PINNACLE WEST CAPITAL CORP PNW

Utilities SIC 4911 - Electric Services NAICS Utilities › Electric Power Generation, Transmission and Distribution derived NYSE

Pinnacle West is an investor-owned electric utility holding company based in Phoenix, Arizona

with consolidated assets of approximately $30 billion. We derive essentially all of our revenues and earnings from our principal subsidiary, APS. Since 1886, APS and its affiliates have provided energy and energy-related products to people and businesses throughout Arizona. APS is Arizona's largest and longest-serving electric company and generates safe, affordable electricity in 11 of Arizona's 15 counties. Our other active subsidiaries are El Dorado and PNW Power.

Our reportable business segment is our regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission, and distribution. Our reportable business segment activities are conducted primarily through our wholly-owned subsidiary, APS.

Last close 105.88 2026-10-23
Market cap $12.83B 2026-06-30 share count
52-week range 86.18 - 111.16

Valuation FY2025 figures against the last close

P/S2.4x
P/E21.0x
P/FCF—
EV/EBITDA11.1x
Dividend yield3.3%
Diluted EPS5.05

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $5.34B$5.12B$4.70B$4.32B$3.80B$3.59B$3.47B$3.69B$3.57B$3.50B
Cost of revenue ———————$1.08B$981.3M$1.08B
Gross profit ———————$2.62B$2.58B$2.42B
Total operating expenses $4.27B$4.11B$3.87B$3.59B$3.00B$2.80B$2.80B$2.92B$2.66B$2.66B
Operating income $1.07B$1.01B$824.6M$731.9M$805.3M$788.2M$672.0M$773.7M$909.8M$835.6M
Interest expense $422.0M$377.5M$331.3M$255.5M$233.3M$229.0M$216.7M$218.3M$197.7M$185.8M
Pre-tax income $738.4M$736.6M$595.7M$575.7M$746.0M$648.2M$573.6M$664.4M$766.2M$697.9M
Income tax $106.7M$110.5M$76.9M$74.8M$110.1M$78.2M$15.8M$133.9M$258.3M$236.4M
Net income $631.6M$626.0M$518.8M$500.8M$635.9M$570.1M$557.8M$530.5M$507.9M$461.5M
EPS, basic 5.155.354.424.275.484.894.794.564.373.97
EPS, diluted 5.055.244.414.265.474.874.774.544.353.95
Shares, diluted (wtd. avg.) 122.0M116.2M113.8M113.4M113.2M112.9M112.8M112.5M112.4M112.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $6.6M$3.8M$5.0M$4.8M$10.0M$60.0M$10.3M$5.8M$13.9M$8.9M
Total current assets $1.70B$1.69B$1.93B$1.75B$1.55B$1.20B$1.03B$925.0M$1.02B$822.2M
Property, plant and equipment $18.36B$16.83B$15.80B$14.52B$14.18B$13.73B$13.20B$12.37B$11.67B$11.37B
Other intangibles $576.0M$591.3M$267.1M$258.9M$273.7M$282.6M$290.6M$262.9M$257.2M$90.0M
Total assets $30.03B$26.10B$24.66B$22.72B$22.00B$20.02B$18.48B$17.66B$17.02B$16.00B
Accounts payable $680.2M$485.4M$442.5M$430.4M$393.1M$318.6M$346.4M$277.3M$256.4M$264.6M
Short-term debt $600.0M$800.0M$875.0M$340.7M$292.0M$169.0M$114.7M$76.4M$95.4M$177.2M
Total current liabilities $3.16B$2.84B$2.89B$1.76B$1.76B$1.36B$2.08B$1.65B$1.20B$1.29B
Long-term debt $9.21B$8.06B$7.54B$7.74B$6.91B$6.31B$4.83B$4.64B$4.79B$4.02B
Retained earnings $3.85B$3.67B$3.47B$3.36B$3.26B$3.03B$2.84B$2.64B$2.44B$2.26B
Total equity $7.05B$6.75B$6.28B$6.16B$6.02B$5.75B$5.55B$5.35B$5.14B$4.94B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.81B$1.61B$1.21B$1.24B$860.0M$966.4M$956.7M$1.28B$1.12B$1.02B
Depreciation and amortisation $969.6M$956.2M$854.1M$817.8M$719.1M$686.3M$664.1M$651.0M$610.6M$565.0M
Stock-based compensation $27.5M$23.5M$17.3M$15.9M$18.5M$18.3M$18.4M$19.5M$20.5M$18.9M
Capital expenditure $2.62B$2.25B$1.85B$1.71B$1.47B$1.33B$1.19B$1.18B$1.41B$1.28B
Investing cash flow -$2.38B-$1.93B-$1.69B-$1.62B-$1.39B-$1.28B-$1.13B-$1.19B-$1.43B-$1.25B
Financing cash flow $576.3M$322.7M$486.7M$371.5M$476.9M$361.1M$178.8M-$92.4M$315.5M$198.1M
Dividends paid $422.8M$394.7M$386.5M$378.9M$369.5M$350.6M$329.6M$308.9M$289.8M$274.2M
Buybacks —$4.9M$5.5M$2.7M$4.7M$7.2M$11.2M$10.3M$17.8M$9.1M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000764622-26-000011.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 2B 4B 6B Revenue, FY2016: 3.5B Gross profit, FY2016: 2.4B Net income, FY2016: 461.5M Revenue, FY2017: 3.6B Gross profit, FY2017: 2.6B Net income, FY2017: 507.9M Revenue, FY2018: 3.7B Gross profit, FY2018: 2.6B Net income, FY2018: 530.5M Revenue, FY2019: 3.5B Net income, FY2019: 557.8M Revenue, FY2020: 3.6B Net income, FY2020: 570.1M Revenue, FY2021: 3.8B Net income, FY2021: 635.9M Revenue, FY2022: 4.3B Net income, FY2022: 500.8M Revenue, FY2023: 4.7B Net income, FY2023: 518.8M Revenue, FY2024: 5.1B Net income, FY2024: 626M Revenue, FY2025: 5.3B Net income, FY2025: 631.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.50B $3.57B $3.69B $3.47B $3.59B $3.80B $4.32B $4.70B $5.12B $5.34B
Gross profit $2.42B $2.58B $2.62B — — — — — — —
Net income $461.5M $507.9M $530.5M $557.8M $570.1M $635.9M $500.8M $518.8M $626.0M $631.6M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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