This page shows Pinnacl West Cap (PNW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).
Rising operating cash flow is being outspent by a larger capital program, leaving the business dependent on external financing.
From FY2022 to FY2025, operating cash flow improved from$1.24B to$1.81B , but free cash flow stayed negative because capital spending climbed faster. That gap helps explain why long-term debt reached$9.21B while the current ratio slipped to 0.5x: the balance sheet is funding assets that have not yet turned into near-term liquidity.
Margin recovery is real, but it is not the whole story: operating margin rose from
This is an asset-heavy balance sheet, not a cash-rich one: total assets reached
Financial Health Signals
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.
Pinnacl West Cap scores 0.76, 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.
Pinnacl West Cap passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
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.
Pinnacl West Cap earns $2.5 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
Earnings & Revenue
Pinnacl West Cap generated $5.3B in revenue in fiscal year 2025. This represents an increase of 4.2% from the prior year.
Pinnacl West Cap's EBITDA was $2.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.5% from the prior year.
Pinnacl West Cap reported $631.6M in net income in fiscal year 2025. This represents an increase of 0.9% from the prior year.
Pinnacl West Cap earned $5.05 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3.6% from the prior year.
Cash & Balance Sheet
Pinnacl West Cap generated -$819.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 28.2% from the prior year.
Pinnacl West Cap held $6.6M in cash against $9.2B in long-term debt as of fiscal year 2025.
Pinnacl West Cap paid $3.61 per share in dividends in fiscal year 2025. This represents an increase of 1.7% from the prior year.
Margins & Returns
Pinnacl West Cap's gross margin was 63.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.6 percentage points from the prior year.
Pinnacl West Cap's operating margin was 20.0% in fiscal year 2025, reflecting core business profitability. This is up 0.2 percentage points from the prior year.
Pinnacl West Cap's net profit margin was 11.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.
Pinnacl West Cap's ROE was 9.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.3 percentage points from the prior year.
Capital Allocation
Pinnacl West Cap invested $2.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 16.7% from the prior year.
PNW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B+1.9% | $1.1B-38.0% | $1.8B+34.0% | $1.4B+31.6% | $1.0B-5.8% | $1.1B-38.1% | $1.8B+35.1% | $1.3B |
| Cost of Revenue | $436.7M+3.9% | $420.4M-35.9% | $656.0M+37.5% | $477.0M+25.5% | $380.1M-4.1% | $396.1M-37.3% | $631.4M+44.4% | $437.2M |
| Gross Profit | $712.9M+0.7% | $707.8M-39.2% | $1.2B+32.1% | $881.7M+35.2% | $652.2M-6.7% | $699.3M-38.5% | $1.1B+30.5% | $871.8M |
| 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 | $131.2M+8.4% | $121.0M-79.2% | $581.8M+89.2% | $307.6M+437.5% | $57.2M-32.3% | $84.5M-84.5% | $547.0M+74.3% | $313.7M |
| Interest Expense | $115.9M+1.7% | $114.0M+2.5% | $111.2M+9.1% | $102.0M+7.5% | $94.8M-0.1% | $95.0M-3.1% | $98.0M+0.2% | $97.9M |
| Income Tax | $1.2M+39066.7% | -$3K-100.0% | $77.9M+122.4% | $35.0M+666.4% | -$6.2M-61730.0% | -$10K-100.0% | $74.2M+128.9% | $32.4M |
| Net Income | $35.1M+99.5% | $17.6M-95.8% | $417.5M+112.1% | $196.9M+58345.6% | -$338K+86.6% | -$2.5M-100.6% | $399.3M+91.9% | $208.1M |
