Pinnacle West Capital Corporation (PNW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.47	$1.43	-2.7%	—	—	—
Q3 26	—	$0.27	—	—	—	—
Q2 26	$0.02	$0.13	+550.0%	—	—	—
Q1 26	$3.09	$3.39	+9.7%	—	—	—
Q4 25	$1.59	$1.58	-0.6%	—	—	—
Q3 25	$0.02	-$0.04	-300.0%	—	—	—
Q2 25	-$0.14	-$0.06	+57.1%	—	—	—
Q1 25	$3.52	$3.37	-4.3%	—	—	—
Q4 24	$1.26	$1.76	+39.7%	—	—	—
Q3 24	-$0.01	$0.15	+1600.0%	—	—	—
Q2 24	$3.42	$3.5	+2.3%	—	—	—
Q1 24	$1.16	$0.94	-19.0%	—	—	—
Q4 23	—	-$0.03	—	—	—	—
Q3 23	-$0.17	-$0.21	-23.5%	—	—	—
Q2 23	$2.61	$2.88	+10.3%	—	—	—
Q1 23	$1.31	$1.45	+10.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.15	—	—	$5.3B	—
FY24	—	$5.35	—	—	$5.1B	—
FY23	—	$4.42	—	—	$4.7B	—
FY22	—	$4.27	—	—	$4.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.5B	$3.6B	$3.7B	$3.5B	$3.6B	$3.8B	$4.3B	$4.7B	$5.1B	$5.3B
YoY change	+0.09%	+1.9%	+3.53%	-5.96%	+3.34%	+6.05%	+13.7%	+8.59%	+9.13%	+4.2%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.5B	3.6B	3.7B	3.5B	3.6B	3.8B	4.3B	4.7B	5.1B	5.3B
Cost of revenue	2B	1.9B	2.1B	2B	2B	2.1B	2.6B	2.9B	3B	3.1B
Gross profit	1.5B	1.6B	1.6B	1.5B	1.6B	1.7B	1.7B	1.8B	2.1B	2.2B
Gross margin	42.6%	45.9%	42.8%	42.8%	45.6%	44.6%	39.5%	39.3%	41.7%	41.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	3.5M	6.7M	9.5M	5.9M	7.3M	6.4M	2.5M	1.9M	2.4M	3.7M
Operating income	835.6M	909.8M	773.7M	672M	788.2M	805.3M	731.9M	824.6M	1B	1.1B
Operating margin	23.9%	25.5%	21%	19.4%	22%	21.2%	16.9%	17.6%	19.7%	20%
Non-operating income, net	47.2M	50.6M	100.4M	76.4M	76.8M	167.3M	92M	75.1M	77.6M	74.7M
Pretax income	697.9M	766.2M	664.4M	542M	648.2M	746M	575.7M	595.7M	736.6M	738.4M
Income tax	236.4M	258.3M	133.9M	-15.8M	78.2M	110.1M	74.8M	76.9M	110.5M	106.7M
Net income	461.5M	507.9M	530.5M	557.8M	570.1M	635.9M	500.8M	518.8M	626M	631.6M
Net margin	13.2%	14.2%	14.4%	16.1%	15.9%	16.7%	11.6%	11%	12.2%	11.8%
EBITDA	1.4B	1.5B	1.5B	1.4B	1.5B	1.7B	1.6B	1.7B	2B	2B
EPS	3.97	4.37	4.56	4.79	4.89	5.48	4.27	4.42	5.35	5.15
Diluted EPS	3.95	4.35	4.54	4.77	4.87	5.47	4.26	4.41	5.24	5.05

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.6B	991.6M	951.7M	1.3B	1.8B	1.1B	1B	1.4B	1.8B	1.1B	1.1B	1.5B
Cost of revenue	864.5M	657.3M	615.4M	709.4M	939.4M	723.4M	680.2M	763.6M	955.6M	719.1M	713.4M	841.9M
Gross profit	773.2M	334.3M	336.3M	599.6M	829.4M	372M	352.1M	595.1M	865.2M	409.1M	436.2M	613.9M
Gross margin	47.2%	33.7%	35.3%	45.8%	46.9%	34%	34.1%	43.8%	47.5%	36.3%	37.9%	42.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	-11.6M	-12.9M	—	—	-3M	—	—	—	—	—
Operating expenses	350K	265K	-11.5M	-10.7M	145K	83K	-2.4M	1M	338K	1.7M	3.2M	3.3M
Operating income	516.3M	74.4M	78.4M	326.6M	547M	84.5M	57.2M	307.6M	581.8M	121M	131.2M	305.7M
Operating margin	31.5%	7.5%	8.23%	25%	30.9%	7.72%	5.54%	22.6%	32%	10.7%	11.4%	21%
Non-operating income, net	21.6M	14M	25.8M	6.4M	18.2M	2.9M	25.1M	22M	20M	7.5M	18.1M	26.8M
Pretax income	459.6M	7.1M	25.1M	240.5M	473.5M	-2.5M	-6.5M	231.9M	495.4M	17.6M	36.3M	212.1M
Income tax	57M	2.8M	3.9M	32.4M	74.2M	-10K	-6.2M	35M	77.9M	-3K	1.2M	31.3M
Net income	402.5M	4.3M	21.2M	208.1M	399.3M	-2.5M	-338K	196.9M	417.5M	17.6M	35.1M	180.8M
Net margin	24.6%	0.43%	2.22%	15.9%	22.6%	-0.23%	-0.03%	14.5%	22.9%	1.56%	3.05%	12.4%
EBITDA	749.4M	299.8M	305.6M	569.1M	808M	327.4M	314.7M	554.2M	822.1M	351.1M	395.4M	567.8M
EPS	3.51	-0	0.15	1.79	3.47	-0.06	-0.04	1.61	3.45	0.13	0.27	1.47
Diluted EPS	3.5	-0	0.15	1.76	3.37	-0.06	-0.04	1.58	3.39	0.13	0.27	1.43

