PINNACLE WEST CAPITAL CORP PNW
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 5.15 | 5.35 | 4.42 | 4.27 | 5.48 | 4.89 | 4.79 | 4.56 | 4.37 | 3.97 |
| EPS, diluted | 5.05 | 5.24 | 4.41 | 4.26 | 5.47 | 4.87 | 4.77 | 4.54 | 4.35 | 3.95 |
| Shares, diluted (wtd. avg.) | $122.0M | $116.2M | $113.8M | $113.4M | $113.2M | $112.9M | $112.8M | $112.5M | $112.4M | $112.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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