PINNACLE WEST CAPITAL CORP
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 10,563 | 60.0 |
| Stockholders' equity | 7,046 | 40.0 |
| Total capitalization | 17,609 | 100.0 |
121,197,234 shares outstanding at 28 July 2026 (cover page of the 10-Q filed 4 August 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, noncurrent | 9,206 |
| Current maturities | 600 |
| Short-term borrowings / commercial paper | 757 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 300,000,000 |
| Common shares issued | 120,950,839 |
| Treasury shares | 46,968 |
| Outstanding at 7/28/26 | 121,197,234 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | 3.61 | 71.5 |
| 2024 | 3.55 | 67.7 |
| 2023 | 3.49 | 79.1 |
| 2022 | 3.43 | 80.5 |
| 2021 | 3.36 | 61.4 |
HISTORY AND BUSINESS
HISTORY: Incorporated in Arizona.
BUSINESS: Classified by the SEC under Standard Industrial Classification 4911, Electric Services. Large accelerated filer. Principal executive office: 400 North Fifth Street, Ms 8695, Phoenix, AZ 85004. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Operating revenues | 5,340 | 5,125 | 4,696 |
| Operation and maintenance | 1,185 | 1,165 | 1,059 |
| Depreciation and amortization | 970 | 956 | 854 |
| Taxes other than income taxes | 235 | 227 | 224 |
| Total operating expenses | 4,272 | 4,113 | 3,871 |
| Operating income | 1,068 | 1,012 | 825 |
| Interest charges | 422 | 377 | 331 |
| Income before income taxes | 738 | 737 | 596 |
| Income taxes | 107 | 111 | 77 |
| Net income | 632 | 626 | 519 |
| Earned per share, diluted ($) | 5.05 | 5.24 | 4.41 |
| Dividends per share ($) | 3.61 | 3.55 | 3.49 |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Utility plant, net | 20,720 | 19,198 |
| Cash and equivalents | 7 | 4 |
| Total current assets | 1,704 | 1,689 |
| Regulatory assets | 1,463 | 1,389 |
| Total assets | 30,032 | 26,103 |
| Total current liabilities | 3,161 | 2,844 |
| Long-term debt | 9,206 | 8,059 |
| Regulatory liabilities | 1,736 | 1,855 |
| Common stockholders' equity | 7,046 | 6,754 |
| Total capitalization and liabilities | 30,032 | 26,103 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 5,340 | 1,068 | 617 | 11.5 | 5.05 | 3.61 | 1,805 | 2,625 | (820) | 30,032 | 22,945d | 10,563 | 7,046 | 8.7 | 1.50 |
| 12/31/24 | 5,125 | 1,012 | 609 | 11.9 | 5.24 | 3.55 | 1,610 | 2,249 | (639) | 26,103 | 19,245d | 9,427 | 6,754 | 9.0 | 1.40 |
| 12/31/23 | 4,696 | 825 | 502 | 10.7 | 4.41 | 3.49 | 1,208 | 1,846 | (639) | 24,661 | 18,376d | 9,025 | 6,178 | 8.1 | 1.46 |
| 12/31/22 | 4,324 | 732 | 484 | 11.2 | 4.26 | 3.43 | 1,241 | 1,707 | (466) | 22,723 | 16,564d | 8,082 | 6,049 | 8.0 | 1.34 |
| 12/31/21 | 3,804 | 805 | 619 | 16.3 | 5.47 | 3.36 | 860 | 1,473 | (613) | 22,003 | 15,982d | 7,206 | 5,906 | 10.5 | 1.22 |
| 12/31/20 | 3,587 | 788 | 551 | 15.3 | 4.87 | 3.23 | 966 | 1,327 | (360) | 20,020 | 14,268d | 6,483 | 5,634 | 9.8 | 1.15 |
| 12/31/19 | 3,471 | 672 | 538 | 15.5 | 4.77 | 3.04 | 957 | 1,191 | (235) | 18,479 | 12,926d | 4,947 | 5,431 | 9.9 | 0.91 |
| 12/31/18 | 3,691 | 774 | 511 | 13.8 | 4.54 | 2.87 | 1,277 | 1,178 | 99 | 17,664 | 12,315d | 4,715 | 5,223 | 9.8 | 0.90 |
| 12/31/17 | 3,565 | 910 | 488 | 13.7 | 4.35 | 2.70 | 1,118 | 1,409 | (291) | 17,019 | 11,883d | 4,885 | 5,007 | 9.8 | 0.98 |
| 12/31/16 | 3,499 | 836 | 442 | 12.6 | 3.95 | 2.56 | 1,023 | 1,275 | (252) | 16,004 | 11,068d | 4,199 | 4,804 | 9.2 | 0.87 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
PINNACLE WEST CAPITAL CORP
CIK 764622 · EIN 86-0512431
PRINCIPAL OFFICE:
400 North Fifth Street, Ms 8695, Phoenix, AZ 85004
Tel.: 602 250 1000
INCORPORATED:
Arizona
INDUSTRY (SEC SIC CODE):
4911 · Electric Services
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 25 February 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 2/25/26) · 10-K FY2024 (filed 2/25/25) · 10-K FY2023 (filed 2/27/24) · 10-K FY2022 (filed 2/27/23) · 10-K FY2021 (filed 2/25/22) · 10-K FY2020 (filed 2/24/21) · 10-K FY2019 (filed 2/21/20) · 10-K FY2018 (filed 2/22/19). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.