financial statements

The full income statement, balance sheet, and cash-flow statement for Pinnacle West Capital Corporation (PNW), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.34B YoY+4.2%	5.12B YoY+9.1%	4.70B YoY+8.6%	4.32B YoY+13.7%	3.80B YoY+6.0%
Amortization of intangibles	157M YoY+15.4%	136M YoY+51.1%	90.0M YoY+7.1%	84.0M YoY+5.0%	80.0M YoY+14.3%
Provision for credit losses	28.6M YoY-20.1%	35.8M YoY+53.0%	23.4M YoY+37.6%	17.0M YoY-23.6%	22.3M YoY+7.8%
Operating income	1.07B YoY+5.5%	1.01B YoY+22.7%	825M YoY+12.7%	732M YoY-9.1%	805M YoY+2.2%
Interest expense	422M YoY+11.8%	377M YoY+13.9%	331M YoY+29.7%	256M YoY+9.6%	233M YoY+1.9%
Interest & investment income	18.0M YoY-25.8%	24.3M YoY-10.7%	27.2M YoY+271.9%	7.33M YoY+8.9%	6.73M YoY-44.9%
Other non-operating income	92.7M YoY-9.1%	102M YoY-0.4%	102M YoY+3.1%	99.3M YoY-42.9%	174M YoY+95.4%
Pre-tax income	738M YoY+0.2%	737M YoY+23.6%	596M	—	—
Income tax	107M YoY-3.4%	111M YoY+43.7%	76.9M YoY+2.8%	74.8M YoY-32.0%	110M YoY+40.8%
	632M YoY+0.9%	626M YoY+20.7%	519M YoY+3.6%	501M YoY-21.2%	636M YoY+11.6%
Net income to non-controlling interest	15.1M YoY-12.3%	17.2M YoY+0.0%	17.2M YoY+0.0%	17.2M YoY+0.0%	17.2M YoY-11.6%
Net income to common	617M YoY+1.3%	609M YoY+21.4%	502M YoY+3.7%	484M YoY-21.8%	619M YoY+12.4%
	$5.05 YoY-3.6%	$5.24 YoY+18.8%	$4.41 YoY+3.5%	$4.26 YoY-22.1%	$5.47 YoY+12.3%
EPS (basic)	$5.15 YoY-3.7%	$5.35 YoY+21.0%	$4.42 YoY+3.5%	$4.27 YoY-22.1%	$5.48 YoY+12.1%
Weighted-avg shares (basic)	120M YoY+5.1%	114M YoY+0.4%	113M YoY+0.2%	113M YoY+0.3%	113M YoY+0.2%
Weighted-avg shares (diluted)	122M YoY+4.9%	116M YoY+2.1%	114M YoY+0.3%	113M YoY+0.2%	113M YoY+0.2%
Dividends per share	$3.61 YoY+1.7%	$3.55 YoY+1.7%	$3.49 YoY+1.7%	$3.43 YoY+2.1%	$3.36 YoY+4.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.70B YoY+0.8%	1.69B YoY-12.3%	1.93B YoY+10.1%	1.75B YoY+12.9%	1.55B YoY+29.4%
Cash & equivalents	6.60M YoY+72.1%	3.84M YoY-22.5%	4.96M YoY+2.5%	4.83M YoY-51.5%	9.97M YoY-83.4%
Other current assets	109M YoY+45.1%	74.9M YoY-26.1%	101M YoY+68.8%	60.1M YoY-28.4%	83.9M YoY+9.5%
	30.0B YoY+15.1%	26.1B YoY+5.8%	24.7B YoY+8.5%	22.7B YoY+3.3%	22.0B YoY+9.9%
Property, plant & equipment	18.4B YoY+9.1%	16.8B YoY+6.5%	15.8B YoY+8.8%	14.5B YoY+2.4%	14.2B YoY+3.3%
Operating lease right-of-use	3.65B YoY+127.3%	1.61B YoY+22.6%	1.31B YoY+63.4%	802M YoY-9.9%	890M YoY+76.2%
