Saturday 17 October 2026 Export PNW’s income statement to Excel — free account

Pinnacle West Capital Corporation

PNW Utilities Utilities Regulated Electric

Pinnacle West Capital Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 4.20% from fiscal 2024. In the quarter to June 2026, revenue grew 7.14%, EPS fell 8.70%, free cash flow grew 36.8% and total debt rose 10.8%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five.

103.57 1.99 +1.96%

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Market cap: $12.3B
P/E: 19.5×
Fwd P/E: 21.9×
Dividend yield: 3.51%
F-score: 3/9
Altman Z: 0.69
Beneish M: −2.46
Dividend safety: 40/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 0.93

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	1	—	—	2	—	—

Insider Ownership 0.27%

Capital & Financial Ratios $m

Market Cap 12,310.00

Revenue 5,554.25

Net Income 650.99

Free Cash Flow (502.57)

Net Debt 11,360.28

Current Ratio 0.59

Debt/Equity 1.61

P/E ratio 19.47

Fwd P/E 21.90

P/S ratio 2.26

P/B ratio 1.78

Past 5Y EPS Growth 0.73%

This Y EPS Growth (5.12%)

Next Y EPS Growth 15.98%

Next Y revenue growth 4.51%

Next 5Y EPS Growth 6.62%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 74.90%

10-year low 10-year high

P/S against its own 10 years 45.96%

10-year low 10-year high

P/B against its own 10 years 77.11%

10-year low 10-year high

EV/Sales against its own 10 years 84.37%

10-year low 10-year high

Dividends

Payout Ratio 0.70

Annual Dividend Rate 3.64

Annual Dividend Yield 3.51%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	3.67	0.91 0.91 0.91
2025	3.60	0.90 0.90 0.90 0.91
2024	3.54	0.88 0.88 0.88 0.90
2023	3.48	0.87 0.87 0.87 0.88
2022	3.42	0.85 0.85 0.85 0.87
2021	3.34	0.83 0.83 0.83 0.85
2020	3.18	0.78 0.78 0.78 0.83
2019	3.00	0.74 0.74 0.74 0.78
2018	2.82	0.70 0.70 0.70 0.74
2017	2.66	0.66 0.66 0.66 0.70
2016	2.53	0.63 0.63 0.63 0.66

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	5	4	7	9
Receivables	659	678	734	1,040
Inventory	494	501	565	625
Other	769	506	398	329
	1,927	1,689	1,704	2,003

	2023	2024	2025	Q'26
Payables	442	485	680	642
ST’ Debt	1,485	1,368	1,357	1,594
Other	555	525	533	529
	2,889	2,844	3,161	3,372

Compound Annual Growth %

	10y	5y	3y
Sales	4.33%	8.28%	7.28%
Cash Flow	5.13%	13.31%	13.29%
Earnings	3.50%	2.29%	8.43%
Book Value	4.15%	4.26%	4.78%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,150	1,456	—	—	—
’25	1,032	1,359	1,821	1,128	5,340
’24	952	1,309	1,769	1,095	5,125
’23	945	1,122	1,638	992	4,696
’22	784	1,062	1,470	1,009	4,324
’21	696	1,000	1,308	799	3,804
’20	662	930	1,255	741	3,587

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	235	394	—	—	—
’25	402	261	665	477	1,805
’24	347	190	633	439	1,610
’23	212	226	396	374	1,208
’22	341	248	444	210	1,241
’21	202	110	348	200	860
’20	184	185	403	194	966

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(303)	(248)	—	—	—
’25	(169)	(392)	100	(53)	(513)
’24	(101)	(269)	59	(17)	(328)
’23	(208)	(212)	53	(90)	(458)
’22	(23)	(163)	44	(187)	(329)
’21	(146)	(190)	58	(229)	(508)
’20	(153)	(123)	119	(140)	(298)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.27	1.43	—	—	—
’25	(0.04)	1.58	3.39	0.13	5.05
’24	0.15	1.76	3.37	(0.06)	5.24
’23	(0.03)	0.94	3.50	0.00	4.41
’22	0.15	1.45	2.88	(0.21)	4.26
’21	0.32	1.91	3.00	0.24	5.47
’20	0.27	1.71	3.07	(0.17)	4.87

