PNW
Pinnacle West Capital CorporationStock · UtilitiesS&P 500 Equal Weight 0.2% · S&P 500 0.02% · Russell 1000 0.02% · US Stock Market 0.02% · Russell 3000 0.02%$94.21-1.44%
as of market close, Sep 18, 2026
☾ AH — —
PNW financial statements
The full income statement, balance sheet, and cash-flow statement for Pinnacle West Capital Corporation (PNW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 113.6M2024-09 113.7M2024-12 119.1M2025-03 119.4M2025-06 119.4M2025-09 119.7M2025-12 120.9M2026-03 121.2M2026-06 121.2M+6.7% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 5.34B+4.2% | 5.12B+9.1% | 4.70B+8.6% | 4.32B+13.7% | 3.80B+6.0% | |
| Amortization of intangibles | 157M+15.4% | 136M+51.1% | 90.0M+7.1% | 84.0M+5.0% | 80.0M+14.3% | |
| Provision for credit losses | 28.6M-20.1% | 35.8M+53.0% | 23.4M+37.6% | 17.0M-23.6% | 22.3M+7.8% | |
| Operating income | 1.07B+5.5% | 1.01B+22.7% | 825M+12.7% | 732M-9.1% | 805M+2.2% | |
| Interest expense | 422M+11.8% | 377M+13.9% | 331M+29.7% | 256M+9.6% | 233M+1.9% | |
| Interest & investment income | 18.0M-25.8% | 24.3M-10.7% | 27.2M+271.9% | 7.33M+8.9% | 6.73M-44.9% | |
| Other non-operating income | 92.7M-9.1% | 102M-0.4% | 102M+3.1% | 99.3M-42.9% | 174M+95.4% | |
| Pre-tax income | 738M+0.2% | 737M+23.6% | 596M | — | — | |
| Income tax | 107M-3.4% | 111M+43.7% | 76.9M+2.8% | 74.8M-32.0% | 110M+40.8% | |
| 632M+0.9% | 626M+20.7% | 519M+3.6% | 501M-21.2% | 636M+11.6% | ||
| Net income to non-controlling interest | 15.1M-12.3% | 17.2M+0.0% | 17.2M+0.0% | 17.2M+0.0% | 17.2M-11.6% | |
| Net income to common | 617M+1.3% | 609M+21.4% | 502M+3.7% | 484M-21.8% | 619M+12.4% | |
| $5.05-3.6% | $5.24+18.8% | $4.41+3.5% | $4.26-22.1% | $5.47+12.3% | ||
| EPS (basic) | $5.15-3.7% | $5.35+21.0% | $4.42+3.5% | $4.27-22.1% | $5.48+12.1% | |
| Weighted-avg shares (basic) | 120M+5.1% | 114M+0.4% | 113M+0.2% | 113M+0.3% | 113M+0.2% | |
| Weighted-avg shares (diluted) | 122M+4.9% | 116M+2.1% | 114M+0.3% | 113M+0.2% | 113M+0.2% | |
| Dividends per share | $3.61+1.7% | $3.55+1.7% | $3.49+1.7% | $3.43+2.1% | $3.36+4.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.70B+0.8% | 1.69B-12.3% | 1.93B+10.1% | 1.75B+12.9% | 1.55B+29.4% | ||
| Cash & equivalents | 6.60M+72.1% | 3.84M-22.5% | 4.96M+2.5% | 4.83M-51.5% | 9.97M-83.4% | |
| Other current assets | 109M+45.1% | 74.9M-26.1% | 101M+68.8% | 60.1M-28.4% | 83.9M+9.5% | |
| 30.0B+15.1% | 26.1B+5.8% | 24.7B+8.5% | 22.7B+3.3% | 22.0B+9.9% | ||