Intangible assets	576M YoY-2.6%	591M YoY+121.4%	267M YoY+3.2%	259M YoY-5.4%	274M YoY-3.1%
Other non-current assets	145M YoY+26.0%	115M YoY+11.9%	103M YoY-18.2%	126M YoY+28.4%	97.9M YoY+7.4%
	3.16B YoY+11.2%	2.84B YoY-1.6%	2.89B YoY+64.0%	1.76B YoY+0.3%	1.76B YoY+29.1%
Accounts payable	680M YoY+40.1%	485M YoY+9.7%	442M YoY+2.8%	430M YoY+9.5%	393M YoY+23.4%
Deferred revenue	63.8M YoY+43.8%	44.3M YoY+5.5%	42.0M YoY+0.6%	41.8M YoY-1.2%	42.3M YoY-12.5%
Short-term & current debt	600M YoY-25.0%	800M YoY-8.6%	875M YoY+156.8%	341M YoY+16.7%	292M YoY+72.8%
Current lease liability	189M YoY+87.9%	100M YoY+47.9%	67.9M YoY-35.5%	105M YoY+4.7%	100M YoY+34.3%
Other current liabilities	151M YoY-11.8%	172M YoY-11.3%	194M YoY+30.5%	148M YoY-2.4%	152M YoY-18.9%
Long-term debt	9.21B YoY+14.2%	8.06B YoY+6.9%	7.54B YoY-2.6%	7.74B YoY+12.0%	6.91B YoY+9.5%
Deferred revenue (non-current)	632M YoY+11.0%	569M YoY+6.7%	534M YoY+26.4%	422M YoY+64.1%	257M YoY+16.3%
Non-current lease liability	3.55B YoY+133.3%	1.52B YoY+25.7%	1.21B YoY+89.3%	639M YoY-12.2%	728M YoY+101.6%
Deferred tax liabilities	2.47B YoY+1.1%	2.44B YoY+1.2%	2.42B YoY+1.3%	2.38B YoY+3.1%	2.31B YoY+8.3%
Other non-current liabilities	249M YoY+2.8%	242M YoY-3.6%	251M YoY+1.6%	247M YoY+6.2%	233M YoY+22.2%
	7.05B YoY+4.3%	6.75B YoY+9.3%	6.18B YoY+2.1%	6.05B YoY+2.4%	5.91B YoY+4.8%
Common stock	3.23B YoY+3.5%	3.12B YoY+13.4%	2.75B YoY+1.0%	2.72B YoY+0.8%	2.70B YoY+0.9%
Retained earnings	3.85B YoY+5.0%	3.67B YoY+5.8%	3.47B YoY+3.2%	3.36B YoY+2.9%	3.26B YoY+7.9%
Treasury stock	3.32M YoY+0.0%	3.32M YoY-59.4%	8.19M YoY+63.5%	5.00M YoY-21.8%	6.40M YoY+1.8%
Accumulated other comprehensive income	-32.4M YoY-4.7%	-30.9M YoY+6.6%	-33.1M YoY-5.4%	-31.4M YoY+42.7%	-54.9M YoY+12.6%
Non-controlling interest	40.6M YoY-60.6%	103M YoY-3.8%	107M YoY-3.6%	111M YoY-3.5%	115M YoY-3.4%
Total equity incl. non-controlling	7.09B YoY+3.3%	6.86B YoY+9.1%	6.28B YoY+2.0%	6.16B YoY+2.3%	6.02B YoY+4.7%
Total liabilities & equity	30.0B YoY+15.1%	26.1B YoY+5.8%	24.7B YoY+8.5%	22.7B YoY+3.3%	22.0B YoY+9.9%
Common shares issued	121M YoY+1.5%	119M YoY+4.9%	114M YoY+0.3%	113M YoY+0.2%	113M YoY+0.2%
Shares outstanding (cover)	120M YoY+5.3%	114M YoY+0.3%	113M YoY+0.2%	113M YoY+0.3%	113M YoY+0.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.81B YoY+12.1%	1.61B YoY+33.3%	1.21B YoY-2.7%	1.24B YoY+44.4%	860M YoY-11.0%
