Pinnacl West Cap Financials
This page shows Pinnacl West Cap (PNW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Pinnacl West Cap has an operating margin of 19.8%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 99/100, reflecting efficient cost management and pricing power. This is up from 17.6% the prior year.
Pinnacl West Cap's revenue grew 9.1% year-over-year to $5.1B, a solid pace of expansion. This earns a growth score of 55/100.
Pinnacl West Cap carries a low D/E ratio of 1.19, meaning only $1.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.
Pinnacl West Cap's current ratio of 0.59 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 4/100, which could limit financial flexibility.
While Pinnacl West Cap generated $1.6B in operating cash flow, capex of $2.2B consumed most of it, leaving -$639.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Pinnacl West Cap's ROE of 9.3% shows moderate profitability relative to equity, earning a score of 37/100. This is up from 8.4% the prior year.
Pinnacl West Cap scores 0.83, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Pinnacl West Cap passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Pinnacl West Cap generates $2.57 in operating cash flow ($1.6B OCF vs $626.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Pinnacl West Cap earns $2.7 in operating income for every $1 of interest expense ($1.0B vs $377.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Pinnacl West Cap generated $5.1B in revenue in fiscal year 2024. This represents an increase of 9.1% from the prior year.
Pinnacl West Cap's EBITDA was $2.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 17.2% from the prior year.
Pinnacl West Cap generated -$639.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 0.1% from the prior year.
Pinnacl West Cap reported $626.0M in net income in fiscal year 2024. This represents an increase of 20.7% from the prior year.
Pinnacl West Cap earned $5.24 per diluted share (EPS) in fiscal year 2024. This represents an increase of 18.8% from the prior year.
Pinnacl West Cap held $3.8M in cash against $8.1B in long-term debt as of fiscal year 2024.
Pinnacl West Cap paid $3.55 per share in dividends in fiscal year 2024. This represents an increase of 1.7% from the prior year.
Pinnacl West Cap's gross margin was 64.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.6 percentage points from the prior year.
Pinnacl West Cap's operating margin was 19.8% in fiscal year 2024, reflecting core business profitability. This is up 2.2 percentage points from the prior year.
Pinnacl West Cap's net profit margin was 12.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 1.2 percentage points from the prior year.
Pinnacl West Cap's ROE was 9.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.
Pinnacl West Cap invested $2.2B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 21.8% from the prior year.
PNW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B+34.0% | $1.4B+31.6% | $1.0B+4.1% | $991.6M-39.5% | $1.6B+46.0% | $1.1B+18.7% | $945.0M-6.4% | $1.0B |
| Cost of Revenue | $656.0M+37.5% | $477.0M+25.5% | $380.1M+1.1% | $375.9M-38.8% | $614.5M+50.7% | $407.8M+3.4% | $394.5M-13.4% | $455.3M |
| Gross Profit | $1.2B+32.1% | $881.7M+35.2% | $652.2M+5.9% | $615.7M-39.8% | $1.0B+43.3% | $713.9M+29.7% | $550.5M-0.6% | $554.0M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $581.8M+89.2% | $307.6M+437.5% | $57.2M-23.1% | $74.4M-85.6% | $516.3M+181.7% | $183.3M+261.4% | $50.7M+38.0% | $36.8M |
| Interest Expense | $111.2M+9.1% | $102.0M+7.5% | $94.8M+9.5% | $86.6M-1.4% | $87.8M+7.7% | $81.5M+8.1% | $75.4M+9.4% | $68.9M |
