NYSE : PNW
Pinnacle West Capital Corporation — Financial statements
Utilities · Utilities - Regulated Electric · United States
Last price 106.28 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 12.88B
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Financial statements
Pinnacle West Capital Corporation (PNW) reported revenue of 5.55B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.55B | 5.34B | 5.12B | 4.70B | 4.32B | 3.80B |
| Fuel & Purchased Power | 1.99B | 1.93B | 1.82B | 1.79B | 1.63B | 1.15B |
| Operations & Maintenance | 1.16B | 1.19B | 1.17B | 1.06B | 987.07M | 954.07M |
| Depreciation & Amortization | 934.59M | 915.34M | 895.35M | 794.04M | 753.20M | 650.88M |
| Other Operating Expenses | 235.18M | 226.06M | 180.91M | 185.28M | 124.38M | 128.49M |
| Total Operating Expenses | 4.40B | 4.26B | 4.06B | 3.83B | 3.49B | 2.89B |
| Operating Income | 1.15B | 1.08B | 1.06B | 865.29M | 830.40M | 917.85M |
| Interest Expense | -510.59M | -469.70M | -425.74M | -374.89M | -283.57M | -254.31M |
| Interest Income | 12.43M | 18.04M | 24.32M | 27.24M | 7.33M | 6.73M |
| Net Interest Expense | -498.16M | -451.66M | -401.42M | -347.64M | -276.24M | -247.59M |
| Allowance for Equity Funds for Construction | 64.96M | 61.15M | 38.62M | 53.12M | 45.26M | 41.74M |
| Allowance for Borrowed Funds for Construction | 47.34M | 47.73M | 48.27M | 43.56M | 28.03M | 21.05M |
| Other Non-Operating Income (Expenses) | -25.08M | -25.62M | -31.41M | -21.43M | -31.26M | 14.35M |
| EBT Excluding Unusual Items | 743.53M | 711.65M | 714.99M | 592.89M | 596.19M | 747.40M |
| Gain (Loss) on Sale of Investments | 17.82M | 26.72M | -1.42M | -3.40M | -20.54M | -1.37M |
| Gain (Loss) on Sale of Assets | 22.99M | 6.21M | ||||
| Pretax Income | 761.35M | 738.37M | 736.56M | 595.69M | 575.65M | 746.03M |
| Income Tax Expense | 110.36M | 106.73M | 110.53M | 76.91M | 74.83M | 110.09M |
| Earnings From Continuing Ops. | 650.99M | 631.64M | 626.03M | 518.78M | 500.83M | 635.94M |
| Minority Interest in Earnings | -10.89M | -15.11M | -17.22M | -17.22M | -17.22M | -17.22M |
| Net Income | 640.11M | 616.53M | 608.81M | 501.56M | 483.60M | 618.72M |
| Net Income to Common | 640.11M | 616.53M | 608.81M | 501.56M | 483.60M | 618.72M |
| Shares Outstanding (Basic) | 120.58M | 119.69M | 113.85M | 113.44M | 113.20M | 112.91M |
| Shares Outstanding (Diluted) | 123.13M | 121.97M | 116.23M | 113.80M | 113.42M | 113.19M |
| EPS (Basic) | 5.31 | 5.15 | 5.35 | 4.42 | 4.27 | 5.48 |
| EPS (Diluted) | 5.19 | 5.05 | 5.24 | 4.41 | 4.26 | 5.47 |
| Free Cash Flow | -925.87M | -867.26M | -687.64M | -682.24M | -494.08M | -634.51M |
| Free Cash Flow Per Share | -7.52 | -7.11 | -5.92 | -6.00 | -4.36 | -5.61 |
| Dividend Per Share | 3.62 | 3.60 | 3.54 | 3.48 | 3.42 | 3.34 |
| Profit Margin | 11.53% | 11.55% | 11.88% | 10.68% | 11.18% | 16.27% |
| Free Cash Flow Margin | -16.67% | -16.24% | -13.42% | -14.53% | -11.43% | -16.68% |
| EBITDA | 2.15B | 2.05B | 2.02B | 1.72B | 1.65B | 1.64B |
