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Pinnacle West Capital

PNW Clue Score32
United States Fiscal year ends December CIK 0000764622
$98.92 +0.96% Close, 9 Oct 2026
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Price $98.92 +46.53% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue3.50Operating income0.84Net income0.46EPS, diluted3.95Fiscal year 2017Revenue3.57 +1.9%Operating income0.91Net income0.51 +10.1%EPS, diluted4.35 +10.1%Fiscal year 2018Revenue3.69 +3.5%Operating income0.77Net income0.53 +4.4%EPS, diluted4.54 +4.4%Fiscal year 2019Revenue3.47 −6.0%Operating income0.67Net income0.56 +5.1%EPS, diluted4.77 +5.1%Fiscal year 2020Revenue3.59 +3.3%Operating income0.79Net income0.57 +2.2%EPS, diluted4.87 +2.1%Fiscal year 2021Revenue3.80 +6.0%Operating income0.81Net income0.64 +11.6%EPS, diluted5.47 +12.3%Fiscal year 2022Revenue4.32 +13.7%Operating income0.73Net income0.50 −21.2%EPS, diluted4.26 −22.1%Fiscal year 2023Revenue4.70 +8.6%Operating income0.82Net income0.52 +3.6%EPS, diluted4.41 +3.5%Fiscal year 2024Revenue5.12 +9.1%Operating income1.01Net income0.63 +20.7%EPS, diluted5.24 +18.8%Fiscal year 2025Revenue5.34 +4.2%Operating income1.07Net income0.63 +0.9%EPS, diluted5.05 −3.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 3.50 3.57 3.69 3.47 3.59 3.80 4.32 4.70 5.12 5.34
Growth +1.9% +3.5% −6.0% +3.3% +6.0% +13.7% +8.6% +9.1% +4.2%
Operating income 0.84 0.91 0.77 0.67 0.79 0.81 0.73 0.82 1.01 1.07
Net income 0.46 0.51 0.53 0.56 0.57 0.64 0.50 0.52 0.63 0.63
Growth +10.1% +4.4% +5.1% +2.2% +11.6% −21.2% +3.6% +20.7% +0.9%
EPS, diluted 3.95 4.35 4.54 4.77 4.87 5.47 4.26 4.41 5.24 5.05
Growth +10.1% +4.4% +5.1% +2.1% +12.3% −22.1% +3.5% +18.8% −3.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin23.9%Net margin13.2%Free cash flow margin−7.2%Fiscal year 2017Operating margin25.5%Net margin14.2%Free cash flow margin−8.2%Fiscal year 2018Operating margin21.0%Net margin14.4%Free cash flow margin2.7%Fiscal year 2019Operating margin19.4%Net margin16.1%Free cash flow margin−6.8%Fiscal year 2020Operating margin22.0%Net margin15.9%Free cash flow margin−10.0%Fiscal year 2021Operating margin21.2%Net margin16.7%Free cash flow margin−16.1%Fiscal year 2022Operating margin16.9%Net margin11.6%Free cash flow margin−10.8%Fiscal year 2023Operating margin17.6%Net margin11.0%Free cash flow margin−13.6%Fiscal year 2024Operating margin19.7%Net margin12.2%Free cash flow margin−12.5%Fiscal year 2025Operating margin20.0%Net margin11.8%Free cash flow margin−15.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 23.9% 25.5% 21.0% 19.4% 22.0% 21.2% 16.9% 17.6% 19.7% 20.0%
Net margin 13.2% 14.2% 14.4% 16.1% 15.9% 16.7% 11.6% 11.0% 12.2% 11.8%
Free cash flow margin −7.2% −8.2% 2.7% −6.8% −10.0% −16.1% −10.8% −13.6% −12.5% −15.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.02Capital expenditure−1.28Free cash flow−0.25Dividends paid−0.27Fiscal year 2017Operating cash flow1.12Capital expenditure−1.41Free cash flow−0.29Dividends paid−0.29Fiscal year 2018Operating cash flow1.28Capital expenditure−1.18Free cash flow0.10Dividends paid−0.31Fiscal year 2019Operating cash flow0.96Capital expenditure−1.19Free cash flow−0.23 −337.2%Dividends paid−0.33Fiscal year 2020Operating cash flow0.97Capital expenditure−1.33Free cash flow−0.36Dividends paid−0.35Fiscal year 2021Operating cash flow0.86Capital expenditure−1.47Free cash flow−0.61Dividends paid−0.37Fiscal year 2022Operating cash flow1.24Capital expenditure−1.71Free cash flow−0.47Buybacks−0.00Dividends paid−0.38Fiscal year 2023Operating cash flow1.21Capital expenditure−1.85Free cash flow−0.64Buybacks−0.00Dividends paid−0.39Fiscal year 2024Operating cash flow1.61Capital expenditure−2.25Free cash flow−0.64Dividends paid−0.39Fiscal year 2025Operating cash flow1.81Capital expenditure−2.62Free cash flow−0.82Dividends paid−0.42
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.02 1.12 1.28 0.96 0.97 0.86 1.24 1.21 1.61 1.81
Capital expenditure −1.28 −1.41 −1.18 −1.19 −1.33 −1.47 −1.71 −1.85 −2.25 −2.62
Free cash flow −0.25 −0.29 0.10 −0.23 −0.36 −0.61 −0.47 −0.64 −0.64 −0.82
Growth −337.2%
Buybacks n/a n/a n/a n/a n/a n/a −0.00 −0.00 n/a n/a
Dividends paid −0.27 −0.29 −0.31 −0.33 −0.35 −0.37 −0.38 −0.39 −0.39 −0.42

