Pinnacle West Capital Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Pinnacle West Capital Corp reported revenue of $5.3B (+4.2% year on year) and net income of $631.6M (+0.9% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| OPERATING REVENUES (Note 4) | $5.3B | $5.1B | $4.7B | $4.3B |
| Fuel and purchased power | $1.9B | $1.8B | $1.8B | $1.6B |
| Operations and maintenance | $1.2B | $1.2B | $1.1B | $987.1M |
| Depreciation and amortization | $915.3M | $895.3M | $794.0M | $753.2M |
| Taxes other than income taxes | $234.8M | $227.4M | $224.0M | $220.4M |
| Other expense | $3.7M | $2.4M | $1.9M | $2.5M |
| Total | $4.3B | $4.1B | $3.9B | $3.6B |
| OPERATING INCOME | $1.1B | $1.0B | $824.6M | $731.9M |
| Allowance for equity funds used during construction (Note 1) | $61.1M | $38.6M | $53.1M | $45.3M |
| Pension and other postretirement non-service credits, net (Note 9) | $12.4M | $48.9M | $40.6M | $98.5M |
| Other income (Note 15) | $49.4M | $48.6M | $33.7M | $7.9M |
| Other expense (Note 15) | ($30.3M) | ($34.1M) | ($25.1M) | ($52.4M) |
| Total | $92.7M | $102.0M | $102.4M | $99.3M |
| Interest charges | $469.7M | $425.7M | $374.9M | $283.6M |
| Allowance for borrowed funds used during construction (Note 1) | ($47.7M) | ($48.3M) | ($43.6M) | ($28.0M) |
| Total | $422.0M | $377.5M | $331.3M | $255.5M |
| Income Before Income Taxes | $738.4M | $736.6M | $595.7M | $575.7M |
| Income Taxes (Note 5) | $106.7M | $110.5M | $76.9M | $74.8M |
| NET INCOME | $631.6M | $626.0M | $518.8M | $500.8M |
| Less: Net income attributable to noncontrolling interests (Note 12) | $15.1M | $17.2M | $17.2M | $17.2M |
| Net Income (Loss) Attributable to Common Shareholders | $616.5M | $608.8M | $501.6M | $483.6M |
| Weighted average common shares outstanding — basic (in shares) | 119.7M | 113.8M | 113.4M | 113.2M |
| Weighted-average common shares outstanding — diluted (in shares) | 122.0M | 116.2M | 113.8M | 113.4M |
| Net income attributable to common shareholders — basic (in dollars per share) | $5.15 | $5.35 | $4.42 | $4.27 |
| Net income attributable to common shareholders — diluted (in dollars per share) | $5.05 | $5.24 | $4.41 | $4.26 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| OPERATING REVENUES (Note 4) | $1.5B | $1.1B | $1.8B | $1.4B |
| Fuel and purchased power | $558.5M | $436.7M | $656.0M | $477.0M |
| Operations and maintenance | $283.4M | $276.7M | $299.6M | $286.6M |
| Depreciation and amortization | $243.2M | $239.9M | $224.6M | $228.9M |
| Taxes other than income taxes | $61.7M | $62.0M | $58.4M | $57.7M |
| Other expense | $3.3M | $3.2M | $338.0K | $1.0M |
| Total | $1.2B | $1.0B | $1.2B | $1.1B |
| OPERATING INCOME | $305.7M | $131.2M | $581.8M | $307.6M |
| Allowance for equity funds used during construction | $17.1M | $14.8M | $17.7M | $14.8M |
| Pension and other postretirement non-service credits, net (Note 8) | $5.0M | $4.0M | $2.8M | $3.7M |
| Other income (Note 12) | $13.1M | $5.0M | $12.5M | $12.1M |
| Other expense (Note 12) | ($6.6M) | ($2.7M) | ($8.2M) | ($4.3M) |
| Total | $28.6M | $21.0M | $24.8M | $26.3M |
| Interest charges | $133.6M | $125.8M | $125.2M | $113.5M |
| Allowance for borrowed funds used during construction | ($11.4M) | ($9.9M) | ($14.0M) | ($11.6M) |
| Total | $122.2M | $115.9M | $111.2M | $102.0M |
| Income Before Income Taxes | $212.1M | $36.3M | $495.4M | $231.9M |
| Income taxes | $31.3M | $1.2M | $77.9M | $35.0M |
| Net Income | $180.8M | $35.1M | $417.5M | $196.9M |
| Less: Net income attributable to noncontrolling interests (Note 9) | $2.2M | $2.2M | $4.3M | $4.3M |