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.7B	9.5B	9.6B	10.1B	9B	8B	8.6B	8.1B	9.7B	10.6B	11.1B
Enterprise value	13B	14.5B	14.8B	15.9B	15.9B	16.1B	17.5B	18.4B	20.7B	24.9B	27.7B
Shares outstanding	111.4M	111.8M	112.1M	112.4M	112.7M	112.9M	113.2M	113.4M	113.8M	119.7M	119.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.8	18.8	18	18.1	15.8	12.5	17.2	15.7	15.4	16.8	17.5
P/S	2.48	2.67	2.59	2.91	2.51	2.1	1.99	1.74	1.88	1.99	1.99
P/B	1.76	1.85	1.79	1.82	1.57	1.32	1.4	1.3	1.41	1.5	1.57
EV/EBITDA	9.24	9.45	9.96	11.4	10.4	9.74	10.8	10.7	10.3	12.2	12.9
EV/Sales	3.72	4.06	4	4.58	4.42	4.24	4.04	3.93	4.04	4.66	4.98
Earnings yield	5.31%	5.33%	5.55%	5.52%	6.33%	7.98%	5.82%	6.37%	6.49%	5.95%	5.71%
FCF yield	-2.9%	-3.05%	1.04%	-2.32%	-4%	-7.7%	-5.41%	-7.84%	-6.63%	-7.72%	-8.4%
PEG	—	—	—	—	—	—	—	—	—	—	-2.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.6%	45.9%	42.8%	42.8%	45.6%	44.6%	39.5%	39.3%	41.7%	41.6%	42.2%
Operating margin	23.9%	25.5%	21%	19.4%	22%	21.2%	16.9%	17.6%	19.7%	20%	21.3%
Net margin	13.2%	14.2%	14.4%	16.1%	15.9%	16.7%	11.6%	11%	12.2%	11.8%	11.5%
ROE	9.35%	9.89%	9.92%	10%	9.91%	10.6%	8.13%	8.25%	9.13%	8.91%	9.37%
ROA	2.88%	2.98%	3%	3.02%	2.85%	2.89%	2.2%	2.1%	2.4%	2.1%	2.33%
ROIC	5.97%	5.98%	5.85%	5.92%	5.5%	4.84%	4.24%	4.33%	4.81%	4.27%	4.13%
Return on tangible assets	2.9%	3.03%	3.05%	3.07%	2.89%	2.93%	2.23%	2.13%	2.45%	2.14%	2.03%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.64	0.85	0.56	0.5	0.88	0.88	0.99	0.67	0.59	0.54	0.59
Quick ratio	0.42	0.61	0.38	0.33	0.64	0.67	0.74	0.5	0.42	0.36	0.41
Debt / equity	0.88	0.97	0.97	1.05	1.2	1.36	1.44	1.64	1.61	2.02	2.33
Debt / assets	0.27	0.29	0.3	0.31	0.35	0.37	0.39	0.42	0.42	0.48	0.51
Net debt / EBITDA	3.06	3.23	3.52	4.16	4.49	4.93	5.46	5.97	5.49	7	7.72
Interest coverage	4.76	4.88	4.04	3.5	3.83	4.2	3.25	2.8	2.95	2.75	2.64
Effective tax rate	33.9%	33.7%	20.2%	0%	12.1%	14.8%	13%	12.9%	15%	14.5%	14.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	31.4	31.9	32.9	30.9	31.8	33.7	38.2	41.4	45	44.6	46.1
EPS (basic)	3.97	4.37	4.56	4.79	4.89	5.48	4.27	4.42	5.35	5.15	5.15
EPS (diluted)	3.95	4.35	4.54	4.77	4.87	5.47	4.26	4.41	5.24	5.05	5.21
Book value per share	44.3	45.9	47.7	49.4	51.1	53.3	54.4	55.4	60.2	59.2	58
FCF per share	-2.26	-2.6	0.88	-2.09	-3.2	-5.43	-4.12	-5.63	-5.62	-6.85	-7.06
Cash per share	0.08	0.12	0.05	0.09	0.53	0.09	0.04	0.04	0.03	0.06	0.07
Capex per share	—	—	—	—	—	—	—	—	—	21.9	21.3

