What is Pinnacle West Capital's operating income?

Pinnacle West Capital's total operating income in 2025 was $1.07 billion, based on the following breakdown: Total Gross Profit: $2.22 billion Total Operating Expenses: $1.15 billion

Pinnacle West Capital (PNW) Financials

$97.36 -2.02 (-2.03%)

As of 08/21/2026 03:58 PM Eastern

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Annual Income Statements for Pinnacle West Capital

This table shows Pinnacle West Capital's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	437	442	488	511	538	551	619	484	502	609	617
Consolidated Net Income / (Loss)	456	462	508	531	558	570	636	501	519	626	632
Net Income / (Loss) Continuing Operations	456	462	508	531	558	570	636	501	519	626	632
Total Pre-Tax Income	694	698	766	664	542	648	746	576	596	737	738
Total Operating Income	855	836	910	774	672	788	805	732	825	1,012	1,068
Total Gross Profit	1,526	1,491	1,635	1,578	1,487	1,635	1,697	1,708	1,845	2,137	2,221
Total Revenue	3,495	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125	5,340
Operating Revenue	3,495	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125	5,340
Total Cost of Revenue	1,970	2,007	1,930	2,113	1,984	1,952	2,107	2,616	2,851	2,988	3,118
Operating Cost of Revenue	1,970	2,007	1,930	2,113	1,984	1,952	2,107	2,616	2,851	2,988	3,118
Total Operating Expenses	671	656	725	805	815	847	892	976	1,020	1,125	1,154
Selling, General & Admin Expense	4.93	3.54	6.66	9.50	5.89	7.29	6.39	2.49	1.91	2.39	3.68
Depreciation Expense	494	486	534	582	591	614	651	753	794	895	915
Other Operating Expenses / (Income)	172	166	184	213	219	225	235	220	224	227	235
Total Other Income / (Expense), net	-161	-138	-144	-109	-130	-140	-59	-156	-229	-276	-329
Interest Expense	179	186	198	218	217	229	233	256	331	377	422
Interest & Investment Income	35	42	47	52	31	34	42	45	53	39	61
Other Income / (Expense), net	-17	5.94	7.13	57	55	55	132	54	49	63	32
Income Tax Expense	238	236	258	134	-16	78	110	75	77	111	107
Net Income / (Loss) Attributable to Noncontrolling Interest	19	19	19	19	19	19	17	17	17	17	15
Basic Earnings per Share	$3.94	$3.97	$4.37	$4.56	$4.79	$4.89	$5.48	$4.27	$4.42	$5.35	$5.15
Weighted Average Basic Shares Outstanding	111.03M	111.41M	111.84M	112.13M	112.44M	112.67M	112.91M	113.20M	113.44M	113.85M	119.69M
Diluted Earnings per Share	$3.92	$3.95	$4.35	$4.54	$4.77	$4.87	$5.47	$4.26	$4.41	$5.24	$5.05
Weighted Average Diluted Shares Outstanding	111.55M	112.05M	112.37M	112.55M	112.76M	112.94M	113.19M	113.42M	113.80M	116.23M	121.97M
Weighted Average Basic & Diluted Shares Outstanding	111M	111.30M	111.80M	112.10M	183.70M	183.96M	184.20M	184.44M	184.69M	190.36M	192.17M
Cash Dividends to Common per Share	$2.44	$2.56	$2.70	$2.87	$3.04	$3.23	$3.36	$3.43	$3.49	$3.55	$3.61

This table shows Pinnacle West Capital's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-0.02	17	204	395	-6.83	-4.64	193	413	15	33	179
Consolidated Net Income / (Loss)	4.28	21	208	399	-2.52	-0.34	197	418	18	35	181
Net Income / (Loss) Continuing Operations	4.28	21	208	399	-2.52	-0.34	197	418	18	35	181
Total Pre-Tax Income	7.07	25	241	473	-2.53	-6.52	232	495	18	36	212
Total Operating Income	74	67	314	547	85	57	308	582	121	131	306
Total Gross Profit	334	336	600	829	372	352	595	865	409	436	614
Total Revenue	992	952	1,309	1,769	1,095	1,032	1,359	1,821	1,128	1,150	1,456
Total Cost of Revenue	657	615	709	939	723	680	764	956	719	713	842
Operating Cost of Revenue	657	615	709	939	723	680	764	956	719	713	842
Total Operating Expenses	260	269	286	282	287	295	288	283	288	305	308
Selling, General & Admin Expense	0.27	0.02	2.14	0.15	0.08	0.58	1.04	0.34	1.72	3.16	3.28
Depreciation Expense	204	210	225	229	231	235	229	225	227	240	243
Other Operating Expenses / (Income)	56	59	59	53	57	59	58	58	59	62	62
Total Other Income / (Expense), net	-67	-42	-73	-73	-87	-64	-76	-86	-103	-95	-94
Interest Expense	87	87	98	98	95	95	102	111	114	116	122
Interest & Investment Income	13	10	8.91	9.59	9.83	13	15	18	15	15	17
Other Income / (Expense), net	6.24	35	16	15	-1.94	18	12	7.09	-4.92	6.22	12
Income Tax Expense	2.79	3.89	32	74	-0.01	-6.18	35	78	-0.00	1.17	31
Net Income / (Loss) Attributable to Noncontrolling Interest	4.31	4.31	4.31	4.31	4.31	4.31	4.31	4.31	2.19	2.19	2.19
Basic Earnings per Share	-	$0.15	$1.79	$3.47	($0.06)	($0.04)	$1.61	$3.45	$0.13	$0.27	$1.47
Weighted Average Basic Shares Outstanding	113.44M	113.62M	113.70M	113.73M	113.85M	119.59M	119.52M	119.62M	119.69M	121.36M	121.31M
Diluted Earnings per Share	-	$0.15	$1.76	$3.37	($0.04)	($0.04)	$1.58	$3.39	$0.12	$0.27	$1.43
Weighted Average Diluted Shares Outstanding	113.80M	114.23M	115.80M	117.12M	116.23M	119.59M	121.87M	121.96M	121.97M	123.78M	124.49M
Weighted Average Basic & Diluted Shares Outstanding	184.69M	184.82M	184.88M	184.96M	190.36M	190.66M	190.69M	190.96M	192.17M	192.45M	192.46M

This table details how cash moves in and out of Pinnacle West Capital's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	32	-31	5.01	-8.13	4.52	50	-50	-5.14	0.12	-1.12	2.77
Net Cash From Operating Activities	1,094	1,023	1,118	1,277	957	966	860	1,241	1,208	1,610	1,805
Net Cash From Continuing Operating Activities	1,094	1,023	1,118	1,277	957	966	860	1,241	1,208	1,610	1,805
Net Income / (Loss) Continuing Operations	456	462	508	531	558	570	636	501	519	626	632
Consolidated Net Income / (Loss)	456	462	508	531	558	570	636	501	519	626	632
Depreciation Expense	572	565	611	651	664	686	719	818	854	956	970
Non-Cash Adjustments To Reconcile Net Income	-16	-23	-46	-58	-13	-15	93	76	48	60	118
Changes in Operating Assets and Liabilities, net	83	20	45	153	-252	-274	-588	-153	-214	-33	86
Net Cash From Investing Activities	-1,066	-1,252	-1,429	-1,193	-1,131	-1,278	-1,387	-1,618	-1,694	-1,934	-2,379
Net Cash From Continuing Investing Activities	-1,066	-1,252	-1,429	-1,193	-1,131	-1,278	-1,387	-1,618	-1,694	-1,934	-2,379
Purchase of Property, Plant & Equipment	-1,076	-1,275	-1,409	-1,178	-1,191	-1,327	-1,473	-1,707	-1,846	-2,249	-2,625
Purchase of Investments	-496	-636	-545	-672	-722	-823	-1,725	-1,212	-1,682	-1,710	-1,859
Divestitures	-	-	-	-	-	-	0.00	0.00	23	84	0.00
Sale and/or Maturity of Investments	479	633	542	653	719	820	1,721	1,208	1,680	-	1,855
Other Investing Activities, net	27	26	-17	4.48	64	52	91	94	131	255	250
Net Cash From Financing Activities	3.79	198	316	-92	179	361	477	371	487	323	576
Net Cash From Continuing Financing Activities	3.79	198	316	-92	179	361	477	371	487	323	576
Repayment of Debt	-563	-370	-265	-246	-611	-1,613	123	-150	-33	-1,466	-1,400
Repurchase of Common Equity	-	-4.87	-13	-5.06	-	-	-	-2.65	-4.09	-	85
Payment of Dividends	-295	-297	-313	-332	-352	-373	-391	-400	-408	-416	-441
Issuance of Debt	842	870	906	490	1,141	2,348	747	924	931	1,863	2,531
Other Financing Activities, net	0.00	-	-	-	-	-	-	-	0.00	0.00	-199

