What is Pinnacle West Capital Corporation's earnings per share (EPS)?

Pinnacle West Capital Corporation (PNW) reported diluted earnings per share of $5.05 for fiscal year 2025. This represents a -3.6% 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.

Pinnacle West Capital Corporation (PNW) Financials

PNW

Trailing 12 months to June 30, 2026

Revenue $5.6B +5.7% YoY

Net Income $640.1M +11.1% YoY

EPS (Diluted) $5.21 +7.9% YoY

Free Cash Flow -$878.5M n/m YoY

Market Cap $12.8B as of Oct 23, 2026

Price / Sales 2.3x on $5.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings 20.0x on $640.1M net income, trailing 12 months to June 30, 2026

Price / Book 1.8x on $7.0B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 23, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 4, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PNW SEC filings page.

Pinnacle West Capital Corporation (PNW) reported $5.6B in revenue over the twelve months to Jun 30, 2026, up 5.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI PNW FY2025 2026-10-03

Pinnacle West is a capital-intensive utility where rising investment absorbs operating cash and increases reliance on a leveraged balance sheet.

From FY2021 to FY2025, revenue rose about 40.4%, but net income stayed essentially flat, showing that larger sales are not translating proportionally into earnings. Over the same span, interest expense rose 80.9% while capital spending increased 78.2%; expansion therefore required both more financing cost and more reinvestment, not just higher sales.

Operating margin recovered from 16.9% in FY2022 to 20.0% in FY2025, but net margin reached only 11.8%, indicating that higher operating profitability is being partly absorbed below the operating line. In FY2025, operating cash flow of $1.81B fell short of $2.62B in capital spending, so reported profit did not become discretionary cash while infrastructure investment remained elevated.

Total assets grew from $22.0B in FY2021 to $30.0B in FY2025, showing an asset build that outpaced earnings growth. Debt-to-equity reached 1.3x as the current ratio fell to 0.5x; the business is funding expansion with more obligations and a thinner short-term cushion.

Financial Health Signals

Financial Health Score 44/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Pinnacle West Capital Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Pinnacle West Capital Corporation has an operating margin of 20.0%, meaning the company retains $20 of operating profit per $100 of revenue. This results in a moderate score of 62/100, indicating healthy but not exceptional operating efficiency. This is up from 19.8% the prior year.

Growth

Pinnacle West Capital Corporation's revenue grew a modest 4.2% year-over-year to $5.3B. This slow but positive growth earns a score of 62/100.

Leverage

Pinnacle West Capital Corporation has a moderate D/E ratio of 1.31. This balance of debt and equity financing earns a leverage score of 47/100.

Liquidity

Pinnacle West Capital Corporation's current ratio of 0.54 is below the typical benchmark, resulting in a score of 16/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Pinnacle West Capital Corporation generated $1.8B in operating cash flow, capex of $2.6B consumed most of it, leaving -$819.5M in free cash flow. This results in a low score of 28/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Pinnacle West Capital Corporation's ROE of 8.8% shows moderate profitability relative to equity, earning a score of 51/100. This is down from 9.0% the prior year.

Altman Z-Score Distress

0.75

Pinnacle West Capital Corporation scores 0.75, below the 1.81 distress threshold. The score is pulled down most by current liabilities exceeding current assets by $1.5B against total assets of $30.0B. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

Pinnacle West Capital Corporation passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

2.93x

For every $1 of reported earnings, Pinnacle West Capital Corporation generates $2.93 in operating cash flow ($1.8B OCF vs $616.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.53x

Pinnacle West Capital Corporation earns $2.53 in operating income for every $1 of interest expense ($1.1B vs $422.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$1.5B

YoY+7.1%

QoQ+26.6%

5Y CAGR+7.8%

10Y CAGR+4.7%

Pinnacle West Capital Corporation generated $1.5B in revenue in Q2 2026. This represents an increase of 7.1% from the same quarter a year earlier. Against the prior quarter it is up 26.6%.

EBITDA

$563.1M

YoY+2.5%

QoQ+44.0%

5Y CAGR+4.5%

10Y CAGR+4.2%

Pinnacle West Capital Corporation's EBITDA was $563.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.5% from the same quarter a year earlier. Against the prior quarter it is up 44.0%.

Net Income

$178.6M

YoY-7.3%

QoQ+442.4%

5Y CAGR-3.7%

10Y CAGR+3.9%

Pinnacle West Capital Corporation reported $178.6M in net income in Q2 2026. This represents a decrease of 7.3% from the same quarter a year earlier. Against the prior quarter it is up 442.4%.

