Pinnacle West Capital
PNW · NYSEElectric Services · Fiscal year ends Dec 31
Pinnacle West Capital reported revenue of $5.3B in the fiscal year ended Dec 2025, up 4.2% from the year before. Operating income was $1.1B, an operating margin of 20.0%, and net income was $632M. Operating cash flow of $1.8B less capital expenditure of $2.6B left free cash flow of −$820M. Net debt was $9.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.8B | $4.3B | $4.7B | $5.1B | $5.3B |
| Operating income | $805M | $732M | $825M | $1B | $1.1B |
| Interest expense | $233M | $256M | $331M | $377M | $422M |
| Pre-tax income | – | – | $596M | $737M | $738M |
| Income tax | $110M | $75M | $77M | $111M | $107M |
| Net income | $636M | $501M | $519M | $626M | $632M |
| Diluted EPS | 5.47 | 4.26 | 4.41 | 5.24 | 5.05 |
| Diluted shares | 113M | 113M | 114M | 116M | 122M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $10M | $5M | $5M | $4M | $7M |
| Current assets | $1.6B | $1.8B | $1.9B | $1.7B | $1.7B |
| Net PP&E | $14.2B | $14.5B | $15.8B | $16.8B | $18.4B |
| Total assets | $22B | $22.7B | $24.7B | $26.1B | $30B |
| Payables | $393M | $430M | $442M | $485M | $680M |
| Deferred revenue | $42M | $42M | $42M | $44M | $64M |
| Current liabilities | $1.8B | $1.8B | $2.9B | $2.8B | $3.2B |
| Short-term debt | $292M | $341M | $875M | $800M | $600M |
| Long-term debt | $6.9B | $7.7B | $7.5B | $8.1B | $9.2B |
| Shareholders' equity | $5.9B | $6B | $6.2B | $6.8B | $7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $860M | $1.2B | $1.2B | $1.6B | $1.8B |
| Capital expenditure | $1.5B | $1.7B | $1.8B | $2.2B | $2.6B |
| Free cash flow | −$613M | −$466M | −$639M | −$639M | −$820M |
| Depreciation & amortisation | $719M | $818M | $854M | $956M | $970M |
| Stock-based compensation | $18M | $16M | $17M | $24M | $27M |
| Share buybacks | – | $3M | $4M | – | – |
| Dividends paid | $369M | $379M | $386M | $395M | $423M |
| Dividend per share | 3.36 | 3.43 | 3.49 | 3.55 | 3.61 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.7% | 8.6% | 9.1% | 4.2% |
| Operating income growth (YoY) | – | −9.1% | 12.7% | 22.7% | 5.5% |
| EPS growth (YoY) | – | −22.1% | 3.5% | 18.8% | −3.6% |
| Operating margin | 21.2% | 16.9% | 17.6% | 19.7% | 20.0% |
| Net margin | 16.7% | 11.6% | 11.0% | 12.2% | 11.8% |
| Return on equityBlank when equity is negative | 10.8% | 8.3% | 8.4% | 9.3% | 9.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.0% | 3.5% | 3.8% | 4.4% | 4.0% |
| Free cash flow margin | −16.1% | −10.8% | −13.6% | −12.5% | −15.3% |
| Cash conversion (CFO ÷ net income) | 1.35x | 2.48x | 2.33x | 2.57x | 2.86x |
| Interest cover | 3.45x | 2.86x | 2.49x | 2.68x | 2.53x |
| Debt ÷ equity | 1.22x | 1.34x | 1.36x | 1.31x | 1.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $7.2B | $8.1B | $8.4B | $8.9B | $9.8B |
| Current ratio | 0.88x | 0.99x | 0.67x | 0.59x | 0.54x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.