This table details how cash moves in and out of Pinnacle West Capital's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-10	4.68	-5.63	45	-45	6.21	8.79	12	-24	-0.20	2.72
Net Cash From Operating Activities	374	347	190	633	439	402	261	665	477	235	394
Net Cash From Continuing Operating Activities	374	347	190	633	439	402	261	665	477	235	394
Net Income / (Loss) Continuing Operations	4.28	21	208	399	-2.52	-0.34	197	418	18	35	181
Consolidated Net Income / (Loss)	4.28	21	208	399	-2.52	-0.34	197	418	18	35	181
Depreciation Expense	218	226	239	246	245	251	242	239	238	260	257
Non-Cash Adjustments To Reconcile Net Income	-4.27	-36	-2.44	89	0.21	-2.20	125	-152	147	-12	26
Changes in Operating Assets and Liabilities, net	156	136	-255	-101	197	154	-302	160	74	-47	-70
Net Cash From Investing Activities	-458	-424	-463	-582	-464	-586	-667	-580	-546	-552	-649
Net Cash From Continuing Investing Activities	-458	-424	-463	-582	-464	-586	-667	-580	-546	-552	-649
Purchase of Property, Plant & Equipment	-532	-518	-534	-666	-532	-623	-710	-623	-670	-628	-729
Purchase of Investments	-500	-444	-329	-378	-559	-486	-434	-458	-481	-513	-477
Other Investing Activities, net	54	55	62	77	61	37	43	45	125	78	72
Net Cash From Financing Activities	74	81	268	-5.82	-21	190	415	-73	44	316	257
Net Cash From Continuing Financing Activities	74	81	268	-5.82	-21	190	415	-73	44	316	257
Repayment of Debt	186	0.00	-1,287	78	-441	302	-800	-293	-307	-163	-187
Payment of Dividends	-109	-98	-109	-98	-111	-105	-116	-108	-112	-108	-115
Issuance of Debt	-	184	1,663	14	186	0.00	1,330	511	389	595	559
Issuance of Common Equity	-	-4.50	-	-	-	-	0.22	16	-	-7.42	0.11

This table presents Pinnacle West Capital's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	15,028	16,004	17,019	17,664	18,479	20,020	22,003	22,723	24,661	26,103	30,032
Total Current Assets	891	822	1,016	925	1,030	1,198	1,551	1,751	1,927	1,689	1,704
Cash & Equivalents	39	8.88	14	5.77	10	60	9.97	4.83	4.96	3.84	6.60
Short-Term Investments	16	20	1.93	1.11	0.52	2.93	63	88	6.81	11	3.25
Accounts Receivable	368	355	303	264	386	426	501	594	659	678	728
Inventories, net	280	283	289	294	346	334	367	451	494	501	565
Current Deferred & Refundable Income Taxes	0.59	3.75	-	0.00	22	6.79	7.51	14	0.33	0.00	5.98
Other Current Assets	187	152	409	360	265	368	602	599	762	496	395
Plant, Property, & Equipment, net	11,685	12,624	13,188	13,767	14,523	15,159	15,987	16,854	17,980	19,198	20,720
Plant, Property & Equipment, gross	17,279	18,594	17,798	18,737	21,160	22,270	23,398	24,694	26,388	28,225	29,700
Accumulated Depreciation	5,594	5,970	6,129	6,366	6,638	7,110	7,410	7,840	8,408	9,027	8,980
Total Noncurrent Assets	2,453	2,558	2,815	2,973	2,927	3,661	4,465	4,118	4,754	5,215	7,608
Employee Benefit Assets	186	166	269	47	91	503	546	397	323	342	399
Other Noncurrent Operating Assets	2,143	2,302	2,289	2,663	2,836	3,158	3,919	3,722	4,431	4,873	7,208
Total Liabilities & Shareholders' Equity	15,028	16,004	17,019	17,664	18,479	20,020	22,003	22,723	24,661	26,103	30,032
Total Liabilities	6,846	7,047	11,883	12,315	12,926	14,268	15,982	16,559	18,192	19,074	22,785
Total Current Liabilities	1,442	1,293	1,198	1,649	2,078	1,360	1,757	1,762	2,889	2,844	3,161
Short-Term Debt	358	302	177	576	915	169	442	391	1,485	1,368	1,357
Accounts Payable	297	265	256	277	346	319	393	430	442	485	680
Customer Deposits	73	83	-	-	65	48	42	42	42	44	64
Dividends Payable	69	73	78	83	88	94	96	98	100	107	110
Current Deferred & Payable Income Tax Liabilities	139	139	149	155	145	160	169	164	167	176	187
Other Current Liabilities	440	379	411	405	466	514	558	575	581	581	658
Other Current Nonoperating Liabilities	56	53	56	61	54	57	57	61	73	82	106
Total Noncurrent Liabilities	5,404	5,754	10,686	10,667	10,848	12,907	14,225	14,797	15,303	16,230	19,624
Long-Term Debt	0.00	0.00	4,790	4,638	4,833	6,314	6,914	7,741	7,541	8,059	9,206
Asset Retirement Reserve & Litigation Obligation	1,409	1,564	3,127	3,033	2,914	3,140	3,262	2,847	2,903	2,952	2,935
Noncurrent Deferred Revenue	116	89	-	-	215	221	257	422	534	569	632
Noncurrent Deferred & Payable Income Tax Liabilities	2,920	3,165	1,909	2,030	2,195	2,333	2,503	2,604	2,708	2,738	2,885
Noncurrent Employee Benefit Liabilities	481	509	327	443	280	166	153	116	113	139	168
Other Noncurrent Operating Liabilities	478	426	532	522	411	733	1,136	1,066	1,505	1,773	3,799
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,719	4,936	5,136	5,349	5,553	5,753	6,021	6,160	6,285	6,857	7,087
Total Preferred & Common Equity	4,584	4,804	5,007	5,223	5,431	5,634	5,906	6,049	6,178	6,754	7,046
Total Common Equity	4,584	4,847	5,007	5,223	5,431	2,962	5,906	6,049	6,178	6,754	7,046
Common Stock	2,536	2,592	2,615	2,634	2,660	-	2,703	2,725	2,753	3,122	3,231
Retained Earnings	2,093	2,256	2,443	2,641	2,838	3,025	3,265	3,360	3,466	3,667	3,851
Treasury Stock	-	-	-5.62	-4.83	-9.43	-	-6.40	-5.01	-8.19	-3.32	-3.32
Accumulated Other Comprehensive Income / (Loss)	-45	-	-45	-48	-57	-63	-55	-31	-33	-31	-32
Noncontrolling Interest	136	132	129	126	123	119	115	111	107	103	41

