What is Pinnacl West Cap's earnings per share (EPS)?

Pinnacl West Cap (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.

Pinnacl West Cap (PNW) Financials

PNW

Trailing 12 months to June 30, 2026

Revenue $5.6B +5.7% YoY

Net Income $651.0M +9.7% YoY

EPS (Diluted) $5.21 +7.9% YoY

Free Cash Flow -$878.5M -10.7% YoY

Market Cap $11.8B as of Sep 5, 2026

Price / Sales 2.1x on $5.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings 18.2x on $651.0M net income, trailing 12 months to June 30, 2026

Price / Book 1.7x 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 Sep 5, 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.

Pinnacl West Cap (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 2026-08-29

Capital-intensive growth is the dominant mechanic: cash generation is rising, but investment needs are rising faster.

Operating cash flow rose from $860M to $1.8B between FY2021 and FY2025 even as net income was roughly unchanged, so cash conversion is being influenced by noncash charges or working-capital timing rather than profit growth alone. Capital expenditures reached $2.6B in FY2025, leaving free cash flow at -$819.5M; the business is converting operating cash into asset reinvestment rather than excess cash after investment.

Revenue climbed from $3.8B in FY2021 to $5.3B in FY2025, but operating margin moved from 21.2% to 20.0%. That pattern indicates growth has not created sustained operating leverage.

Debt-to-equity reached 1.3x in FY2025 as the current ratio fell to 0.5, indicating that expansion is accompanied by greater balance-sheet leverage and less short-term flexibility.

Financial Health Signals

Financial Health Score 43/100

Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 Pinnacl West Cap'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

Pinnacl West Cap 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 61/100, indicating healthy but not exceptional operating efficiency. This is up from 19.8% the prior year.

Growth

Pinnacl West Cap'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

Pinnacl West Cap has a moderate D/E ratio of 1.31. This balance of debt and equity financing earns a leverage score of 45/100.

Liquidity

Pinnacl West Cap's current ratio of 0.54 is below the typical benchmark, resulting in a score of 13/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Pinnacl West Cap 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 30/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Pinnacl West Cap's ROE of 9.0% shows moderate profitability relative to equity, earning a score of 49/100. This is down from 9.3% the prior year.

Altman Z-Score Distress

0.72

Pinnacl West Cap scores 0.72, below the 1.81 distress threshold. 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

Pinnacl West Cap 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

2.86x

For every $1 of reported earnings, Pinnacl West Cap generates $2.86 in operating cash flow ($1.8B OCF vs $631.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.53x

Pinnacl West Cap 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%

Pinnacl West Cap 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%

Pinnacl West Cap'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

$180.8M

YoY-8.2%

QoQ+414.8%

5Y CAGR-3.8%

10Y CAGR+3.7%

Pinnacl West Cap reported $180.8M in net income in Q2 2026. This represents a decrease of 8.2% from the same quarter a year earlier. Against the prior quarter it is up 414.8%.

EPS (Diluted)

$1.43

YoY-9.5%

QoQ+429.6%

5Y CAGR-5.6%

10Y CAGR+2.8%

Pinnacl West Cap 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

YoY+25.3%

QoQ+14.9%

Pinnacl West Cap recorded an outflow of $334.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 25.3% from the same quarter a year earlier. Against the prior quarter it is up 14.9%.

Cash & Debt

$9.1M

YoY-51.6%

QoQ+42.4%

5Y CAGR-8.4%

10Y CAGR-14.4%

Pinnacl West Cap held $9.1M in cash against $9.8B in long-term debt as of Q2 2026.

Dividends Per Share

$1.82

YoY+1.7%

Pinnacl West Cap 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%

Pinnacl West Cap 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 CAGR-11.4pp

Pinnacl West Cap'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 CAGR-6.8pp

10Y CAGR-4.3pp

Pinnacl West Cap'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

12.4%

YoY-2.1pp

QoQ+9.4pp

5Y CAGR-9.5pp

10Y CAGR-1.4pp

Pinnacl West Cap's net profit margin was 12.4% in Q2 2026, showing the share of revenue converted to profit. This is down 2.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.4 percentage points.

