P 
Pinnacle West Capital PNW · USD
Utilities · Electric Utilities · US listing · 🇺🇸 United States
S&P 500
105.26
+1.00%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$5.34bn
FY2016FY2025
Net income
$616.5m
FY2016FY2025
Free cash flow
−$819.5m
FY2016FY2025
Shareholders' equity
$7.05bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.34bn | $5.12bn | $4.70bn | $4.32bn | $3.80bn | $3.59bn | $3.47bn | $3.69bn | $3.57bn | $3.50bn |
| Operating income | $1.12bn | $1.01bn | $824.6m | $731.9m | $805.3m | $788.2m | $672.0m | $773.7m | $909.8m | $835.6m |
| Net income | $616.5m | $608.8m | $501.6m | $483.6m | $618.7m | $550.6m | $538.3m | $511.0m | $488.5m | $442.0m |
| Diluted earnings per share | 5.05 | 5.32 | 4.40 | 4.27 | 5.46 | 4.87 | 4.77 | 4.53 | 4.34 | 3.94 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $31.68bn | $26.10bn | $24.66bn | $22.72bn | $22.00bn | $20.02bn | $18.48bn | $17.66bn | $17.02bn | $16.00bn |
| Cash and short-term investments | $9.9m | $3.8m | $5.0m | $4.8m | $10.0m | $60.0m | $10.3m | $5.8m | $13.9m | $8.9m |
| Total liabilities | $24.60bn | $19.25bn | $18.38bn | $16.56bn | $15.98bn | $14.27bn | $12.93bn | $12.32bn | $11.88bn | $11.07bn |
| Debt | $10.75bn | $9.43bn | $9.03bn | $8.13bn | $7.36bn | $6.48bn | $5.75bn | $5.21bn | $4.97bn | $4.32bn |
| Shareholders' equity | $7.05bn | $6.75bn | $6.18bn | $6.05bn | $5.91bn | $5.63bn | $5.43bn | $5.22bn | $5.01bn | $4.80bn |
| Shares outstanding | 122m | 114m | 114m | 113m | 113m | 113m | 113m | 113m | 112m | 112m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.81bn | $1.61bn | $1.21bn | $1.24bn | $860.0m | $966.4m | $956.7m | $1.28bn | $1.12bn | $1.02bn |
| Capital spending | −$2.62bn | −$2.25bn | −$1.85bn | −$1.71bn | −$1.47bn | −$1.33bn | −$1.19bn | −$1.18bn | −$1.41bn | −$1.28bn |
| Free cash flow | −$819.5m | −$639.4m | −$638.7m | −$466.0m | −$613.5m | −$360.2m | −$234.7m | $99.0m | −$290.7m | −$252.1m |
| Dividends paid | −$422.8m | −$394.7m | −$386.5m | −$378.9m | −$369.5m | −$350.6m | −$329.6m | −$308.9m | −$289.8m | −$274.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.46bn | $1.15bn | $1.13bn | $1.82bn | $1.36bn | $1.03bn | $1.10bn | $1.77bn |
| Operating income | $305.7m | $401.4m | $145.0m | $649.2m | $307.6m | $57.2m | $84.5m | $547.0m |
| Net income | $178.6m | $32.9m | $15.4m | $413.2m | $192.6m | −$4.6m | −$6.8m | $395.0m |
| Diluted earnings per share | 1.43 | 0.26 | 0.13 | 3.39 | 1.58 | -0.04 | -0.06 | 3.45 |
| Cash from operations | $393.0m | $235.0m | $476.0m | $664.0m | $261.0m | $401.0m | $439.0m | $633.0m |
| Capital spending | −$728.0m | −$628.0m | −$669.0m | −$623.0m | −$709.0m | −$622.0m | −$531.0m | −$665.0m |
| Free cash flow | −$335.0m | −$393.0m | −$193.0m | $41.0m | −$448.0m | −$221.0m | −$92.0m | −$32.0m |
| Total assets | $32.58bn | $30.69bn | $31.68bn | $29.89bn | $29.24bn | $27.24bn | $26.10bn | $26.31bn |
| Cash and short-term investments | $9.1m | $6.4m | $9.9m | $30.9m | $18.8m | $10.0m | $3.8m | $49.2m |
| Debt | $11.37bn | $11.13bn | $10.75bn | $10.68bn | $10.45bn | $9.85bn | $9.53bn | $9.80bn |
| Shareholders' equity | $7.03bn | $7.07bn | $7.05bn | $7.17bn | $6.73bn | $6.74bn | $6.75bn | $6.62bn |
Financial ratios
Data as of 3 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 21.7% | 21.7% | 17.6% | 16.9% | 21.2% | 22.0% |
| Net margin | 11.5% | 11.9% | 10.7% | 11.2% | 16.3% | 15.3% |
| Return on equity | 8.7% | 9.0% | 8.1% | 8.0% | 10.5% | 9.8% |
| Return on assets | 1.9% | 2.3% | 2.0% | 2.1% | 2.8% | 2.7% |
| Free cash flow yield | 37.9% | 35.2% | 27.9% | 27.1% | 21.5% | 21.1% |
| Revenue growth | 4.2% | 9.1% | 8.6% | 13.7% | 6.0% | 3.3% |
| Earnings growth | 1.3% | 21.4% | 3.7% | -21.8% | 12.4% | 2.3% |
| Current ratio | 0.49x | 0.59x | 0.67x | 0.99x | 0.88x | 0.88x |
| Debt to equity | 1.53x | 1.41x | 1.47x | 1.36x | 1.26x | 1.16x |
| Equity ratio | 22.2% | 25.9% | 25.1% | 26.6% | 26.8% | 28.1% |
| Interest coverage | 2.75x | 2.95x | 2.49x | 2.86x | 3.45x | 3.44x |
| Buybacks as a share of market value | -6.7% | -0.2% | -0.7% | -0.1% | -0.2% | -0.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.3% | 8.3% | 4.3% |
| Operating income | 15.2% | 7.2% | 2.7% |
| Net income | 8.4% | 2.3% | 3.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 20.4% | 18.9% | 19.6% | 20.9% |
| Net margin | 11.7% | 11.3% | 12.6% | 13.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 17.6 | 15.9 | 16.3 | 17.8 | 12.9 | 16.4 | 18.9 | 18.8 | 19.6 | 19.8 |
| Price to sales | 2.0 | 1.9 | 1.7 | 2.0 | 2.1 | 2.5 | 2.9 | 2.6 | 2.7 | 2.5 |
Market value over time
30 Nov 2016 to 2 Oct 2026, in USD
$8.29bn$11.94bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 5% | 16% | -6% | 14% | -12% | -14% | 1% | 4% | 11% | 20% |
Dividends and splits
Per share, in the currency the company pays
Paid for 33 years. Last went ex-dividend on 3 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.82 | 3.61 | 3.55 | 3.49 | 3.43 | 3.36 | 3.225 | 3.04 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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