| Net income attributable to common shareholders, basic | $178.6M | $32.9M | $413.2M | $192.6M |
| Net income attributable to common shareholders, diluted | $178.6M | — | — | — |
| Weighted average common shares outstanding — basic (in shares) | 121.3M | 121.4M | 119.6M | 119.5M |
| Weighted-average common shares outstanding — diluted (in shares) | 124.5M | 123.8M | 122.0M | 121.9M |
| Net income attributable to common shareholders — basic (in dollars per share) | $1.47 | $0.27 | $3.45 | $1.61 |
| Net income attributable to common shareholders — diluted (in dollars per share) | $1.43 | $0.27 | $3.39 | $1.58 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $6.6M | $3.8M | $5.0M | $4.8M |
| Customer and other receivables | $579.8M | $525.6M | $513.9M | $453.2M |
| Accrued unbilled revenues (Note 4) | $173.7M | $176.9M | $167.6M | $164.8M |
| Allowance for doubtful accounts (Note 4) | ($25.5M) | ($24.8M) | ($22.4M) | ($23.8M) |
| Materials and supplies (at average cost) | $546.3M | $469.0M | $444.3M | $410.5M |
| Income tax receivable (Note 5) | $6.0M | $0 | $332.0K | $14.1M |
| Fossil fuel (at average cost) | $18.8M | $32.4M | $49.2M | $40.2M |
| Assets from risk management activities (Note 13) | $3.3M | $10.6M | $6.8M | $87.8M |
| Deferred fuel and purchased power regulatory asset (Note 8) | $149.1M | $287.6M | $463.2M | $460.6M |
| Other regulatory assets (Note 8) | $136.9M | $133.4M | $162.6M | $78.3M |
| Other current assets | $108.7M | $74.9M | $101.4M | $60.1M |
| Total current assets | $1.7B | $1.7B | $1.9B | $1.8B |
| Nuclear decommissioning trusts (Notes 17 and 18) | $1.4B | $1.3B | $1.2B | $1.1B |
| Other special use funds (Notes 17 and 18) | $434.8M | $408.4M | $362.8M | $347.2M |
| Assets from risk management activities (Note 13) | $5.1M | $6.0M | $0 | $44.4M |
| Other assets | $145.0M | $115.1M | $102.8M | $125.7M |
| Total investments and other assets | $2.0B | $1.8B | $1.7B | $1.6B |
| Plant in service and held for future use | $27.4B | $25.9B | $24.2B | $22.5B |
| Accumulated depreciation and amortization | ($9.0B) | ($9.0B) | ($8.4B) | ($7.9B) |
| Net | $18.4B | $16.8B | $15.8B | $14.5B |
| Construction work in progress | $1.6B | $1.6B | $1.7B | $1.9B |
| Palo Verde sale leaseback, net of accumulated depreciation of $110,886 and $268,894 (Note 12) | $32.0M | $82.6M | $86.4M | $90.3M |
| Intangible assets, net of accumulated amortization of $1,057,812 and $925,880 | $576.0M | $591.3M | $267.1M | $258.9M |
| Nuclear fuel, net of accumulated amortization of $111,096 and $115,894 | $104.3M | $97.8M | $99.5M | $100.1M |
| Total property, plant and equipment | $20.7B | $19.2B | $18.0B | $16.9B |
| Regulatory assets (Notes 1, 5, 8 and 9) | $1.5B | $1.4B | $1.4B | $1.3B |
| Operating lease right-of-use assets (Note 20) | $3.6B | $1.6B | $1.3B | $801.7M |
| Assets for other postretirement benefits (Note 9) | $399.3M | $342.1M | $323.4M | $396.6M |
| Other | $96.3M | $66.1M | $63.5M | $46.3M |
| Total deferred debits | $5.6B | $3.4B | $3.1B | $2.5B |
| TOTAL ASSETS | $30.0B | $26.1B | $24.7B | $22.7B |
| Accounts payable | $680.2M | $485.4M | $442.5M | $430.4M |
| Accrued taxes | $186.6M | $175.9M | $166.8M | $164.4M |
| Accrued interest | $105.6M | $81.8M | $72.9M | $61.2M |
| Common dividends payable | $110.0M | $106.6M | $99.8M | $97.9M |
| Short-term borrowings (Note 6) | $757.0M | $568.5M | $609.5M | $340.7M |
| Current maturities of long-term debt (Note 6) | $600.0M | $800.0M | $875.0M | $50.7M |
| Customer deposits | $63.8M | $44.3M | $42.0M | $41.8M |
| Liabilities from risk management activities (Note 13) | $35.1M | $52.3M | $80.9M | $37.7M |
