Pinnacle West Capital

Utilities Multi-Utilities Phoenix, Arizona Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.3B
                    3y CAGR +7.3%
                    
                    P83
                    
                    +4.2%
                    
                    Net income
                    FY2025
                
$631.6M
                    Net margin +11.8%
                    
                    P33
                    
                    +0.9%
                    
                    Total assets
                    FY2025
                
$30.0B
                    ROA +2.1%
                    
                    P16
                    
                    +15.1%
                    
                    Operating cash flow
                    FY2025
                
$1.8B
                    FCF margin -15.3%
                    
                    P38
                    
                    +12.1%

18 yrs · FY2008–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

21 accounts · 5 years

Total assets $30.0B

Total liabilities ~$23.0B

Shareholders equity $7.0B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	0.0%	0.0%	0.0%	0.0%	0.0%
Accounts Receivable	1.9%	2.0%	2.1%	2.0%	1.8%
Other Current Assets	3.7%	4.4%	5.7%	5.7%	5.2%
Total Current Assets	5.7%	6.5%	7.8%	7.7%	7.0%
Property,Plant and Equipment	69.0%	73.5%	72.9%	74.2%	72.7%
Regulatory Assets	4.9%	5.3%	5.6%	5.6%	5.4%
Other Noncurrent Assets	20.5%	14.7%	13.6%	12.5%	14.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Current Portion of Long Term Debt	4.5%	5.2%	6.0%	1.7%	2.0%
Other Current Liabilities	6.0%	5.7%	5.7%	6.0%	6.0%
Total Current Liabilities	10.5%	10.9%	11.7%	7.8%	8.0%
Long Term Debt	30.7%	30.9%	30.6%	34.1%	31.4%
Regulatory Liabilities	5.8%	7.1%	8.0%	9.1%	11.4%
Other Noncurrent Liabilities	29.4%	24.9%	24.3%	22.0%	21.9%
Equity
Total Stockholders Equity	23.5%	25.9%	25.1%	26.6%	26.8%
Common Stock	10.8%	12.0%	11.2%	12.0%	12.3%
Retained Earnings	12.8%	14.0%	14.1%	14.8%	14.8%
Treasury Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Accumulated Other Comprehensive Income	-0.1%	-0.1%	-0.1%	-0.1%	-0.2%
Noncontrolling Interest	0.1%	0.4%	0.4%	0.5%	0.5%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

13 accounts · 5 years

Revenue $5.3B

Operating income $1.1B

Net income $631.6M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	17.8%	19.6%	19.0%	19.0%	17.3%
Expenses Cost of Revenue	6.4%	7.0%	7.3%	7.2%	5.2%
Expenses Selling,General and Administrative	3.9%	4.5%	4.3%	4.3%	4.3%
Expenses Depreciation and Amortization	3.0%	3.4%	3.2%	3.3%	3.0%
Expenses Other Operating Expenses	0.8%	0.9%	0.9%	1.0%	1.1%
Other Income Expense Operating Income	3.6%	3.9%	3.3%	3.2%	3.7%
Other Income Expense Interest Expense	1.4%	1.4%	1.3%	1.1%	1.1%
Income Tax Income Tax Expense	0.4%	0.4%	0.3%	0.3%	0.5%
net Income Other Items Below Tax	0.3%	0.3%	0.3%	0.4%	0.7%
net Income net Income	2.1%	2.4%	2.1%	2.2%	2.9%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.4%	0.4%	0.5%	0.5%	0.5%

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $1.8B

Investing cash flow $-2.4B

Financing cash flow $576.3M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	6.0%	6.2%	4.9%	5.5%	3.9%
Operating Activities net Income	2.1%	2.4%	2.1%	2.2%	2.9%
Operating Activities Depreciation and Amortization	4.8%	5.3%	5.7%	4.6%	3.5%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.1%	0.1%
Operating Activities Other Non Cash Items	-1.0%	-1.6%	-3.0%	-1.4%	-2.5%
Investing Activities Capital Expenditures	-8.7%	-8.6%	-7.5%	-7.5%	-6.7%
Investing Activities Other Investing Activities	0.8%	1.2%	0.6%	0.4%	0.4%
Investing Activities net Cash From Investing Activities	-7.9%	-7.4%	-6.9%	-7.1%	-6.3%
Financing Activities Proceeds From Debt	7.7%	7.1%	2.8%	3.9%	3.4%
Financing Activities Repayment of Debt	-4.7%	-4.7%	-0.1%	-0.7%	-0.1%
Financing Activities Dividends Paid	-1.4%	-1.5%	-1.6%	-1.7%	-1.7%
Financing Activities Other Financing Activities	0.3%	0.3%	0.9%	0.1%	0.5%
Financing Activities net Cash From Financing Activities	1.9%	1.2%	2.0%	1.6%	2.2%
Cash Reconciliation net Change In Cash	0.0%	-0.0%	0.0%	-0.0%	-0.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+63.8%	+64.4%	+61.8%	+62.3%	+69.7%
Operating margin	+20.0%	+19.7%	+17.6%	+16.9%	+21.2%
Net margin	+11.8%	+12.2%	+11.0%	+11.6%	+16.7%
FCF margin	-15.3%	-12.5%	-13.6%	-10.8%	-16.1%
Growth
Revenue CAGR (3y)	+7.3%	+10.4%	+9.4%	+7.6%	+1.0%
Returns
ROE	+9.0%	+9.3%	+8.4%	+8.3%	+10.8%
ROA	+2.1%	+2.4%	+2.1%	+2.2%	+2.9%
ROIC	+6.1%	+6.3%	+5.4%	+5.2%	+6.1%
Liquidity
Current ratio	0.54x	0.59x	0.67x	0.99x	0.88x
Quick ratio	0.19x	0.19x	0.18x	0.26x	0.23x
Leverage
D/E	3.26x	2.86x	2.99x	2.76x	2.73x
Interest coverage	2.53x	2.68x	2.49x	2.86x	3.45x
Efficiency
Asset turnover	0.18x	0.20x	0.19x	0.19x	0.17x
Cash conversion cycle	—	—	—	—	—

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Pinnacle West Capital

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