Pinnacle West Capital Corporation

PNW · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$10,617	$9,638	$8,147	$8,603	$7,964	$9,020	$10,146	$9,612	$9,610	$8,803	$7,275	$7,557	$5,820	$5,583	$5,254	$4,417	$3,700	$3,235	$4,252	$5,039	$3,983	$4,060	$3,652	$2,894	$3,550	$4,036	$2,589	$3,593	$3,622	$2,781	$2,513	$1,716	$1,952	$1,771	$1,510	$869	$965	$1,323	$2,035	$2,186	$1,651
Enterprise value	$28,495	$20,786	$18,552	$17,587	$16,254	$15,999	$16,070	$14,947	$14,692	$13,251	$11,191	$11,263	$9,447	$9,100	$8,826	$7,997	$7,469	$7,010	$7,827	$8,222	$6,838	$7,170	$6,833	$6,082	$6,726	$6,527	$4,927	$5,968	$6,078	$5,299	$5,131	$4,480	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	17.22×	15.83×	16.24×	17.79×	12.87×	16.38×	18.85×	18.81×	19.67×	19.92×	16.64×	19.01×	14.33×	14.63×	15.48×	12.62×	54.16×	13.36×	13.84×	15.40×	22.60×	16.70×	15.18×	19.37×	11.37×	13.35×	15.42×	14.79×	15.36×	15.34×	13.37×	8.55×	10.31×	11.32×	–	8.93×	–	315.00×	7.58×	9.34×	5.91×
P/S (TTM) at period end	1.99×	1.88×	1.73×	1.99×	2.09×	2.51×	2.92×	2.60×	2.70×	2.52×	2.08×	2.16×	1.68×	1.69×	1.62×	1.39×	1.17×	1.00×	1.21×	1.48×	1.33×	1.40×	1.30×	1.10×	0.78×	1.09×	1.07×	1.69×	1.82×	1.53×	1.51×	1.02×	1.14×	1.05×	1.02×	0.54×	0.64×	0.92×	1.55×	1.75×	1.41×
P/B at period end	1.51×	1.43×	1.32×	1.42×	1.35×	1.60×	1.87×	1.84×	1.92×	1.83×	1.59×	1.73×	1.39×	1.41×	1.37×	1.20×	1.12×	0.94×	1.20×	1.46×	1.16×	1.38×	1.29×	1.08×	1.42×	1.69×	1.17×	1.59×	1.65×	1.27×	1.17×	0.84×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	13.99×	10.56×	11.05×	11.35×	10.66×	10.85×	12.03×	10.49×	9.66×	9.46×	7.85×	8.61×	7.06×	6.83×	7.12×	6.73×	7.00×	6.91×	7.65×	8.18×	7.62×	7.55×	7.29×	6.05×	5.94×	5.93×	4.95×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	5.34×	4.06×	3.95×	4.07×	4.27×	4.46×	4.63×	4.05×	4.12×	3.79×	3.20×	3.23×	2.73×	2.76×	2.72×	2.51×	2.37×	2.18×	2.22×	2.42×	2.29×	2.47×	2.42×	2.31×	1.48×	1.77×	2.03×	2.80×	3.05×	2.92×	3.07×	2.66×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	8.7%	9.0%	8.1%	8.0%	10.5%	9.8%	9.9%	9.8%	9.8%	9.2%	9.5%	9.1%	9.7%	9.6%	8.9%	9.5%	2.1%	7.0%	8.7%	9.5%	5.1%	8.2%	8.5%	5.6%	12.5%	12.7%	7.6%	10.8%	10.7%	8.3%	8.7%	9.8%	–	–	–	–	–	–	–	–	–
Return on invested capital	3.7%	4.8%	4.3%	4.2%	4.8%	5.5%	5.9%	5.9%	6.0%	6.0%	6.6%	6.6%	7.1%	7.3%	6.7%	6.7%	5.6%	5.2%	5.8%	6.3%	5.2%	5.5%	5.4%	5.7%	7.2%	8.0%	7.8%	7.3%	7.3%	7.2%	7.2%	6.9%	–	–	–	–	–	–	–	–	–
Dividend yield	4.0%	4.1%	4.7%	4.4%	4.6%	3.9%	3.2%	3.2%	3.0%	3.1%	3.6%	3.3%	4.0%	4.0%	4.2%	4.9%	5.5%	6.3%	5.0%	4.0%	4.7%	4.1%	4.3%	4.8%	3.6%	–	4.3%	2.9%	2.7%	3.2%	3.2%	4.2%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.54×	0.59×	0.67×	0.99×	0.88×	0.88×	0.50×	0.56×	0.85×	0.64×	0.62×	0.62×	0.64×	0.93×	0.71×	0.71×	0.84×	0.59×	0.68×	1.01×	0.83×	0.70×	0.84×	0.77×	0.67×	0.67×	1.01×	0.71×	0.86×	0.82×	0.85×	0.82×	–	–	–	–	–	–	–	–	–
Debt / equity	1.39×	1.31×	1.32×	1.34×	1.22×	1.15×	0.91×	0.90×	0.98×	0.87×	0.76×	0.72×	0.70×	0.83×	0.91×	0.83×	1.10×	1.13×	1.03×	0.95×	0.88×	1.11×	1.20×	1.21×	1.28×	1.05×	1.07×	1.06×	1.13×	1.16×	1.25×	1.37×	–	–	–	–	–	–	–	–	–
Effective tax rate	14.5%	15.0%	12.9%	13.0%	14.8%	12.1%	(2.9%)	20.2%	33.7%	33.9%	34.3%	34.2%	34.4%	36.2%	34.0%	31.8%	35.1%	34.2%	33.6%	33.0%	36.2%	35.4%	31.4%	39.1%	39.5%	42.5%	38.4%	40.4%	38.9%	37.8%	39.1%	38.0%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	122	116	114	113	113	113	113	113	112	112	112	111	111	111	110	107	101	101	101	100	97	91	91	85	85	85	85	85	86	88	87	87	88	87	87	87	87	84	73	77	61