Return on Equity

2.6%

YoY-0.4pp

QoQ+2.1pp

5Y CAGR-1.3pp

10Y CAGR-0.2pp

Pinnacl West Cap's ROE was 2.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.4 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%

Pinnacl West Cap 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%	$78.2M+595.6%	-$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	$651.0M	$631.6M+0.9%	$626.0M+20.7%	$518.8M+3.6%	$500.8M-21.2%	$635.9M+11.6%	$570.1M+2.2%	$557.8M+5.1%	$530.5M+4.4%	$507.9M+10.1%	$461.5M+1.2%	$456.2M+7.7%	$423.7M-3.7%	$440.0M+6.5%	$413.2M+12.6%	$366.9M
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-Q	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%	$1.2M+118.9%	-$3K+70.0%	$77.9M+4.9%	$35.0M+8.0%	-$6.2M-258.9%	-$10K-100.4%	$74.2M+30.1%
Net Income	$180.8M-8.2%	$35.1M+10488.8%	$17.6M+798.0%	$417.5M+4.6%	$196.9M-5.4%	-$338K-101.6%	-$2.5M-158.9%	$399.3M-0.8%
EPS (Basic)	$1.47-8.7%	$0.27+775.0%	$0.12+271.4%	$3.45-0.6%	$1.61-10.1%	-$0.04-126.7%	-$0.07	$3.47-1.1%
EPS (Diluted)	$1.43-9.5%	$0.27	$0.12	$3.39+0.6%	$1.58-10.2%	-$0.04	-$0.08	$3.37-3.7%
Diluted Shares (Avg)	124M+2.2%	124M	N/A	122M+4.1%	122M+5.2%	120M	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	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$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-Q	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	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
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	-$819.5M-28.2%	-$639.4M-0.1%	-$638.7M-37.0%	-$466.0M+24.0%	-$613.5M-70.3%	-$360.2M-53.5%	-$234.7M-337.2%	$99.0M+134.0%	-$290.7M-15.3%	-$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	-$2.4B-23.0%	-$1.9B-14.1%	-$1.7B-4.7%	-$1.6B-16.7%	-$1.4B-8.5%	-$1.3B-13.0%	-$1.1B+5.2%	-$1.2B+16.5%	-$1.4B-14.1%	-$1.3B-17.4%	-$1.1B-15.6%	-$922.7M+8.6%	-$1.0B-15.6%	-$873.0M-11.6%	-$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%	$178.8M+293.4%	-$92.4M-129.3%	$315.5M+59.3%	$198.1M+5126.4%	$3.8M+102.1%	-$178.9M-11.4%	-$160.6M+47.4%	-$305.5M+27.3%	-$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-Q	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	-$334.7M+25.3%	-$393.1M-78.1%	-$192.7M-109.2%	$42.0M+228.5%	-$448.1M-30.2%	-$220.7M-29.5%	-$92.1M+41.7%	-$32.7M-67927.1%
Investing Cash Flow	-$648.8M+2.8%	-$551.5M+5.9%	-$545.6M-17.5%	-$579.8M+0.4%	-$667.2M-44.1%	-$586.1M-38.2%	-$464.3M-1.3%	-$582.2M-65.3%
Financing Cash Flow	$257.5M-37.9%	$316.1M+66.0%	$44.5M+316.9%	-$73.2M-1157.1%	$414.6M+54.9%	$190.4M+133.9%	-$20.5M-127.6%	-$5.8M+84.1%
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	11.8%-0.4pp	12.2%+1.2pp	11.1%-0.5pp	11.6%-5.1pp	16.7%+0.8pp	15.9%-0.2pp	16.1%+1.7pp	14.4%+0.1pp	14.2%+1.1pp	13.2%+0.1pp	13.1%+0.9pp	12.1%-0.6pp	12.7%+0.2pp	12.5%+1.2pp	11.3%
Return on Equity	9.0%-0.3pp	9.3%+0.9pp	8.4%+0.1pp	8.3%-2.5pp	10.8%+0.7pp	10.1%-0.2pp	10.3%+0.1pp	10.2%0.0pp	10.2%+0.5pp	9.6%-0.3pp	10.0%+0.3pp	9.7%-0.8pp	10.5%+0.1pp	10.4%+0.8pp	9.6%
Return on Assets	2.1%-0.3pp	2.4%+0.3pp	2.1%-0.1pp	2.2%-0.7pp	2.9%0.0pp	2.9%-0.2pp	3.0%0.0pp	3.0%0.0pp	3.0%+0.1pp	2.9%-0.2pp	3.0%+0.1pp	3.0%-0.3pp	3.3%+0.2pp	3.1%+0.3pp	2.8%
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
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-Q	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	12.4%-2.1pp	3.0%+3.1pp	1.6%+1.8pp	22.9%+0.4pp	14.5%-1.4pp	0.0%-2.3pp	-0.2%-0.7pp	22.6%-2.0pp
Return on Equity	2.6%-0.4pp	0.5%+0.5pp	0.3%+0.3pp	5.8%-0.2pp	2.9%-0.4pp	0.0%-0.3pp	0.0%-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
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
Pinnacl West Cap PNW	FY2025	$5.3B	$631.6M	11.8%	$11.8B	43/100
Oklo Inc. OKLO	FY2025	N/A	-$105.7M	N/A	$7.7B	—
Evergy Inc EVRG	FY2025	$6.0B	$855.6M	14.3%	$18.8B	50/100
Alliant Energy Corp LNT	FY2025	$4.4B	$810.0M	18.6%	$17.6B	42/100
Edison Intl EIX	FY2025	$19.3B	$4.5B	23.1%	$21.8B	63/100

