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Pinnacle West Capital Corp (PNW) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

UTILITIES · Multi-Utilities · DATA UPDATED 2026-07-19

Pinnacle West Capital Corp (PNW) operates in the Multi-Utilities industry and is headquartered in Phoenix, United States with about 6,610 employees. Its market capitalization is roughly $13 billion. In the fiscal year ended 2025-12-31, PNW reported $5.3B in revenue and $617M in net income.

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using nuclear, gas, oil, coal, and solar generating facilities.

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PNW Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$5.5B	$5.3B	$5.1B	$4.7B	$4.3B	$3.8B	$3.6B	$3.5B	$3.7B	$3.6B	$3.5B	$3.5B	$3.5B	$3.5B	$3.3B	$3.2B	$3.3B	$3.3B	$3.4B	$3.5B	$3.4B
Gross Profit	$2.2B	$1.4B	$2.1B	$1.8B	$1.7B	$1.7B	$1.6B	$1.5B	$1.6B	$1.6B	$1.5B	$1.5B	$1.4B	$1.4B	$1.4B	$1.3B	$1.3B	$2.0B	$1.9B	$2.1B	$2.1B
Gross Margin %	40.7%	25.4%	41.7%	39.3%	39.5%	44.6%	45.6%	42.9%	42.8%	45.9%	42.6%	43.6%	40.2%	41.5%	43.1%	41.0%	39.0%	59.9%	55.9%	59.3%	63.2%
Operating Income (EBIT)	$1.5B	$1.1B	$1.0B	$825M	$732M	$805M	$788M	$672M	$774M	$910M	$836M	$855M	$811M	$846M	$852M	$747M	$715M	$616M	$505M	$619M	$619M
Operating Margin %	27.5%	20.9%	19.8%	17.6%	16.9%	21.2%	22.0%	19.4%	21.0%	25.5%	23.9%	24.4%	23.2%	24.5%	25.8%	23.0%	21.9%	18.7%	15.0%	17.6%	18.2%
Net Income	$654M	$617M	$609M	$502M	$484M	$619M	$551M	$538M	$511M	$488M	$442M	$437M	$398M	$406M	$382M	$339M	$350M	$68M	$242M	$307M	$327M
Net Margin %	12.0%	11.6%	11.9%	10.7%	11.2%	16.3%	15.3%	15.5%	13.8%	13.7%	12.6%	12.5%	11.4%	11.8%	11.6%	10.5%	10.7%	2.1%	7.2%	8.7%	9.6%
EBITDA	$2.2B	$2.1B	$2.1B	$1.8B	$1.6B	$1.7B	$1.6B	$1.4B	$1.5B	$1.6B	$1.4B	$1.4B	$1.3B	$1.4B	$1.3B	$1.3B	$1.2B	$1.1B	$929M	$1.0B	$1.3B
Earnings Per Share (EPS)	$5.36	$5.05	$5.24	$4.41	$4.26	$5.47	$4.87	$4.77	$4.54	$4.35	$3.95	$3.92	$3.58	$3.66	$3.45	$3.09	$3.27	$0.67	$2.40	$3.05	$3.27
Shares Outstanding (M)	124M	122M	116M	114M	113M	113M	113M	113M	113M	112M	112M	112M	111M	111M	111M	110M	107M	101M	101M	101M	100M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PNW Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$1.1B	$1.1B	$1.8B	$1.4B	$1.0B	$1.1B	$1.8B	$1.3B
Gross Profit	$713M	$206M	$708M	$595M	$352M	$372M	$829M	$600M
Gross Margin %	62.0%	18.3%	38.9%	43.8%	34.1%	34.0%	46.9%	45.8%
Operating Income (EBIT)	$401M	$145M	$649M	$308M	$57M	$85M	$547M	$314M
Operating Margin %	34.9%	12.8%	35.7%	22.6%	5.5%	7.7%	30.9%	24.0%
Net Income	$33M	$15M	$413M	$193M	($5M)	($7M)	$395M	$204M
Net Margin %	2.9%	1.4%	22.7%	14.2%	-0.4%	-0.6%	22.3%	15.6%
EBITDA	$392M	$370M	$846M	$575M	$339M	$337M	$818M	$578M
Earnings Per Share (EPS)	$0.27	$0.13	$3.39	$1.58	$-0.04	$-0.06	$3.37	$1.76
Shares Outstanding (M)	124M	122M	122M	122M	120M	114M	117M	116M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PNW Free Cash Flow History