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	62.51	75.79	73.41	81.63	60.05	62.78	59.03	68.55	65.20	81.47	Analyst estimates 2026–2028 Powerpack
	High	82.78	92.48	92.64	99.81	105.51	88.54	80.60	86.03	95.42	96.50
People
People	Employees	6,339	6,292	6,259	6,210	6,026	5,872	5,861	6,133	6,403	6,610
	Revenue/emp, $m	0.55	0.57	0.59	0.56	0.60	0.65	0.74	0.77	0.80	0.81
Income, $m
Income, $m	Revenue	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125	5,340
	Gross margin, %	69.26	72.48	70.85	69.97	72.30	69.70	62.32	61.83	64.44	63.79
	EBT	698	766	664	542	648	746	576	596	737	738
	EBT margin, %	19.95	21.49	18.00	15.62	18.07	19.61	13.31	12.69	14.37	13.83
	Net income	462	508	531	558	570	636	501	519	626	632
	Depreciation	603	596	768	714	674	764	1,037	1,401	1,382	1,433
Per share, $
Per share, $	Revenue	31.40	31.88	32.92	30.87	31.84	33.69	38.20	41.40	45.02	44.62
	Earnings	3.97	4.37	4.56	4.79	4.89	5.48	4.27	4.42	5.35	5.15
	Cash flow	9.19	10.00	11.39	8.51	8.58	7.62	10.97	10.65	14.14	15.08
	Capex	(10.87)	(12.38)	(10.26)	(9.97)	(11.22)	(12.11)	(13.87)	(14.68)	(17.02)	(19.37)
	Free cash flow	(1.69)	(2.39)	1.13	(1.46)	(2.64)	(4.50)	(2.90)	(4.04)	(2.88)	(4.29)
	Book value	44.30	45.92	47.70	49.39	51.06	53.33	54.42	55.40	60.23	59.21
	Shares, m	111	112	112	112	113	113	113	113	114	120
Valuation, ×
Valuation, ×	P/E	19.48	19.20	18.68	18.77	16.35	12.88	17.48	16.56	15.84	17.22
	P/S	2.46	2.63	2.59	2.91	2.51	2.10	1.95	1.77	1.88	1.99
	P/B	1.75	1.83	1.79	1.82	1.57	1.32	1.37	1.32	1.41	1.50
	EV/Sales	3.70	4.02	4.00	4.57	4.30	4.03	3.83	3.69	3.72	3.96
	EV/FCF	(68.85)	(53.68)	116.52	(96.62)	(51.83)	(30.16)	(50.44)	(37.84)	(58.15)	(41.26)
Cash, $m
Cash, $m	Operating cash flow	1,023	1,118	1,277	957	966	860	1,241	1,208	1,610	1,805
	Capex	(1,211)	(1,385)	(1,150)	(1,121)	(1,264)	(1,368)	(1,570)	(1,666)	(1,938)	(2,318)
	Free cash flow	(188)	(267)	127	(164)	(298)	(508)	(329)	(458)	(328)	(513)
Balance, $m
Balance, $m	Working capital	(471)	(182)	(724)	(1,048)	(162)	(206)	(12)	(962)	(1,154)	(1,457)
	Total debt	4,324	4,967	5,215	5,747	6,483	7,356	8,133	9,025	9,427	10,563
	Net debt	4,315	4,953	5,209	5,737	6,423	7,346	8,128	9,020	9,423	10,556
	Shareholders’ equity	4,936	5,136	5,349	5,553	5,753	6,021	6,160	6,285	6,857	7,087
Returns, %
Returns, %	ROA	2.85	2.96	2.95	2.98	2.86	2.94	2.16	2.12	2.40	2.20
	ROIC	5.65	5.64	4.58	3.72	4.05	3.77	3.20	3.37	3.89	3.78
	ROE	9.16	9.70	9.75	9.88	9.74	10.51	7.94	8.06	9.26	8.84

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
EIX Edison International	$21.4B	5.7×	12.2×	−4.09% (below 0%: shrinking)	+56.18% (above 0%: growing)	+30.60% (above 0%: growing)	73.90%	25.06%	Compare
CMS CMS Energy Corporation	$21.0B	20.7×	18.6×	−0.49% (below 0%: shrinking)	−43.94% (below 0%: shrinking)	+26.60% (above 0%: growing)	63.09%	14.43%	Compare
EVRG Evergy Inc.	$18.8B	20.7×	19.6×	+4.39% (above 0%: growing)	+25.68% (above 0%: growing)	−101.48% (below 0%: shrinking)	70.18%	25.37%	Compare
LNT Alliant Energy Corporation	$17.4B	21.6×	21.2×	+1.04% (above 0%: growing)	−2.94% (below 0%: shrinking)	−106.25% (below 0%: shrinking)	82.60%	19.05%	Compare
KEP Korea Electric Power Corporation	$13.7B	2.5×	3.8×	−0.14% (below 0%: shrinking)	−77.78% (below 0%: shrinking)	−689.05% (below 0%: shrinking)	8.72%	5.15%	Compare
PNW Pinnacle West Capital Corporation	$12.3B	19.5×	21.9×	+7.14% (above 0%: growing)	−8.70% (below 0%: shrinking)	+36.77% (above 0%: growing)	61.64%	21.00%
OGE OGE Energy Corporation	$9.7B	20.8×	19.7×	−4.00% (below 0%: shrinking)	+5.66% (above 0%: growing)	+75.81% (above 0%: growing)	69.42%	26.91%	Compare
IDA IDACORP, Inc.	$7.9B	22.5×	22.1×	+4.20% (above 0%: growing)	+3.95% (above 0%: growing)	−100.67% (below 0%: shrinking)	72.82%	27.78%	Compare
TXNM TXNM Energy, Inc.	$6.5B	32.3×	19.2×	+9.18% (above 0%: growing)	+190.91% (above 0%: growing)	+25.75% (above 0%: growing)	65.46%	22.48%	Compare
Median of peers	$15.6B	20.7×	19.4×	+0.45%	+4.80%	−37.46%	69.80%	23.77%

All 40 Utilities Regulated Electric stocks →

Pinnacle West Capital Corporation (PNW) key facts

Strength: Pinnacle West Capital Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 4.20% from fiscal 2024.
Strength: Net income was $631.6 million, or $5.15 per share (basic), a net margin of 11.6%.
Pinnacle West Capital Corporation (PNW) is an Utilities Regulated Electric company in the Utilities sector, listed on the New York Stock Exchange.
As of October 16, 2026, PNW traded at $103.57, a market capitalization of $12.3 billion.
At that price the stock trades at 19.5× trailing-twelve-month earnings and 2.3× sales; its P/E is higher than 75% of its own readings over the past ten years.
Pinnacle West Capital Corporation pays an annual dividend of $3.64 per share, a yield of 3.51%, with a payout ratio of 69.7%.
Return on equity was 8.84% and debt-to-equity 1.61.
Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 0.69 (distress zone) for fiscal 2025.