2.02) was filed May 4, 2026 under accession 0000764622-26-000026. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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