| Income Tax | $77.9M+122.4% | $35.0M+666.4% | -$6.2M-321.9% | $2.8M-95.1% | $57.0M+258.8% | $15.9M+1243.8% | $1.2M+113.5% | -$8.8M |
| Net Income | $417.5M+112.1% | $196.9M+58345.6% | -$338K-107.9% | $4.3M-98.9% | $402.5M+262.7% | $111.0M+10897.9% | $1.0M+105.1% | -$19.7M |
| EPS (Diluted) | $3.39+114.6% | $1.58+4050.0% | $-0.04 | $0.00-100.0% | $3.50+272.3% | $0.94+3233.3% | $-0.03+86.4% | $-0.22 |
PNW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $29.9B+2.2% | $29.2B+7.3% | $27.2B+10.4% | $24.7B+0.9% | $24.4B+1.9% | $24.0B+1.7% | $23.6B+3.8% | $22.7B |
| Current Assets | $2.0B+11.9% | $1.8B+12.5% | $1.6B-17.5% | $1.9B-10.9% | $2.2B+16.8% | $1.9B+5.9% | $1.7B-0.1% | $1.8B |
| Cash & Equivalents | $30.9M+63.9% | $18.8M+87.5% | $10.0M+102.8% | $5.0M-67.2% | $15.1M+97.3% | $7.7M+10.2% | $7.0M+43.9% | $4.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $22.7B+1.0% | $22.5B+9.8% | $20.5B+10.9% | $18.5B+2.3% | $18.1B+0.3% | $18.0B+2.7% | $17.5B+5.1% | $16.7B |
| Current Liabilities | $3.0B-13.5% | $3.4B+8.2% | $3.2B+9.6% | $2.9B+46.8% | $2.0B+1.9% | $1.9B+12.1% | $1.7B-2.1% | $1.8B |
| Long-Term Debt | $9.2B+8.2% | $8.5B+5.5% | $8.1B+6.9% | $7.5B-7.6% | $8.2B0.0% | $8.2B+3.1% | $7.9B+2.3% | $7.7B |
| Total Equity | $7.2B+6.6% | $6.7B-0.2% | $6.7B+9.1% | $6.2B-3.1% | $6.4B+6.8% | $6.0B-1.4% | $6.0B0.0% | $6.0B |
| Retained Earnings | $4.1B+11.3% | $3.6B-0.6% | $3.7B+5.7% | $3.5B-5.4% | $3.7B+12.2% | $3.3B-2.7% | $3.4B-0.1% | $3.4B |
PNW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $665.0M+154.4% | $261.4M-35.0% | $401.9M+7.5% | $373.8M-5.7% | $396.3M+75.3% | $226.0M+6.8% | $211.6M+1.0% | $209.5M |
| Capital Expenditures | $623.0M-12.2% | $709.5M+14.0% | $622.6M+17.1% | $531.8M+34.2% | $396.3M-16.2% | $473.0M+6.3% | $445.2M+3.4% | $430.6M |
| Free Cash Flow | $42.0M+109.4% | -$448.1M-103.1% | -$220.7M-39.6% | -$158.0M-329156.3% | -$48K+100.0% | -$247.0M-5.8% | -$233.6M-5.6% | -$221.1M |
| Investing Cash Flow | -$579.8M+13.1% | -$667.2M-13.8% | -$586.1M-27.9% | -$458.3M-30.2% | -$352.1M+18.2% | -$430.5M+5.0% | -$453.2M-14.4% | -$396.2M |
| Financing Cash Flow | -$73.2M-117.6% | $414.6M+117.7% | $190.4M+156.0% | $74.4M+302.7% | -$36.7M-117.9% | $205.2M-15.8% | $243.8M+32.2% | $184.4M |
| Dividends Paid | $105.3M+0.1% | $105.2M+0.3% | $104.9M+7.0% | $98.0M+1.9% | $96.2M+0.1% | $96.2M+0.1% | $96.1M0.0% | $96.0M |
| Share Buybacks | -$423K | N/A | N/A | $2.4M+732.8% | -$387K | N/A | N/A | N/A |
PNW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'23 | Q3'24 | Q2'24 | Q1'24 | Q4'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.0%-0.9pp | 64.9%+1.7pp | 63.2%+1.1pp | 62.1%-0.4pp | 62.5%-1.2pp | 63.6%+5.4pp | 58.3%+3.4pp | 54.9% |
| Operating Margin | 32.0%+9.3pp | 22.6%+17.1pp | 5.5%-2.0pp | 7.5%-24.0pp | 31.5%+15.2pp | 16.3%+11.0pp | 5.4%+1.7pp | 3.6% |
| Net Margin | 22.9%+8.4pp | 14.5%+14.5pp | -0.0%-0.5pp | 0.4%-24.1pp | 24.6%+14.7pp | 9.9%+9.8pp | 0.1%+2.1pp | -1.9% |
| Return on Equity | 5.8%+2.9pp | 2.9%+2.6pp | 0.3%+0.3pp | 0.1%-6.2pp | 6.3%+4.5pp | 1.9%+1.8pp | 0.0% | N/A |
| Return on Assets | 1.4%+0.7pp | 0.7%+0.7pp | 0.0%-0.0pp | 0.0%-1.6pp | 1.7%+1.2pp | 0.5%+0.5pp | 0.0%+0.1pp | -0.1% |
| Current Ratio | 0.67+0.2 | 0.52+0.0 | 0.50-0.2 | 0.67-0.4 | 1.10+0.1 | 0.96-0.1 | 1.01+0.0 | 0.99 |
| Debt-to-Equity | 1.28+0.0 | 1.26+0.1 | 1.20-0.0 | 1.22-0.1 | 1.28-0.1 | 1.37+0.1 | 1.31+0.0 | 1.28 |
| FCF Margin | 2.3%+35.3pp | -33.0%-11.6pp | -21.4%-5.4pp | -15.9%-15.9pp | 0.0%+22.0pp | -22.0%+2.7pp | -24.7%-2.8pp | -21.9% |
Note: The current ratio is below 1.0 (0.59), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Pinnacl West Cap's annual revenue?