Where Pinnacl West Cap Ranks

Frequently Asked Questions

What is Pinnacl West Cap's annual revenue?

Pinnacl West Cap (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 Pinnacl West Cap's revenue growing?

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

Is Pinnacl West Cap profitable?

Yes, Pinnacl West Cap (PNW) reported a net income of $631.6M in fiscal year 2025, with a net profit margin of 11.8%.

What is Pinnacl West Cap's EBITDA?

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

How much debt does Pinnacl West Cap have?

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

What is Pinnacl West Cap's gross margin?

Pinnacl West Cap (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 Pinnacl West Cap's operating margin?

Pinnacl West Cap (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 Pinnacl West Cap's net profit margin?

Pinnacl West Cap (PNW) had a net profit margin of 11.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Pinnacl West Cap pay dividends?

Yes, Pinnacl West Cap (PNW) paid $3.61 per share in dividends during fiscal year 2025.

What is Pinnacl West Cap's return on equity (ROE)?

Pinnacl West Cap (PNW) has a return on equity of 9.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Pinnacl West Cap's free cash flow?

Pinnacl West Cap (PNW) recorded an outflow of $819.5M in free cash flow during fiscal year 2025. This represents a -28.2% 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 $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Pinnacl West Cap's total assets?

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

What are Pinnacl West Cap's capital expenditures?

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

How many shares does Pinnacl West Cap have outstanding?

Pinnacl West Cap (PNW) had 121M shares outstanding as of fiscal year 2025.

What is Pinnacl West Cap's current ratio?

Pinnacl West Cap (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 Pinnacl West Cap's debt-to-equity ratio?

Pinnacl West Cap (PNW) had a debt-to-equity ratio of 1.31 as of fiscal year 2025, 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 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Pinnacl West Cap's P/E ratio?

Pinnacl West Cap (PNW) trades at 18.2x earnings, its market capitalization divided by net income of $651.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $11.8B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Pinnacl West Cap's price-to-sales ratio?

Pinnacl West Cap (PNW) trades at 2.1x sales, its market capitalization divided by revenue of $5.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $11.8B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Pinnacl West Cap's Altman Z-Score?

Pinnacl West Cap (PNW) has an Altman Z-Score of 0.72, 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 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 Pinnacl West Cap's earnings high quality?

Pinnacl West Cap (PNW) has an earnings quality ratio of 2.86x, 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 2.53x, 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 Pinnacl West Cap?

Pinnacl West Cap (PNW) scores 43 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite 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.