Pinnacle West Capital Corp (PNW) Financial Statements
Industry: Electric Services
In fiscal 2025, Pinnacle West Capital reported revenue of $5.34B, up 4.2% from $5.12B the year before. Net income was $616.5M (a 11.5% net margin), or $5.05 per diluted share. Gross margin was 20.0% and operating margin was 20.0%. Operating activities generated $1.81B of cash, leaving -$819.5M of free cash flow. At fiscal year end, Pinnacle West Capital held $30.03B in total assets against $22.99B in total liabilities, including $6.6M of cash and equivalents.
Open the full interactive Pinnacle West Capital financials → Quarterly statements, key ratios, valuation history and price charts.
Pinnacle West Capital Key Stats
| Share Price | $101.58 |
|---|---|
| Market Cap | $12.65B |
| P/E Ratio | 20.1 |
| Revenue YoY Growth | +4.2% |
| 52-Week Range | $84.19 – $108.38 |
| Shares Outstanding | 121.3 million (basic, 2026 Q2) |
Pinnacle West Capital Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $3.59B | $3.80B | $4.32B | $4.70B | $5.12B | $5.34B |
| Cost of Goods Sold | $2.80B | $3.00B | $3.59B | $3.87B | $4.11B | $4.27B |
| Gross Profit | $788.2M | $805.3M | $731.9M | $824.6M | $1.01B | $1.07B |
| Operating Income | $788.2M | $805.3M | $731.9M | $824.6M | $1.01B | $1.07B |
| Pre-Tax Income | $629.2M | $728.8M | $558.4M | $578.5M | $719.3M | $738.4M |
| Income Tax | $78.2M | $110.1M | $74.8M | $76.9M | $110.5M | $106.7M |
| Net Income | $551.1M | $618.7M | $483.6M | $501.6M | $608.8M | $616.5M |
| Diluted EPS | $4.87 | $5.47 | $4.26 | $4.41 | $5.24 | $5.05 |
Pinnacle West Capital Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $1.82B | $1.13B | $1.15B | $1.46B |
| Net Income | $413.2M | $15.4M | $32.9M | $178.6M |
| Diluted EPS | $3.39 | $0.13 | $0.27 | $1.43 |
Pinnacle West Capital Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $60.0M | $10.0M | $4.8M | $5.0M | $3.8M | $6.6M |
| Current Assets | $1.20B | $1.55B | $1.75B | $1.93B | $1.69B | $1.70B |
| Total Assets | $20.02B | $22.00B | $22.72B | $24.66B | $26.10B | $30.03B |
| Current Liabilities | $1.36B | $1.76B | $1.76B | $2.89B | $2.84B | $3.16B |
| Total Long-Term Debt | $6.31B | $6.91B | $7.74B | $7.54B | $8.86B | $9.81B |
| Total Liabilities | $14.39B | $16.10B | $16.67B | $18.48B | $19.35B | $22.99B |
| Shareholders' Equity | $5.63B | $5.91B | $6.05B | $6.18B | $6.75B | $7.05B |
Pinnacle West Capital Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $966.4M | $860.0M | $1.24B | $1.21B | $1.61B | $1.81B |
| Cash From Investing | -$1.28B | -$1.39B | -$1.62B | -$1.69B | -$1.93B | -$2.38B |
| Cash From Financing | $361.1M | $476.9M | $371.5M | $486.7M | $322.7M | $576.3M |
| Free Cash Flow | -$360.2M | -$613.5M | -$466.0M | -$638.7M | -$639.4M | -$819.5M |
Figures from Pinnacle West Capital's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Pinnacle West Capital financials page for every line item.
Pinnacle West Capital Company Profile
| Ticker | PNW |
|---|---|
| Exchange | NYSE |
| Industry | Electric Services |
| Headquarters | Phoenix, Arizona |
| Incorporated in | Arizona |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000764622 |
Frequently Asked Questions
What was Pinnacle West Capital's revenue in fiscal 2025?
Pinnacle West Capital (PNW) reported revenue of $5.34B for fiscal 2025.
What is Pinnacle West Capital's annual revenue history?
Pinnacle West Capital's annual revenue by fiscal year: 2020: $3.59B; 2021: $3.80B; 2022: $4.32B; 2023: $4.70B; 2024: $5.12B; 2025: $5.34B.
What was Pinnacle West Capital's net income in fiscal 2025?
Pinnacle West Capital reported net income of $616.5M for fiscal 2025.
What was Pinnacle West Capital's earnings per share (EPS) in fiscal 2025?
Pinnacle West Capital's diluted EPS was $5.05 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Pinnacle West Capital generate in fiscal 2025?
Pinnacle West Capital generated -$819.5M of free cash flow in fiscal 2025.
What was Pinnacle West Capital's revenue last quarter?
In its most recent reported quarter (2026 Q2), Pinnacle West Capital reported revenue of $1.46B.
How much debt does Pinnacle West Capital have?
Pinnacle West Capital reported $9.81B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Pinnacle West Capital are outstanding?
Pinnacle West Capital reported a weighted average of 121.3 million basic shares outstanding in 2026 Q2.
What is Pinnacle West Capital's market cap?
Based on its latest closing price, Pinnacle West Capital (PNW) has a market capitalization of about $12.65B.
When does Pinnacle West Capital's fiscal year end?
Pinnacle West Capital's fiscal year end, as registered with the SEC, is December 31.
Where is Pinnacle West Capital headquartered?
Pinnacle West Capital lists its business address in Phoenix, Arizona in its SEC filings.