| Liabilities for asset retirements (Note 21) | $71.7M | $50.0M | $28.6M | $12.2M |
| Operating lease liabilities (Note 20) | $188.6M | $100.4M | $67.9M | $105.2M |
| Regulatory liabilities (Note 8) | $210.9M | $207.0M | $209.9M | $271.6M |
| Other current liabilities | $151.4M | $171.7M | $193.5M | $148.3M |
| Total current liabilities | $3.2B | $2.8B | $2.9B | $1.8B |
| LONG-TERM DEBT LESS CURRENT MATURITIES (Note 7) | $9.2B | $8.1B | $7.5B | $7.7B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $9.1M | $6.4M | $30.9M | $18.8M |
| Customer and other receivables | $775.5M | $503.8M | $778.1M | $569.7M |
| Accrued unbilled revenues (Note 4) | $283.0M | $208.6M | $257.9M | $272.3M |
| Allowance for doubtful accounts (Note 4) | ($22.4M) | ($24.6M) | ($21.9M) | ($17.4M) |
| Materials and supplies (at average cost) | $603.7M | $543.2M | $519.2M | $509.3M |
| Income tax receivable | $3.5M | $8.4M | — | — |
| Fossil fuel (at average cost) | $21.6M | $20.0M | $19.5M | $17.7M |
| Assets from risk management activities (Note 10) | $5.0K | $388.0K | $6.6M | $10.9M |
| Deferred fuel and purchased power regulatory asset (Note 7) | $0 | $55.4M | $205.1M | $182.4M |
| Other regulatory assets (Note 7) | $150.1M | $141.3M | $130.6M | $121.4M |
| Other current assets | $178.8M | $152.0M | $74.7M | $102.8M |
| Total current assets | $2.0B | $1.6B | $2.0B | $1.8B |
| Nuclear decommissioning trusts (Notes 14 and 15) | $1.5B | $1.4B | $1.4B | $1.3B |
| Other special use funds (Notes 14 and 15) | $431.9M | $437.7M | $429.9M | $423.3M |
| Assets from risk management activities (Note 10) | $0 | $466.0K | $15.6M | $34.2M |
| Other assets | $168.7M | $159.3M | $138.4M | $140.6M |
| Total investments and other assets | $2.1B | $2.0B | $2.0B | $1.9B |
| Plant in service and held for future use | $27.9B | $27.6B | $26.3B | $25.9B |
| Accumulated depreciation and amortization | ($9.3B) | ($9.1B) | ($9.0B) | ($8.7B) |
| Net | $18.6B | $18.5B | $17.3B | $17.2B |
| Construction work in progress | $2.2B | $1.9B | $2.3B | $2.1B |
| Palo Verde sale leaseback, net of accumulated depreciation (Note 9) | $31.2M | $31.6M | $32.4M | $80.6M |
| Intangible assets, net of accumulated amortization | $535.8M | $539.9M | $544.4M | $569.0M |
| Nuclear fuel, net of accumulated amortization | $133.6M | $116.7M | $115.1M | $120.3M |
| Total property, plant and equipment | $21.5B | $21.0B | $20.3B | $20.1B |
| Regulatory assets (Note 7) | $1.5B | $1.5B | $1.5B | $1.4B |
| Operating lease right-of-use assets (Note 17) | $5.0B | $4.1B | $3.7B | $3.6B |
| Assets for other postretirement benefits (Note 8) | $399.5M | $411.1M | $376.3M | $364.2M |
| Other | $135.4M | $113.2M | $83.7M | $88.7M |
| Total deferred debits | $7.0B | $6.0B | $5.6B | $5.4B |
| TOTAL ASSETS | $32.6B | $30.7B | $29.9B | $29.2B |
| Accounts payable | $641.6M | $601.6M | $536.9M | $668.7M |
| Accrued taxes | $188.9M | $240.0M | $348.4M | $205.5M |
| Accrued interest | $115.0M | $100.5M | $99.2M | $84.8M |
| Common dividends payable | $110.3M | $0 | $0 | $106.9M |
| Short-term borrowings (Note 6) | $818.6M | $594.1M | $675.7M | $1.4B |
| Current maturities of long-term debt (Note 6) | $775.0M | $600.0M | $600.0M | $350.0M |
| Customer deposits | $79.1M | $78.2M | $61.7M | $53.3M |
| Liabilities from risk management activities (Note 10) | $71.0M | $55.9M | $39.1M | $25.7M |
| Deferred fuel and purchased power regulatory liability (Note 7) | $61.4M | — | — | — |
| Liabilities for asset retirements | $57.8M | $57.4M | $59.8M | $41.2M |
| Operating lease liabilities (Note 17) | $193.2M | $136.4M | $203.7M | $191.6M |
