Welcome to our dedicated page for Pinnacl West Cap SEC filings (Ticker: PNW), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Pinnacle West Capital Corporation (NYSE: PNW) files detailed reports with the U.S. Securities and Exchange Commission that describe its operations as an energy holding company and the activities of its principal subsidiary, Arizona Public Service Company (APS). On this SEC filings page, Stock Titan connects you to Pinnacle West’s regulatory disclosures and layers AI-powered summaries on top of the raw documents to make them easier to understand.
For Pinnacle West, core filings such as the annual report on Form 10-K and quarterly reports on Form 10-Q provide information on its regulated electric utility business, consolidated assets, generating capacity, risk factors and regulatory environment. Current reports on Form 8-K, several of which are excerpted in the data above, are used to furnish earnings press releases, investor presentation slides, material financing agreements and other significant events, including note offerings and amendments to forward sale agreements.
Investors can also use SEC filings to track Pinnacle West’s capital structure, such as the issuance of notes under supplemental indentures, and the registration of its common stock on the New York Stock Exchange under the symbol PNW. These documents outline how the company funds its infrastructure investments in generation, transmission and distribution, and how it communicates financial guidance and outlook changes.
Stock Titan’s interface is designed to surface key points from long filings, highlighting sections that discuss APS’s resource mix, clean energy and carbon-neutral goals, regulatory proceedings, and risk disclosures related to nuclear operations, fuel and water supply, weather and climate, and Arizona’s economic conditions. Users can quickly locate earnings-related 8-Ks, periodic reports and exhibits, while AI-generated explanations help clarify technical language and cross-references within the filings.
In addition, this page provides access to any future Forms 4 and proxy-related materials that may be filed, allowing users to review insider transactions and governance information in the same streamlined environment. Together, these tools help readers interpret Pinnacle West’s SEC record without having to parse every page manually.
Pinnacle West Capital Corporation and Arizona Public Service Company filed an 8-K to share materials for March 2026 investor meetings outlining growth, investment, and regulatory plans. The company highlights a long-term EPS growth target of 5%-7% off the original 2024 midpoint, supported by a large capital program.
APS plans about $10.35 billion of capital investment from 2025-2028 to support system reliability, new gas generation, nuclear investment at Palo Verde, and major transmission projects, with rate base projected to grow under both ACC and FERC jurisdictions. The service territory continues to post strong sales growth, including 7.5% commercial and industrial sales growth in 2025 and long-term weather-normalized sales growth guidance of 5%-7% through 2030.
The materials describe a focus on affordability, including flat core O&M despite rapid customer growth and APS rates that have risen more slowly than Phoenix inflation. A 2025 APS rate case requests a net revenue increase of $580 million, a 13.99% day-one customer impact, based on an adjusted ACC rate base of $12.5 billion and a proposed 10.70% allowed ROE. The company also outlines an optimized 2026-2028 financing plan combining cash from operations, debt, and approximately $650 million of equity, alongside dividend growth (about 3.7% CAGR in annualized dividends per share) and an emphasis on maintaining investment-grade credit ratings.
Pinnacle West Capital Corporation, parent of Arizona Public Service (APS), provides an overview of its regulated electric utility business for the year ended December 31, 2025. The company reports consolidated assets of approximately $30 billion and derives essentially all revenue and earnings from APS.
APS serves about 1.4 million customers, recorded a 2025 peak demand of 8,648 MW, and notes that roughly 58% of its 2025 energy supply came from clean resources including nuclear, renewables, and demand-side management. The filing details a large resource mix centered on the Palo Verde nuclear plant, extensive solar and battery projects, long-term power purchase agreements, and plans for additional flexible natural gas generation. It also describes the April 2025 retirement of the coal-fired Cholla units, ongoing Four Corners coal operations, significant environmental and climate-related regulatory developments, and long-term obligations for nuclear decommissioning and coal ash management.
Pinnacle West Capital Corporation reported 2025 net income attributable to common shareholders of $616.5 million, or $5.05 per diluted share, slightly above $608.8 million, or $5.24 per diluted share, in 2024. Operating revenues rose to $5.34 billion from $5.12 billion as strong customer and sales growth offset higher fuel, interest and operating costs.