This table presents Pinnacle West Capital's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	24,434	24,661	24,848	25,701	26,310	26,103	27,236	29,235	29,893	30,691	32,577
Total Current Assets	2,162	1,927	1,782	2,049	2,265	1,689	1,589	1,788	2,001	1,615	2,003
Cash & Equivalents	15	4.96	9.63	4.01	49	3.84	10	19	31	6.41	9.12
Short-Term Investments	11	6.81	0.08	0.76	0.64	11	78	11	6.64	0.39	0.01
Accounts Receivable	871	659	573	863	1,083	678	584	825	1,014	688	1,036
Inventories, net	494	494	489	549	528	501	504	527	539	563	625
Current Deferred & Refundable Income Taxes	0.00	0.33	0.00	0.00	0.00	0.00	-	-	-	8.42	3.49
Other Current Assets	770	762	710	631	604	496	413	407	410	349	329
Plant, Property, & Equipment, net	17,607	17,980	18,265	18,567	18,880	19,198	19,607	20,062	20,331	21,047	21,508
Plant, Property & Equipment, gross	25,839	26,388	26,859	27,294	27,758	28,225	28,934	28,753	29,284	30,161	30,812
Accumulated Depreciation	8,232	8,408	8,595	8,727	8,878	9,027	9,328	8,691	8,952	9,115	9,304
Total Noncurrent Assets	4,666	4,754	4,801	5,086	5,165	5,215	6,041	7,385	7,561	8,029	9,066
Employee Benefit Assets	407	323	335	339	352	342	354	364	376	411	399
Other Noncurrent Operating Assets	3,890	4,431	4,102	4,379	4,426	4,873	5,687	7,021	7,185	7,618	8,666
Total Liabilities & Shareholders' Equity	24,434	24,661	24,848	25,701	26,310	26,103	27,236	29,235	29,893	30,691	32,577
Total Liabilities	17,933	18,192	18,537	19,198	19,396	19,074	20,237	22,252	22,524	23,418	25,277
Total Current Liabilities	1,968	2,889	3,056	3,112	3,197	2,844	3,168	3,427	2,965	2,696	3,372
Short-Term Debt	674	1,485	1,669	1,531	1,624	1,368	1,670	1,755	1,276	1,194	1,594
Accounts Payable	405	442	477	549	429	485	599	669	537	602	642
Customer Deposits	41	42	42	42	42	44	46	53	62	78	79
Dividends Payable	0.00	100	0.00	100	0.00	107	0.00	107	0.00	0.00	110
Current Deferred & Payable Income Tax Liabilities	265	167	225	201	342	176	232	205	348	240	189
Other Current Liabilities	507	581	570	612	677	581	538	553	644	481	582
Other Current Nonoperating Liabilities	76	73	74	77	84	82	83	85	99	100	115
Total Noncurrent Liabilities	15,965	15,303	15,481	16,086	16,198	16,230	17,069	18,824	19,559	20,722	21,966
Long-Term Debt	8,164	7,541	7,542	8,056	8,056	8,059	8,061	8,507	9,204	9,802	9,776
Asset Retirement Reserve & Litigation Obligation	2,798	2,903	2,913	2,915	2,909	2,952	3,023	3,036	2,929	2,981	3,025
Noncurrent Deferred Revenue	520	534	533	514	602	569	569	581	661	618	853
Noncurrent Deferred & Payable Income Tax Liabilities	2,696	2,708	2,689	2,729	2,746	2,738	2,740	2,758	2,818	2,894	2,932
Noncurrent Employee Benefit Liabilities	110	113	111	109	107	139	140	148	150	170	181
Other Noncurrent Operating Liabilities	1,676	1,505	1,694	1,763	1,778	1,773	2,535	3,795	3,796	4,258	5,199
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,488	6,285	6,311	6,316	6,726	6,857	6,846	6,828	7,211	7,111	7,075
Total Preferred & Common Equity	6,375	6,178	6,199	6,211	6,617	6,754	6,739	6,727	7,168	7,068	7,035
Total Common Equity	6,375	6,178	6,199	6,211	6,617	6,754	6,739	6,727	7,168	7,068	7,035
Common Stock	2,745	2,753	2,758	2,765	2,775	3,122	3,110	3,119	3,147	3,220	3,227
Retained Earnings	3,666	3,466	3,483	3,487	3,882	3,667	3,662	3,641	4,054	3,884	3,842
Treasury Stock	-5.33	-8.19	-9.07	-7.19	-7.19	-3.32	-3.32	-3.32	-3.32	-3.32	-3.32
Accumulated Other Comprehensive Income / (Loss)	-30	-33	-33	-33	-33	-31	-30	-30	-30	-32	-31
Noncontrolling Interest	114	107	112	105	109	103	107	101	43	43	40

