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NYSE · Utilities

PINNACLE WEST CAPITAL CORP (PNW)

As-reported financials and SEC filings for PINNACLE WEST CAPITAL CORP. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About PINNACLE WEST CAPITAL CORP

Pinnacle West Capital Corp is an investor-owned electric utility holding company based in Phoenix, Arizona. Its main subsidiary, Arizona Public Service Company (APS), provides regulated electricity generation, transmission, and distribution services to approximately 1.4 million customers across 11 counties in Arizona. APS operates a diverse energy portfolio including nuclear, natural gas, coal, solar, wind, and energy storage resources, and manages the Palo Verde nuclear generating station.

Snapshot

Revenue
$5.34B
Revenue growth (YoY)
4.2%
Net income
$631.6M
Diluted EPS
$5.05
Gross margin
Operating margin
20.0%
Net margin
11.8%
FCF margin
-15.3%
ROE
8.9%
net income / fiscal-year-end equity
P/E
18.7×
trailing when available, otherwise FY EPS
Market cap
$11.78B
Long-term debt / equity
1.30×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Pinnacle West Capital

  • Revenue grew 4.2% to $5.3B in FY2025, slower than the 9.1% the year before.
  • Operating margin is 20.0% in FY2025, -1.2 pp against 21.2% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $1.5B, up 7.1% from Q2 FY2025.
  • Free cash flow was negative $820M in FY2025.
  • Net income rose 0.9% to $632M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Pinnacle West Capital’s fundamentals sit among the 98 Utilities companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin20.0%
45th percentile of 86
Net margin11.8%
50th percentile of 91
FCF margin-15.3%
25th percentile of 76
Revenue growth (YoY)+4.2%
27th percentile of 94
ROE8.9%
52nd percentile of 89
P/E18.7×
34th percentile of 83
Long-term debt / equity1.30×
55th percentile of 84
Short interest7.26d
76th percentile of 98

No reported insider purchases (code P) in the last 90 days; 2 insider sales totaling $280,800. For context, about 14% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+7 quant / multi-strat
Initiated / added
6
0 new, 6 added
Reduced / exited
3
3 trimmed, 0 exited
Combined position
$537.1M
reported long value
InvestorAs ofPosition valueSharesChange
Two Sigma InvestmentsquantQ2 2026$269.4M2.5MAdded
Gotham Asset ManagementQ2 2026$50.8M474.6KReduced
Renaissance TechnologiesquantQ2 2026$46.5M435.0KReduced
AQR Capital ManagementquantQ2 2026$46.3M432.8KAdded
Point72 Asset ManagementquantQ2 2026$39.1M365.3KAdded
Millennium ManagementquantQ2 2026$35.7M333.4KReduced
Citadel AdvisorsquantQ2 2026$28.4M265.8KAdded
Bridgewater AssociatesQ2 2026$18.1M169.1KAdded
D. E. ShawquantQ2 2026$2.8M26.1KAdded

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
2
$281K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-10
filed 2026-08-11
Blankenship Elizabeth AVP, Controller and CAOSell980$99.17$97K
2026-08-07
filed 2026-08-11
Esparza Jose Luis JrInsiderSell1.8K$102.01$184K
2026-05-13
filed 2026-05-14
Tetlow JacobInsiderSell6.5K$99.00$646K
2026-05-13
filed 2026-05-14
Tetlow JacobInsiderSell41$99.01$4K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
8.2M
settled 2026-08-14
Change vs prior
-20.0%
vs previous settlement
Days to cover
7.26
at avg daily volume
Avg daily volume
1.1M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-148.2M-20.0%7.26
2026-07-3110.3M+13.0%7.30
2026-07-159.1M+0.5%9.52
2026-06-309.1M-5.9%6.31
2026-06-159.6M+7.0%7.56
2026-05-299.0M+13.9%7.97
2026-05-157.9M+19.2%5.75
2026-04-306.6M-3.6%6.35

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$5.34B$5.12B$4.70B$4.32B$3.80B
Gross profit
Operating income$1.07B$1.01B$824.6M$731.9M$805.3M
Net income$631.6M$626.0M$518.8M$500.8M$635.9M
Diluted EPS$5.05$5.24$4.41$4.26$5.47

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$6.6M$3.8M$5.0M$4.8M$10.0M
Current assets$1.70B$1.69B$1.93B$1.75B$1.55B
Total assets$30.03B$26.10B$24.66B$22.72B$22.00B
Current liabilities$3.16B$2.84B$2.89B$1.76B$1.76B
Long-term debt$9.21B$8.06B$7.54B$7.74B$6.91B
Total liabilities$22.94B$19.25B$18.38B$16.56B$15.98B
Total equity$7.09B$6.86B$6.28B$6.16B$6.02B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$1.81B$1.61B$1.21B$1.24B$860.0M
Capital expenditure$2.62B$2.25B$1.85B$1.71B$1.47B
Free cash flow$-819.5M$-639.4M$-638.7M$-466.0M$-613.5M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$1.46B7.1%$180.8M$1.43
Q1 FY2026$1.15B11.4%$35.1M$0.27
Q4 FY2025$1.13B3.0%$17.6M$0.14
Q3 FY2025$1.82B2.9%$417.5M$3.39
Q2 FY2025$1.36B3.8%$196.9M$1.58
Q1 FY2025$1.03B8.5%$-338,000
Q4 FY2024$1.10B10.5%$-2.5M$-0.02
Q3 FY2024$1.77B8.0%$399.3M$3.37

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNYSE
SectorUtilities
SIC industryElectric Services
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2016
SEC CIK764622

Selected SEC filings

10-Q2026-08-04
View on EDGAR →
10-Q2026-05-04
View on EDGAR →
8-K2026-09-04
View on EDGAR →
8-K2026-08-13
View on EDGAR →
8-K2026-08-07
View on EDGAR →
8-K2026-08-04
View on EDGAR →

Largest Utilities peers

All Utilities companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.