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

Year-over-year change per cell; first column has no prior.

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	+72.1%	-22.5%	—
Accounts Receivable	+10.3%	+2.3%	—
Prepaid Expenses	+45.1%	-26.1%	—
Other Current Assets	+45.1%	-26.1%	—
Total Current Assets	+0.8%	-12.3%	—
Property,Plant and Equipment	+9.1%	+6.5%	—
Operating Lease Assets	+127.3%	+22.6%	—
Intangible Assets	-2.6%	+121.4%	—
Other Noncurrent Assets	+26.0%	+11.9%	—
Total Assets	+15.1%	+5.8%	—
Liabilities
Accounts Payable	+40.1%	+9.7%	—
Accrued Liabilities	-11.8%	-11.3%	—
Deferred Revenue	+43.8%	+5.5%	—
Current Portion of Long Term Debt	-25.0%	+31.3%	—
Operating Lease Liabilities	+87.9%	+47.9%	—
Other Current Liabilities	-11.8%	-11.3%	—
Total Current Liabilities	+11.2%	-1.6%	—
Long Term Debt	+14.2%	+6.9%	—
Deferred Revenue Noncurrent	+11.0%	+6.7%	—
Operating Lease Liabilities Noncurrent	+133.3%	+25.7%	—
Deferred Tax Liabilities	+1.1%	+1.2%	—
Other Noncurrent Liabilities	+2.8%	-3.6%	—
Total Liabilities	+11.2%	-1.6%	—
Equity
Common Stock	+3.5%	+13.4%	—
Retained Earnings	+5.0%	+5.8%	—
Treasury Stock	+0.0%	-59.4%	—
Accumulated Other Comprehensive Income	-4.7%	+6.6%	—
Noncontrolling Interest	-60.6%	-3.8%	—
Total Stockholders Equity	+4.3%	+9.3%	—
Total Liabilitiesand Equity	+15.1%	+5.8%	—

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	+4.2%	+9.1%	—
Expenses Cost of Revenue	+6.1%	+1.7%	—
Expenses Depreciation and Amortization	+1.4%	+11.9%	—
Expenses Share Based Compensation	+16.7%	+35.7%	—
Expenses Operating Expenses	+3.9%	+6.2%	—
Other Income Expense Operating Income	+5.5%	+22.7%	—
Other Income Expense Interest Income	-25.8%	-10.7%	—
Other Income Expense Interest Expense	+11.8%	+13.9%	—
Other Income Expense Other Income/expense	-11.3%	+36.2%	—
Other Income Expense Income Before Tax	+0.2%	+23.6%	—
Income Tax Income Tax Expense	-3.4%	+43.7%	—
net Income net Income	+0.9%	+20.7%	—
net Income Comprehensive Income	+0.7%	+22.2%	—
Earnings Per Share Basic Eps	-3.7%	+21.0%	—
Earnings Per Share Diluted Eps	-3.6%	+18.8%	—
Earnings Per Share Weighted Average Shares Basic	+5.1%	+0.4%	—
Earnings Per Share Weighted Average Shares Diluted	+4.9%	+2.1%	—

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	+0.9%	+20.7%	—
Operating Activities Depreciation and Amortization	+1.4%	+11.9%	—
Operating Activities Stock Based Compensation	+16.7%	+35.7%	—
Operating Activities Deferred Income Taxes	-143.0%	+13.9%	—
Operating Activities Changes In Operating Assets and Liabilities	+175.1%	+6.0%	—
Operating Activities Other Non Cash Items	+462.1%	-60.1%	—
Operating Activities net Cash From Operating Activities	+12.1%	+33.3%	—
Investing Activities Capital Expenditures	+16.7%	+21.8%	—
Investing Activities Other Investing Activities	+5.9%	+30.3%	—
Investing Activities net Cash From Investing Activities	-23.0%	-14.1%	—
Financing Activities Dividends Paid	+7.1%	+2.1%	—
Financing Activities net Cash From Financing Activities	+78.6%	-33.7%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+72.1%	-22.5%	—
Cash Reconciliation net Change In Cash	+347.6%	-1008.1%	—
Cash Reconciliation Cash At Beginning of Period	+72.1%	-22.5%	—
Cash Reconciliation Cash At End of Period	+72.1%	-22.5%	—

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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Pinnacle West Capital

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