| Property, plant & equipment | 18.4B+9.1% | 16.8B+6.5% | 15.8B+8.8% | 14.5B+2.4% | 14.2B+3.3% | |
| Operating lease right-of-use | 3.65B+127.3% | 1.61B+22.6% | 1.31B+63.4% | 802M-9.9% | 890M+76.2% | |
| Intangible assets | 576M-2.6% | 591M+121.4% | 267M+3.2% | 259M-5.4% | 274M-3.1% | |
| Other non-current assets | 145M+26.0% | 115M+11.9% | 103M-18.2% | 126M+28.4% | 97.9M+7.4% | |
| 3.16B+11.2% | 2.84B-1.6% | 2.89B+64.0% | 1.76B+0.3% | 1.76B+29.1% | ||
| Accounts payable | 680M+40.1% | 485M+9.7% | 442M+2.8% | 430M+9.5% | 393M+23.4% | |
| Deferred revenue | 63.8M+43.8% | 44.3M+5.5% | 42.0M+0.6% | 41.8M-1.2% | 42.3M-12.5% | |
| Short-term & current debt | 600M-25.0% | 800M-8.6% | 875M+156.8% | 341M+16.7% | 292M+72.8% | |
| Current lease liability | 189M+87.9% | 100M+47.9% | 67.9M-35.5% | 105M+4.7% | 100M+34.3% | |
| Other current liabilities | 151M-11.8% | 172M-11.3% | 194M+30.5% | 148M-2.4% | 152M-18.9% | |
| Long-term debt | 9.21B+14.2% | 8.06B+6.9% | 7.54B-2.6% | 7.74B+12.0% | 6.91B+9.5% | |
| Deferred revenue (non-current) | 632M+11.0% | 569M+6.7% | 534M+26.4% | 422M+64.1% | 257M+16.3% | |
| Non-current lease liability | 3.55B+133.3% | 1.52B+25.7% | 1.21B+89.3% | 639M-12.2% | 728M+101.6% | |
| Operating lease liability (total) | 3.74B+130.5% | 1.62B+26.9% | 1.28B+71.7% | 744M-10.2% | 829M+90.0% | |
| Deferred tax liabilities | 2.47B+1.1% | 2.44B+1.2% | 2.42B+1.3% | 2.38B+3.1% | 2.31B+8.3% | |
| Other non-current liabilities | 249M+2.8% | 242M-3.6% | 251M+1.6% | 247M+6.2% | 233M+22.2% | |
| 7.05B+4.3% | 6.75B+9.3% | 6.18B+2.1% | 6.05B+2.4% | 5.91B+4.8% | ||
| Common stock | 3.23B+3.5% | 3.12B+13.4% | 2.75B+1.0% | 2.72B+0.8% | 2.70B+0.9% | |
| Retained earnings | 3.85B+5.0% | 3.67B+5.8% | 3.47B+3.2% | 3.36B+2.9% | 3.26B+7.9% | |
| Treasury stock | 3.32M+0.0% | 3.32M-59.4% | 8.19M+63.5% | 5.00M-21.8% | 6.40M+1.8% | |
| Accumulated other comprehensive income | -32.4M-4.7% | -30.9M+6.6% | -33.1M-5.4% | -31.4M+42.7% | -54.9M+12.6% | |
| Non-controlling interest | 40.6M-60.6% | 103M-3.8% | 107M-3.6% | 111M-3.5% | 115M-3.4% | |
| Total equity incl. non-controlling | 7.09B+3.3% | 6.86B+9.1% | 6.28B+2.0% | 6.16B+2.3% | 6.02B+4.7% | |
| Total liabilities & equity | 30.0B+15.1% | 26.1B+5.8% | 24.7B+8.5% | 22.7B+3.3% | 22.0B+9.9% | |
| Common shares issued | 121M+1.5% | 119M+4.9% | 114M+0.3% | 113M+0.2% | 113M+0.2% | |
| Shares outstanding (cover) | 121M+1.5% | 119M+5.0% | 113M+0.2% | 113M+0.2% | 113M+0.2% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.81B+12.1% | 1.61B+33.3% | 1.21B-2.7% | 1.24B+44.4% | 860M-11.0% | ||
