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 revenue.

Balance Sheet

Assets, liabilities, and equity

21 accounts · 3 years

Total assets $30.0B

Total liabilities ~$23.0B

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%
Other Current Assets	20.9%	22.6%	30.0%
Total Current Assets	31.9%	33.0%	41.0%
Property,Plant and Equipment	388.0%	374.6%	382.9%
Regulatory Assets	27.4%	27.1%	29.6%
Other Noncurrent Assets	115.1%	74.7%	71.6%
Total Assets	562.4%	509.3%	525.2%
Liabilities
Current Portion of Long Term Debt	25.4%	26.7%	31.6%
Other Current Liabilities	33.8%	28.8%	29.9%
Total Current Liabilities	59.2%	55.5%	61.5%
Long Term Debt	172.4%	157.2%	160.6%
Regulatory Liabilities	32.5%	36.2%	41.9%
Other Noncurrent Liabilities	165.6%	126.6%	127.4%
Equity
Total Stockholders Equity	132.0%	131.8%	131.6%
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 Liabilitiesand Equity	562.4%	509.3%	525.2%

Income Statement

Revenue, expense, and profitability

13 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 Selling,General and Administrative	22.2%	22.7%	22.5%
Expenses Depreciation and Amortization	17.1%	17.5%	16.9%
Expenses Other Operating Expenses	4.5%	4.5%	4.8%
Other Income Expense Operating Income	20.0%	19.7%	17.6%
Other Income Expense Interest Expense	7.9%	7.4%	7.1%
Income Tax Income Tax Expense	2.0%	2.2%	1.6%
net Income Other Items Below Tax	1.5%	1.7%	1.8%
net Income net Income	11.8%	12.2%	11.0%
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 Diluted	2.3%	2.3%	2.4%

Cash Flow Statement

Operating, investing, and financing flows

14 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 Cash From Operating Activities	33.8%	31.4%	25.7%
Operating Activities net Income	11.8%	12.2%	11.0%
Operating Activities Depreciation and Amortization	26.8%	27.0%	29.8%
Operating Activities Stock Based Compensation	0.5%	0.5%	0.4%
Operating Activities Other Non Cash Items	-5.4%	-8.2%	-15.5%
Investing Activities Capital Expenditures	-49.2%	-43.9%	-39.3%
Investing Activities Other Investing Activities	4.6%	6.2%	3.2%
Investing Activities net Cash From Investing Activities	-44.5%	-37.7%	-36.1%
Financing Activities Proceeds From Debt	43.4%	36.4%	14.7%
Financing Activities Repayment of Debt	-26.2%	-23.9%	-0.7%
Financing Activities Dividends Paid	-7.9%	-7.7%	-8.2%
Financing Activities Other Financing Activities	1.5%	1.5%	4.6%
Financing Activities net Cash From Financing Activities	10.8%	6.3%	10.4%
Cash Reconciliation net Change In Cash	0.1%	-0.0%	0.0%

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	+6.1%	+6.3%	+5.4%
Liquidity
Current ratio	0.54x	0.59x	0.67x
Quick ratio	0.19x	0.19x	0.18x
Leverage
D/E	3.26x	2.86x	2.99x
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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