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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 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
$0 $3B $5B 2011 2013 2015 2017 2019 2021 2023 2025
RevenueNet income
Margins (gross / operating / net)
0% 35% 71% 2011 2013 2015 2017 2019 2021 2023 2025
GrossOperatingNet
Free cash flow (CFO − capex)
-$820M -$269M $282M $0 2011 2013 2015 2017 2019 2021 2023 2025
Free cash flow
Cash vs total debt
$0 $5B $11B 2011 2013 2015 2017 2019 2021 2023 2025
CashTotal debt
Cash flow: operating / investing / financing
-$2B -$287M $2B $0 2011 2013 2015 2017 2019 2021 2023 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2025 $5.3B $632M 0.0% 20.0% -$820M $10.6B $7M
2024 $5.1B $626M 0.0% 19.7% -$639M $9.4B $4M
2023 $4.7B $519M 0.0% 17.6% -$639M $9.0B $5M
2022 $4.3B $501M 0.0% 16.9% -$466M $8.1B $5M
2021 $3.8B $636M 0.0% 21.2% -$613M $7.2B $10M
2020 $3.6B $570M 0.0% 22.0% -$360M $6.5B $60M
2019 $3.5B $558M 0.0% 19.4% -$235M $4.9B $10M
2018 $3.7B $531M 70.8% 21.0% $99M $4.7B $6M
2017 — $508M — — -$291M $4.9B $14M
2016 — $462M — — -$252M $4.2B $9M
2015 — $456M — — $18M $3.5B $39M
2014 — $424M — — $189M $3.2B $8M
2013 — $440M — — $137M $3.5B $10M
2012 — $413M — — $282M $3.4B $26M
2011 — $367M — — $241M $3.5B $34M

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.

Price / earnings (P/E)
0.0 11.0 21.9 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/E
Price / sales (P/S)
0.0 1.2 2.4 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/S
Dividend yield (%)
0.0 2.3 4.7 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
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 Jun '26, Pinnacle West Capital traded at a price-to-earnings ratio of about 20.6× (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.