This table displays calculated financial ratios and metrics derived from Pinnacle West Capital's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.11%	0.09%	1.90%	3.53%	-5.96%	3.34%	6.05%	13.68%	8.59%	9.13%	4.20%
EBITDA Growth	8.76%	-0.18%	8.60%	-3.02%	-6.07%	9.93%	8.30%	-3.20%	7.75%	17.57%	1.83%
EBIT Growth	4.79%	0.50%	8.95%	-9.43%	-12.41%	15.96%	11.16%	-16.17%	11.19%	23.06%	2.21%
NOPAT Growth	5.33%	-1.65%	9.15%	2.43%	11.94%	0.23%	-0.96%	-7.24%	12.78%	19.78%	6.18%
Net Income Growth	7.67%	1.17%	10.06%	4.45%	5.14%	2.19%	11.56%	-21.25%	3.59%	20.67%	0.90%
EPS Growth	9.50%	0.77%	10.13%	4.37%	5.07%	2.10%	12.32%	-22.12%	3.52%	18.82%	-3.63%
Operating Cash Flow Growth	-0.48%	-6.48%	9.25%	14.23%	-25.09%	1.01%	-11.01%	44.35%	-2.72%	33.30%	12.13%
Free Cash Flow Firm Growth	-100.23%	-608.16%	-40.93%	153.13%	-128.41%	-401.69%	-127.11%	39.85%	-112.29%	79.95%	-310.67%
Invested Capital Growth	7.32%	8.56%	9.23%	4.69%	6.83%	7.79%	9.21%	6.74%	8.99%	6.23%	8.33%
Revenue Q/Q Growth	0.23%	0.14%	0.58%	-0.09%	-2.42%	2.01%	1.55%	5.12%	-0.38%	2.07%	0.62%
EBITDA Q/Q Growth	5.49%	1.02%	-0.90%	-0.89%	-2.96%	-0.43%	4.91%	-1.98%	4.06%	1.43%	1.32%
EBIT Q/Q Growth	6.97%	1.88%	-3.83%	-1.13%	-5.79%	-1.62%	6.98%	-6.04%	6.64%	0.18%	3.14%
NOPAT Q/Q Growth	6.36%	-0.62%	-2.97%	-0.12%	9.70%	-8.59%	1.27%	-2.24%	3.31%	1.23%	4.03%
Net Income Q/Q Growth	8.68%	2.70%	-5.86%	0.85%	7.29%	-12.76%	7.87%	-9.34%	4.84%	-1.08%	3.29%
EPS Q/Q Growth	9.19%	2.60%	-6.25%	0.89%	7.43%	-13.19%	8.32%	-9.75%	5.25%	-0.76%	3.27%
Operating Cash Flow Q/Q Growth	5.83%	-1.41%	8.52%	-2.20%	-16.96%	8.10%	0.60%	0.81%	15.74%	4.25%	2.11%
Free Cash Flow Firm Q/Q Growth	-100.23%	98.53%	72.49%	120.74%	-101.42%	-101.81%	-80.85%	12.11%	5.02%	70.44%	-16.57%
Invested Capital Q/Q Growth	1.59%	-56.79%	-56.00%	-56.35%	-48.91%	0.95%	2.47%	1.94%	1.73%	0.01%	0.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.65%	42.63%	45.86%	42.76%	42.85%	45.57%	44.62%	39.50%	39.28%	41.70%	41.60%
EBITDA Margin	40.31%	40.20%	42.84%	40.13%	40.09%	42.65%	43.55%	37.09%	36.80%	39.64%	38.74%
Operating Margin	24.45%	23.88%	25.52%	20.96%	19.36%	21.97%	21.17%	16.93%	17.56%	19.75%	19.99%
EBIT Margin	23.96%	24.05%	25.72%	22.50%	20.95%	23.51%	24.65%	18.17%	18.61%	20.98%	20.58%
Profit (Net Income) Margin	13.05%	13.19%	14.25%	14.37%	16.07%	15.89%	16.72%	11.58%	11.05%	12.22%	11.83%
Tax Burden Percent	65.74%	66.13%	66.29%	79.85%	102.91%	87.94%	85.24%	87.00%	87.09%	84.99%	85.55%
Interest Burden Percent	82.86%	82.94%	83.57%	80.01%	74.52%	76.86%	79.57%	73.24%	68.17%	68.49%	67.17%
Effective Tax Rate	34.26%	33.87%	33.71%	20.15%	-2.91%	12.06%	14.76%	13.00%	12.91%	15.01%	14.45%
Return on Invested Capital (ROIC)	6.75%	6.15%	6.16%	5.91%	6.25%	5.84%	5.33%	4.58%	4.78%	5.33%	5.27%
ROIC Less NNEP Spread (ROIC-NNEP)	3.90%	3.96%	4.16%	4.23%	3.87%	3.86%	4.60%	2.84%	2.52%	2.88%	2.55%
Return on Net Nonoperating Assets (RNNOA)	3.13%	3.41%	3.93%	4.21%	3.98%	4.25%	5.48%	3.65%	3.55%	4.20%	3.79%
Return on Equity (ROE)	9.88%	9.56%	10.09%	10.12%	10.23%	10.08%	10.80%	8.22%	8.34%	9.53%	9.06%
Cash Return on Invested Capital (CROIC)	-0.31%	-2.06%	-2.67%	1.33%	-0.36%	-1.66%	-3.48%	-1.94%	-3.82%	-0.71%	-2.72%
Operating Return on Assets (OROA)	5.71%	5.42%	5.55%	4.79%	4.02%	4.38%	4.46%	3.51%	3.69%	4.24%	3.92%
Return on Assets (ROA)	3.11%	2.97%	3.08%	3.06%	3.09%	2.96%	3.03%	2.24%	2.19%	2.47%	2.25%
Return on Common Equity (ROCE)	9.57%	9.34%	9.87%	9.87%	10.00%	7.49%	8.14%	8.07%	8.19%	9.37%	8.97%
Return on Equity Simple (ROE_SIMPLE)	9.95%	9.61%	10.15%	10.16%	10.27%	10.12%	10.77%	8.28%	8.40%	9.27%	0.00%
Net Operating Profit after Tax (NOPAT)	562	553	603	618	692	693	686	637	718	860	913
NOPAT Margin	16.07%	15.79%	16.92%	16.74%	19.92%	19.32%	18.05%	14.73%	15.29%	16.78%	17.10%
Net Nonoperating Expense Percent (NNEP)	2.85%	2.19%	2.00%	1.67%	2.38%	1.98%	0.72%	1.74%	2.27%	2.45%	2.72%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.46%	4.69%	5.28%	5.17%
Cost of Revenue to Revenue	56.35%	57.37%	54.14%	57.24%	57.15%	54.43%	55.38%	60.50%	60.72%	58.30%	58.40%
SG&A Expenses to Revenue	0.14%	0.10%	0.19%	0.26%	0.17%	0.20%	0.17%	0.06%	0.04%	0.05%	0.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	19.20%	18.75%	20.34%	21.80%	23.49%	23.60%	23.45%	22.57%	21.72%	21.95%	21.61%
Earnings before Interest and Taxes (EBIT)	837	842	917	830	727	843	938	786	874	1,075	1,099
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,409	1,407	1,528	1,481	1,391	1,530	1,657	1,604	1,728	2,032	2,069
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.82	2.16	2.36	2.35	2.47	4.18	1.94	2.10	2.03	2.30	2.38
Price to Tangible Book Value (P/TBV)	1.87	2.20	2.49	2.47	2.47	4.18	1.94	2.10	2.03	2.30	2.38
Price to Revenue (P/Rev)	2.38	2.99	3.32	3.32	3.86	3.45	3.01	2.93	2.67	3.03	3.14
Price to Earnings (P/E)	19.05	23.68	24.20	24.01	24.90	22.50	18.49	26.22	25.02	25.49	27.21
Dividend Yield	5.27%	4.41%	4.12%	4.22%	4.10%	4.72%	5.38%	6.20%	5.11%	4.21%	4.09%
Earnings Yield	5.25%	4.22%	4.13%	4.17%	4.02%	4.44%	5.41%	3.81%	4.00%	3.92%	3.68%
Enterprise Value to Invested Capital (EV/IC)	1.02	1.16	1.65	1.65	1.69	1.54	1.40	1.45	1.38	1.51	1.52
Enterprise Value to Revenue (EV/Rev)	2.51	3.11	4.74	4.77	5.55	5.28	4.95	4.82	4.61	4.88	5.12
Enterprise Value to EBITDA (EV/EBITDA)	6.22	7.73	11.07	11.88	13.84	12.37	11.37	12.99	12.54	12.32	13.23
Enterprise Value to EBIT (EV/EBIT)	10.47	12.92	18.44	21.20	26.49	22.44	20.09	26.51	24.80	23.28	24.90
Enterprise Value to NOPAT (EV/NOPAT)	15.61	19.68	28.03	28.49	27.86	27.31	27.44	32.72	30.17	29.10	29.96
Enterprise Value to Operating Cash Flow (EV/OCF)	8.01	10.63	15.12	13.78	20.13	19.59	21.90	16.78	17.94	15.55	15.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	126.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.06	0.97	0.97	1.03	1.13	1.22	1.32	1.44	1.37	1.49
Long-Term Debt to Equity	0.00	0.00	0.93	0.87	0.87	1.10	1.15	1.26	1.20	1.18	1.30
Financial Leverage	0.80	0.86	0.94	1.00	1.03	1.10	1.19	1.28	1.41	1.46	1.48
Leverage Ratio	3.17	3.21	3.28	3.31	3.32	3.41	3.57	3.67	3.81	3.86	4.03
Compound Leverage Factor	2.63	2.67	2.74	2.65	2.47	2.62	2.84	2.69	2.60	2.65	2.70
Debt to Total Capital	7.04%	5.77%	49.17%	49.37%	50.86%	52.98%	54.99%	56.90%	58.95%	57.89%	59.85%
