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PNW

Pinnacle West Capital Corporation

PNW

Pinnacle West Capital Corporation • NYSE
$90.86 ▲ 0.30% (+0.27)
Market Cap $10.88 B
52w High $96.50
52w Low $81.47
Dividend Yield 3.60%
P/E 18.73
Volume 326.95K
Outstanding Shares 119.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.821B ▲ $58.754M ▼ $413.208M ▲ 22.694% ▲ $3.45 ▲ $846.026M ▲
Q2-2025 $1.359B ▲ $287.586M ▼ $192.564M ▲ 14.172% ▲ $1.61 ▲ $575.43M ▲
Q1-2025 $1.032B ▼ $294.878M ▲ $-4.644M ▲ -0.45% ▲ $-0.04 ▲ $338.971M ▲
Q4-2024 $1.095B ▼ $287.471M ▲ $-6.827M ▼ -0.623% ▼ $-0.06 ▼ $337.026M ▼
Q3-2024 $1.769B $282.372M $394.966M 22.33% $3.47 $817.564M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $30.885M ▲ $29.893B ▲ $22.682B ▲ $7.168B ▲
Q2-2025 $18.841M ▲ $29.235B ▲ $22.407B ▲ $6.727B ▼
Q1-2025 $10.047M ▲ $27.236B ▲ $20.39B ▲ $6.739B ▼
Q4-2024 $3.838M ▼ $26.103B ▼ $19.245B ▼ $6.754B ▲
Q3-2024 $49.171M $26.31B $19.583B $6.617B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $413.208M ▲ $664.989M ▲ $-778.526M ▼ $125.581M ▼ $12.044M ▲ $41.955M ▲
Q2-2025 $192.564M ▲ $261.431M ▼ $-667.217M ▼ $414.58M ▲ $8.794M ▲ $-448.085M ▼
Q1-2025 $4.585M ▲ $401.895M ▼ $-586.115M ▼ $190.429M ▲ $6.209M ▲ $-220.657M ▼
Q4-2024 $-2.521M ▼ $439.492M ▼ $-464.307M ▲ $-20.518M ▼ $-45.333M ▼ $-92.132M ▼
Q3-2024 $399.272M $633.193M $-582.209M $-5.82M $45.164M $-32.653M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electric and Transmission Service
Electric and Transmission Service
 $30.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲
Electric Service
Electric Service
 $480.00M ▲$520.00M ▲$650.00M ▲$960.00M ▲
Wholesale Energy
Wholesale Energy
 $20.00M ▲$20.00M ▲$20.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Pinnacle West’s income statement shows a steady expansion story. Revenue has grown consistently over the past five years, supported by Arizona’s population and economic growth. Profitability has generally improved as well, with operating profits rising faster than sales, which suggests better cost control and benefit from past investments. That said, net earnings have not grown quite as quickly as operating profits. This gap can reflect higher interest costs, regulatory timing, or other below-the-line items. Overall, the business looks like a typical regulated utility: relatively stable, gradually growing, and with earnings that move in steps as rate cases and new assets come into service.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive utility that has been investing heavily. Total assets have climbed meaningfully, driven by new generation, grid upgrades, and infrastructure. Shareholders’ equity has also risen, but at a slower pace than total assets. Debt has increased substantially, which means the company is more leveraged than it was a few years ago. This is common for regulated utilities pursuing large capital programs, but it does raise the importance of maintaining constructive regulatory relationships and access to low-cost funding. Cash on hand is minimal, which again is typical for utilities that tend to reinvest and rely on ongoing financing rather than storing large cash balances.

Cash Flow

Cash Flow Operating cash flow has strengthened over time, which aligns with the growth in revenue and earnings. The core utility operations appear to generate healthy cash to support the business. However, free cash flow is consistently negative. This is because capital spending on plants, grid upgrades, and clean energy projects is very high. In practical terms, the company is funding a significant portion of its growth with new debt and, potentially, equity rather than from internal cash alone. This pattern is normal for a growing regulated utility but does create ongoing financing needs and exposure to interest rates and capital market conditions.

Competitive Edge

Competitive Edge Pinnacle West operates in a favorable niche: a regulated, vertically integrated electric utility in a fast‑growing state. Its monopoly‑like position in its service territory, combined with regulation that allows for cost recovery and a return on invested capital, provides a strong competitive moat. The company benefits from a diverse generation mix, including a major nuclear asset, natural gas, legacy coal, and expanding renewable resources. This diversity supports reliability and helps manage fuel risk. The main competitive challenges are not from rivals but from regulation, public scrutiny over rates and environmental impact, and the need to balance affordability with heavy investment in new infrastructure and clean energy.

Innovation and R&D

Innovation and R&D PNW is leaning into modernization and clean energy in a meaningful way. It is rolling out smart grid technologies, including advanced meters and automated systems that quickly detect and isolate faults. These efforts can improve reliability, reduce outage times, and give both the utility and customers better insight into energy use. The company is also planning large-scale energy storage, microgrids in high‑risk areas, and continued use of its nuclear plant as a carbon‑free backbone. Pilot programs in rooftop solar, distributed resources, and energy efficiency suggest a willingness to experiment and learn. The opportunity is to turn these projects into long‑term, cost‑effective solutions; the risk is execution complexity, regulatory approvals, and managing the costs of a very ambitious build‑out.

Summary

Overall, Pinnacle West looks like a traditional regulated utility that is being reshaped by growth and decarbonization. On the positive side, it operates in a growing region, has stable regulated revenue, and is steadily expanding earnings. Its portfolio, anchored by nuclear and complemented by growing renewables and storage, positions it well for the energy transition. At the same time, the company is taking on more debt and running persistently negative free cash flow to fund a large capital program. Future outcomes will depend heavily on regulatory support, cost control, project execution, and how well the company manages customer rates as it invests in cleaner, more resilient infrastructure. The long-term story is one of stable utility fundamentals coupled with sizable transformation and financing demands.

NEWS

November 3, 2025 · 8:31 AM UTC

Pinnacle West Reports 2025 Third-Quarter Financial Results

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October 30, 2025 · 9:00 AM UTC

APS Uses ‘Growth Pays for Growth' Model to Develop New Natural Gas Plant

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October 22, 2025 · 4:30 PM UTC

Pinnacle West Declares Quarterly Dividend

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October 2, 2025 · 4:30 PM UTC

Pinnacle West Sets Date for 2025 Third-Quarter Financial Results, Webcast/Conference Call

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