EPS (Diluted)

$1.43

YoY-9.5%

QoQ+429.6%

5Y CAGR-5.6%

10Y CAGR+2.8%

Pinnacle West Capital Corporation earned $1.43 per diluted share (EPS) in Q2 2026. This represents a decrease of 9.5% from the same quarter a year earlier. Against the prior quarter it is up 429.6%.

Cash & Balance Sheet

Free Cash Flow

-$334.7M

YoYn/m

QoQn/m

5Y CAGRn/m

10Y CAGRn/m

Pinnacle West Capital Corporation recorded an outflow of $334.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.

Cash & Debt

$9.1M

YoY-51.6%

QoQ+42.4%

5Y CAGR-8.4%

10Y CAGR-14.4%

Pinnacle West Capital Corporation held $9.1M in cash against $9.8B in long-term debt as of Q2 2026.

Dividends Per Share

$1.82

YoY+1.7%

Pinnacle West Capital Corporation paid $1.82 per share in dividends in Q2 2026. This represents an increase of 1.7% from the same quarter a year earlier.

Shares Outstanding

121M

YoY+1.5%

QoQ0.0%

5Y CAGR+1.4%

10Y CAGR+0.9%

Pinnacle West Capital Corporation had 121M shares outstanding in Q2 2026. This represents an increase of 1.5% from the same quarter a year earlier. It is unchanged from the prior quarter.

Margins & Returns

Gross Margin

61.6%

YoY-3.3pp

QoQ-0.4pp

5Y change-11.4pp

Pinnacle West Capital Corporation's gross margin was 61.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 3.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.

Operating Margin

21.0%

YoY-1.6pp

QoQ+9.6pp

5Y change-6.8pp

10Y change-4.3pp

Pinnacle West Capital Corporation's operating margin was 21.0% in Q2 2026, reflecting core business profitability. This is down 1.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.6 percentage points.

Net Margin

12.3%

YoY-1.9pp

QoQ+9.4pp

5Y change-9.3pp

10Y change-1.0pp

Pinnacle West Capital Corporation's net profit margin was 12.3% in Q2 2026, showing the share of revenue converted to profit. This is down 1.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.4 percentage points.

Return on Equity

2.5%

YoY-0.3pp

QoQ+2.1pp

5Y change-1.2pp

10Y change-0.1pp

Pinnacle West Capital Corporation's quarterly ROE was 2.5% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 0.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.1 percentage points.

Capital Allocation

Capital Expenditures

$728.7M

YoY+2.7%

QoQ+16.0%

5Y CAGR+18.1%

10Y CAGR+7.5%

Pinnacle West Capital Corporation invested $728.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 2.7% from the same quarter a year earlier. Against the prior quarter it is up 16.0%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