Depreciation & amortization	970M YoY+1.4%	956M YoY+11.9%	854M YoY+4.4%	818M YoY+13.7%	719M YoY+4.8%
Share-based compensation	27.5M YoY+16.7%	23.5M YoY+35.7%	17.3M YoY+8.8%	15.9M YoY-13.6%	18.5M YoY+0.9%
Deferred income taxes	-50.9M YoY-143.0%	-20.9M YoY+13.9%	-24.3M YoY-156.3%	43.2M YoY-63.2%	117M YoY+69.1%
Change in inventory	63.7M YoY+707.0%	7.89M YoY-81.6%	42.9M YoY-48.6%	83.5M YoY+153.9%	32.9M YoY+382.8%
Change in payables	171M YoY+2472.3%	-7.21M YoY+90.5%	-75.6M YoY-184.0%	90.1M YoY+344.4%	20.3M YoY+434.5%
	-2.38B YoY-23.0%	-1.93B YoY-14.1%	-1.69B YoY-4.7%	-1.62B YoY-16.7%	-1.39B YoY-8.5%
Capital expenditure	2.62B YoY+16.7%	2.25B YoY+21.8%	1.85B YoY+8.1%	1.71B YoY+15.9%	1.47B YoY+11.1%
Other investing activities	8.91M YoY+5.9%	8.41M YoY+30.3%	6.46M YoY-58.6%	15.6M YoY+341.7%	-6.46M YoY+18.1%
	576M YoY+78.6%	323M YoY-33.7%	487M YoY+31.0%	371M YoY-22.1%	477M YoY+32.1%
Long-term debt issued	—	—	689M YoY-21.3%	876M YoY+17.2%	747M YoY-53.2%
Long-term debt repaid	—	—	32.7M YoY-78.2%	150M	0.00 YoY-100.0%
Common stock issued	—	—	-4.09M YoY-54.3%	-2.65M YoY-12.9%	-2.35M YoY-69.2%
Common stock repurchased	—	—	4.09M YoY+54.3%	2.65M	—
Dividends paid	423M YoY+7.1%	395M YoY+2.1%	386M YoY+2.0%	379M YoY+2.5%	369M YoY+5.4%
Net change in cash	2.77M YoY+347.6%	-1.12M YoY-1008.1%	123K YoY+102.4%	-5.14M YoY+89.7%	-50.0M YoY-200.6%
Interest paid	389M YoY+7.8%	360M YoY+15.9%	311M YoY+26.8%	245M YoY+7.8%	228M YoY+4.9%
Income taxes paid	22.8M YoY-79.9%	113M YoY+1185.8%	8.79M YoY-81.0%	46.2M YoY+20086.5%	229K YoY+107.6%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	10.6B YoY+10.1%	9.64B YoY+18.3%	8.15B YoY-5.3%	8.60B YoY+8.0%	7.96B YoY-11.5%
P/E	16.8× YoY+9.2%	15.4× YoY-6.4%	16.5× YoY+5.7%	15.6× YoY+24.3%	12.5× YoY-20.7%
P/S	2.0× YoY+5.7%	1.9× YoY+8.9%	1.7× YoY-17.3%	2.1× YoY-0.2%	2.1× YoY-16.6%
P/B	1.5× YoY+5.6%	1.4× YoY+11.7%	1.3× YoY-7.2%	1.4× YoY+2.1%	1.3× YoY-15.6%
Earnings yield	5.9% YoY-8.4%	6.5% YoY+6.9%	6.1% YoY-5.4%	6.4% YoY-19.5%	8.0% YoY+26.1%
Dividend yield	4.1% YoY-2.8%	4.2% YoY-13.8%	4.9% YoY+7.7%	4.5% YoY-5.2%	4.8% YoY+17.8%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PNW's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PNW filings on SEC EDGAR → Not investment advice.

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About this data

financial statements