FirmAtlas
Company handbook · PNW · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
PNW · CIK 764622 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
PINNACLE WEST CAPITAL CORPORATION
$103.42
+1.84 (+1.81%)
Close, Oct 16, 2026 · 52-week $86–111
Last fiscal year
PINNACLE WEST CAPITAL CORPORATION reported revenue of $5.3B for the year ended Dec 31, 2025 (FY25), up 4.2% from FY24. Net income was $617M, operating cash flow $1.8B and free cash flow −$820M. Source: 10-K filed Feb 25, 2026.
Market cap
$12.6B
P/E
19.7
EV/EBITDA
11.0x
P/B
1.8
Div yield
3.52%
ROIC
5.6%
Revenue 1Y
4.2%/yr
EPS 1Y
−3.6%/yr
Shares 1Y
+5%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOTheodore N. Geisler
HQPhoenix, AZ
AuditorDeloitte & Touche LLP
Employees6,610
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
3.5%
8.7%
10.6%
11.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$5.7B deployed
Capex
$4.9B
85.6%
Dividends
$817M
14.4%
Operating cash flow over the period: $3.4B. Total debt changed by +$947M.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,125
5,340+4.2%
5,554
YoY
+4.2%
Operating income
1,012
1,068+5.5%
1,140
Operating margin
19.7%
20.0%+0.2 pp
—
EBITDA
1,968
2,037+3.5%
—
EBITDA margin
38.4%
38.2%−0.3 pp
—
Interest expense
377
422+11.8%
—
Interest coverage
5.21x
4.83x−0.39x
—
Net income
609
617+1.3%
640
YoY
+1.3%
Net margin
11.9%
11.5%−0.3 pp
—
EPS (diluted, $)
5.24
5.05−3.6%
5.22
YoY
−3.6%
Balance sheet
Total assets
26,103
30,032+15.1%
32,577
Cash & short-term investments
4
7+72.1%
—
Net PP&E
16,834
18,358+9.1%
—
Other assets
9,265
11,667+25.9%
—
Total liabilities
19,348
22,985+18.8%
25,542
Accounts payable
485
680+40.1%
—
Total debt
8,859
9,806+10.7%
10,551
Other liabilities
10,004
12,499+24.9%
—
Shareholders’ equity
6,754
7,046+4.3%
7,035
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,610
1,805+12.1%
1,771
Net income
626
632+0.9%
—
Depreciation & amortization
956
970+1.4%
—
Stock-based compensation
24
27+16.7%
—
Working capital & other
4
176+4226.2%
—
Cash from investing
(1,934)
(2,379)n/m
—
Capex
(2,249)
(2,625)n/m
—
Other investing
316
246−22.1%
—
Cash from financing
323
576+78.6%
—
Dividends
(395)
(423)n/m
—
Other financing
717
999+39.3%
—
Net change in cash
(1)
3n/m
—
Free cash flow (OCF − capex)
(639)
(820)n/m
(879)
Where the cash went
Operating cash flow
1,610
1,805+12.1%
1,771
Reinvested in the business
2,249
2,625+16.7%
—
% of operating cash flow
139.7%
145.4%
Capex
2,249
2,625+16.7%
2,650
Free cash flow
(639)
(820)n/m
(879)
YoY
n/m
Returned to shareholders
395
423+7.1%
—
% of free cash flow
—
—
Dividends
395
423+7.1%
—
Change in total debt
—
947
—
Cash left over
—
(295)
—
FCF conversion (FCF ÷ net income)
−105.0%
−132.9%−27.9 pp
—
Owner earnings
—
(844)
—
Owner earnings margin
—
−15.8%
—
Returns & ratios
ROIC (all capital)
5.5%
5.6%+0.1 pp
—
ROIC (operating)
5.3%
5.4%+0.1 pp
—
Net debt / EBITDA
4.50x
4.81x+0.31x
—
Debt / equity
1.31x
1.39x+0.08x
—
ROE
9.0%
8.7%−0.3 pp
—
ROA
2.3%
2.1%−0.3 pp
—
ROCE
4.4%
4.0%−0.4 pp
—
NOPAT
860
913+6.2%
—
Invested capital (operating)
16,348
17,678+8.1%
—
Invested capital (all)
15,609
16,846+7.9%
—
Reinvestment rate
—
145.6%
—
Net debt is 4.8x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,821
1,128
1,150
1,456
vs year-ago quarter
Operating income
582
121
131
306
Net income
413
15
33
179
vs year-ago quarter
Net margin
22.7%
1.4%
2.9%
12.3%
EPS (diluted, $)
3.39
0.13
0.27
1.43
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
29,893
30,032
30,691
32,577
Cash & equivalents
31
7
6
9
Total debt
9,804
9,806
10,402
10,551
Shareholders’ equity
7,168
7,046
7,068
7,035
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
665
477
235
394
Capex
623
670
628
729
Free cash flow
42
(193)
(393)
(335)
vs year-ago quarter