NYSE: PNW
Pinnacle West Capital
Utilities · Electric Services
52-week range
$86.18$111.16
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$13.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.69B |
| FY2017, ended Dec 31, 2017 | $9.52B |
| FY2018, ended Dec 31, 2018 | $9.55B |
| FY2019, ended Dec 31, 2019 | $10.1B |
| FY2020, ended Dec 31, 2020 | $9.01B |
| FY2021, ended Dec 31, 2021 | $7.97B |
| FY2022, ended Dec 31, 2022 | $8.61B |
| FY2023, ended Dec 31, 2023 | $8.15B |
| FY2024, ended Dec 31, 2024 | $10.1B |
| FY2025, ended Dec 31, 2025 | $10.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $13.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$5.55B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.50B |
| FY2017, ended Dec 31, 2017 | $3.57B |
| FY2018, ended Dec 31, 2018 | $3.69B |
| FY2019, ended Dec 31, 2019 | $3.47B |
| FY2020, ended Dec 31, 2020 | $3.59B |
| FY2021, ended Dec 31, 2021 | $3.80B |
| FY2022, ended Dec 31, 2022 | $4.32B |
| FY2023, ended Dec 31, 2023 | $4.70B |
| FY2024, ended Dec 31, 2024 | $5.12B |
| FY2025, ended Dec 31, 2025 | $5.34B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $5.55B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $442M | −$252M |
| FY2017, ended Dec 31, 2017 | $488M | −$291M |
| FY2018, ended Dec 31, 2018 | $511M | $99.0M |
| FY2019, ended Dec 31, 2019 | $538M | −$235M |
| FY2020, ended Dec 31, 2020 | $551M | −$360M |
| FY2021, ended Dec 31, 2021 | $619M | −$613M |
| FY2022, ended Dec 31, 2022 | $484M | −$466M |
| FY2023, ended Dec 31, 2023 | $502M | −$639M |
| FY2024, ended Dec 31, 2024 | $609M | −$639M |
| FY2025, ended Dec 31, 2025 | $617M | −$820M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $640M | −$879M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$9.12M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.88M |
| FY2017, ended Dec 31, 2017 | $13.9M |
| FY2018, ended Dec 31, 2018 | $5.77M |
| FY2019, ended Dec 31, 2019 | $10.3M |
| FY2020, ended Dec 31, 2020 | $60.0M |
| FY2021, ended Dec 31, 2021 | $9.97M |
| FY2022, ended Dec 31, 2022 | $4.83M |
| FY2023, ended Dec 31, 2023 | $4.96M |
| FY2024, ended Dec 31, 2024 | $3.84M |
| FY2025, ended Dec 31, 2025 | $6.60M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $9.12M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$11.4B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $4.20B |
| FY2017, ended Dec 31, 2017 | $4.89B |
| FY2018, ended Dec 31, 2018 | $4.71B |
| FY2019, ended Dec 31, 2019 | $4.95B |
| FY2020, ended Dec 31, 2020 | $6.48B |
| FY2021, ended Dec 31, 2021 | $7.21B |
| FY2022, ended Dec 31, 2022 | $8.08B |
| FY2023, ended Dec 31, 2023 | $9.03B |
| FY2024, ended Dec 31, 2024 | $9.43B |
| FY2025, ended Dec 31, 2025 | $10.6B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $11.4B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 8.9% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.121M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 111M |
| FY2017, ended Dec 31, 2017 | 112M |
| FY2018, ended Dec 31, 2018 | 112M |
| FY2019, ended Dec 31, 2019 | 112M |
| FY2020, ended Dec 31, 2020 | 113M |
| FY2021, ended Dec 31, 2021 | 113M |
| FY2022, ended Dec 31, 2022 | 113M |
| FY2023, ended Dec 31, 2023 | 113M |
| FY2024, ended Dec 31, 2024 | 119M |
| FY2025, ended Dec 31, 2025 | 121M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 121M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $28.0M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $18.9M | −$4.87M |
| FY2017, ended Dec 31, 2017 | — | $20.5M | −$13.4M |
| FY2018, ended Dec 31, 2018 | — | $19.5M | −$5.05M |
| FY2019, ended Dec 31, 2019 | — | $18.4M | $692K |
| FY2020, ended Dec 31, 2020 | — | $18.3M | −$1.39M |
| FY2021, ended Dec 31, 2021 | — | $18.5M | −$2.35M |
| FY2022, ended Dec 31, 2022 | $2.65M | $15.9M | −$2.65M |
| FY2023, ended Dec 31, 2023 | $4.09M | $17.3M | −$4.09M |
| FY2024, ended Dec 31, 2024 | — | $23.5M | — |
| FY2025, ended Dec 31, 2025 | — | $27.5M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $28.0M | — |
Revenue (TTM)
$5.55B
+5.7% YoY
Net income (TTM)
$640M
+11.1% YoY
Cash
$9.12M
−51.6% YoY
Total debt
$11.4B
+10.8% YoY
Valuation
At current price- Market Cap
- $12.9B
- P/E
- 20.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.3×
- Price / Book
- 1.8×
- EV / EBITDA
- 11.4×
Growth
Trailing 12 months- Revenue (TTM)
- $5.55B
- Revenue Growth YoY
- 5.7%
- Revenue CAGR 3Y
- 7.3%
- Revenue CAGR 5Y
- 8.3%
- EPS Growth YoY
- 7.2%
- Net Income Growth YoY
- 11.1%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 20.5%
- Net Margin
- 11.5%
- FCF Margin
- −15.8%
- Return on Equity
- 9.3%
Earnings
Trailing 12 months- Net Income
- $640M
- EPS (diluted)
- $5.21
- EBITDA
- $2.13B
- Operating Income
- $1.14B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $9.12M
- Total Debt
- $11.4B
- Net Debt
- $11.4B
- Total Assets
- $32.6B
- Total Liabilities
- $25.5B
- Shareholders' Equity
- $7.03B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.77B
- Capital Expenditure
- $2.65B
- Free Cash Flow
- −$879M
Dividends and risk
Last 12 months- Dividend Yield
- 3.4%
- Dividend / Share
- $3.64
- Beta (5Y)
- 0.43
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.7% year over year, at $5.55B.