PNW Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PNW quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$5.6B	$5.3B+4.2%	$5.1B+9.1%	$4.7B+8.6%	$4.3B+13.7%	$3.8B+6.0%	$3.6B+3.3%	$3.5B-6.0%	$3.7B+3.5%	$3.6B+1.9%	$3.5B+0.1%	$3.5B+0.1%	$3.5B+1.1%	$3.5B+4.6%	$3.3B+1.9%	$3.2B
Cost of Revenue	$2.1B	$1.9B+6.1%	$1.8B+1.7%	$1.8B+10.0%	$1.6B+41.4%	$1.2B+16.0%	$993.4M-4.7%	$1.0B-3.1%	$1.1B+9.7%	$981.3M-8.8%	$1.1B	N/A	N/A	N/A	N/A	N/A
Gross Profit	$3.5B	$3.4B+3.2%	$3.3B+13.7%	$2.9B+7.7%	$2.7B+1.7%	$2.7B+2.2%	$2.6B+6.8%	$2.4B-7.1%	$2.6B+1.2%	$2.6B+6.6%	$2.4B	N/A	N/A	N/A	N/A	N/A
Operating Income	$1.1B	$1.1B+5.5%	$1.0B+22.7%	$824.6M+12.7%	$731.9M-9.1%	$805.3M+2.2%	$788.2M+17.3%	$672.0M-13.1%	$773.7M-15.0%	$909.8M+8.9%	$835.6M-2.2%	$854.6M+5.3%	$811.2M-4.1%	$846.3M-0.6%	$851.8M+14.1%	$746.5M
EBITDA	N/A	$2.0B+3.5%	$2.0B+17.2%	$1.7B+8.3%	$1.5B+1.7%	$1.5B+3.4%	$1.5B+10.4%	$1.3B-6.2%	$1.4B-6.3%	$1.5B+8.6%	$1.4B-1.8%	$1.4B+9.1%	$1.3B-2.3%	$1.3B+0.4%	$1.3B+7.5%	$1.2B
Interest Expense	$463.3M	$422.0M+11.8%	$377.5M+13.9%	$331.3M+29.7%	$255.5M+9.6%	$233.3M+1.9%	$229.0M+5.7%	$216.7M-0.7%	$218.3M+10.4%	$197.7M+6.4%	$185.8M+3.9%	$178.7M-3.7%	$185.5M-0.8%	$187.0M-6.3%	$199.6M-10.7%	$223.6M
Income Tax	$110.4M	$106.7M-3.4%	$110.5M+43.7%	$76.9M+2.8%	$74.8M-32.0%	$110.1M+40.8%	$78.2Mn/m	-$15.8M-111.8%	$133.9M-48.2%	$258.3M+9.2%	$236.4M-0.6%	$237.7M+7.7%	$220.7M-4.3%	$230.6M-2.8%	$237.3M+29.3%	$183.6M
Net Income	$640.1M	$616.5M+1.3%	$608.8M+21.4%	$501.6M+3.7%	$483.6M-21.8%	$618.7M+12.4%	$550.6M+2.3%	$538.3M+5.3%	$511.0M+4.6%	$488.5M+10.5%	$442.0M+1.1%	$437.3M+10.0%	$397.6M-2.1%	$406.1M+6.4%	$381.5M+12.4%	$339.5M
EPS (Basic)	N/A	$5.15-3.7%	$5.35+21.0%	$4.42+3.5%	$4.27-22.1%	$5.48+12.1%	$4.89+2.1%	$4.79+5.0%	$4.56+4.3%	$4.37+10.1%	$3.97+0.8%	$3.94+9.7%	$3.59-2.7%	$3.69+6.0%	$3.48+11.9%	$3.11