Short-Term Debt to Total Capital	7.04%	5.77%	1.76%	5.46%	8.09%	1.38%	3.30%	2.74%	9.70%	8.40%	7.69%
Long-Term Debt to Total Capital	0.00%	0.00%	47.41%	43.91%	42.76%	51.60%	51.68%	54.16%	49.25%	49.49%	52.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.67%	2.53%	1.28%	1.19%	1.08%	0.97%	0.86%	0.78%	0.70%	0.63%	0.23%
Common Equity to Total Capital	90.29%	92.54%	49.56%	49.44%	48.06%	24.21%	44.15%	42.32%	40.35%	41.48%	39.92%
Debt to EBITDA	0.25	0.21	3.25	3.52	4.13	4.24	4.44	5.07	5.22	4.64	5.11
Net Debt to EBITDA	0.21	0.19	3.24	3.52	4.12	4.20	4.40	5.01	5.22	4.63	5.10
Long-Term Debt to EBITDA	0.00	0.00	3.14	3.13	3.47	4.13	4.17	4.83	4.36	3.97	4.45
Debt to NOPAT	0.64	0.55	8.24	8.44	8.31	9.35	10.72	12.77	12.57	10.96	11.57
Net Debt to NOPAT	0.54	0.50	8.21	8.43	8.30	9.26	10.61	12.63	12.55	10.94	11.55
Long-Term Debt to NOPAT	0.00	0.00	7.94	7.51	6.99	9.11	10.07	12.16	10.50	9.37	10.08
Altman Z-Score	1.30	1.45	1.17	1.12	1.09	1.04	0.94	0.97	0.87	0.96	0.86
Noncontrolling Interest Sharing Ratio	3.11%	2.32%	2.16%	2.43%	2.28%	25.77%	24.68%	1.86%	1.76%	1.60%	1.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.62	0.64	0.85	0.56	0.50	0.88	0.88	0.99	0.67	0.59	0.54
Quick Ratio	0.29	0.30	0.27	0.16	0.19	0.36	0.33	0.39	0.23	0.24	0.23
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-26	-185	-261	139	-39	-198	-449	-270	-573	-115	-472
Operating Cash Flow to CapEx	101.70%	80.24%	79.36%	108.40%	80.30%	72.85%	58.37%	72.71%	724.70%	71.57%	68.78%
Free Cash Flow to Firm to Interest Expense	-0.15	-1.00	-1.32	0.64	-0.18	-0.86	-1.92	-1.06	-1.73	-0.30	-1.12
Operating Cash Flow to Interest Expense	6.12	5.51	5.66	5.85	4.41	4.22	3.69	4.86	3.65	4.26	4.28
Operating Cash Flow Less CapEx to Interest Expense	0.10	-1.36	-1.47	0.45	-1.08	-1.57	-2.63	-1.82	3.14	-1.69	-1.94
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.23	0.22	0.21	0.19	0.19	0.18	0.19	0.20	0.20	0.19
Accounts Receivable Turnover	9.16	9.68	10.84	13.03	10.68	8.83	8.21	7.90	7.49	7.67	7.60
Inventory Turnover	7.35	7.14	6.75	7.24	6.20	5.74	6.01	6.40	6.04	6.01	5.85
Fixed Asset Turnover	0.31	0.29	0.28	0.27	0.25	0.24	0.24	0.26	0.27	0.28	0.27
Accounts Payable Turnover	6.65	7.14	7.41	7.92	6.36	5.87	5.92	6.35	6.53	6.44	5.35
Days Sales Outstanding (DSO)	39.84	37.72	33.68	28.01	34.19	41.33	44.45	46.20	48.70	47.60	48.04
Days Inventory Outstanding (DIO)	49.66	51.15	54.06	50.39	58.88	63.59	60.77	57.04	60.43	60.78	62.42
Days Payable Outstanding (DPO)	54.92	51.11	49.26	46.11	57.38	62.17	61.65	57.44	55.87	56.68	68.21
Cash Conversion Cycle (CCC)	34.58	37.76	38.48	32.29	35.68	42.75	43.57	45.80	53.27	51.70	42.25
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,619	9,357	10,221	10,700	11,431	12,322	13,457	14,364	15,655	16,630	18,015
Invested Capital Turnover	0.42	0.39	0.36	0.35	0.31	0.30	0.30	0.31	0.31	0.32	0.31
Increase / (Decrease) in Invested Capital	588	738	864	479	731	891	1,135	907	1,291	975	1,385
Enterprise Value (EV)	8,768	10,874	16,903	17,602	19,264	18,927	18,836	20,833	21,670	25,034	27,366
Market Capitalization	8,330	10,468	11,823	12,269	13,405	12,387	11,438	12,681	12,549	15,518	16,773
Book Value per Share	$25.17	$26.55	$27.36	$28.49	$29.57	$16.11	$32.08	$32.80	$33.45	$36.52	$36.90
Tangible Book Value per Share	$24.49	$26.06	$25.95	$27.05	$29.57	$16.11	$32.08	$32.80	$33.45	$36.52	$36.90
Total Capital	5,077	5,238	10,103	10,563	11,300	12,236	13,377	14,293	15,310	16,285	17,650
Total Debt	358	302	4,967	5,215	5,747	6,483	7,356	8,133	9,025	9,427	10,563
Total Long-Term Debt	0.00	0.00	4,790	4,638	4,833	6,314	6,914	7,741	7,541	8,059	9,206
Net Debt	302	274	4,951	5,208	5,736	6,420	7,282	8,040	9,013	9,413	10,553
Capital Expenditures (CapEx)	1,076	1,275	1,409	1,178	1,191	1,327	1,473	1,707	167	2,249	2,625
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-250	-197	-20	-154	-144	-56	163	287	510	200	-110
Debt-free Net Working Capital (DFNWC)	-194	-169	-4.16	-148	-134	6.89	236	380	522	214	-100
Net Working Capital (NWC)	-552	-471	-182	-724	-1,048	-162	-206	-12	-962	-1,154	-1,457
Net Nonoperating Expense (NNE)	106	91	95	87	134	123	51	136	199	234	282
Net Nonoperating Obligations (NNO)	3,900	4,421	5,085	5,352	5,878	6,569	7,436	8,204	9,370	9,773	10,928
Total Depreciation and Amortization (D&A)	572	565	611	651	664	686	719	818	854	956	970
Debt-free, Cash-free Net Working Capital to Revenue	-7.14%	-5.63%	-0.56%	-4.18%	-4.16%	-1.56%	4.28%	6.64%	10.87%	3.90%	-2.06%
Debt-free Net Working Capital to Revenue	-5.56%	-4.82%	-0.12%	-4.00%	-3.85%	0.19%	6.21%	8.78%	11.12%	4.18%	-1.88%
Net Working Capital to Revenue	-15.79%	-13.45%	-5.09%	-19.61%	-30.20%	-4.52%	-5.41%	-0.27%	-20.49%	-22.53%	-27.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.94	$3.97	$4.37	$4.56	$4.79	$4.89	$5.48	$4.27	$4.42	$5.35	$5.15
Adjusted Weighted Average Basic Shares Outstanding	111.03M	111.41M	111.84M	112.13M	112.44M	112.67M	112.91M	113.20M	113.44M	113.85M	119.69M
Adjusted Diluted Earnings per Share	$3.92	$3.95	$4.35	$4.54	$4.77	$4.87	$5.47	$4.26	$4.41	$5.24	$5.05
Adjusted Weighted Average Diluted Shares Outstanding	111.55M	112.05M	112.37M	112.55M	112.76M	112.94M	113.19M	113.42M	113.80M	116.23M	121.97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	182.27M	182.61M	183.06M	183.41M	183.70M	183.96M	184.20M	184.44M	184.69M	190.36M	192.17M
Normalized Net Operating Profit after Tax (NOPAT)	562	553	603	618	470	693	686	637	718	860	913
Normalized NOPAT Margin	16.07%	15.79%	16.92%	16.74%	13.55%	19.32%	18.05%	14.73%	15.29%	16.78%	17.10%
Pre Tax Income Margin	19.85%	19.95%	21.49%	18.00%	15.62%	18.07%	19.61%	13.31%	12.69%	14.37%	13.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.69	4.53	4.64	3.80	3.36	3.68	4.02	3.08	2.64	2.85	2.60
NOPAT to Interest Expense	3.14	2.97	3.05	2.83	3.19	3.03	2.94	2.49	2.17	2.28	2.16
EBIT Less CapEx to Interest Expense	-1.34	-2.34	-2.49	-1.59	-2.14	-2.11	-2.30	-3.61	2.13	-3.11	-3.62
NOPAT Less CapEx to Interest Expense	-2.88	-3.89	-4.08	-2.57	-2.31	-2.77	-3.37	-4.19	1.66	-3.68	-4.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	64.67%	64.35%	61.53%	62.51%	63.17%	65.49%	61.44%	79.90%	78.60%	66.44%	69.79%
Augmented Payout Ratio	64.67%	65.40%	64.17%	63.46%	63.17%	65.49%	61.44%	80.42%	79.38%	66.44%	56.40%