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$5,554	$5,340	$5,125	$4,696	$4,324	$3,804	$3,587	$3,471	$3,691	$3,565	$3,499	$3,495	$3,492	$3,455	$3,302	$3,241	$3,189	$3,154	$3,220	$3,524	$3,402	$2,988	$2,900	$2,818	$2,637	$4,551	$3,690	$2,423	$2,131	$1,995	$1,818	$1,670	$1,686	$1,718	$1,690	$1,475	$1,597	$1,508	$1,442	$1,313	$1,250	$1,174
Cost of revenue	($2,072)	($1,933)	($1,823)	($1,793)	($1,629)	($1,153)	($993)	($1,042)	($1,076)	($981)	($1,076)	($1,101)	($1,180)	($1,096)	($995)	($1,009)	–	–	–	($1,435)	($1,251)	($888)	–	–	–	–	($1,935)	($796)	($538)	($437)	($326)	($270)	($301)	–	–	–	–	–	–	–	–	–
Gross profit	$3,483	$3,407	$3,302	$2,903	$2,695	$2,651	$2,594	$2,429	$2,615	$2,584	$2,423	$2,394	$2,312	$2,359	$2,307	$2,232	–	–	–	$2,088	$2,150	$2,100	–	–	–	–	$1,755	$1,627	$1,593	$1,558	$1,492	$1,400	$1,385	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($2,343)	($2,339)	($2,290)	($2,079)	($1,963)	($1,846)	($1,805)	($1,757)	($1,841)	($1,674)	($1,588)	($1,540)	($1,501)	($1,513)	($1,455)	($1,485)	–	–	–	($1,469)	($1,532)	($1,584)	–	–	–	–	($1,079)	($1,048)	($1,026)	($1,001)	($948)	($838)	($851)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($4,415)	($4,272)	($4,113)	($3,871)	($3,592)	($2,999)	($2,799)	($2,799)	($2,918)	($2,656)	($2,663)	($2,641)	($2,680)	($2,608)	($2,450)	($2,495)	($2,474)	($2,538)	($2,637)	($2,904)	($2,783)	($2,473)	($2,382)	($2,345)	($2,087)	($3,875)	($3,014)	($1,845)	($1,563)	($1,437)	($1,274)	($1,107)	($1,152)	–	–	–	–	–	–	–	–	–
Operating income	$1,140	$1,068	$1,012	$825	$732	$805	$788	$672	$774	$910	$836	$855	$811	$846	$852	$747	$715	$616	$583	$619	$619	$515	$518	$473	$551	$676	$676	$579	$567	$558	$544	$562	$534	$1,718	$1,690	$1,475	$1,597	$1,508	$1,442	$1,313	$1,250	$1,174
Earnings
EBITDA	$2,134	$2,037	$1,968	$1,679	$1,550	$1,524	$1,474	$1,336	$1,425	$1,520	$1,401	$1,426	$1,308	$1,339	$1,333	$1,240	$1,188	$1,067	$1,014	$1,023	$1,006	$897	$950	$937	$1,006	$1,132	$1,100	$996	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	$12	$18	$24	$27	$7	$7	$12	$10	$9	$3	$1	$0	$1	$2	$1	$2	$3	$2	$8	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($463)	($422)	($377)	($331)	($256)	($233)	($229)	($217)	($218)	($198)	($186)	($179)	($185)	($187)	($200)	($224)	($228)	($227)	($205)	($213)	($197)	($185)	($196)	($205)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$761	$738	$737	$596	$576	$746	$648	$542	$664	$766	$698	$694	$644	$671	$656	$539	$506	$395	$279	$450	$474	$350	$364	$336	$353	$541	$526	$438	$408	$386	$340	$328	$324	–	–	–	–	–	–	–	–	–
Income tax expense	($110)	($107)	($111)	($77)	($75)	($110)	($78)	$16	($134)	($258)	($236)	($238)	($221)	($231)	($237)	($184)	($161)	($139)	($96)	($151)	($156)	($127)	($129)	($106)	($138)	($214)	($224)	($168)	($165)	($150)	($128)	($128)	($123)	$189	$156	($187)	$97	($551)	$4	$268	$234	$280
Net income	$640	$617	$609	$502	$484	$619	$551	$538	$511	$488	$442	$437	$398	$406	$382	$339	$350	$68	$242	$307	$327	$176	$243	$241	$149	$312	$302	$168	$243	$236	$181	$188	$201	$189	$156	($187)	$97	($551)	$4	$268	$234	$280
Per share
Diluted EPS (GAAP)	$5.21	$5.05	$5.24	$4.41	$4.26	$5.47	$4.87	$4.77	$4.54	$4.35	$3.95	$3.92	$3.58	$3.66	$3.45	$3.09	$3.27	$0.67	$2.40	$3.05	$3.27	$1.82	$2.66	$2.63	$1.76	$3.68	$3.56	$1.97	$2.85	$2.74	$2.06	$2.15	$2.30	$2.16	$1.80	($2.15)	$1.12	($6.36)	$0.05	$3.21	$3.04	$3.88
Basic EPS (GAAP)	$5.32	$5.15	$5.35	$4.42	$4.27	$5.48	$4.89	$4.79	$4.56	$4.37	$3.97	$3.94	$3.59	$3.69	$3.48	$3.11	$3.28	$0.68	$2.40	$3.06	$3.29	$1.83	$2.66	$2.64	$1.76	$3.68	$3.57	$1.98	$2.87	$2.76	$2.07	$2.15	$2.30	$2.17	$1.80	($2.15)	$1.12	($6.36)	$0.05	$3.21	$3.04	$3.88
Basic shares outstanding	120	120	114	113	113	113	113	112	112	112	111	111	111	110	110	109	107	101	101	100	99	96	91	91	85	85	85	85	85	85	88	87	87	87	87	87	87	87	84	73	77	61
Margins
Gross margin	62.7%	63.8%	64.4%	61.8%	62.3%	69.7%	72.3%	70.0%	70.8%	72.5%	69.3%	68.5%	66.2%	68.3%	69.9%	68.9%	–	–	–	59.3%	63.2%	70.3%	–	–	–	–	47.6%	67.1%	74.8%	78.1%	82.1%	83.8%	82.2%	–	–	–	–	–	–	–	–	–
Operating margin	20.5%	20.0%	19.7%	17.6%	16.9%	21.2%	22.0%	19.4%	21.0%	25.5%	23.9%	24.4%	23.2%	24.5%	25.8%	23.0%	22.4%	19.5%	18.1%	17.6%	18.2%	17.2%	17.9%	16.8%	20.9%	14.9%	18.3%	23.9%	26.6%	28.0%	29.9%	33.7%	31.7%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	11.5%	11.5%	11.9%	10.7%	11.2%	16.3%	15.3%	15.5%	13.8%	13.7%	12.6%	12.5%	11.4%	11.8%	11.6%	10.5%	11.0%	2.2%	7.5%	8.7%	9.6%	5.9%	8.4%	8.5%	5.7%	6.9%	8.2%	6.9%	11.4%	11.8%	10.0%	11.3%	11.9%	11.0%	9.3%	(12.7%)	6.1%	(36.6%)	0.3%	20.4%	18.7%	23.8%