EPS (Diluted)	$5.21	$5.05-3.6%	$5.24+18.8%	$4.41+3.5%	$4.26-22.1%	$5.47+12.3%	$4.87+2.1%	$4.77+5.1%	$4.54+4.4%	$4.35+10.1%	$3.95+0.8%	$3.92+9.5%	$3.58-2.2%	$3.66+6.1%	$3.45+11.7%	$3.09
Diluted Shares (Avg)	N/A	122M+4.9%	116M+2.1%	114M+0.3%	113M+0.2%	113M+0.2%	113M+0.2%	113M+0.2%	113M+0.2%	112M+0.3%	112M+0.4%	112M+0.3%	111M+0.3%	111M+0.3%	111M+0.6%	110M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.5B+7.1%	$1.1B+11.4%	$1.1B+3.0%	$1.8B+2.9%	$1.4B+3.8%	$1.0B+8.5%	$1.1B+10.5%	$1.8B+8.0%
Cost of Revenue	$558.5M+17.1%	$436.7M+14.9%	$420.4M+6.1%	$656.0M+3.9%	$477.0M+9.1%	$380.1M+6.2%	$396.1M+5.4%	$631.4M+2.7%
Gross Profit	$897.3M+1.8%	$712.9M+9.3%	$707.8M+1.2%	$1.2B+2.4%	$881.7M+1.1%	$652.2M+9.8%	$699.3M+13.6%	$1.1B+11.2%
Operating Income	$305.7M-0.6%	$131.2M+129.2%	$121.0M+43.1%	$581.8M+6.4%	$307.6M-2.0%	$57.2M-14.3%	$84.5M+13.7%	$547.0M+6.0%
EBITDA	$563.1M+2.5%	$391.0M+27.0%	$359.0M+9.1%	$821.3M+3.6%	$549.1M-0.7%	$307.9M+5.0%	$329.1M+12.6%	$793.0M+7.8%
Interest Expense	$122.2M+19.8%	$115.9M+22.2%	$114.0M+20.0%	$111.2M+13.4%	$102.0M+4.2%	$94.8M+9.5%	$95.0M+9.7%	$98.0M+11.6%
Income Tax	$31.3M-10.6%	$1.2Mn/m	-$3Kn/m	$77.9M+4.9%	$35.0M+8.0%	-$6.2M-258.9%	-$10K-100.4%	$74.2M+30.1%
Net Income	$178.6M-7.3%	$32.9Mn/m	$15.4Mn/m	$413.2M+4.6%	$192.6M-5.5%	-$4.6M-127.5%	-$6.8Mn/m	$395.0M-0.8%
EPS (Basic)	$1.47-8.7%	$0.27n/m	$0.12	$3.45-0.6%	$1.61-10.1%	-$0.04-126.7%	-$0.07n/m	$3.47-1.1%
EPS (Diluted)	$1.43-9.5%	$0.27n/m	$0.12	$3.39+0.6%	$1.58-10.2%	-$0.04-126.7%	-$0.08n/m	$3.37-3.7%
Diluted Shares (Avg)	124M+2.2%	124M+3.5%	N/A	122M+4.1%	122M+5.2%	120M+4.7%	N/A	117M+2.9%

Not reported in any period shown, so not listed: R&D Expenses, SG&A Expenses.