This table displays calculated financial ratios and metrics derived from Pinnacle West Capital's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	192,170,337.00	192,452,113.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	192,170,337.00	192,452,113.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.17	0.93
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.76%	0.72%	16.70%	8.00%	10.47%	8.47%	3.80%	2.94%	2.99%	11.36%	7.14%
EBITDA Growth	29.22%	20.83%	41.01%	7.02%	9.60%	-0.64%	-1.40%	2.52%	8.21%	21.96%	2.49%
EBIT Growth	207.98%	62.17%	68.66%	4.95%	2.46%	-25.97%	-3.15%	4.81%	40.55%	83.02%	-0.59%
NOPAT Growth	75.15%	141.68%	69.33%	2.00%	31.33%	-29.01%	-3.81%	6.31%	104.52%	216.93%	-0.21%
Net Income Growth	121.76%	1,997.92%	87.54%	-0.81%	-158.86%	-101.60%	-5.40%	4.57%	798.02%	10,488.76%	-8.18%
EPS Growth	0.00%	600.00%	87.23%	-3.71%	0.00%	-126.67%	-10.23%	0.59%	400.00%	775.00%	-9.49%
Operating Cash Flow Growth	78.40%	64.15%	-16.03%	59.78%	17.57%	15.70%	37.75%	5.02%	8.48%	-41.45%	50.70%
Free Cash Flow Firm Growth	-41.45%	34.55%	5.80%	8.17%	26.50%	-30.97%	10.64%	-1.96%	-38.02%	-37.16%	-37.76%
Invested Capital Growth	8.99%	6.10%	8.40%	8.05%	6.23%	7.32%	7.04%	7.71%	8.33%	9.78%	8.49%
Revenue Q/Q Growth	-39.46%	-4.02%	37.54%	35.13%	-38.07%	-5.76%	31.63%	34.00%	-38.04%	1.90%	26.63%
EBITDA Q/Q Growth	-60.46%	9.81%	73.46%	42.10%	-59.50%	-0.45%	72.13%	47.75%	-57.26%	12.19%	44.65%
EBIT Q/Q Growth	-84.94%	25.78%	224.93%	70.55%	-85.30%	-9.11%	325.05%	84.57%	-80.29%	18.35%	130.88%
NOPAT Q/Q Growth	-90.04%	25.21%	381.13%	69.91%	-87.17%	-32.31%	551.87%	87.80%	-75.32%	4.89%	105.25%
Net Income Q/Q Growth	-98.94%	394.23%	883.14%	91.86%	-100.63%	86.59%	58,345.56%	112.08%	-95.79%	99.55%	414.80%
EPS Q/Q Growth	0.00%	0.00%	1,073.33%	91.48%	-101.19%	0.00%	4,050.00%	114.56%	-96.46%	125.00%	429.63%
Operating Cash Flow Q/Q Growth	-5.67%	-7.07%	-45.36%	233.64%	-30.59%	-8.55%	-34.95%	154.37%	-28.30%	-50.65%	67.44%
Free Cash Flow Firm Q/Q Growth	-47.25%	32.57%	-17.73%	21.45%	-17.86%	-20.15%	19.67%	10.37%	-59.54%	-19.41%	19.31%
Invested Capital Q/Q Growth	1.73%	-0.45%	4.34%	2.25%	0.01%	0.58%	4.08%	2.89%	0.59%	1.93%	2.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.71%	35.33%	45.80%	46.89%	33.96%	34.11%	43.80%	47.52%	36.26%	37.94%	42.17%
EBITDA Margin	30.11%	34.44%	43.44%	45.68%	29.87%	31.55%	41.26%	45.50%	31.38%	34.55%	39.47%
Operating Margin	7.50%	7.02%	23.97%	30.92%	7.72%	5.54%	22.63%	31.96%	10.73%	11.41%	21.00%
EBIT Margin	8.13%	10.65%	25.17%	31.77%	7.54%	7.27%	23.48%	32.35%	10.29%	11.95%	21.79%
Profit (Net Income) Margin	0.43%	2.22%	15.90%	22.57%	-0.23%	-0.03%	14.49%	22.93%	1.56%	3.05%	12.42%
Tax Burden Percent	60.58%	84.47%	86.52%	84.32%	99.60%	5.18%	84.90%	84.28%	100.02%	96.78%	85.24%
Interest Burden Percent	8.77%	24.71%	73.00%	84.26%	-3.06%	-8.69%	72.67%	84.12%	15.16%	26.41%	66.85%
Effective Tax Rate	39.42%	15.53%	13.48%	15.68%	0.00%	0.00%	15.10%	15.72%	-0.02%	3.22%	14.76%
Return on Invested Capital (ROIC)	1.42%	1.84%	6.49%	8.18%	1.72%	1.25%	6.00%	8.28%	3.31%	3.44%	5.48%
ROIC Less NNEP Spread (ROIC-NNEP)	0.96%	1.45%	5.82%	7.52%	1.07%	0.83%	5.37%	7.57%	2.31%	2.57%	4.77%
Return on Net Nonoperating Assets (RNNOA)	1.35%	2.06%	8.86%	10.70%	1.56%	1.21%	8.39%	11.19%	3.43%	3.88%	7.67%
Return on Equity (ROE)	2.77%	3.90%	15.34%	18.88%	3.27%	2.46%	14.39%	19.47%	6.73%	7.32%	13.15%
Cash Return on Invested Capital (CROIC)	-3.82%	-1.08%	-2.67%	-2.43%	-0.71%	-1.74%	-1.76%	-2.34%	-2.72%	-3.77%	-2.78%
Operating Return on Assets (OROA)	1.61%	2.07%	4.96%	6.29%	1.52%	1.45%	4.49%	6.11%	1.96%	2.25%	3.92%
Return on Assets (ROA)	0.09%	0.43%	3.13%	4.47%	-0.05%	-0.01%	2.77%	4.33%	0.30%	0.58%	2.23%
Return on Common Equity (ROCE)	2.73%	3.83%	15.08%	18.56%	3.22%	2.42%	14.16%	19.25%	6.66%	7.24%	13.02%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.69%	10.24%	9.56%	0.00%	8.97%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	45	56	271	461	59	40	261	490	121	127	261
NOPAT Margin	4.54%	5.93%	20.74%	26.08%	5.40%	3.88%	19.22%	26.93%	10.73%	11.04%	17.90%
Net Nonoperating Expense Percent (NNEP)	0.46%	0.40%	0.67%	0.66%	0.64%	0.42%	0.63%	0.71%	1.00%	0.87%	0.71%
Return On Investment Capital (ROIC_SIMPLE)	0.29%	-	-	-	0.36%	0.24%	1.53%	2.77%	0.69%	0.70%	1.41%
Cost of Revenue to Revenue	66.29%	64.67%	54.20%	53.11%	66.04%	65.89%	56.20%	52.48%	63.74%	62.06%	57.83%
SG&A Expenses to Revenue	0.03%	0.00%	0.16%	0.01%	0.01%	0.06%	0.08%	0.02%	0.15%	0.28%	0.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.21%	28.32%	21.83%	15.96%	26.24%	28.57%	21.17%	15.56%	25.53%	26.53%	21.17%
Earnings before Interest and Taxes (EBIT)	81	101	329	562	83	75	319	589	116	137	317
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	299	328	569	808	327	326	561	828	354	397	575
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.03	2.18	2.25	2.45	2.30	2.69	2.51	2.36	2.38	2.72	1.83
Price to Tangible Book Value (P/TBV)	2.03	2.31	2.39	2.60	2.30	2.69	2.51	2.36	2.38	2.72	1.83
Price to Revenue (P/Rev)	2.67	2.87	2.86	3.23	3.03	3.48	3.21	3.19	3.14	3.52	2.31
Price to Earnings (P/E)	25.02	25.87	22.58	26.33	25.49	30.87	29.32	28.47	27.21	29.34	20.08
Dividend Yield	5.11%	4.77%	4.64%	4.02%	4.21%	3.73%	4.02%	4.03%	4.09%	3.61%	3.42%
Earnings Yield	4.00%	3.87%	4.43%	3.80%	3.92%	3.24%	3.41%	3.51%	3.68%	3.41%	4.98%
Enterprise Value to Invested Capital (EV/IC)	1.38	1.46	1.45	1.56	1.51	1.67	1.56	1.53	1.52	1.65	1.28
Enterprise Value to Revenue (EV/Rev)	4.61	4.85	4.84	5.17	4.88	5.36	5.18	5.16	5.12	5.54	4.37
Enterprise Value to EBITDA (EV/EBITDA)	12.54	12.78	12.13	12.95	12.32	13.74	13.47	13.42	13.23	14.12	11.26
Enterprise Value to EBIT (EV/EBIT)	24.80	24.99	22.60	24.17	23.28	26.58	26.21	25.72	24.90	26.02	20.91
Enterprise Value to NOPAT (EV/NOPAT)	30.17	31.14	28.04	30.54	29.10	32.44	32.07	31.22	29.96	31.00	24.89
Enterprise Value to Operating Cash Flow (EV/OCF)	17.94	16.98	18.10	16.80	15.55	16.75	15.68	15.50	15.16	18.45	13.69
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.44	1.46	1.52	1.44	1.37	1.42	1.50	1.45	1.49	1.55	1.61
Long-Term Debt to Equity	1.20	1.20	1.28	1.20	1.18	1.18	1.25	1.28	1.30	1.38	1.38
Financial Leverage	1.41	1.43	1.52	1.42	1.46	1.46	1.56	1.48	1.48	1.51	1.61
Leverage Ratio	3.81	3.88	4.01	3.84	3.86	3.96	4.18	4.03	4.03	4.15	4.45
Compound Leverage Factor	0.33	0.96	2.93	3.24	-0.12	-0.34	3.04	3.39	0.61	1.10	2.97