| Regulatory liabilities (Note 7) | $133.2M | $117.2M | $194.1M | $182.5M |
| Other current liabilities | $126.5M | $114.3M | $146.8M | $112.2M |
| Total current liabilities | $3.4B | $2.7B | $3.0B | $3.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $631.6M | $626.0M | $518.8M | $500.8M |
| Gain on sale relating to BCE | $0 | ($23.0M) | ($6.4M) | — |
| Depreciation and amortization including nuclear fuel | $969.6M | $956.2M | $854.1M | $817.8M |
| Allowance for equity funds used during construction | ($61.1M) | ($38.6M) | ($53.1M) | ($45.3M) |
| Deferred income taxes | ($50.9M) | ($20.9M) | ($24.3M) | $43.2M |
| Deferred investment tax credit | $58.8M | ($8.3M) | $77.1M | ($5.9M) |
| Change in derivative instruments fair value | $0 | $0 | ($777.0K) | $777.0K |
| Stock compensation | $27.5M | $23.5M | $17.3M | $15.9M |
| Customer and other receivables | ($51.3M) | ($12.7M) | ($62.0M) | ($63.9M) |
| Accrued unbilled revenues | $3.2M | ($9.3M) | ($2.8M) | ($30.8M) |
| Materials, supplies and fossil fuel | ($63.7M) | ($7.9M) | ($42.9M) | ($83.5M) |
| Income tax receivable | ($6.0M) | $332.0K | $13.8M | ($6.6M) |
| Deferred fuel and purchased power | ($324.5M) | ($250.3M) | ($549.9M) | ($292.0M) |
| Deferred fuel and purchased power amortization | $463.0M | $425.9M | $547.2M | $219.6M |
| Other current assets | ($43.0M) | ($50.2M) | ($19.6M) | $76.1M |
| Accounts payable | $171.1M | ($7.2M) | ($75.6M) | $90.1M |
| Accrued taxes | $10.7M | $9.0M | $2.4M | ($4.2M) |
| Other current liabilities | $18.7M | $47.3M | $40.5M | ($6.1M) |
| Change in unrecognized tax benefits | $81.1M | — | — | ($2.0M) |
| Change in long-term regulatory assets | $91.4M | $43.3M | $53.1M | — |
| Change in long-term regulatory liabilities | $37.2M | $9.4M | $28.5M | ($332.5M) |
| Change in other long-term assets | ($283.5M) | ($132.6M) | ($195.6M) | $276.8M |
| Change in operating lease assets | $151.5M | $98.2M | $90.5M | — |
| Change in other long-term liabilities | $138.9M | $24.8M | $63.1M | $68.7M |
| Change in operating lease liabilities | ($165.4M) | ($93.2M) | ($65.8M) | — |
| Net cash provided by operating activities | $1.8B | $1.6B | $1.2B | $1.2B |
| Capital expenditures | ($2.6B) | ($2.2B) | ($1.8B) | ($1.7B) |
| Contributions in aid of construction | $306.4M | $311.4M | $180.9M | $137.4M |
| Proceeds from sale relating to BCE | $0 | $84.3M | $23.4M | — |
| Allowance for borrowed funds used during construction | ($47.7M) | ($48.3M) | ($43.6M) | ($28.0M) |
| Proceeds from nuclear decommissioning trusts sales and other special use funds | $1.9B | $1.7B | — | — |
| Investment in nuclear decommissioning trusts and other special use funds | ($1.9B) | ($1.7B) | — | — |
| Other | ($8.9M) | ($8.4M) | ($6.5M) | ($15.6M) |
| Net cash used for investing activities | ($2.4B) | ($1.9B) | ($1.7B) | ($1.6B) |
| Issuance of long-term debt | $1.7B | $1.3B | $689.3M | $875.5M |
| Repayment of long-term debt | ($800.0M) | ($875.0M) | ($32.7M) | ($150.0M) |
| Short-term borrowings and (repayments) — net | $213.6M | ($241.1M) | $241.9M | $48.7M |
| Short-term debt borrowings under term loan facility | $575.0M | $550.0M | — | — |
| Short-term debt repayments under term loan facility | ($600.0M) | ($350.0M) | — | — |
| Dividends paid on common stock | ($422.8M) | ($394.7M) | ($386.5M) | ($378.9M) |
| Common stock equity issuance and purchases — net | $84.6M | $341.4M | ($4.1M) | ($2.7M) |
| Palo Verde sale leaseback noncontrolling interest acquisition | ($198.7M) | — | — | — |
| Capital activities by noncontrolling interests | ($18.0M) | ($21.3M) | ($21.3M) | ($21.3M) |