PNW Balance Sheet

PNW quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$30.0B+15.1%	$26.1B+5.8%	$24.7B+8.5%	$22.7B+3.3%	$22.0B+9.9%	$20.0B+8.3%	$18.5B+4.6%	$17.7B+3.8%	$17.0B+6.3%	$16.0B+6.5%	$15.0B+5.2%	$14.3B+5.8%	$13.5B+1.0%	$13.4B+2.0%	$13.1B
Current Assets	$1.7B+0.8%	$1.7B-12.3%	$1.9B+10.1%	$1.8B+12.9%	$1.6B+29.4%	$1.2B+16.3%	$1.0B+11.4%	$925.0M-9.0%	$1.0B+23.6%	$822.2M-7.7%	$890.5M-8.5%	$973.4M-6.7%	$1.0B+3.8%	$1.0B+5.1%	$956.5M
Cash & Equivalents	$6.6M+72.1%	$3.8M-22.5%	$5.0M+2.5%	$4.8M-51.5%	$10.0M-83.4%	$60.0M+483.2%	$10.3M+78.3%	$5.8M-58.5%	$13.9M+56.4%	$8.9M-77.5%	$39.5M+419.3%	$7.6M-20.2%	$9.5M-63.6%	$26.2M-22.0%	$33.6M
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0
Total Liabilities	$23.0B+18.8%	$19.3B+4.7%	$18.5B+10.8%	$16.7B+3.6%	$16.1B+11.9%	$14.4B+10.3%	$13.0B+4.9%	$12.4B+3.6%	$12.0B+7.2%	$11.2B+7.2%	$10.4B+5.3%	$9.9B+6.5%	$9.3B-1.0%	$9.4B+1.3%	$9.3B
Current Liabilities	$3.2B+11.2%	$2.8B-1.6%	$2.9B+64.0%	$1.8B+0.3%	$1.8B+29.1%	$1.4B-34.5%	$2.1B+26.0%	$1.6B+37.7%	$1.2B-7.4%	$1.3B-10.4%	$1.4B-7.5%	$1.6B-3.7%	$1.6B+49.4%	$1.1B-19.3%	$1.3B
Non-Current Liabilities	$19.8B+20.1%	$16.5B+5.8%	$15.6B+4.6%	$14.9B+4.0%	$14.3B+10.1%	$13.0B+18.7%	$11.0B+1.6%	$10.8B-0.2%	$10.8B+9.2%	$9.9B+10.1%	$9.0B+7.7%	$8.4B+8.7%	$7.7B-7.5%	$8.3B+4.7%	$7.9B
Long-Term Debt	$9.2B+14.2%	$8.1B+6.9%	$7.5B-2.6%	$7.7B+12.0%	$6.9B+9.5%	$6.3B+30.7%	$4.8B+4.2%	$4.6B-3.2%	$4.8B+19.1%	$4.0B+16.2%	$3.5B+15.2%	$3.0B+7.5%	$2.8B-12.6%	$3.2B+6.0%	$3.0B
Total Equity	$7.0B+4.3%	$6.8B+9.3%	$6.2B+2.1%	$6.0B+2.4%	$5.9B+4.8%	$5.6B+3.7%	$5.4B+4.0%	$5.2B+4.3%	$5.0B+4.2%	$4.8B+4.8%	$4.6B+5.0%	$4.4B+4.1%	$4.2B+5.6%	$4.0B+3.9%	$3.8B
Retained Earnings	$3.9B+5.0%	$3.7B+5.8%	$3.5B+3.2%	$3.4B+2.9%	$3.3B+7.9%	$3.0B+6.6%	$2.8B+7.4%	$2.6B+8.1%	$2.4B+8.3%	$2.3B+7.8%	$2.1B+8.7%	$1.9B+7.9%	$1.8B+9.9%	$1.6B+5.8%	$1.5B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$32.6B+11.4%	$30.7B+12.7%	$30.0B+15.1%	$29.9B+13.6%	$29.2B+13.8%	$27.2B+9.6%	$26.1B+5.8%	$26.3B+7.7%
Current Assets	$2.0B+12.0%	$1.6B+1.6%	$1.7B+0.8%	$2.0B-11.7%	$1.8B-12.7%	$1.6B-10.8%	$1.7B-12.3%	$2.3B+4.7%
Cash & Equivalents	$9.1M-51.6%	$6.4M-36.2%	$6.6M+72.1%	$30.9M-37.2%	$18.8M+370.2%	$10.0M+4.3%	$3.8M-22.5%	$49.2M+225.5%
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Total Liabilities	$25.5B+13.5%	$23.6B+15.2%	$23.0B+18.8%	$22.7B+15.4%	$22.5B+15.5%	$20.5B+9.9%	$19.3B+4.7%	$19.7B+9.0%
Current Liabilities	$3.4B-1.6%	$2.7B-14.9%	$3.2B+11.2%	$3.0B-7.3%	$3.4B+10.1%	$3.2B+3.7%	$2.8B-1.6%	$3.2B+62.4%
Non-Current Liabilities	$22.2B+16.2%	$20.9B+20.8%	$19.8B+20.1%	$19.8B+19.8%	$19.1B+16.5%	$17.3B+11.1%	$16.5B+5.8%	$16.5B+2.5%
Long-Term Debt	$9.8B+14.9%	$9.8B+21.6%	$9.2B+14.2%	$9.2B+14.2%	$8.5B+5.6%	$8.1B+6.9%	$8.1B+6.9%	$8.1B-1.3%
Total Equity	$7.0B+4.6%	$7.1B+4.9%	$7.0B+4.3%	$7.2B+8.3%	$6.7B+8.3%	$6.7B+8.7%	$6.8B+9.3%	$6.6B+3.8%
Retained Earnings	$3.8B+5.5%	$3.9B+6.0%	$3.9B+5.0%	$4.1B+4.4%	$3.6B+4.4%	$3.7B+5.1%	$3.7B+5.8%	$3.9B+5.9%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