Analyst consensus

Hold25 analysts

Bearish · 1 · Hold · 17 · Bullish · 7

Earnings history

	EPS	Estimate
Q3 2024	$3.37	$3.49	Miss
Q4 2024	$-0.06	$-0.31	Beat
Q1 2025	$-0.04	$0.05	Miss
Q2 2025	$1.58	$1.58	Match
Q3 2025	$3.39	$3.04	Beat
Q4 2025	$0.13	$0.05	Beat
Q1 2026	$0.27	$-0.03	Beat
Q2 2026	$1.43	$1.46	Miss

Peers

Company overview

IPO dateAug 28, 1961

CEOTheodore N. Geisler

Employees6,610

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNew York Stock Exchange

Websitewww.pinnaclewest.com

Pinnacle West Capital Corporation (PNW), primarily operating through its Arizona Public Service Company (APS) subsidiary, delivers retail and wholesale electricity services predominantly within Arizona. The company manages the full scope of electricity provision, encompassing generation, transmission, and distribution, leveraging a diverse energy portfolio that includes coal, nuclear, natural gas, oil, and solar power facilities. Its robust infrastructure for power delivery features approximately 5,814 pole miles of overhead transmission lines and roughly 74 miles of subterranean transmission lines. For distribution, the company maintains about 11,258 miles of overhead lines and an estimated 22,821 miles of underground primary cabling. This network is further supported by 475 owned and managed transmission and distribution substations. PNW possesses or leases roughly 6,323 megawatts of regulated power generation capacity and supplies electricity to an estimated 1.3 million customers. Established in 1985, Pinnacle West Capital Corporation's corporate headquarters are situated in Phoenix, Arizona.

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