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

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

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	+72.1%	-22.5%	+2.5%	-51.5%	—
Accounts Receivable	+10.3%	+2.3%	+13.4%	+15.6%	—
Other Current Assets	-3.7%	-17.6%	+8.9%	+12.5%	—
Total Current Assets	+0.8%	-12.3%	+10.1%	+12.9%	—
Property,Plant and Equipment	+7.9%	+6.8%	+6.7%	+5.4%	—
Regulatory Assets	+5.3%	-0.1%	+8.3%	+7.6%	—
Other Noncurrent Assets	+60.6%	+13.7%	+18.6%	-13.3%	—
Total Assets	+15.1%	+5.8%	+8.5%	+3.3%	—
Liabilities
Current Portion of Long Term Debt	-0.8%	-7.8%	+279.3%	-11.4%	—
Other Current Liabilities	+22.3%	+5.0%	+2.5%	+4.2%	—
Total Current Liabilities	+11.2%	-1.6%	+64.0%	+0.3%	—
Long Term Debt	+14.2%	+6.9%	-2.6%	+12.0%	—
Regulatory Liabilities	-6.4%	-5.6%	-4.7%	-17.5%	—
Other Noncurrent Liabilities	+36.3%	+8.5%	+19.6%	+3.9%	—
Equity
Total Stockholders Equity	+4.3%	+9.3%	+2.1%	+2.4%	—
Common Stock	+3.5%	+13.4%	+1.0%	+0.8%	—
Retained Earnings	+5.0%	+5.8%	+3.2%	+2.9%	—
Treasury Stock	+0.0%	-59.4%	+63.5%	-21.8%	—
Accumulated Other Comprehensive Income	-4.7%	+6.6%	-5.4%	+42.7%	—
Noncontrolling Interest	-60.6%	-3.8%	-3.6%	-3.5%	—
Total Liabilitiesand Equity	+15.1%	+5.8%	+8.5%	+3.3%	—

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	+4.2%	+9.1%	+8.6%	+13.7%	—
Expenses Cost of Revenue	+6.1%	+1.7%	+10.0%	+41.4%	—
Expenses Selling,General and Administrative	+1.7%	+10.1%	+7.3%	+3.5%	—
Expenses Depreciation and Amortization	+2.2%	+12.8%	+5.4%	+15.7%	—
Expenses Other Operating Expenses	+3.8%	+1.7%	+1.4%	-7.5%	—
Other Income Expense Operating Income	+5.5%	+22.7%	+12.7%	-9.1%	—
Other Income Expense Interest Expense	+11.8%	+13.9%	+29.7%	+9.6%	—
Income Tax Income Tax Expense	-3.4%	+43.7%	+2.8%	-32.0%	—
net Income Other Items Below Tax	-8.4%	-0.5%	+3.8%	-47.7%	—
net Income net Income	+0.9%	+20.7%	+3.6%	-21.2%	—
Earnings Per Share Basic Eps	-3.7%	+21.0%	+3.5%	-22.1%	—
Earnings Per Share Diluted Eps	-3.6%	+18.8%	+3.5%	-22.1%	—
Earnings Per Share Weighted Average Shares Diluted	+4.9%	+2.1%	+0.3%	+0.2%	—

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	+12.1%	+33.3%	-2.7%	+44.4%	—
Operating Activities net Income	+0.9%	+20.7%	+3.6%	-21.2%	—
Operating Activities Depreciation and Amortization	+3.7%	-1.4%	+35.1%	+35.8%	—
Operating Activities Stock Based Compensation	+16.7%	+35.7%	+8.8%	-13.6%	—
Operating Activities Other Non Cash Items	+32.0%	+42.2%	-133.4%	+44.0%	—
Investing Activities Capital Expenditures	-16.7%	-21.8%	-8.1%	-15.9%	—
Investing Activities Other Investing Activities	-22.1%	+107.4%	+70.1%	+3.3%	—
Investing Activities net Cash From Investing Activities	-23.0%	-14.1%	-4.7%	-16.7%	—
Financing Activities Proceeds From Debt	+24.4%	+170.3%	-21.3%	+17.2%	—
Financing Activities Repayment of Debt	-14.3%	-3641.6%	+78.2%	-689.5%	—
Financing Activities Dividends Paid	-7.1%	-2.1%	-2.0%	-2.5%	—
Financing Activities Other Financing Activities	+2.9%	-63.5%	+688.5%	-76.8%	—
Financing Activities net Cash From Financing Activities	+78.6%	-33.7%	+31.0%	-22.1%	—
Cash Reconciliation net Change In Cash	+347.6%	-1008.1%	+102.4%	+89.7%	—

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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