PNW Cash Flow Statement

PNW quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$1.8B	$1.8B+12.1%	$1.6B+33.3%	$1.2B-2.7%	$1.2B+44.4%	$860.0M-11.0%	$966.4M+1.0%	$956.7M-25.1%	$1.3B+14.2%	$1.1B+9.2%	$1.0B-6.5%	$1.1B-0.5%	$1.1B-4.7%	$1.2B-1.5%	$1.2B+4.0%	$1.1B
Depreciation & Amortization	N/A	$969.6M+1.4%	$956.2M+11.9%	$854.1M+4.4%	$817.8M+13.7%	$719.1M+4.8%	$686.3M+3.3%	$664.1M+2.0%	$651.0M+6.6%	$610.6M+8.1%	$565.0M-1.2%	$571.7M+15.1%	$496.5M+0.8%	$492.3M+2.3%	$481.3M-2.5%	$493.8M
Stock-Based Compensation	N/A	$27.5M+16.7%	$23.5M+35.7%	$17.3M+8.8%	$15.9M-13.6%	$18.5M+0.9%	$18.3M-0.5%	$18.4M-6.0%	$19.5M-4.7%	$20.5M+8.6%	$18.9M+0.7%	$18.8M-43.3%	$33.1M+32.2%	$25.0M-21.9%	$32.0M+39.1%	$23.0M
Capital Expenditures	$2.6B	$2.6B+16.7%	$2.2B+21.8%	$1.8B+8.1%	$1.7B+15.9%	$1.5B+11.1%	$1.3B+11.3%	$1.2B+1.1%	$1.2B-16.4%	$1.4B+10.5%	$1.3B+18.5%	$1.1B+18.2%	$910.6M-10.4%	$1.0B+14.3%	$889.6M+0.6%	$884.4M
Free Cash Flow	-$878.5M	-$819.5Mn/m	-$639.4Mn/m	-$638.7Mn/m	-$466.0Mn/m	-$613.5Mn/m	-$360.2Mn/m	-$234.7M-337.2%	$99.0Mn/m	-$290.7Mn/m	-$252.1M-1482.0%	$18.2M-90.3%	$189.0M+38.0%	$137.0M-51.3%	$281.6M+16.7%	$241.2M
Investing Cash Flow	-$2.3B	-$2.4Bn/m	-$1.9Bn/m	-$1.7Bn/m	-$1.6Bn/m	-$1.4Bn/m	-$1.3Bn/m	-$1.1Bn/m	-$1.2Bn/m	-$1.4Bn/m	-$1.3Bn/m	-$1.1Bn/m	-$922.7Mn/m	-$1.0Bn/m	-$873.0Mn/m	-$782.0M
Financing Cash Flow	$544.9M	$576.3M+78.6%	$322.7M-33.7%	$486.7M+31.0%	$371.5M-22.1%	$476.9M+32.1%	$361.1M+102.0%	$178.8Mn/m	-$92.4M-129.3%	$315.5M+59.3%	$198.1M+5126.4%	$3.8Mn/m	-$178.9Mn/m	-$160.6Mn/m	-$305.5Mn/m	-$420.2M
Dividends Paid	$431.4M	$422.8M+7.1%	$394.7M+2.1%	$386.5M+2.0%	$378.9M+2.5%	$369.5M+5.4%	$350.6M+6.4%	$329.6M+6.7%	$308.9M+6.6%	$289.8M+5.7%	$274.2M+5.5%	$260.0M+5.4%	$246.7M+4.9%	$235.2M+4.5%	$225.1M+1.5%	$221.7M
Share Buybacks	N/A	N/A	N/A	$4.1M+54.3%	$2.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$394.0M+50.7%	$235.3M-41.5%	$476.8M+8.5%	$665.0M+5.0%	$261.4M+37.8%	$401.9M+15.7%	$439.5M+17.6%	$633.2M+59.8%
Depreciation & Amortization	$257.4M+6.6%	$259.8M+3.7%	$238.0M-2.7%	$239.4M-2.7%	$241.6M+1.0%	$250.7M+10.7%	$244.6M+12.2%	$246.0M+12.1%
Stock-Based Compensation	N/A	$8.3M+15.3%	N/A	N/A	N/A	$7.2M+20.6%	N/A	N/A
Capital Expenditures	$728.7M+2.7%	$628.4M+0.9%	$669.5M+25.9%	$623.0M-6.4%	$709.5M+32.9%	$622.6M+20.2%	$531.6M0.0%	$665.8M+68.0%
Free Cash Flow	-$334.7Mn/m	-$393.1Mn/m	-$192.7Mn/m	$42.0Mn/m	-$448.1Mn/m	-$220.7Mn/m	-$92.1Mn/m	-$32.7Mn/m
Investing Cash Flow	-$648.8Mn/m	-$551.5Mn/m	-$545.6Mn/m	-$579.8Mn/m	-$667.2Mn/m	-$586.1Mn/m	-$464.3Mn/m	-$582.2Mn/m
Financing Cash Flow	$257.5M-37.9%	$316.1M+66.0%	$44.5Mn/m	-$73.2Mn/m	$414.6M+54.9%	$190.4M+133.9%	-$20.5M-127.6%	-$5.8Mn/m
Dividends Paid	$110.3M+4.8%	$108.5M+3.4%	$107.3M+7.2%	$105.3M+7.1%	$105.2M+7.1%	$104.9M+7.0%	$100.1M+2.1%	$98.3M+2.2%
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$423K+9.3%