Note
Net margin of 11.5% over the last 12 months.
Watch
Net debt is 5.3× EBITDA ($11.4B), a heavy load.
Watch
Free cash flow was negative (−$879M) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K72Good news
72Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 25, 2025 · Read the filing on EDGAR
- Net income rose about 21% to $609 million and revenue rose about 9% to $5.1 billion, driven by new rates, customer growth and weather.
- Management projects electricity sales growth of 4% to 6% a year through 2027, led by large data centers and manufacturing facilities.
- APS expects to file its next general rate case around mid-2025 and has asked regulators to allow later recovery of wildfire and Cholla closure costs.
- Moody's and Fitch each cut ratings by one notch in March 2024, while rating outlooks moved from negative to stable.
Business momentum
Strong improvement
“was $609 million, compared with consolidated net income attributable to common shareholders of $502 million for the prior-year period”
Outlook
Positive
“we currently project that annual retail electricity sales in kWh will increase in the range of 4.0% to 6.0% for 2025”
Financial stress
Low
“Pinnacle West and APS currently have ample borrowing capacity under their respective credit facilities and may readily access these facilities ensuring adequate liquidity for each company.”
Tone against the previous report
About the same
Red flags
- Minor
Other
“On March 20, 2024, Moody’s downgraded both Pinnacle West’s and APS’s credit ratings by a notch and revised their outlooks from negative to stable.”
Positives
New customer rates and growth lifted earnings
“primarily as a result of the impacts of new customer rates, increased customer usage and growth, the effects of weather, and higher CRS revenue and LFCR revenue”
Weather-adjusted electricity sales grew strongly
“Retail electricity sales in kWh, adjusted to exclude the effects of weather variations, increased 5.7% for the year ended December 31, 2024, compared with the prior-year period.”
Cash from operations rose by about a third
“Pinnacle West’s consolidated net cash provided by operating activities was $1,610 million in 2024 compared to $1,207 million in 2023”
Concerns
Interest costs are rising with higher debt and rates
“Interest charges, net of AFUDC, were $60 million higher for the year ended December 31, 2024, compared to the prior-year period, primarily due to higher debt balances and higher interest rates in the current period”
Large spending plans rely partly on new debt and share sales
“Capital expenditures will be funded with internally generated cash and external financings, which may include issuances of long-term debt and Pinnacle West common stock.”
Very large customer demand exceeds available power capacity
“These incremental requests for service by extra-large energy users far exceed available generation and transmission resource capacity in the Southwest region for the foreseeable future.”
New risks since the previous report
Data center deals could leave APS with stranded costs if demand falls short of forecasts
“the difficulty in forecasting these demands and the additional risk of these arrangements could lead to stranded costs and other effects that could have material adverse impacts on APS’s financial condition, results of operations, and cash flows”
Federal clean energy tax credits may be changed or repealed after the 2024 election
“The prospects for federal tax reform, including potential modification or repeal of the IRA tax provisions, have increased due to the results of the 2024 election.”
Tariffs could raise equipment costs and tighten supply chains
“the implementation of recent and future tariffs could further escalate costs and introduce supply chain constraints”
Recovery of Cholla coal plant closure costs is not yet approved
“APS filed a request with the ACC for a deferral order associated with unrecovered book value and closure costs of the remaining Cholla units”
Recovery of rising wildfire management and insurance costs is not yet approved
“APS filed a request with the ACC for a deferral order that would authorize APS to defer, for future recovery in rates, operations and maintenance expenses associated with wildfire management, including increased insurance costs”
Biggest risks named
- Arizona regulators' decisions on rates and timely cost recovery
- Wildfire liability and damage
- Limited power capacity and uncertain demand from very large customers
- Credit rating downgrades and higher financing costs
- Drought and limited water supplies for power plants
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 72 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 25, 2025 | 72 | Strong improvement | 1 minor | |
| 10-K | Feb 27, 2024 | 70 | Improving | None | |
| 10-K | Feb 27, 2023 | 55 | Mixed | 1 minor | |
| 10-K | Feb 25, 2022 | 59 | Improving | 2 medium1 minor | |
| 10-K | Feb 24, 2021 | 66 | Improving | 1 minor | |
| 10-K | Feb 21, 2020 | 57 | Mixed | 1 minor | |
| 10-K | Feb 22, 2019 | 63 | Improving | 1 medium1 minor | |
| 10-K | Feb 23, 2018 | 67 | Improving | 1 medium | |
| 10-K | Feb 24, 2017 | 55 | Stable | 2 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR