Pinnacle West Capital (PNW) financial statements

Utilities · Utilities - Regulated Electric · Market cap $12.1B

Pinnacle West Capital reported revenue of $5.3B in fiscal 2025, up 4.8% a year over 9 years.

Net income was $617M and the operating margin 20.0%, against 23.9% in 2016.

Free cash flow was -$820M, and the company returned $423M in dividends.

The diluted share count rose 9% over the period (dilution).

Revenue and free cash flow

Fiscal years, $ billions.

-202462016201720182019202020212022202320242025RevenueFree cash flow
Embed this chart

Free to use in articles and newsletters with the source line. Paste this HTML:

Income statement

Fiscal years, from Pinnacle West Capital's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$3.5B$3.6B$3.7B$3.5B$3.6B$3.8B$4.3B$4.7B$5.1B$5.3B
Cost of revenue$1.1B$981M$1.1B$1.0B$993M$1.2B$1.6B$1.8B$1.8B$1.9B
Gross profit$2.4B$2.6B$2.6B$2.4B$2.6B$2.7B$2.7B$2.9B$3.3B$3.4B
Operating income$836M$910M$774M$672M$788M$805M$732M$825M$1.0B$1.1B
Interest expense$186M$198M$218M$217M$229M$233M$256M$331M$377M$422M
Pre-tax income———————$596M$737M$738M
Income tax$236M$258M$134M-$16M$78M$110M$75M$77M$111M$107M
Net income$442M$488M$511M$538M$551M$619M$484M$502M$609M$617M
EPS (diluted)$3.95$4.35$4.54$4.77$4.87$5.47$4.26$4.41$5.24$5.05
Diluted shares112M112M113M113M113M113M113M114M116M122M
Gross margin69.3%72.5%70.8%70.0%72.3%69.7%62.3%61.8%64.4%63.8%
Operating margin23.9%25.5%21.0%19.4%22.0%21.2%16.9%17.6%19.7%20.0%
Net margin12.6%13.7%13.8%15.5%15.3%16.3%11.2%10.7%11.9%11.5%

Balance sheet

Fiscal years, from Pinnacle West Capital's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Cash and short-term investments$9M$14M$6M$10M$60M$10M$5M$5M$4M$7M
Total current assets$822M$1.0B$925M$1.0B$1.2B$1.6B$1.8B$1.9B$1.7B$1.7B
Property, plant and equipment$11.4B$11.7B$12.4B$13.2B$13.7B$14.2B$14.5B$15.8B$16.8B$18.4B
Total assets$16.0B$17.0B$17.7B$18.5B$20.0B$22.0B$22.7B$24.7B$26.1B$30.0B
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$4.0B$4.8B$4.6B$4.8B$6.3B$6.9B$7.7B$7.5B$8.1B$9.2B
Total liabilities$11.1B$11.9B$12.3B$12.9B$14.3B$16.0B$16.6B$18.4B$19.2B$22.9B
Shareholders' equity$4.8B$5.0B$5.2B$5.4B$5.6B$5.9B$6.0B$6.2B$6.8B$7.0B
Net debt$4.0B$4.8B$4.6B$4.8B$6.3B$6.9B$7.7B$8.4B$8.9B$9.8B

Cash flow

Fiscal years, from Pinnacle West Capital's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$1.0B$1.1B$1.3B$957M$966M$860M$1.2B$1.2B$1.6B$1.8B
Capital spending$1.3B$1.4B$1.2B$1.2B$1.3B$1.5B$1.7B$1.8B$2.2B$2.6B
Free cash flow-$252M-$291M$99M-$235M-$360M-$613M-$466M-$639M-$639M-$820M
Stock-based compensation$19M$21M$20M$18M$18M$18M$16M$17M$24M$27M
Dividends paid$274M$290M$309M$330M$351M$369M$379M$386M$395M$423M
Share buybacks (net)——————-$3M-$4M——
Net borrowing$460M$615M$256M$546M$682M$747M$726M$657M——
Free cash flow margin-7.2%-8.2%2.7%-6.8%-10.0%-16.1%-10.8%-13.6%-12.5%-15.3%
Dividends per share$2.45$2.58$2.74$2.92$3.10$3.26$3.34$3.40$3.40$3.47
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for PNW.
Open PNW in Investingly

Questions

What was Pinnacle West Capital's revenue in 2025?

$5.3B in fiscal 2025, from its 10-K filing.

How much free cash flow does Pinnacle West Capital generate?

-$820M in fiscal 2025 (operating cash flow minus capital spending).

From Pinnacle West Capital's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.