| Depreciation & amortization | 970M+1.4% | 956M+11.9% | 854M+4.4% | 818M+13.7% | 719M+4.8% | |
| Intangible amortization | 157M+15.4% | 136M+51.1% | 90.0M+7.1% | 84.0M+5.0% | 80.0M+14.3% | |
| Share-based compensation | 27.5M+16.7% | 23.5M+35.7% | 17.3M+8.8% | 15.9M-13.6% | 18.5M+0.9% | |
| Deferred income taxes | -50.9M-143.0% | -20.9M+13.9% | -24.3M-156.3% | 43.2M-63.2% | 117M+69.1% | |
| Change in inventory | 63.7M+707.0% | 7.89M-81.6% | 42.9M-48.6% | 83.5M+153.9% | 32.9M+382.8% | |
| Change in payables | 171M+2472.3% | -7.21M+90.5% | -75.6M-184.0% | 90.1M+344.4% | 20.3M+434.5% | |
| -2.38B-23.0% | -1.93B-14.1% | -1.69B-4.7% | -1.62B-16.7% | -1.39B-8.5% | ||
| Capital expenditure | 2.62B+16.7% | 2.25B+21.8% | 1.85B+8.1% | 1.71B+15.9% | 1.47B+11.1% | |
| Free cash flow | -820M-28.2% | -639M-0.1% | -639M-37.0% | -466M+24.0% | -613M-70.3% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other investing activities | 8.91M+5.9% | 8.41M+30.3% | 6.46M-58.6% | 15.6M+341.7% | -6.46M+18.1% | |
| 576M+78.6% | 323M-33.7% | 487M+31.0% | 371M-22.1% | 477M+32.1% | ||
| Long-term debt issued | 0.00 | 0.00-100.0% | 689M-21.3% | 876M+17.2% | 747M-53.2% | |
| Long-term debt repaid | 0.00 | 0.00-100.0% | 32.7M-78.2% | 150M | 0.00-100.0% | |
| Common stock issued | 0.00 | 0.00+100.0% | -4.09M-54.3% | -2.65M-12.9% | -2.35M-69.2% | |
| Common stock repurchased | 0.00 | 0.00-100.0% | 4.09M+54.3% | 2.65M | 0.00 | |
| Dividends paid | 423M+7.1% | 395M+2.1% | 386M+2.0% | 379M+2.5% | 369M+5.4% | |
| Net change in cash | 2.77M+347.6% | -1.12M-1008.1% | 123K+102.4% | -5.14M+89.7% | -50.0M-200.6% | |
| Interest paid | 389M+7.8% | 360M+15.9% | 311M+26.8% | 245M+7.8% | 228M+4.9% | |
| Income taxes paid | 22.8M-79.9% | 113M+1185.8% | 8.79M-81.0% | 46.2M+20086.5% | 229K+107.6% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 10.7B+6.2% | 10.1B+23.9% | 8.15B-5.3% | 8.60B+7.9% | 7.97B-11.5% | |
| P/E | 17.0×+5.3% | 16.1×-2.0% | 16.5×+5.7% | 15.6×+24.2% | 12.5×-20.7% | |
| P/S | 2.0×+1.9% | 2.0×+14.0% | 1.7×-17.4% | 2.1×-0.2% | 2.1×-16.6% | |
| P/B | 1.5×+1.8% | 1.5×+17.0% | 1.3×-7.2% | 1.4×+2.1% | 1.3×-15.6% | |
| Earnings yield | 5.9%-5.0% | 6.2%+2.1% | 6.1%-5.4% | 6.4%-19.5% | 8.0%+26.1% | |
| Dividend yield | 4.1%-2.8% | 4.2%-13.8% | 4.9%+7.7% | 4.5%-5.2% | 4.8%+17.8% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: PNW’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PNW filings on SEC EDGAR → Not investment advice.