| EBITDA Margin | 38.69% | 38.38% | 39.36% | 36.61% | 38.11% | 43.04% |
| D&A For EBITDA | 994.64M | 969.62M | 956.18M | 854.14M | 817.81M | 719.14M |
| EBIT | 1.15B | 1.08B | 1.06B | 865.29M | 830.40M | 917.85M |
| EBIT Margin | 20.79% | 20.23% | 20.70% | 18.43% | 19.20% | 24.13% |
| Effective Tax Rate | 14.49% | 14.45% | 15.01% | 12.91% | 13.00% | 14.76% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 9.12M | 6.60M | 3.84M | 4.96M | 4.83M | 9.97M |
| Accounts Receivable | 1.04B | 728.03M | 677.66M | 659.01M | 594.20M | 500.55M |
| Other Receivables | 3.49M | 5.98M | 332.00K | 14.09M | 7.51M | |
| Inventory | 625.24M | 565.15M | 501.44M | 493.55M | 450.64M | 367.17M |
| Other Current Assets | 328.90M | 397.94M | 506.46M | 769.12M | 686.80M | 665.90M |
| Total Current Assets | 2.00B | 1.70B | 1.69B | 1.93B | 1.75B | 1.55B |
| Property, Plant & Equipment | 25.85B | 23.69B | 20.11B | 18.92B | 17.30B | 16.50B |
| Net Nuclear Fuel | 133.65M | 104.27M | 97.85M | 99.49M | 100.12M | 106.04M |
| Regulatory Assets | 1.45B | 1.46B | 1.39B | 1.39B | 1.28B | 1.19B |
| Other Intangible Assets | 535.80M | 575.98M | 591.31M | 267.11M | 258.88M | 273.69M |
| Other Long-Term Assets | 2.55B | 2.49B | 2.22B | 2.05B | 2.03B | 2.38B |
| Total Assets | 32.58B | 30.03B | 26.10B | 24.66B | 22.72B | 22.00B |
| Accounts Payable | 641.56M | 680.20M | 485.43M | 442.45M | 430.43M | 393.08M |
| Accrued Expenses | 115.02M | 105.64M | 81.80M | 72.92M | 61.22M | 57.33M |
| Short-Term Debt | 818.60M | 757.00M | 568.45M | 609.50M | 340.72M | 292.00M |
| Current Portion of Long-Term Debt | 775.00M | 600.00M | 800.00M | 875.00M | 50.69M | 150.00M |
| Current Portion of Leases | 193.21M | 188.59M | 100.37M | 67.88M | 105.21M | 100.44M |
| Current Income Taxes Payable | 188.91M | 186.60M | 175.86M | 166.83M | 164.44M | 168.65M |
| Other Current Liabilities | 639.23M | 642.99M | 631.89M | 654.76M | 609.44M | 595.37M |
| Total Current Liabilities | 3.37B | 3.16B | 2.84B | 2.89B | 1.76B | 1.76B |
| Long-Term Debt | 9.78B | 9.21B | 8.06B | 7.54B | 7.74B | 6.91B |
| Long-Term Leases | 4.94B | 3.55B | 1.52B | 1.21B | 639.25M | 728.40M |
| Long-Term Unearned Revenue | 852.52M | 632.17M | 569.34M | 533.58M | 422.10M | 257.15M |
| Pension & Post-Retirement Benefits | 181.19M | 167.64M | 139.32M | 112.70M | 116.29M | 152.87M |
| Long-Term Deferred Tax Liabilities | 2.82B | 2.78B | 2.69B | 2.67B | 2.57B | 2.50B |
| Other Long-Term Liabilities | 3.55B | 3.45B | 3.42B | 3.42B | 3.32B | 3.67B |
| Total Liabilities | 25.50B | 22.94B | 19.25B | 18.38B | 16.56B | 15.98B |
| Common Stock | 3.23B | 3.23B | 3.12B | 2.75B | 2.72B | 2.70B |
| Retained Earnings | 3.84B | 3.85B | 3.67B | 3.47B | 3.36B | 3.26B |
| Treasury Stock | -3.32M | -3.32M | -3.32M | -8.19M | -5.00M | -6.40M |
| Comprehensive Income & Other | -31.03M | -32.41M | -30.94M | -33.14M | -31.43M | -54.86M |
| Total Common Equity | 7.03B | 7.05B | 6.75B | 6.18B | 6.05B | 5.91B |
| Minority Interest | 40.33M | 40.62M | 103.17M | 107.20M | 111.23M | 115.26M |