Pinnacl West Cap (PNW) reported $5.1B in total revenue for fiscal year 2024. This represents a 9.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Pinnacl West Cap's revenue growing?
Pinnacl West Cap (PNW) revenue grew by 9.1% year-over-year, from $4.7B to $5.1B in fiscal year 2024.
Is Pinnacl West Cap profitable?
Yes, Pinnacl West Cap (PNW) reported a net income of $626.0M in fiscal year 2024, with a net profit margin of 12.2%.
What is Pinnacl West Cap's earnings per share (EPS)?
Pinnacl West Cap (PNW) reported diluted earnings per share of $5.24 for fiscal year 2024. This represents a 18.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Pinnacl West Cap's EBITDA?
Pinnacl West Cap (PNW) had EBITDA of $2.0B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Pinnacl West Cap have?
As of fiscal year 2024, Pinnacl West Cap (PNW) had $3.8M in cash and equivalents against $8.1B in long-term debt.
What is Pinnacl West Cap's gross margin?
Pinnacl West Cap (PNW) had a gross margin of 64.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Pinnacl West Cap's operating margin?
Pinnacl West Cap (PNW) had an operating margin of 19.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Pinnacl West Cap's net profit margin?
Pinnacl West Cap (PNW) had a net profit margin of 12.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Pinnacl West Cap pay dividends?
Yes, Pinnacl West Cap (PNW) paid $3.55 per share in dividends during fiscal year 2024.
What is Pinnacl West Cap's return on equity (ROE)?
Pinnacl West Cap (PNW) has a return on equity of 9.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Pinnacl West Cap's free cash flow?
Pinnacl West Cap (PNW) generated -$639.4M in free cash flow during fiscal year 2024. This represents a -0.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Pinnacl West Cap's operating cash flow?
Pinnacl West Cap (PNW) generated $1.6B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Pinnacl West Cap's total assets?
Pinnacl West Cap (PNW) had $26.1B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Pinnacl West Cap's capital expenditures?
Pinnacl West Cap (PNW) invested $2.2B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Pinnacl West Cap's current ratio?
Pinnacl West Cap (PNW) had a current ratio of 0.59 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Pinnacl West Cap's debt-to-equity ratio?
Pinnacl West Cap (PNW) had a debt-to-equity ratio of 1.19 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Pinnacl West Cap's return on assets (ROA)?
Pinnacl West Cap (PNW) had a return on assets of 2.4% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Pinnacl West Cap's Altman Z-Score?
Pinnacl West Cap (PNW) has an Altman Z-Score of 0.83, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Pinnacl West Cap's Piotroski F-Score?
Pinnacl West Cap (PNW) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Pinnacl West Cap's earnings high quality?
Pinnacl West Cap (PNW) has an earnings quality ratio of 2.57x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Pinnacl West Cap cover its interest payments?
Pinnacl West Cap (PNW) has an interest coverage ratio of 2.7x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Pinnacl West Cap?
Pinnacl West Cap (PNW) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.