Pinnacle West Capital

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

                    Revenue
                    FY2025
                
$5.3B
                    3y CAGR +7.3%
                    
                    P84
                    
                    +4.2%
                    
                    Net income
                    FY2025
                
$631.6M
                    Net margin +11.8%
                    
                    P32
                    
                    +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 9 filed · 0 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

30 accounts · 5 years

Total assets $30.0B

Total liabilities $3.2B

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%
Prepaid Expenses	0.4%	0.3%	0.4%	0.3%	0.4%
Other Current Assets	0.4%	0.3%	0.4%	0.3%	0.4%
Total Current Assets	5.7%	6.5%	7.8%	7.7%	7.0%
Property,Plant and Equipment	61.1%	64.5%	64.1%	63.9%	64.5%
Operating Lease Assets	12.2%	6.2%	5.3%	3.5%	4.0%
Intangible Assets	1.9%	2.3%	1.1%	1.1%	1.2%
Other Noncurrent Assets	0.5%	0.4%	0.4%	0.6%	0.4%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.3%	1.9%	1.8%	1.9%	1.8%
Accrued Liabilities	0.5%	0.7%	0.8%	0.7%	0.7%
Deferred Revenue	0.2%	0.2%	0.2%	0.2%	0.2%
Current Portion of Long Term Debt	2.0%	3.1%	2.5%	1.5%	1.3%
Operating Lease Liabilities	0.6%	0.4%	0.3%	0.5%	0.5%
Other Current Liabilities	0.5%	0.7%	0.8%	0.7%	0.7%
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%
Deferred Revenue Noncurrent	2.1%	2.2%	2.2%	1.9%	1.2%
Operating Lease Liabilities Noncurrent	11.8%	5.8%	4.9%	2.8%	3.3%
Deferred Tax Liabilities	8.2%	9.4%	9.8%	10.5%	10.5%
Other Noncurrent Liabilities	0.8%	0.9%	1.0%	1.1%	1.1%
Total Liabilities	10.5%	10.9%	11.7%	7.8%	8.0%
Equity
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 Stockholders Equity	23.5%	25.9%	25.1%	26.6%	26.8%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 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 Depreciation and Amortization	3.2%	3.7%	3.5%	3.6%	3.3%
Expenses Share Based Compensation	0.1%	0.1%	0.1%	0.1%	0.1%
Expenses Operating Expenses	14.2%	15.8%	15.7%	15.8%	13.6%
Other Income Expense Operating Income	3.6%	3.9%	3.3%	3.2%	3.7%
Other Income Expense Interest Income	0.1%	0.1%	0.1%	0.0%	0.0%
Other Income Expense Interest Expense	1.4%	1.4%	1.3%	1.1%	1.1%
Other Income Expense Other Income/expense	0.1%	0.1%	0.1%	0.2%	0.1%
Other Income Expense Income Before Tax	2.5%	2.8%	2.4%	—	—
Income Tax Income Tax Expense	0.4%	0.4%	0.3%	0.3%	0.5%
net Income net Income	2.1%	2.4%	2.1%	2.2%	2.9%
net Income Comprehensive Income	2.0%	2.3%	2.0%	2.2%	2.8%
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 Basic	0.4%	0.4%	0.5%	0.5%	0.5%
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

16 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 Income	2.1%	2.4%	2.1%	2.2%	2.9%
Operating Activities Depreciation and Amortization	3.2%	3.7%	3.5%	3.6%	3.3%
Operating Activities Stock Based Compensation	0.1%	0.1%	0.1%	0.1%	0.1%
Operating Activities Deferred Income Taxes	-0.2%	-0.1%	-0.1%	0.2%	0.5%
Operating Activities Changes In Operating Assets and Liabilities	0.2%	-0.4%	-0.4%	0.3%	-0.3%
Operating Activities Other Non Cash Items	0.5%	0.1%	0.3%	0.7%	0.4%
Operating Activities net Cash From Operating Activities	6.0%	6.2%	4.9%	5.5%	3.9%
Investing Activities Capital Expenditures	8.7%	8.6%	7.5%	7.5%	6.7%
Investing Activities Other Investing Activities	0.0%	0.0%	0.0%	0.1%	-0.0%
Investing Activities net Cash From Investing Activities	-7.9%	-7.4%	-6.9%	-7.1%	-6.3%
Financing Activities Dividends Paid	1.4%	1.5%	1.6%	1.7%	1.7%
Financing Activities net Cash From Financing Activities	1.9%	1.2%	2.0%	1.6%	2.2%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	0.0%	0.0%	0.0%	0.0%
Cash Reconciliation net Change In Cash	0.0%	-0.0%	0.0%	-0.0%	-0.2%
Cash Reconciliation Cash At Beginning of Period	0.0%	0.0%	0.0%	0.0%	0.0%
Cash Reconciliation Cash At End of Period	0.0%	0.0%	0.0%	0.0%	0.0%

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	+5.4%	+5.5%	+5.0%	+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	0.45x	0.42x	0.47x	0.29x	0.30x
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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