| Net cash provided by financing activities | $576.3M | $322.7M | $486.7M | $371.5M |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | $2.8M | ($1.1M) | $123.0K | ($5.1M) |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $215.9M | $35.1M | $614.0M | $196.5M |
| Depreciation and amortization including nuclear fuel | $517.2M | $259.8M | $731.6M | $492.2M |
| Allowance for equity funds used during construction | ($31.8M) | ($14.8M) | ($45.7M) | ($28.0M) |
| Deferred income taxes | $23.9M | $3.2M | ($9.6M) | $1.4M |
| Deferred investment tax credit | ($5.3M) | ($1.1M) | ($10.0M) | ($3.3M) |
| Stock compensation | $12.9M | $8.3M | $21.3M | $12.4M |
| Customer and other receivables | ($199.1M) | $79.2M | ($253.2M) | ($47.6M) |
| Accrued unbilled revenues | ($109.3M) | ($34.9M) | ($81.0M) | ($95.4M) |
| Materials, supplies and fossil fuel | ($60.1M) | $2.0M | ($37.3M) | ($25.5M) |
| Income tax receivable | $2.5M | ($2.4M) | $0 | $0 |
| Deferred fuel and purchased power | ($69.3M) | ($26.5M) | ($276.3M) | ($95.8M) |
| Deferred fuel and purchased power amortization | $279.8M | $120.2M | $358.9M | $201.0M |
| Other current assets | ($43.2M) | ($23.3M) | ($5.8M) | ($41.9M) |
| Accounts payable | ($49.4M) | ($79.1M) | $80.8M | $128.0M |
| Accrued taxes | $2.3M | $53.4M | $172.5M | $29.6M |
| Other current liabilities | $21.6M | ($41.4M) | $23.5M | $1.2M |
| Change in long-term regulatory assets | $19.1M | $2.6M | $72.0M | $39.0M |
| Change in long-term regulatory liabilities | $8.9M | ($58.5M) | $46.2M | $44.9M |
| Change in other long-term assets | ($126.9M) | ($17.2M) | ($222.3M) | ($140.5M) |
| Change in operating lease assets | $32.7M | ($5.8M) | $131.3M | $138.4M |
| Change in other long-term liabilities | $211.9M | ($27.9M) | $153.2M | ($56.6M) |
| Change in operating lease liabilities | ($24.9M) | $4.5M | ($135.9M) | ($86.6M) |
| Net cash provided by operating activities | $629.3M | $235.3M | $1.3B | $663.3M |
| Capital expenditures | ($1.4B) | ($628.4M) | ($2.0B) | ($1.3B) |
| Contributions in aid of construction | $177.3M | $90.2M | $166.2M | $107.7M |
| Allowance for borrowed funds used during construction | ($21.3M) | ($9.9M) | ($35.6M) | ($21.7M) |
| Proceeds from nuclear decommissioning trusts sales and other special use funds | $997.6M | $512.2M | $1.4B | $919.6M |
| Investment in nuclear decommissioning trusts and other special use funds | ($990.3M) | ($513.0M) | ($1.4B) | ($920.8M) |
| Other | ($6.7M) | ($2.8M) | ($5.3M) | ($6.2M) |
| Net cash used for investing activities | ($1.2B) | ($551.5M) | ($1.8B) | ($1.3B) |
| Issuance of long-term debt | $1.1B | $594.8M | $1.7B | $795.4M |
| Repayment of long-term debt | ($350.0M) | — | ($800.0M) | ($800.0M) |
| Short-term borrowings and (repayments), net | $61.6M | ($162.9M) | $107.3M | $436.5M |
| Short-term debt borrowings under term loan facility | $0 | — | $400.0M | $400.0M |
| Dividends paid on common stock | ($218.7M) | ($108.5M) | ($315.5M) | ($210.2M) |
| Common stock equity issuance and (purchases), net | ($7.3M) | ($7.4M) | $9.4M | ($6.2M) |
| Capital activities by noncontrolling interests | ($4.7M) | — | ($13.4M) | ($10.6M) |
| Net cash provided by financing activities | $573.5M | $316.1M | $531.8M | $605.0M |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | $2.5M | ($195.0K) | $27.0M | $15.0M |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | $6.6M | $6.6M | $3.8M | $3.8M |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $9.1M | $6.4M | $30.9M | $18.8M |
Pinnacle West Capital Corp score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.