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 revenue.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 3 years

Total assets $30.0B

Total liabilities $3.2B

Shareholders equity $7.0B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	0.1%	0.1%	0.1%
Accounts Receivable	10.9%	10.3%	10.9%
Prepaid Expenses	2.0%	1.5%	2.2%
Other Current Assets	2.0%	1.5%	2.2%
Total Current Assets	31.9%	33.0%	41.0%
Property,Plant and Equipment	343.8%	328.5%	336.5%
Operating Lease Assets	68.3%	31.3%	27.9%
Intangible Assets	10.8%	11.5%	5.7%
Other Noncurrent Assets	2.7%	2.2%	2.2%
Total Assets	562.4%	509.3%	525.2%
Liabilities
Accounts Payable	12.7%	9.5%	9.4%
Accrued Liabilities	2.8%	3.3%	4.1%
Deferred Revenue	1.2%	0.9%	0.9%
Current Portion of Long Term Debt	11.2%	15.6%	13.0%
Operating Lease Liabilities	3.5%	2.0%	1.4%
Other Current Liabilities	2.8%	3.3%	4.1%
Total Current Liabilities	59.2%	55.5%	61.5%
Long Term Debt	172.4%	157.2%	160.6%
Deferred Revenue Noncurrent	11.8%	11.1%	11.4%
Operating Lease Liabilities Noncurrent	66.4%	29.7%	25.8%
Deferred Tax Liabilities	46.3%	47.7%	51.5%
Other Noncurrent Liabilities	4.7%	4.7%	5.4%
Total Liabilities	59.2%	55.5%	61.5%
Equity
Common Stock	60.5%	60.9%	58.6%
Retained Earnings	72.1%	71.6%	73.8%
Treasury Stock	0.1%	0.1%	0.2%
Accumulated Other Comprehensive Income	-0.6%	-0.6%	-0.7%
Noncontrolling Interest	0.8%	2.0%	2.3%
Total Stockholders Equity	132.0%	131.8%	131.6%
Total Liabilitiesand Equity	562.4%	509.3%	525.2%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $5.3B

Operating income $1.1B

Net income $631.6M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	36.2%	35.6%	38.2%
Expenses Depreciation and Amortization	18.2%	18.7%	18.2%
Expenses Share Based Compensation	0.5%	0.5%	0.4%
Expenses Operating Expenses	80.0%	80.3%	82.4%
Other Income Expense Operating Income	20.0%	19.7%	17.6%
Other Income Expense Interest Income	0.3%	0.5%	0.6%
Other Income Expense Interest Expense	7.9%	7.4%	7.1%
Other Income Expense Other Income/expense	0.6%	0.7%	0.5%
Other Income Expense Income Before Tax	13.8%	14.4%	12.7%
Income Tax Income Tax Expense	2.0%	2.2%	1.6%
net Income net Income	11.8%	12.2%	11.0%
net Income Comprehensive Income	11.5%	11.9%	10.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.2%	2.2%	2.4%
Earnings Per Share Weighted Average Shares Diluted	2.3%	2.3%	2.4%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 3 years

Operating cash flow $1.8B

Investing cash flow $-2.4B

Financing cash flow $576.3M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	11.8%	12.2%	11.0%
Operating Activities Depreciation and Amortization	18.2%	18.7%	18.2%
Operating Activities Stock Based Compensation	0.5%	0.5%	0.4%
Operating Activities Deferred Income Taxes	-1.0%	-0.4%	-0.5%
Operating Activities Changes In Operating Assets and Liabilities	1.3%	-1.8%	-2.1%
Operating Activities Other Non Cash Items	2.6%	0.5%	1.3%
Operating Activities net Cash From Operating Activities	33.8%	31.4%	25.7%
Investing Activities Capital Expenditures	49.2%	43.9%	39.3%
Investing Activities Other Investing Activities	0.2%	0.2%	0.1%
Investing Activities net Cash From Investing Activities	-44.5%	-37.7%	-36.1%
Financing Activities Dividends Paid	7.9%	7.7%	8.2%
Financing Activities net Cash From Financing Activities	10.8%	6.3%	10.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	0.1%	0.1%
Cash Reconciliation net Change In Cash	0.1%	-0.0%	0.0%
Cash Reconciliation Cash At Beginning of Period	0.1%	0.1%	0.1%
Cash Reconciliation Cash At End of Period	0.1%	0.1%	0.1%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+63.8%	+64.4%	+61.8%
Operating margin	+20.0%	+19.7%	+17.6%
Net margin	+11.8%	+12.2%	+11.0%
FCF margin	-15.3%	-12.5%	-13.6%
Growth
Revenue CAGR (3y)	+7.3%	+10.4%	+9.4%
Returns
ROE	+9.0%	+9.3%	+8.4%
ROA	+2.1%	+2.4%	+2.1%
ROIC	+5.4%	+5.5%	+5.0%
Liquidity
Current ratio	0.54x	0.59x	0.67x
Quick ratio	0.19x	0.19x	0.18x
Leverage
D/E	0.45x	0.42x	0.47x
Interest coverage	2.53x	2.68x	2.49x
Efficiency
Asset turnover	0.18x	0.20x	0.19x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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Pinnacle West Capital

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