Debt to Total Capital	58.95%	59.34%	60.28%	59.00%	57.89%	58.70%	60.05%	59.24%	59.85%	60.73%	61.64%
Short-Term Debt to Total Capital	9.70%	10.75%	9.63%	9.90%	8.40%	10.08%	10.27%	7.21%	7.69%	6.59%	8.64%
Long-Term Debt to Total Capital	49.25%	48.59%	50.66%	49.11%	49.49%	48.63%	49.78%	52.03%	52.16%	54.13%	53.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.70%	0.72%	0.66%	0.67%	0.63%	0.65%	0.59%	0.24%	0.23%	0.24%	0.22%
Common Equity to Total Capital	40.35%	39.94%	39.05%	40.33%	41.48%	40.65%	39.36%	40.52%	39.92%	39.04%	38.14%
Debt to EBITDA	5.22	5.16	4.92	4.83	4.64	4.79	5.08	5.13	5.11	5.14	5.28
Net Debt to EBITDA	5.22	5.16	4.91	4.81	4.63	4.75	5.06	5.11	5.10	5.13	5.27
Long-Term Debt to EBITDA	4.36	4.23	4.13	4.02	3.97	3.97	4.21	4.51	4.45	4.58	4.54
Debt to NOPAT	12.57	12.57	11.36	11.39	10.96	11.32	12.09	11.94	11.57	11.28	11.67
Net Debt to NOPAT	12.55	12.56	11.36	11.33	10.94	11.22	12.05	11.89	11.55	11.27	11.66
Long-Term Debt to NOPAT	10.50	10.30	9.55	9.48	9.37	9.38	10.02	10.48	10.08	10.05	10.03
Altman Z-Score	0.77	0.77	0.81	0.93	0.84	0.86	0.78	0.84	0.75	0.82	0.62
Noncontrolling Interest Sharing Ratio	1.76%	1.82%	1.73%	1.69%	1.60%	1.66%	1.57%	1.09%	1.03%	1.08%	1.02%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.67	0.58	0.66	0.71	0.59	0.50	0.52	0.67	0.54	0.60	0.59
Quick Ratio	0.23	0.19	0.28	0.35	0.24	0.21	0.25	0.35	0.23	0.26	0.31
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,246	-840	-989	-777	-916	-1,100	-884	-792	-1,264	-1,509	-1,218
Operating Cash Flow to CapEx	2,101.52%	67.09%	35.54%	95.10%	82.67%	64.56%	36.85%	106.73%	71.21%	202.62%	54.07%
Free Cash Flow to Firm to Interest Expense	-14.39	-9.70	-10.11	-7.93	-9.65	-11.60	-8.67	-7.13	-11.09	-13.02	-9.97
Operating Cash Flow to Interest Expense	4.32	4.01	1.94	6.46	4.63	4.24	2.56	5.98	4.18	2.03	3.22
Operating Cash Flow Less CapEx to Interest Expense	4.11	-1.97	-3.52	-0.33	-0.97	-2.33	-4.39	0.38	-1.69	1.03	-2.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.19	0.20	0.20	0.20	0.20	0.19	0.19	0.19	0.19	0.18
Accounts Receivable Turnover	7.49	8.23	6.37	5.14	7.67	8.99	6.23	5.06	7.60	8.58	5.97
Inventory Turnover	6.04	5.92	5.46	5.72	6.01	6.15	5.77	5.85	5.85	5.91	5.61
Fixed Asset Turnover	0.27	0.27	0.27	0.28	0.28	0.27	0.27	0.27	0.27	0.27	0.27
Accounts Payable Turnover	6.53	6.74	5.78	7.00	6.44	5.67	5.10	6.46	5.35	5.25	4.93
Days Sales Outstanding (DSO)	48.70	44.37	57.28	71.02	47.60	40.58	58.61	72.10	48.04	42.55	61.14
Days Inventory Outstanding (DIO)	60.43	61.70	66.79	63.83	60.78	59.39	63.21	62.34	62.42	61.81	65.10
Days Payable Outstanding (DPO)	55.87	54.19	63.19	52.12	56.68	64.32	71.52	56.48	68.21	69.54	74.03
Cash Conversion Cycle (CCC)	53.27	51.88	60.88	82.72	51.70	35.65	50.30	77.96	42.25	34.81	52.21
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,655	15,585	16,262	16,628	16,630	16,726	17,407	17,910	18,015	18,362	18,886
Invested Capital Turnover	0.31	0.31	0.31	0.31	0.32	0.32	0.31	0.31	0.31	0.31	0.31
Increase / (Decrease) in Invested Capital	1,291	897	1,261	1,238	975	1,141	1,145	1,283	1,385	1,636	1,478
Enterprise Value (EV)	21,670	22,810	23,660	25,947	25,034	27,883	27,224	27,407	27,366	30,223	24,251
Market Capitalization	12,549	13,498	13,972	16,207	15,518	18,132	16,890	16,922	16,773	19,191	12,850
Book Value per Share	$33.45	$54.56	$33.61	$35.79	$36.52	$35.40	$35.28	$37.59	$36.90	$36.78	$36.55
Tangible Book Value per Share	$33.45	$51.35	$31.62	$33.69	$36.52	$35.40	$35.28	$37.59	$36.90	$36.78	$36.55
Total Capital	15,310	15,521	15,904	16,406	16,285	16,577	17,090	17,691	17,650	18,107	18,444
Total Debt	9,025	9,210	9,588	9,680	9,427	9,731	10,262	10,480	10,563	10,996	11,369
Total Long-Term Debt	7,541	7,542	8,056	8,056	8,059	8,061	8,507	9,204	9,206	9,802	9,776
Net Debt	9,013	9,201	9,583	9,630	9,413	9,643	10,232	10,442	10,553	10,989	11,360
Capital Expenditures (CapEx)	18	518	534	666	532	623	710	623	670	116	729
Debt-free, Cash-free Net Working Capital (DFCFNWC)	510	385	463	641	200	3.92	86	273	-110	106	216
Debt-free Net Working Capital (DFNWC)	522	395	468	691	214	92	116	311	-100	113	225
Net Working Capital (NWC)	-962	-1,274	-1,063	-933	-1,154	-1,579	-1,639	-965	-1,457	-1,081	-1,369
Net Nonoperating Expense (NNE)	41	35	63	62	62	40	64	73	103	92	80
Net Nonoperating Obligations (NNO)	9,370	9,275	9,946	9,902	9,773	9,880	10,579	10,699	10,928	11,251	11,811
Total Depreciation and Amortization (D&A)	218	226	239	246	245	251	242	239	238	260	257
Debt-free, Cash-free Net Working Capital to Revenue	10.87%	8.18%	9.47%	12.76%	3.90%	0.08%	1.64%	5.15%	-2.06%	1.95%	3.89%
Debt-free Net Working Capital to Revenue	11.12%	8.39%	9.57%	13.76%	4.18%	1.76%	2.20%	5.86%	-1.88%	2.08%	4.05%
Net Working Capital to Revenue	-20.49%	-27.09%	-21.75%	-18.58%	-22.53%	-30.33%	-31.19%	-18.18%	-27.29%	-19.81%	-24.64%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.15	$1.79	$3.47	($0.06)	($0.04)	$1.61	$3.45	$0.13	$0.27	$1.47
Adjusted Weighted Average Basic Shares Outstanding	113.44M	113.62M	113.70M	113.73M	113.85M	119.59M	119.52M	119.62M	119.69M	121.36M	121.31M
Adjusted Diluted Earnings per Share	$0.00	$0.15	$1.76	$3.37	($0.04)	($0.04)	$1.58	$3.39	$0.12	$0.27	$1.43
Adjusted Weighted Average Diluted Shares Outstanding	113.80M	114.23M	115.80M	117.12M	116.23M	119.59M	121.87M	121.96M	121.97M	123.78M	124.49M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	184.69M	184.82M	184.88M	184.96M	190.36M	190.66M	190.69M	190.96M	192.17M	192.45M	192.46M
Normalized Net Operating Profit after Tax (NOPAT)	45	56	271	461	59	40	261	490	85	127	261
Normalized NOPAT Margin	4.54%	5.93%	20.74%	26.08%	5.40%	3.88%	19.22%	26.93%	7.51%	11.04%	17.90%
Pre Tax Income Margin	0.71%	2.63%	18.38%	26.77%	-0.23%	-0.63%	17.07%	27.21%	1.56%	3.16%	14.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.93	1.17	3.37	5.73	0.87	0.79	3.13	5.30	1.02	1.19	2.60
NOPAT to Interest Expense	0.52	0.65	2.77	4.71	0.62	0.42	2.56	4.41	1.06	1.10	2.13
EBIT Less CapEx to Interest Expense	0.73	-4.81	-2.09	-1.06	-4.73	-5.77	-3.83	-0.31	-4.86	0.18	-3.37
NOPAT Less CapEx to Interest Expense	0.31	-5.33	-2.68	-2.09	-4.98	-6.14	-4.40	-1.19	-4.81	0.09	-3.83
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	78.60%	76.03%	64.74%	65.40%	66.44%	69.93%	72.44%	71.88%	69.79%	66.61%	68.12%
Augmented Payout Ratio	79.38%	76.03%	64.74%	65.40%	66.44%	69.93%	72.44%	71.25%	56.40%	66.61%	68.12%