PNW Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

PNW quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	63.8%-0.6pp	64.4%+2.6pp	61.8%-0.5pp	62.3%-7.4pp	69.7%-2.6pp	72.3%+2.3pp	70.0%-0.9pp	70.9%-1.6pp	72.5%+3.2pp	69.3%	N/A	N/A	N/A	N/A	N/A
Operating Margin	20.0%+0.2pp	19.8%+2.2pp	17.6%+0.6pp	16.9%-4.2pp	21.2%-0.8pp	22.0%+2.6pp	19.4%-1.6pp	21.0%-4.6pp	25.5%+1.6pp	23.9%-0.6pp	24.4%+1.2pp	23.2%-1.3pp	24.5%-1.3pp	25.8%+2.8pp	23.0%
Net Margin	11.6%-0.3pp	11.9%+1.2pp	10.7%-0.5pp	11.2%-5.1pp	16.3%+0.9pp	15.3%-0.2pp	15.5%+1.7pp	13.8%+0.1pp	13.7%+1.1pp	12.6%+0.1pp	12.5%+1.1pp	11.4%-0.4pp	11.8%+0.2pp	11.6%+1.1pp	10.5%
Return on Equity	8.8%-0.3pp	9.0%+0.9pp	8.1%+0.1pp	8.0%-2.5pp	10.5%+0.7pp	9.8%-0.1pp	9.9%+0.1pp	9.8%0.0pp	9.8%+0.6pp	9.2%-0.3pp	9.5%+0.4pp	9.1%-0.6pp	9.7%+0.1pp	9.6%+0.7pp	8.9%
Return on Assets	2.1%-0.3pp	2.3%+0.3pp	2.0%-0.1pp	2.1%-0.7pp	2.8%+0.1pp	2.8%-0.2pp	2.9%0.0pp	2.9%0.0pp	2.9%+0.1pp	2.8%-0.2pp	2.9%+0.1pp	2.8%-0.2pp	3.0%+0.2pp	2.9%+0.3pp	2.6%
Current Ratio	0.54-0.1x	0.59-0.1x	0.67-0.3x	0.99+0.1x	0.880.0x	0.88+0.4x	0.50-0.1x	0.56-0.3x	0.85+0.2x	0.640.0x	0.620.0x	0.620.0x	0.64-0.3x	0.93+0.2x	0.71
Debt-to-Equity	1.31+0.1x	1.190.0x	1.22-0.1x	1.28+0.1x	1.170.0x	1.12+0.2x	0.890.0x	0.89-0.1x	0.96+0.1x	0.84+0.1x	0.76+0.1x	0.690.0x	0.67-0.1x	0.810.0x	0.79
Liabilities-to-Equity	3.26+0.4x	2.86-0.1x	2.99+0.2x	2.760.0x	2.73+0.2x	2.55+0.2x	2.400.0x	2.380.0x	2.40+0.1x	2.33+0.1x	2.280.0x	2.27+0.1x	2.22-0.1x	2.37-0.1x	2.43
Asset Turnover	0.180.0x	0.200.0x	0.190.0x	0.190.0x	0.170.0x	0.180.0x	0.190.0x	0.210.0x	0.210.0x	0.220.0x	0.230.0x	0.240.0x	0.260.0x	0.250.0x	0.25
FCF Margin	-15.3%-2.9pp	-12.5%+1.1pp	-13.6%-2.8pp	-10.8%+5.3pp	-16.1%-6.1pp	-10.0%-3.3pp	-6.8%-9.4pp	2.7%+10.8pp	-8.2%-0.9pp	-7.2%-7.7pp	0.5%-4.9pp	5.4%+1.4pp	4.0%-4.6pp	8.5%+1.1pp	7.4%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	61.6%-3.3pp	62.0%-1.2pp	62.7%-1.1pp	64.0%-0.3pp	64.9%-1.7pp	63.2%+0.8pp	63.8%+1.7pp	64.3%+1.8pp
Operating Margin	21.0%-1.6pp	11.4%+5.9pp	10.7%+3.0pp	32.0%+1.0pp	22.6%-1.3pp	5.5%-1.5pp	7.7%+0.2pp	30.9%-0.6pp
Net Margin	12.3%-1.9pp	2.9%+3.3pp	1.4%+2.0pp	22.7%+0.4pp	14.2%-1.4pp	-0.4%-2.2pp	-0.6%-0.6pp	22.3%-2.0pp
Return on Equity	2.5%-0.3pp	0.5%+0.5pp	0.2%+0.3pp	5.8%-0.2pp	2.9%-0.4pp	-0.1%-0.3pp	-0.1%-0.1pp	6.0%-0.3pp
Return on Assets	0.5%-0.1pp	0.1%+0.1pp	0.1%+0.1pp	1.4%-0.1pp	0.7%-0.1pp	0.0%-0.1pp	0.0%0.0pp	1.5%-0.1pp
Current Ratio	0.59+0.1x	0.60+0.1x	0.54-0.1x	0.670.0x	0.52-0.1x	0.50-0.1x	0.59-0.1x	0.71-0.4x
Debt-to-Equity	1.39+0.1x	1.39+0.2x	1.31+0.1x	1.28+0.1x	1.260.0x	1.200.0x	1.190.0x	1.22-0.1x
Liabilities-to-Equity	3.63+0.3x	3.34+0.3x	3.26+0.4x	3.17+0.2x	3.35+0.2x	3.040.0x	2.86-0.1x	2.98+0.1x
Asset Turnover	0.040.0x	0.040.0x	0.040.0x	0.060.0x	0.050.0x	0.040.0x	0.040.0x	0.070.0x
FCF Margin	-23.0%+10.0pp	-34.2%-12.8pp	-17.1%-8.7pp	2.3%+4.1pp	-33.0%-6.7pp	-21.4%-3.5pp	-8.4%+7.5pp	-1.8%-1.8pp

Note: The current ratio is below 1.0 (0.54), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Pinnacle West Capital Corporation PNW	FY2025	$5.3B	$616.5M	11.6%	$12.8B	44/100
Oklo Inc. OKLO	FY2025	N/A	-$105.7M	N/A	$5.0B	—
Evergy, Inc. EVRG	FY2025	$6.0B	$855.6M	14.3%	$19.6B	50/100
Alliant Energy Corporation LNT	FY2025	$4.4B	$810.0M	18.6%	$18.2B	51/100
Edison International EIX	FY2025	$19.3B	$4.5B	23.1%	$22.3B	63/100
Korea Electric Power Corp KEP	FY2024	$62.6B	$2.4B	3.8%	$13.8B	33/100

Where Pinnacle West Capital Corporation Ranks

Frequently Asked Questions

What is Pinnacle West Capital Corporation's annual revenue?