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	49.2%	47.7%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	145.4%	149.6%
Payout ratio	59.4%	57.1%	58.2%	59.1%	61.5%	58.1%	75.7%	74.5%	63%	66.9%	69.6%
Dividend yield	3.15%	3.04%	3.23%	3.26%	3.89%	4.64%	4.4%	4.74%	4.09%	3.98%	3.99%

Yield

3.99%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.91

ex-dividend Aug 3, 2026

Payout ratio

70%

of earnings

Dividend growth

11 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 3, 2026	$0.91
May 4, 2026	$0.91
Feb 2, 2026	$0.91

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.6B	$991.6M	$951.7M	$1.3B	$1.8B	$1.1B	$1B	$1.4B	$1.8B	$1.1B	$1.1B	$1.5B
YoY change	+11.4%	-1.76%	+0.72%	+16.7%	+8%	+10.5%	+8.47%	+3.8%	+2.94%	+2.99%	+11.4%	+7.14%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.9M	13.9M	5.8M	10.3M	60M	10M	4.8M	5M	3.8M	6.6M
Receivables	250.5M	305.1M	267.9M	266.4M	313.6M	391.9M	453.2M	513.9M	525.6M	579.8M
Inventory	282.6M	289.3M	294.1M	345.9M	334.3M	367.2M	450.6M	493.5M	501.4M	565.2M
Total current assets	822.2M	1B	925M	1B	1.2B	1.6B	1.8B	1.9B	1.7B	1.7B
Property, plant & equipment	-4.7B	-4.6B	-5B	-5.5B	-5.5B	-5.1B	-5.1B	-5.2B	-5.6B	-3.6B
Goodwill & intangibles	90M	257.2M	262.9M	290.6M	282.6M	273.7M	258.9M	267.1M	591.3M	576M
Total assets	16B	17B	17.7B	18.5B	20B	22B	22.7B	24.7B	26.1B	30B
Accounts payable	264.6M	256.4M	277.3M	346.4M	318.6M	393.1M	430.4M	442.5M	485.4M	680.2M
Short-term debt	302.2M	177.4M	576.4M	927.4M	243.8M	542.4M	496.6M	1.6B	1.5B	1.5B
Total current liabilities	1.3B	1.2B	1.6B	2.1B	1.4B	1.8B	1.8B	2.9B	2.8B	3.2B
Long-term debt	4B	4.8B	4.6B	4.9B	6.7B	7.6B	8.4B	8.8B	9.6B	12.8B
Total liabilities	11.1B	11.9B	12.3B	12.9B	14.3B	16B	16.6B	18.4B	19.2B	22.9B
Shareholders' equity	4.9B	5.1B	5.3B	5.6B	5.8B	6B	6.2B	6.3B	6.9B	7.1B
Total debt	4.3B	5B	5.2B	5.8B	6.9B	8.2B	8.9B	10.3B	11B	14.3B
Net debt	4.3B	5B	5.2B	5.8B	6.9B	8.2B	8.9B	10.3B	11B	14.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	15.1M	5M	9.6M	4M	49.2M	3.8M	10M	18.8M	30.9M	6.6M	6.4M	9.1M
Receivables	664.9M	513.9M	425.7M	564.4M	839.1M	525.6M	430.7M	569.7M	778.1M	579.8M	503.8M	775.5M
Inventory	493.8M	493.5M	489.2M	549M	528M	501.4M	504.2M	526.9M	538.7M	565.2M	563.2M	625.2M
Total current assets	2.2B	1.9B	1.8B	2B	2.3B	1.7B	1.6B	1.8B	2B	1.7B	1.6B	2B
Property, plant & equipment	-5.3B	-5.2B	-5.4B	-5.4B	-5.4B	-5.6B	-4.9B	-2.8B	-2.8B	-3.6B	-3B	-1.9B
Goodwill & intangibles	249.5M	267.1M	512.9M	593M	586.6M	591.3M	555.5M	569M	544.4M	576M	539.9M	535.8M
Total assets	24.4B	24.7B	24.8B	25.7B	26.3B	26.1B	27.2B	29.2B	29.9B	30B	30.7B	32.6B
Accounts payable	405M	442.5M	476.6M	548.8M	429.5M	485.4M	599.2M	668.7M	536.9M	680.2M	601.6M	641.6M
Short-term debt	764.6M	1.6B	1.7B	1.6B	1.7B	1.5B	1.8B	1.9B	1.5B	1.5B	1.3B	1.8B