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.01Total debt4.02Net cash (debt)−4.01Shareholders’ equity4.80Debt to equity0.84Fiscal year 2017Cash0.01Total debt4.79Net cash (debt)−4.78Shareholders’ equity5.01Debt to equity0.96Fiscal year 2018Cash0.01Total debt4.64Net cash (debt)−4.63Shareholders’ equity5.22Debt to equity0.89Fiscal year 2019Cash0.01Total debt4.83Net cash (debt)−4.82Shareholders’ equity5.43Debt to equity0.89Fiscal year 2020Cash0.06Total debt6.31Net cash (debt)−6.25Shareholders’ equity5.63Debt to equity1.12Fiscal year 2021Cash0.01Total debt6.91Net cash (debt)−6.90Shareholders’ equity5.91Debt to equity1.17Fiscal year 2022Cash0.00Total debt7.74Net cash (debt)−7.74Shareholders’ equity6.05Debt to equity1.28Fiscal year 2023Cash0.00Total debt8.42Net cash (debt)−8.41Shareholders’ equity6.18Debt to equity1.36Fiscal year 2024Cash0.00Total debt8.86Net cash (debt)−8.85Shareholders’ equity6.75Debt to equity1.31Fiscal year 2025Cash0.01Total debt9.81Net cash (debt)−9.80Shareholders’ equity7.05Debt to equity1.39
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.01 0.01 0.01 0.01 0.06 0.01 0.00 0.00 0.00 0.01
Total debt 4.02 4.79 4.64 4.83 6.31 6.91 7.74 8.42 8.86 9.81
Net cash (debt) −4.01 −4.78 −4.63 −4.82 −6.25 −6.90 −7.74 −8.41 −8.85 −9.80
Shareholders’ equity 4.80 5.01 5.22 5.43 5.63 5.91 6.05 6.18 6.75 7.05
Debt to equity 0.84 0.96 0.89 0.89 1.12 1.17 1.28 1.36 1.31 1.39

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
3.50 3.57 3.69 3.47 3.59 3.80 4.32 4.70 5.12 5.34
Growth +1.9% +3.5% −6.0% +3.3% +6.0% +13.7% +8.6% +9.1% +4.2%
1.08 0.98 1.08 n/a n/a n/a n/a n/a n/a n/a
0.84 0.91 0.77 0.67 0.79 0.81 0.73 0.82 1.01 1.07
Growth +8.9% −15.0% −13.1% +17.3% +2.2% −9.1% +12.7% +22.7% +5.5%
n/a n/a n/a n/a n/a n/a n/a 0.60 0.74 0.74
0.24 0.26 0.13 −0.02 0.08 0.11 0.07 0.08 0.11 0.11
0.46 0.51 0.53 0.56 0.57 0.64 0.50 0.52 0.63 0.63
Growth +10.1% +4.4% +5.1% +2.2% +11.6% −21.2% +3.6% +20.7% +0.9%
Per share
3.97 4.37 4.56 4.79 4.89 5.48 4.27 4.42 5.35 5.15
3.95 4.35 4.54 4.77 4.87 5.47 4.26 4.41 5.24 5.05
Growth +10.1% +4.4% +5.1% +2.1% +12.3% −22.1% +3.5% +18.8% −3.6%
111.4 111.8 112.1 112.4 112.7 112.9 113.2 113.4 113.8 119.7
112.0 112.4 112.6 112.8 112.9 113.2 113.4 113.8 116.2 122.0
Growth +0.3% +0.2% +0.2% +0.2% +0.2% +0.2% +0.3% +2.1% +4.9%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 8.3% a year over five years, and earnings per share grew 0.7% a year.
  • The diluted share count rose 8.0% in five years, which is dilution.
  • Operating margin is down 2.0 points on five years ago, at 20.0%.
  • Profitable in every one of the 10 years on file.