Pinnacle West Capital Corporation (PNW) reported $5.3B in total revenue for fiscal year 2025. This represents a 4.2% 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 Pinnacle West Capital Corporation's revenue growing?

Pinnacle West Capital Corporation (PNW) revenue grew by 4.2% year-over-year, from $5.1B to $5.3B in fiscal year 2025.

Is Pinnacle West Capital Corporation profitable?

Yes, Pinnacle West Capital Corporation (PNW) reported a net income of $640.1M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $616.5M, with a net profit margin of 11.6%.

What is Pinnacle West Capital Corporation's EBITDA?

Pinnacle West Capital Corporation (PNW) had EBITDA of $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Pinnacle West Capital Corporation have?

As of fiscal year 2025, Pinnacle West Capital Corporation (PNW) had $6.6M in cash and equivalents against $9.2B in long-term debt.

What is Pinnacle West Capital Corporation's gross margin?

Pinnacle West Capital Corporation (PNW) had a gross margin of 63.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Pinnacle West Capital Corporation's operating margin?

Pinnacle West Capital Corporation (PNW) had an operating margin of 20.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Pinnacle West Capital Corporation's net profit margin?

Pinnacle West Capital Corporation (PNW) had a net profit margin of 11.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Pinnacle West Capital Corporation pay dividends?

Yes, Pinnacle West Capital Corporation (PNW) paid $3.61 per share in dividends during fiscal year 2025.

What is Pinnacle West Capital Corporation's return on equity (ROE)?

Pinnacle West Capital Corporation (PNW) has a return on equity of 8.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pinnacle West Capital Corporation's free cash flow?

Pinnacle West Capital Corporation (PNW) recorded an outflow of $819.5M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 Pinnacle West Capital Corporation's operating cash flow?

Pinnacle West Capital Corporation (PNW) generated $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pinnacle West Capital Corporation's total assets?

Pinnacle West Capital Corporation (PNW) had $30.0B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Pinnacle West Capital Corporation's capital expenditures?

Pinnacle West Capital Corporation (PNW) invested $2.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Pinnacle West Capital Corporation have outstanding?

Pinnacle West Capital Corporation (PNW) had 121M shares outstanding as of fiscal year 2025.

What is Pinnacle West Capital Corporation's current ratio?

Pinnacle West Capital Corporation (PNW) had a current ratio of 0.54 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Pinnacle West Capital Corporation's debt-to-equity ratio?

Pinnacle West Capital Corporation (PNW) had a debt-to-equity ratio of 1.31 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Pinnacle West Capital Corporation's liabilities-to-equity ratio?

Pinnacle West Capital Corporation (PNW) had a liabilities-to-equity ratio of 3.26 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is Pinnacle West Capital Corporation's return on assets (ROA)?

Pinnacle West Capital Corporation (PNW) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Pinnacle West Capital Corporation's P/E ratio?

Pinnacle West Capital Corporation (PNW) trades at 20.0x earnings, its market capitalization divided by $640.1M net income, trailing 12 months to June 30, 2026. The market capitalization is $12.8B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Pinnacle West Capital Corporation's price-to-sales ratio?

Pinnacle West Capital Corporation (PNW) trades at 2.3x sales, its market capitalization divided by $5.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $12.8B as of Oct 23, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Pinnacle West Capital Corporation's Altman Z-Score?

Pinnacle West Capital Corporation (PNW) has an Altman Z-Score of 0.75, 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 Pinnacle West Capital Corporation's Piotroski F-Score?

Pinnacle West Capital Corporation (PNW) has a Piotroski F-Score of 4 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Pinnacle West Capital Corporation's earnings high quality?

Pinnacle West Capital Corporation (PNW) has an earnings quality ratio of 2.93x, 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 Pinnacle West Capital Corporation cover its interest payments?

Pinnacle West Capital Corporation (PNW) has an interest coverage ratio of 2.53x, 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 Pinnacle West Capital Corporation?

Pinnacle West Capital Corporation (PNW) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.