Total current liabilities	2B	2.9B	3.1B	3.1B	3.2B	2.8B	3.2B	3.4B	3B	3.2B	2.7B	3.4B
Long-term debt	9.4B	8.8B	8.8B	9.6B	9.6B	9.6B	10.3B	12.1B	12.8B	12.8B	13.8B	14.7B
Total liabilities	17.9B	18.4B	18.5B	19.4B	19.6B	19.2B	20.4B	22.4B	22.7B	22.9B	23.6B	25.5B
Shareholders' equity	6.5B	6.3B	6.3B	6.3B	6.7B	6.9B	6.8B	6.8B	7.2B	7.1B	7.1B	7.1B
Total debt	10.1B	10.3B	10.5B	11.2B	11.3B	11B	12.1B	14B	14.2B	14.3B	15.1B	16.5B
Net debt	10.1B	10.3B	10.5B	11.2B	11.3B	11B	12.1B	14B	14.2B	14.3B	15.1B	16.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	461.5M	507.9M	530.5M	557.8M	570.1M	635.9M	500.8M	518.8M	626M	631.6M
Depreciation & amortization	565M	610.6M	651M	664.1M	686.3M	719.1M	817.8M	854.1M	956.2M	969.6M
Stock-based compensation	18.9M	20.5M	19.5M	18.4M	18.3M	18.5M	15.9M	17.3M	23.5M	27.5M
Change in working capital	-188M	-153.8M	-22.4M	-203.6M	-248.2M	-381.2M	-9.3M	-174.8M	-89.8M	80.3M
Operating cash flow	1B	1.1B	1.3B	966.6M	951.7M	850.9M	1.2B	1.2B	1.6B	1.8B
Capital expenditure	—	—	—	—	—	—	—	—	—	-2.6B
Investing cash flow	23.4M	-19.8M	-14.7M	60.5M	48.8M	86.5M	89.4M	152.1M	315.6M	-2.4B
Dividends paid	-274.2M	-289.8M	-308.9M	-329.6M	-350.6M	-369.5M	-378.9M	-386.5M	-394.7M	-422.8M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	202.9M	189.1M	-151.4M	113.1M	-408.2M	460.3M	374.1M	490.8M	-609.8M	-108.3M
Net change in cash	1.3B	1.3B	1.1B	1.1B	592.3M	1.4B	1.7B	1.9B	1.3B	-681.8M
Free cash flow	-252.1M	-290.7M	99M	-234.7M	-360.2M	-613.5M	-466M	-638.7M	-639.4M	-819.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	402.5M	4.3M	21.2M	208.1M	399.3M	-2.5M	-338K	196.9M	417.5M	17.6M	35.1M	180.8M
Depreciation & amortization	219.6M	217.9M	226.4M	239.1M	246M	244.6M	250.7M	241.6M	239.4M	238M	259.8M	257.4M
Stock-based compensation	5.1M	5M	5.9M	4.7M	6.3M	6.6M	7.2M	5.2M	8.9M	6.2M	8.3M	4.6M
Change in working capital	-251.2M	126.2M	17.2M	-314.5M	-84.8M	292.3M	40.8M	-183.4M	-85.7M	227.6M	-202.3M	-114M
Operating cash flow	301.6M	419.3M	312.3M	213.4M	492.8M	605.3M	345.4M	261.4M	665M	476.8M	235.3M	394M
Capital expenditure	—	—	—	—	—	—	—	-709.5M	-623M	-669.5M	-628.4M	-728.7M
Investing cash flow	44.2M	73.5M	93.7M	70.9M	83.6M	67.3M	36.4M	-667.2M	-579.8M	-545.6M	-551.5M	-648.8M
Dividends paid	-96.2M	-98M	-98.1M	-98.2M	-98.3M	-100.1M	-104.9M	-105.2M	-105.3M	-107.3M	-108.5M	-110.3M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-1.7M	76.8M	85.9M	953M	71.8M	-606.8M	196.8M	1.2B	-488.7M	-230.7M	323.5M	607.4M
Net change in cash	344.1M	569.7M	491.9M	1.2B	648.2M	65.8M	578.6M	808.6M	-403.5M	-299.5M	7.2M	352.6M
Free cash flow	-48K	-158M	-170.4M	-344.2M	-32.7M	-92.1M	-220.7M	-448.1M	42M	-192.7M	-393.1M	-334.7M

Date	Ratio
Apr 28, 2011	10:1
Nov 27, 2006	1:1
Apr 19, 2004	1:1
Jan 29, 2003	1:1

Pinnacle West Capital Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history