Every 10-Q that Pinnacle West Capital Corporation (PNW) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow PNW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PNW filings page.
Pinnacle West Capital Corporation and its utility subsidiary Arizona Public Service Company report solid mid‑year 2026 results with ongoing heavy investment and active regulatory proceedings in Arizona. For the quarter ended June 30, 2026, operating revenues were $1.46 billion, up from $1.36 billion a year earlier, while net income attributable to common shareholders was $178.6 million, down from $192.6 million, reflecting higher fuel and interest costs.
For the first six months of 2026, revenues reached $2.61 billion and net income attributable to common shareholders rose to $211.5 million from $187.9 million, aided by higher retail demand. Operating cash flow was $629.3 million against capital expenditures of $1.36 billion, funded in part by new $500 million and $600 million senior note issuances and increased commercial paper. Total assets grew to $32.6 billion, with long‑term debt (including current maturities) of $10.55 billion. The company continues to pursue a large 2025 Arizona rate case and formula‑rate mechanisms to reduce regulatory lag while managing fuel cost recovery through its Power Supply Adjustor.
Pinnacle West Capital Corporation, parent of Arizona Public Service Company (APS), returned to profitability in Q1 2026. Net income attributable to common shareholders was $32.9 million, or $0.27 per diluted share, versus a $4.6 million loss a year earlier, on operating revenues rising to $1.15 billion from $1.03 billion.
Operating income more than doubled, helped by higher retail electric revenues and lower operations and maintenance expense, partially offset by increased fuel, purchased power, and depreciation. APS, the regulated utility segment, generated $51.8 million of net income versus $0.3 million in the prior-year quarter.
The company continued heavy investment, with Q1 2026 capital expenditures of $628 million and construction work in progress of $1.89 billion. APS issued $600 million of 5.10% senior unsecured notes due 2036 and had $316 million of commercial paper outstanding, while Pinnacle West had $103 million of commercial paper.
Regulatory activity remains central. APS’s 2025 rate case seeks a significant base rate increase and proposes a Formula Rate Adjustment Mechanism, while recent ACC decisions affect fuel recovery, transmission rates, demand-side management, and rooftop solar export pricing. The company is also pursuing federal nuclear production tax credits but currently records related amounts as uncertain tax positions.
Pinnacle West Capital Corporation (PNW) reported Q3 2025 results. Operating revenues were $1,820,741, up from $1,768,801 a year ago. Operating income rose to $581,846, and net income attributable to common shareholders was $413,208. Diluted EPS was $3.39 versus $3.37 in Q3 2024.
Costs were mixed: fuel and purchased power were $655,969, while operations and maintenance declined to $299,617. Interest expense increased to $111,200. Year‑to‑date, net cash provided by operating activities was $1,328,315 against capital expenditures of $1,955,102. The company issued $1,742,754 of long‑term debt year‑to‑date and repaid $800,000.
At quarter‑end, total assets were $29,892,905, long‑term debt was $9,204,259, and cash and cash equivalents were $30,885. Shares outstanding were 119,690,399 as of October 28, 2025. APS, the regulated utility subsidiary, posted operating revenues of $1,820,741 and net income attributable to the common shareholder of $427,424. In September 2025, APS purchased two Palo Verde leased interests, ending consolidation of those leases; one VIE lease remains active.
Pinnacle West (PNW) Q2-25 10-Q highlights
Operating revenue grew 3.8% YoY to $1.36 billion (YTD +5.8% to $2.39 billion), but higher fuel (+9%), O&M (+5%) and depreciation costs compressed margins. Operating income slipped 2% to $308 million, and net income attributable to common shareholders fell 5.5% to $193 million; diluted EPS dropped to $1.58 (-10% YoY). Six-month EPS is $1.54 versus $1.92 last year.
Balance sheet & cash: Capex accelerated 27% YoY to $1.33 billion, lifting total assets to $29.2 billion (+12% since 12/24). Short-term borrowings surged to $1.41 billion (vs. $0.57 billion year-end) and total debt reached $8.86 billion, raising net interest expense 4% to $102 million. Operating cash flow strengthened 23% to $663 million, supporting a cash balance of $19 million (vs. $4 million).
Equity & dividends: Average diluted shares increased 7% to 121.9 million due to ATM/forward equity programs, diluting per-share metrics. The board paid a $1.79 per-share dividend ($214 million), keeping the payout ratio above 100% of YTD earnings.
Regulatory & other: APS received a $300 million equity infusion and continues to pursue cost-recovery adjustors and its carbon-neutral 2050 goal. Management lists inflation, interest-rate, cyber and climate risks among key forward-looking factors.