PINNACLE WEST CAPITAL CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PINNACLE WEST CAPITAL CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125	5,340
Cost of revenue	1,076	981	1,076	1,042	993	1,153	1,629	1,793	1,823	1,933
Gross profit	2,423	2,584	2,615	2,429	2,594	2,651	2,695	2,903	3,302	3,407
Operating income	836	910	774	672	788	805	732	825	1,012	1,068
Interest expense	186	198	218	217	229	233	256	331	377	422
Interest income	0.88	3.5	8.65	10.4	12.2	6.73	7.33	27.2	24.3	18
Other non-operating income	48.1	54.1	109	86.8	89	174	99.3	102	102	92.7
Pre-tax income								596	737	738
Income tax	236	258	134	-15.8	78.2	110	74.8	76.9	111	107
Net income to minority interests	19.5	19.5	19.5	19.5	19.5	17.2	17.2	17.2	17.2	15.1
Net income	442	488	511	538	551	619	484	502	609	617
EBITDA	1,401	1,520	1,425	1,336	1,474	1,524	1,550	1,679	1,968	2,037
EPS, basic	3.97	4.37	4.56	4.79	4.89	5.48	4.27	4.42	5.35	5.15
EPS, diluted	3.95	4.35	4.54	4.77	4.87	5.47	4.26	4.41	5.24	5.05
Shares, basic (weighted)	111	112	112	112	113	113	113	113	114	120
Shares, diluted (weighted)	112	112	113	113	113	113	113	114	116	122
Dividend per share	2.56	2.70	2.87	3.04	3.23	3.36	3.43	3.49	3.55	3.61

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	8.88	13.9	5.77	10.3	60	9.97	4.83	4.96	3.84	6.6
Other current assets	45	48	56.1	62	76.6	83.9	60.1	101	74.9	109
Total current assets	822	1,016	925	1,030	1,198	1,551	1,751	1,927	1,689	1,704
Property, plant and equipment	11,372	11,670	12,371	13,198	13,728	14,184	14,522	15,803	16,834	18,358
Lease right-of-use assets			0	146	505	890	802	1,310	1,605	3,650
Intangible assets	90	257	263	291	283	274	259	267	591	576
Other non-current assets	69.1	52	103	97	91.1	97.9	126	103	115	145
Total assets	16,004	17,019	17,664	18,479	20,020	22,003	22,723	24,661	26,103	30,032
Accounts payable	265	256	277	346	319	393	430	442	485	680
Deferred revenue		70.4	91.2	64.9	48.3	42.3	41.8	42	44.3	63.8
Short-term debt	177	95.4	76.4	115	169	292	341	875	800	600
Total current liabilities	1,293	1,198	1,649	2,078	1,360	1,757	1,762	2,889	2,844	3,161
Long-term debt	4,022	4,790	4,638	4,833	6,314	6,914	7,741	7,541	8,059	9,206
Lease liabilities			0	51.9	361	728	639	1,210	1,521	3,548
Other non-current liabilities	157	149	148	160	191	233	247	251	242	249
Total liabilities	11,068	11,883	12,315	12,926	14,268	15,982	16,564	18,376	19,245	22,945
Total debt	4,147	4,872	5,138	5,633	6,314	7,064	7,792	8,416	8,859	9,806
Retained earnings	2,256	2,443	2,641	2,838	3,025	3,265	3,360	3,466	3,667	3,851
Treasury stock	-4.13	-5.62	-4.83	-9.43	-6.29	-6.4	-5.01	-8.19	-3.32	-3.32
Other comprehensive income	-43.8	-45	-47.7	-57.1	-62.8	-54.9	-31.4	-33.1	-30.9	-32.4
Shareholders' equity	4,804	5,007	5,223	5,431	5,634	5,906	6,049	6,178	6,754	7,046
Minority interests	132	129	126	123	119	115	111	107	103	40.6
Total equity	4,936	5,136	5,349	5,553	5,753	6,021	6,160	6,285	6,857	7,087
Total liabilities and equity	16,004	17,019	17,664	18,479	20,020	22,003	22,723	24,661	26,103	30,032