Fourth-quarter 2025 results improved to net income of $15.4 million, or $0.13 per diluted share, compared with a net loss of $6.8 million, or $0.06 per share, a year earlier. APS delivered 2.4% customer growth and 5.0% weather‑normalized retail electricity sales growth in 2025, driven by new residents, businesses and large commercial and manufacturing projects.
For 2026, the company estimates consolidated earnings of $4.55 to $4.75 per diluted share on a weather‑normalized basis and targets long‑term EPS growth of 5% to 7% off its original 2024 midpoint. Management highlighted continued infrastructure investment, a capital plan totaling about $10.35 billion for 2025‑2028 at APS, and an ongoing focus on reliability, wildfire mitigation and keeping customer bills as low as possible.
Pinnacle West Capital EVP and COO Jacob Tetlow reported multiple equity award transactions in the form of Restricted Stock Units and common stock on February 20, 2026. Several RSU awards were exercised and settled in shares, consistent with footnotes stating each unit equals one share of common stock and includes dividend-equivalent units tied to cash dividends. To cover tax obligations and issuer-related settlements, Tetlow delivered portions of the common shares back to the company at $98.34 per share under disposition and tax-withholding codes. After these transactions, he held 2,692 common shares directly and 2,471 shares indirectly through a 401(k), reflecting a mix of award vesting, tax withholding, and ongoing ownership rather than open-market buying or selling.
Pinnacle West Capital EVP & CNO Adam C. Heflin reported multiple equity award transactions in company stock. On February 20, 2026, he exercised several batches of Restricted Stock Units (RSUs), which convert into an equal number of common shares and are settled 100% in stock according to the footnotes.
The filing also records related dispositions of common shares back to the company and for tax withholding, with several transactions priced at $98.34 per share. After these exercises and withholding-related dispositions, Heflin directly held 28,120 shares of Pinnacle West common stock, plus a small indirect holding of 6 shares in a trust.
Pinnacle West Capital director and Chairman, CEO and President Theodore N. Geisler reported a series of equity compensation transactions in company stock. On February 20, 2026, multiple tranches of Restricted Stock Units were exercised and converted into shares of common stock at a stated price of $98.34 per share for related tax and settlement entries. A portion of the resulting shares was retained by the company to satisfy tax withholding obligations, while other shares reflected cash settlement of dividend-equivalent rights tied to prior RSU awards. After these moves, Geisler transferred 5,319 shares as a bona fide gift to a revocable family trust, resulting in 37,567 shares of common stock reported as held indirectly by the trust. The activity reflects equity award vesting, tax management, and estate planning rather than open-market buying or selling.
Pinnacle West Capital senior vice president Jose Luis Esparza Jr. reported a mix of equity award vesting and related share movements. On February 20, 2026, he exercised several blocks of restricted stock units into common stock, which convert one-for-one into shares and are settled entirely in stock. Some of the resulting shares were surrendered back to the company at $98.34 per share to cover tax withholding and other obligations. After these transactions, Esparza directly owned 4,746 shares of Pinnacle West common stock and held 1,563 restricted stock units, including amounts accrued from dividend equivalent rights.
Pinnacle West Capital’s SVP & CFO Andrew D. Cooper reported a series of equity compensation transactions on February 20, 2026. He exercised multiple Restricted Stock Units (RSUs), receiving common shares at a stated price of $0.00 per share through derivative exercises.
Some of the newly issued shares were delivered back to the company or withheld to satisfy obligations, including tax-withholding dispositions at $98.34 per share. Footnotes explain that each RSU equals one common share, with awards granted between 2022 and 2025, vesting annually and accruing dividend-equivalent RSUs. After these transactions, Cooper directly owns 19,600 shares of Pinnacle West common stock.
Pinnacle West Capital VP, Controller and CAO Elizabeth A. Blankenship reported multiple equity compensation transactions dated February 20, 2026. She exercised Restricted Stock Units that convert into common stock at no exercise price and received shares accordingly.
Some of the newly issued common shares were surrendered back to the company and withheld at $98.34 per share to cover tax and related obligations, while she retained the remaining shares. After these transactions, she directly held 9,874 shares of common stock and indirectly held 54 shares through a 401(k) plan.