Financials Breakdown Chart

Key Financial Trends

Pinnacle West Capital’s latest quarter shows a familiar utility profile: steady revenue, strong operating cash flow, heavy capital spending, and significant leverage. In Q1 2026, revenue rose modestly year over year, while earnings normalized after an unusually strong prior quarter. The balance sheet remains sizable, but debt is still a major part of the capital structure, which is typical for a regulated electric utility.

Operating cash flow remained solid. Pinnacle West generated $235.3 million in operating cash flow in Q1 2026, up from $401.9 million in Q1 2025 but still a healthy figure for a utility.
Revenue grew year over year. Q1 2026 revenue increased to $1.15 billion from $1.03 billion in Q1 2025, showing continued demand and rate-supportive growth.
Gross profit improved versus the prior-year quarter. Gross profit rose to $436.2 million from $352.1 million in Q1 2025.
Book equity expanded. Total common equity increased to $7.07 billion from $6.74 billion a year earlier, reflecting retained earnings growth and a stronger equity base.
Cash generation continues to support dividends and investment. The company paid $108.5 million in dividends in Q1 2026 while still producing positive operating cash flow.
Quarterly earnings were much lower than the very strong prior-year comparison. Net income attributable to common shareholders fell to $32.9 million in Q1 2026 from $413.2 million in Q1 2025, but that prior period was unusually high.
Earnings per share were flat at $0.27. Diluted EPS matched basic EPS at $0.27, but both were far below the $3.39 diluted EPS reported in Q1 2025, again highlighting the tough comparison.
Capital spending remains very high. Pinnacle West spent $628.4 million on property, plant and equipment in Q1 2026, underscoring continued infrastructure investment.
Liquidity is modest in cash terms. Cash and equivalents were only $6.4 million at quarter-end, although utilities often operate with limited cash and rely on financing access.
Debt levels remain elevated. The company carried $1.19 billion of short-term debt and $9.80 billion of long-term debt at the end of Q1 2026.
Investing cash outflow was substantial. Net cash used in investing activities was $551.5 million in Q1 2026, driven by heavy capital spending and investment purchases.
Cash declined slightly in the quarter. Despite positive operating and financing cash flows, net change in cash was slightly negative at $195,000.
Interest expense continues to weigh on pre-tax income. Interest expense was $115.9 million in Q1 2026, offsetting a meaningful portion of operating profit.

Longer-term trend: Over the past four years, Pinnacle West has shown the classic utility pattern of steady top-line growth, large depreciation expense, persistent capital investment, and recurring debt use to fund the grid and generation base. Revenue has generally trended higher from 2023 into 2025 and early 2026, while profitability has been volatile quarter to quarter due to weather, rate changes, and timing items. The most notable structural feature is the company’s continued reliance on debt to finance a large, capital-intensive asset base.

Bottom line: PNW looks stable operationally, but it remains a leveraged utility with ongoing capital needs. For income-focused investors, the dividend remains a key attraction; for total-return investors, the main question is whether earnings growth and regulated rate support can keep pace with the debt load and ongoing infrastructure spending.

08/23/26 04:01 AM ETAI Generated. May Contain Errors.

Pinnacle West Capital Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pinnacle West Capital's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Pinnacle West Capital's net income appears to be on an upward trend, with a most recent value of $631.64 million in 2025, rising from $456.19 million in 2015. The previous period was $626.03 million in 2024. See Pinnacle West Capital's forecast for analyst expectations on what's next for the company.

Pinnacle West Capital's total operating income in 2025 was $1.07 billion, based on the following breakdown:

Total Gross Profit: $2.22 billion
Total Operating Expenses: $1.15 billion

Over the last 10 years, Pinnacle West Capital's total revenue changed from $3.50 billion in 2015 to $5.34 billion in 2025, a change of 52.8%.

Pinnacle West Capital's total liabilities were at $22.78 billion at the end of 2025, a 19.5% increase from 2024, and a 232.8% increase since 2015.

In the past 10 years, Pinnacle West Capital's cash and equivalents has ranged from $3.84 million in 2024 to $59.97 million in 2020, and is currently $6.60 million as of their latest financial filing in 2025.

Over the last 10 years, Pinnacle West Capital's book value per share changed from 25.17 in 2015 to 36.90 in 2025, a change of 46.6%.

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Financial statements for NYSE:PNW last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Pinnacle West Capital (PNW) Financials

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Pinnacle West Capital (PNW) Financials

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