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	462	508	531	558	570	636	501	519	626	632
Depreciation and amortization	565	611	651	664	686	719	818	854	956	970
Stock-based compensation	18.9	20.5	19.5	18.4	18.3	18.5	15.9	17.3	23.5	27.5
Deferred income tax	207	248	117	-1.48	69.5	117	43.2	-24.3	-20.9	-50.9
Change in receivables	-2.49	-93.8	37.5
Change in inventory	-1.49	-6.68	-6.1	-51.8	11.6	-32.9	-83.5	-42.9	-7.9	-63.7
Change in payables	-66.9	-23.8	-14.6	50.6	-6.06	20.3	90.1	-75.6	-7.21	171
Cash from operations	1,023	1,118	1,277	957	966	860	1,241	1,208	1,610	1,805
Capital expenditures	-1,275	-1,409	-1,178	-1,191	-1,327	-1,473	-1,707	-1,846	-2,249	-2,625
Cash from investing	-1,252	-1,429	-1,193	-1,131	-1,278	-1,387	-1,618	-1,694	-1,934	-2,379
Debt issued	693	848	445	1,092	1,597	747	876	689
Debt repaid	-370	-125	-182	-600	-915	0	-150	-32.7
Stock issued	-4.87	-13.4	-5.06	0.69	-1.39	-2.35	-2.65	-4.09
Share buybacks							-2.65	-4.09
Dividends paid	-274	-290	-309	-330	-351	-369	-379	-386	-395	-423
Cash from financing	198	316	-92.4	179	361	477	371	487	323	576
Net change in cash	-30.6	5.01	-8.13	4.52	49.7	-50	-5.14	0.12	-1.12	2.77
Free cash flow	-252	-291	99	-235	-360	-613	-466	-639	-639	-820
Interest paid	184	189	208	219	217	228	245	311	360	389
Income taxes paid	9.96	2.19	21.2	12.5	-3.02	0.23	46.2	8.79	113	22.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $91.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	62.7%	Gross profit / revenue.
Operating margin	20.5%	Operating income / revenue.
EBITDA margin	38.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	11.5%	Net income / revenue.
FCF margin	-15.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.9%	Cash from operations / revenue.
Return on equity (ROE)	9.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.0%	Net income / average total assets.
Return on invested capital (ROIC)	5.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	47.7%	Capital expenditures / revenue.
D&A / revenue	17.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	3.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-3.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	4.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.59x	Current assets / current liabilities.
Quick ratio	0.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.4%	Total debt / total assets.
Liabilities / assets	78.3%	Total liabilities / total assets.
Net debt	$10.54B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.94x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.46x	Operating income / interest expense.
Working capital	-$1.37B	Current assets - current liabilities.
Goodwill and intangibles / assets	1.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.50B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Fixed asset turnover	0.30x	Revenue / average property, plant and equipment.
Days payables	113 days	365 x average accounts payable / cost of revenue.
FCF conversion	-137.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	149.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$44.61	Revenue / diluted weighted shares.
FCF per share	-$7.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$14.23	Cash from operations / diluted weighted shares.
Book value per share	$56.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$52.20	Tangible book value / shares outstanding.
Cash per share	$0.07	(Cash + short-term investments) / shares outstanding.
Payout ratio	67.4%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.12B	Share price x shares outstanding.
Enterprise value	$21.66B	Market cap + total debt - cash - short-term investments.
P/E	17.4x	Market cap / net income. Only when net income is positive.
P/S	2.00x	Market cap / revenue.
P/B	1.58x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.71x	Market cap / tangible book value, when positive.
P/OCF	6.28x	Market cap / cash from operations, when positive.
EV/Sales	3.90x	Enterprise value / revenue.
EV/EBIT	19.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.1x	Enterprise value / EBITDA, when both are positive.
FCF yield	-7.9%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Dividend yield	3.9%	Dividends paid over the period / market cap.
Shareholder yield	3.9%	(Dividends paid + share buybacks) / market cap.
PEG	2.98x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PINNACLE WEST CAPITAL CORP's revenue in fiscal 2025?

PINNACLE WEST CAPITAL CORP reported revenue of $5.34B for fiscal 2025, 4.2% higher than the year before.

Was PINNACLE WEST CAPITAL CORP profitable in fiscal 2025?

Yes. Net income was $616.5M, a net margin of 11.5%.

How much free cash flow did PINNACLE WEST CAPITAL CORP generate in fiscal 2025?

Cash from operations of $1.81B minus capital expenditures of $2.62B left free cash flow of -$819.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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