Cash flow	TTM → 2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$1.6B	$1.8B	$1.6B	$1.2B	$1.2B	$860M	$966M	$957M	$1.3B	$1.1B	$1.0B	$1.1B	$1.1B	$1.2B	$1.2B	$1.1B	$750M	$1.0B	$814M	$658M	$394M
Capital Expenditures (CapEx)	$2.6B	$2.6B	$2.2B	$1.8B	$1.7B	$1.5B	$1.3B	$1.2B	$1.2B	$1.4B	$1.3B	$1.1B	$911M	$1.0B	$890M	$884M	$748M	$765M	$936M	$919M	$738M
Free Cash Flow (FCF)	($992M)	($820M)	($639M)	($639M)	($466M)	($613M)	($360M)	($235M)	$99M	($291M)	($252M)	$18M	$189M	$137M	$282M	$241M	$2M	$266M	($122M)	($261M)	($344M)
FCF Margin %	-18.2%	-15.3%	-12.5%	-13.6%	-10.8%	-16.1%	-10.0%	-6.8%	2.7%	-8.2%	-7.2%	0.5%	5.4%	4.0%	8.5%	7.4%	0.1%	8.1%	-3.6%	-7.4%	-10.1%
Dividends Paid	$426M	$423M	$395M	$386M	$379M	$369M	$351M	$330M	$309M	$290M	$274M	$260M	$247M	$235M	$225M	$222M	$217M	$205M	$204M	$210M	$201M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PNW Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$235M	$477M	$665M	$261M	$402M	$439M	$633M	$190M
Capital Expenditures (CapEx)	$628M	$670M	$623M	$710M	$623M	$532M	$666M	$534M
Free Cash Flow (FCF)	($393M)	($193M)	$42M	($448M)	($221M)	($92M)	($33M)	($344M)
FCF Margin %	-34.2%	-17.1%	2.3%	-33.0%	-21.4%	-8.4%	-1.8%	-26.3%
Dividends Paid	$108M	$107M	$105M	$105M	$105M	$100M	$98M	$98M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

PNW Balance Sheet History

Balance sheet	2026-03-31	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$30.7B	$31.7B	$26.1B	$24.7B	$22.7B	$22.0B	$20.0B	$18.5B	$17.7B	$17.0B	$16.0B	$15.0B	$14.3B	$13.5B	$13.4B	$13.1B	$12.4B	$11.8B	$11.6B	$11.2B	$11.5B
Cash & Cash Equivalents	$6M	$7M	$4M	$5M	$5M	$10M	$60M	$10M	$6M	$14M	$9M	$39M	$8M	$10M	$26M	$34M	$110M	$145M	$105M	$56M	$87M
Total Liabilities	$23.6B	$24.6B	$19.2B	$18.4B	$16.6B	$16.0B	$14.3B	$12.9B	$12.3B	$11.9B	$11.1B	$10.3B	$9.8B	$9.2B	$9.3B	$9.2B	$8.6B	$8.5B	$8.2B	$7.7B	$8.0B
Total Debt (Short + Long-Term)	$11.1B	$10.8B	$9.5B	$9.1B	$8.2B	$7.5B	$6.6B	$5.8B	$5.2B	$5.0B	$4.3B	$3.8B	$3.6B	$3.5B	$3.4B	$3.5B	$3.7B	$3.8B	$3.9B	$3.6B	$3.3B
Total Shareholders' Equity	$7.1B	$7.0B	$6.8B	$6.2B	$6.0B	$5.9B	$5.6B	$5.4B	$5.2B	$5.0B	$4.8B	$4.6B	$4.4B	$4.2B	$4.0B	$3.8B	$3.7B	$3.3B	$3.4B	$3.5B	$3.4B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive PNW viewer.

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