| Shareholders' Equity | 7.08B | 7.09B | 6.86B | 6.28B | 6.16B | 6.02B |
| Total Liabilities & Equity | 32.58B | 30.03B | 26.10B | 24.66B | 22.72B | 22.00B |
| Total Debt | 16.51B | 14.30B | 11.05B | 10.30B | 8.88B | 8.18B |
| Net Cash (Debt) | -16.50B | -14.29B | -11.04B | -10.30B | -8.87B | -8.17B |
| Net Cash Per Share | -133.97 | -117.18 | -95.02 | -90.49 | -78.23 | -72.22 |
| Filing Date Shares Outstanding | 121.20M | 120.91M | 119.10M | 113.43M | 113.18M | 112.93M |
| Total Common Shares Outstanding | 121.19M | 120.90M | 119.10M | 113.42M | 113.17M | 112.93M |
| Working Capital | -1.37B | -1.46B | -1.15B | -962.38M | -11.59M | -205.77M |
| Book Value Per Share | 58.05 | 58.28 | 56.71 | 54.47 | 53.45 | 52.30 |
| Tangible Book Value | 6.50B | 6.47B | 6.16B | 5.91B | 5.79B | 5.63B |
| Tangible Book Value Per Share | 53.63 | 53.52 | 51.75 | 52.11 | 51.16 | 49.88 |
| Machinery | 27.91B | 27.37B | 25.86B | 24.21B | 22.45B | 21.69B |
| Construction In Progress | 2.20B | 1.65B | 1.59B | 1.72B | 1.88B | 1.33B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 640.11M | 616.53M | 608.81M | 501.56M | 483.60M | 618.72M |
| Depreciation & Amortization | 994.64M | 969.62M | 956.18M | 854.14M | 817.81M | 719.14M |
| Other Amortization | 463.01M | 463.01M | 425.89M | 547.24M | 219.58M | 44.56M |
| Loss (Gain) on Sale of Assets | -22.99M | -6.42M | ||||
| Stock-Based Compensation | 27.96M | 27.46M | 23.53M | 17.34M | 15.94M | 18.46M |
| Change in Accounts Receivable | -213.46M | -48.06M | -22.05M | -64.77M | -94.65M | -74.34M |
| Change in Inventory | -98.30M | -63.71M | -7.89M | -42.91M | -83.47M | -32.87M |
| Change in Accounts Payable | -6.24M | 171.14M | -7.21M | -75.62M | 90.08M | 20.27M |
| Change in Income Taxes | -20.04M | 4.76M | 9.36M | 16.15M | -10.78M | 8.37M |
| Change in Other Net Operating Assets | 333.51M | 26.95M | -52.94M | -5.21M | 85.27M | -293.58M |
| Other Operating Activities | -350.13M | -362.59M | -300.86M | -533.79M | -281.94M | -168.72M |
| Operating Cash Flow | 1.77B | 1.81B | 1.61B | 1.21B | 1.24B | 860.01M |
| Capital Expenditures | -2.70B | -2.67B | -2.30B | -1.89B | -1.74B | -1.49B |
| Divestitures | 84.32M | 23.40M | ||||
| Contributions to Nuclear Demissioning Trust | -1.93B | -1.86B | -1.71B | -1.68B | -1.21B | -1.73B |
| Other Investing Activities | 2.30B | 2.15B | 1.99B | 1.85B | 1.33B | 1.83B |
| Investing Cash Flow | -2.33B | -2.38B | -1.93B | -1.69B | -1.62B | -1.39B |
| Short-Term Debt Issued | 788.55M | 550.00M | 241.90M | 48.72M | 142.00M | |
| Long-Term Debt Issued | 1.74B | 1.31B | 689.35M | 875.54M | 747.00M | |
| Total Debt Issued | 2.05B | 2.53B | 1.86B | 931.25M | 924.26M | 889.00M |
| Short-Term Debt Repaid | -600.00M | -591.05M | -19.00M | |||
| Long-Term Debt Repaid | -800.00M | -875.00M | -32.74M | -150.00M | ||
| Total Debt Repaid | -950.00M | -1.40B | -1.47B | -32.74M | -150.00M | -19.00M |
| Net Debt Issued (Repaid) | 1.10B | 1.13B | 397.18M | 898.51M | 774.26M | 870.00M |
| Issuance of Common Stock | 84.61M | 84.61M | 341.43M | |||
| Repurchase of Common Stock | -1.14M | -4.09M | -2.65M | -2.35M | ||
| Common Dividends Paid | -431.38M | -422.79M | -394.66M | -386.49M | -378.88M | -369.48M |
| Other Financing Activities | -210.83M | -216.78M | -21.25M | -21.25M | -21.25M | -21.25M |
| Financing Cash Flow | 544.88M | 576.35M | 322.69M | 486.68M | 371.47M | 476.92M |
| Net Cash Flow | -9.72M | 2.77M | -1.12M | 123.00K | -5.14M | -50.00M |
| Free Cash Flow | -925.87M | -867.26M | -687.64M | -682.24M | -494.08M | -634.51M |
| Free Cash Flow Margin | -16.67% | -16.24% | -13.42% | -14.53% | -11.43% | -16.68% |
| Free Cash Flow Per Share | -7.52 | -7.11 | -5.92 | -6.00 | -4.36 | -5.61 |
| Levered Free Cash Flow | -929.50M | -601.88M | -220.41M | -269.57M | -493.91M | -602.66M |
| Unlevered Free Cash Flow | -610.38M | -308.32M | 45.68M | -35.26M | -316.68M | -443.71M |
| Cash Interest Paid | 423.12M | 388.54M | 360.35M | 311.00M | 245.27M | 227.58M |
| Cash Income Tax Paid | 23.12M | 22.75M | 133.97M | 8.79M | 46.23M | 229.00K |
| Change in Working Capital | -4.54M | 91.08M | -80.74M | -172.36M | -13.55M | -372.15M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.84B | 10.62B | 9.64B | 8.15B | 8.60B | 7.96B |
| Enterprise Value | 29.34B | 24.88B | 21.01B | 18.38B | 17.32B | 15.71B |
| PE Ratio | 20.40 | 17.22 | 15.83 | 16.24 | 17.79 | 12.87 |
| PS Ratio | 2.31 | 1.99 | 1.88 | 1.74 | 1.99 | 2.09 |
| PB Ratio | 1.83 | 1.50 | 1.41 | 1.30 | 1.40 | 1.32 |
| P/OCF Ratio | 7.25 | 5.88 | 5.99 | 6.75 | 6.93 | 9.26 |
| EV/Sales Ratio | 5.28 | 4.66 | 4.10 | 3.91 | 4.01 | 4.13 |
| EV/EBITDA Ratio | 13.65 | 12.14 | 10.42 | 10.69 | 10.51 | 9.60 |
| EV/EBIT Ratio | 25.41 | 23.03 | 19.81 | 21.24 | 20.86 | 17.11 |
| Debt / Equity Ratio | 2.33 | 2.02 | 1.61 | 1.64 | 1.44 | 1.36 |
| Debt / EBITDA Ratio | 6.12 | 5.74 | 4.70 | 5.10 | 4.67 | 4.34 |
| Net Debt / Equity Ratio | 2.33 | 2.02 | 1.61 | 1.64 | 1.44 | 1.36 |
| Net Debt / EBITDA Ratio | 7.68 | 6.97 | 5.47 | 5.99 | 5.38 | 4.99 |
| Net Debt / FCF Ratio | -17.82 | -16.48 | -16.06 | -15.10 | -17.96 | -12.88 |
| Quick Ratio | 0.31 | 0.23 | 0.24 | 0.23 | 0.35 | 0.29 |
| Current Ratio | 0.59 | 0.54 | 0.59 | 0.67 | 0.99 | 0.88 |
| Asset Turnover | 0.18 | 0.19 | 0.20 | 0.20 | 0.19 | 0.18 |
| Return on Equity (ROE) | 9.37% | 9.06% | 9.53% | 8.34% | 8.22% | 10.80% |
| Return on Assets (ROA) | 2.33% | 2.40% | 2.61% | 2.28% | 2.32% | 2.73% |
| Return on Capital Employed (ROCE) | 4.00% | 4.00% | 4.60% | 4.00% | 4.00% | 4.50% |
| Earnings Yield | 4.90% | 5.81% | 6.32% | 6.16% | 5.62% | 7.77% |
| FCF Yield | -7.21% | -8.17% | -7.13% | -8.38% | -5.74% | -7.97% |
| Dividend Yield | 3.49% | 4.09% | 4.37% | 4.84% | 4.49% | 4.74% |
| Payout Ratio | 71.25% | 68.58% | 64.83% | 77.06% | 78.35% | 59.72% |
| Buyback Yield / Dilution | -2.93% | -4.94% | -2.13% | -0.34% | -0.20% | -0.22% |
| Total Shareholder Return | 0.56% | -0.84% | 2.23% | 4.50% | 4.29% | 4.52% |