PNW Financials Pinnacle West Capital

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 41 d ago Overview →

Growth & profitability

Revenue has grown 8.3% per year over the past 5 years.
Net income has grown slower than revenue (2.1% vs 8.3% per year).
Operating margin has contracted, at 20.0% in the latest year.

Financial health

Total debt ($10.6B) exceeds cash ($7M); net debt is $10.6B.
Total debt has grown in line with revenue (10.3% vs 8.3% per year).
Operating income covered interest expense 2.5× in the latest year.
Total debt is 5.2× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 66.9% of earnings.
The dividend has grown 3.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$5.3B	$632M	0.0%	20.0%	9.0%	2.1%	-$820M	$10.6B	$7M
2024	$5.1B	$626M	0.0%	19.7%	9.3%	2.4%	-$639M	$9.4B	$4M
2023	$4.7B	$519M	0.0%	17.6%	8.4%	2.1%	-$639M	$9.0B	$5M
2022	$4.3B	$501M	0.0%	16.9%	8.3%	2.2%	-$466M	$8.1B	$5M
2021	$3.8B	$636M	0.0%	21.2%	10.8%	2.9%	-$613M	$7.2B	$10M
2020	$3.6B	$570M	0.0%	22.0%	10.1%	2.8%	-$360M	$6.5B	$60M
2019	$3.5B	$558M	0.0%	19.4%	10.3%	3.0%	-$235M	$4.9B	$10M
2018	$3.7B	$531M	70.8%	21.0%	10.2%	3.0%	$99M	$4.7B	$6M
2017	—	$508M	—	—	10.1%	3.0%	-$291M	$4.9B	$14M
2016	—	$462M	—	—	9.6%	2.9%	-$252M	$4.2B	$9M
2015	—	$456M	—	—	10.0%	3.0%	$18M	$3.5B	$39M
2014	—	$424M	—	—	9.7%	3.0%	$189M	$3.2B	$8M
2013	—	$440M	—	—	10.5%	3.3%	$137M	$3.5B	$10M
2012	—	$413M	—	—	10.4%	3.1%	$282M	$3.4B	$26M
2011	—	$367M	—	—	9.6%	2.8%	$241M	$3.5B	$34M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$1.5B	$181M	0.0%	21.0%	2.6%	0.6%	-$335M	$11.4B	$9M
Mar '26	$1.1B	$35M	0.0%	11.4%	0.5%	0.1%	-$393M	$11.0B	$6M
Dec '25	$1.1B	$18M	0.0%	10.7%	0.2%	0.1%	-$193M	$10.6B	$7M
Sep '25	$1.8B	$418M	0.0%	32.0%	5.8%	1.4%	$42M	$10.5B	$31M
Jun '25	$1.4B	$197M	0.0%	22.6%	2.9%	0.7%	-$448M	$10.3B	$19M
Mar '25	$1.0B	-$338000	0.0%	5.5%	-0.0%	-0.0%	-$221M	$9.7B	$10M
Dec '24	$1.1B	-$3M	0.0%	7.7%	-0.0%	-0.0%	-$92M	$9.4B	$4M
Sep '24	$1.8B	$399M	0.0%	30.9%	6.0%	1.5%	-$33M	$8.7B	$49M
Jun '24	$1.3B	$208M	0.0%	24.0%	3.4%	0.8%	-$344M	$8.6B	$4M
Mar '24	$952M	$21M	0.0%	7.0%	0.3%	0.1%	-$170M	$8.3B	$10M
Dec '23	$992M	$4M	0.0%	7.5%	0.1%	0.0%	-$158M	$9.0B	$5M
Sep '23	$1.6B	$403M	0.0%	31.5%	6.3%	1.6%	-$48000	$8.6B	$15M
Jun '23	$1.1B	$111M	0.0%	16.3%	1.9%	0.5%	-$247M	$8.5B	$8M
Mar '23	$945M	$1M	0.0%	5.4%	0.0%	0.0%	-$234M	$8.4B	$7M
Dec '22	$1.0B	-$20M	0.0%	3.6%	-0.3%	-0.1%	-$221M	$8.1B	$5M
Sep '22	$1.5B	$331M	0.0%	28.4%	5.3%	1.4%	$10M	$7.8B	$7M
Jun '22	$1.1B	$169M	0.0%	21.0%	2.9%	0.7%	-$204M	$7.8B	$29M
Mar '22	$784M	$21M	0.0%	7.0%	0.4%	0.1%	-$51M	$7.5B	$14M
Dec '21	$799M	$32M	0.0%	6.3%	0.5%	0.1%	-$268M	$7.2B	$10M
Sep '21	$1.3B	$344M	0.0%	32.8%	5.7%	1.6%	$23M	$6.9B	$26M

Valuation over time

How the market has priced PNW against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 19.2× (Mar '23) to 18.8× (Sep '26).
The price-to-sales ratio has risen from 2.2× (Mar '23) to 2.2× (Sep '26).
The dividend yield has fallen from 3.9% (Mar '23) to 3.6% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is PNW growing its revenue and profit?

Over the past 5 years, Pinnacle West Capital's revenue has grown 8.3% per year, and net income grown 2.1% per year. These are computed facts, not advice.

How much debt does PNW have?

As of FY2025, Pinnacle West Capital reported $10.6B of total debt against $7M of cash; operating income covered interest expense 2.5×.

What is PNW's profit margin?

In FY2025, gross margin was —, operating margin 20.0%, and net margin 11.8%.

What is PNW's P/E ratio?

As of Sep '26, Pinnacle West Capital traded at a price-to-earnings ratio of about 18.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.