Pinnacle West Capital Corp (PNW)

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. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables. The company also owns and maintains substations, including transmission and distribution yards; and owns energy storage facilities. Pinnacle West Capital Corporation was incorporated in 1985 and is headquartered in Phoenix, Arizona.

Symbol: PNW
Exchange: NYSE
Sector: Utilities
Industry: Utilities - Regulated Electric
Market cap: $11.64B
52 week range: 86.18 - 111.16

Valuation

Share price: $95.92 (close of 2026-10-02)
P/E (TTM): 18.03x
Price to book: 1.64x
Price to free cash flow: -13.24x
Enterprise value: $28.13B
Book value per share: $58.32

Price performance

Period	Change
1 day	+1.36%
5 days	+4.56%
1 month	-1.50%
3 months	-12.30%
6 months	-6.60%
Year to date	+8.14%
1 year	+9.14%
3 years	+34.59%
5 years	+33.00%
10 years	+26.23%
All time	+328.60%

Super investors holding PNW

Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates)

Profitability and growth

Return on equity: 8.91%
Return on invested capital: 4.49%
Return on assets: 2.10%
Return on capital employed: 3.97%
Gross margin: 19.99%
Net margin: 11.83%
EBITDA margin: 38.15%
Revenue growth: 4.20%
Net income growth: 0.90%
Free cash flow growth: -28.18%

Cash flow and balance sheet

Free cash flow yield (TTM): -7.55%
Current ratio: 0.59x
Net debt to EBITDA: 7.43x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $5.34B
Cost of revenue: $4.27B
Gross profit: $1.07B
EBITDA: $2.04B
Net income: $631.64M
Earnings per share: $5.15
Shares outstanding: 119.69M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$5.34B	$1.07B	$631.64M	$5.15
2024-12-31	$5.12B	$1.01B	$626.03M	$5.35
2023-12-31	$4.70B	$824.64M	$518.78M	$4.42
2022-12-31	$4.32B	$731.91M	$500.83M	$4.27
2021-12-31	$3.80B	$805.31M	$635.94M	$5.48
2020-12-31	$3.59B	$788.15M	$570.05M	$4.89
2019-12-31	$3.47B	$671.96M	$557.81M	$4.79
2018-12-31	$3.69B	$2.62B	$530.54M	$4.56
2017-12-31	$3.57B	$2.58B	$507.95M	$4.37
2016-12-31	$3.50B	$2.42B	$461.53M	$3.97

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	19.99%	11.83%	8.91%	4.49%
2024-12-31	19.75%	12.22%	9.13%	5.04%
2023-12-31	17.56%	11.05%	8.25%	4.51%
2022-12-31	16.93%	11.58%	8.13%	4.37%
2021-12-31	21.17%	16.72%	10.56%	4.95%
2020-12-31	21.97%	15.89%	9.91%	5.63%
2019-12-31	19.36%	16.07%	10.04%	6.37%
2018-12-31	70.85%	14.37%	9.92%	6.36%
2017-12-31	72.48%	14.25%	9.89%	6.51%
2016-12-31	69.26%	13.19%	9.35%	6.57%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$6.60M	$9.21B
2024-12-31	$3.84M	$8.06B
2023-12-31	$4.96M	$7.54B
2022-12-31	$4.83M	$7.74B
2021-12-31	$9.97M	$6.91B
2020-12-31	$59.97M	$6.31B
2019-12-31	$10.28M	$4.83B
2018-12-31	$5.77M	$4.64B
2017-12-31	$13.89M	$4.79B
2016-12-31	$8.88M	$4.02B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$819.52M	$27.46M
2024-12-31	-$639.37M	$23.53M
2023-12-31	-$638.67M	$17.34M
2022-12-31	-$466.05M	$15.94M
2021-12-31	-$613.46M	$18.46M
2020-12-31	-$360.22M	$18.29M
2019-12-31	-$234.72M	$18.38M
2018-12-31	$98.97M	$19.55M
2017-12-31	-$290.74M	$20.50M
2016-12-31	-$252.08M	$18.88M

Dividend history

Most recent payment: 2026-08-03
Paid in the last twelve months: $3.64

Payment date	Dividend per share
2026-08-03	$0.91
2026-05-04	$0.91
2026-02-02	$0.91
2025-11-03	$0.91
2025-08-01	$0.90
2025-05-05	$0.90
2025-02-03	$0.90
2024-11-04	$0.90

Investor relations

Next earnings report

Next confirmed report: 2026-11-02
Consensus EPS estimate: $3.12

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-04	Jun/2026	$1.49
2026-05-04	Mar/2026	$-0.03
2026-02-25	Dec/2025	$0.05
2025-11-03	Sep/2025	$3.04
2025-08-06	Jun/2025	$1.58
2025-05-01	Mar/2025	$0.05
2025-02-25	Dec/2024	$-0.15
2024-11-06	Sep/2024	$3.35

Filings and sources

Company website: pinnaclewest.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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