| EPS (Diluted) | $0.27 | N/A | $3.39+114.6% | $1.58+4050.0% | $-0.04 | N/A | $3.37+91.5% | $1.76 |
PNW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.7B+2.2% | $30.0B+0.5% | $29.9B+2.2% | $29.2B+7.3% | $27.2B+4.3% | $26.1B-0.8% | $26.3B+2.4% | $25.7B |
| Current Assets | $1.6B-5.2% | $1.7B-14.8% | $2.0B+11.9% | $1.8B+12.5% | $1.6B-5.9% | $1.7B-25.4% | $2.3B+10.5% | $2.0B |
| Cash & Equivalents | $6.4M-3.0% | $6.6M-78.6% | $30.9M+63.9% | $18.8M+87.5% | $10.0M+161.8% | $3.8M-92.2% | $49.2M+1127.1% | $4.0M |
| 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 | $23.6B+2.8% | $23.0B+1.1% | $22.7B+1.0% | $22.5B+9.8% | $20.5B+5.9% | $19.3B-1.7% | $19.7B+1.0% | $19.5B |
| Current Liabilities | $2.7B-14.7% | $3.2B+6.6% | $3.0B-13.5% | $3.4B+8.2% | $3.2B+11.4% | $2.8B-11.1% | $3.2B+2.7% | $3.1B |
| Long-Term Debt | $9.8B+6.5% | $9.2B0.0% | $9.2B+8.2% | $8.5B+5.5% | $8.1B0.0% | $8.1B0.0% | $8.1B0.0% | $8.1B |
| Total Equity | $7.1B+0.3% | $7.0B-1.7% | $7.2B+6.6% | $6.7B-0.2% | $6.7B-0.2% | $6.8B+2.1% | $6.6B+6.5% | $6.2B |
| Retained Earnings | $3.9B+0.9% | $3.9B-5.0% | $4.1B+11.3% | $3.6B-0.6% | $3.7B-0.1% | $3.7B-5.5% | $3.9B+11.3% | $3.5B |
PNW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $235.3M-50.6% | $476.8M-28.3% | $665.0M+154.4% | $261.4M-35.0% | $401.9M-8.6% | $439.5M-30.6% | $633.2M+233.6% | $189.8M |
| Capital Expenditures | $628.4M-6.1% | $669.5M+7.5% | $623.0M-12.2% | $709.5M+14.0% | $622.6M+17.1% | $531.6M-20.2% | $665.8M+24.7% | $534.0M |
| Free Cash Flow | -$393.1M-103.9% | -$192.7M-559.4% | $42.0M+109.4% | -$448.1M-103.1% | -$220.7M-139.5% | -$92.1M-182.2% | -$32.7M+90.5% | -$344.2M |
| Investing Cash Flow | -$551.5M-1.1% | -$545.6M+5.9% | -$579.8M+13.1% | -$667.2M-13.8% | -$586.1M-26.2% | -$464.3M+20.3% | -$582.2M-25.7% | -$463.0M |
| Financing Cash Flow | $316.1M+610.3% | $44.5M+160.8% | -$73.2M-117.6% | $414.6M+117.7% | $190.4M+1028.1% | -$20.5M-252.5% | -$5.8M-102.2% | $267.6M |
| Dividends Paid | $108.5M+1.1% | $107.3M+1.9% | $105.3M+0.1% | $105.2M+0.3% | $104.9M+4.9% | $100.1M+1.8% | $98.3M+0.1% | $98.2M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | -$423K | N/A |
PNW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.0%-0.7pp | 62.7%-1.2pp | 64.0%-0.9pp | 64.9%+1.7pp | 63.2%-0.7pp | 63.8%-0.5pp | 64.3%-2.3pp | 66.6% |
| Operating Margin | 11.4%+0.7pp | 10.7%-21.2pp | 32.0%+9.3pp | 22.6%+17.1pp | 5.5%-2.2pp | 7.7%-23.2pp | 30.9%+6.9pp | 24.0% |
| Net Margin | 3.0%+1.5pp | 1.6%-21.4pp | 22.9%+8.4pp | 14.5%+14.5pp | -0.0%+0.2pp | -0.2%-22.8pp | 22.6%+6.7pp | 15.9% |
| Return on Equity | 0.5%+0.3pp | 0.3%-5.6pp | 5.8%+2.9pp | 2.9%+2.9pp | -0.0%+0.0pp | -0.0%-6.1pp | 6.0%+2.7pp | 3.4% |
| Return on Assets | 0.1%+0.1pp | 0.1%-1.3pp | 1.4%+0.7pp | 0.7%+0.7pp | 0.0%+0.0pp | -0.0%-1.5pp | 1.5%+0.7pp | 0.8% |
| Current Ratio | 0.60+0.1 | 0.54-0.1 | 0.67+0.2 | 0.52+0.0 | 0.50-0.1 | 0.59-0.1 | 0.71+0.1 | 0.66 |
| Debt-to-Equity | 1.39+0.1 | 1.31+0.0 | 1.28+0.0 | 1.26+0.1 | 1.200.0 | 1.19-0.0 | 1.22-0.1 | 1.30 |
| FCF Margin | -34.2%-17.1pp | -17.1%-19.4pp | 2.3%+35.3pp | -33.0%-11.6pp | -21.4%-13.0pp | -8.4%-6.6pp | -1.8%+24.4pp | -26.3% |
Note: The current ratio is below 1.0 (0.54), 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 $5.3B 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) generated -$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.
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 Altman Z-Score?
Pinnacl West Cap (PNW) has an Altman Z-Score of 0.76, 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 2.5x, 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.