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 Aug 9, 2026, 10:19 UTC 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 risen from 19.2× (Mar '23) to 20.3× (Nov '26).
The price-to-sales ratio has risen from 2.2× (Mar '23) to 2.4× (Nov '26).
The dividend yield has fallen from 3.9% (Mar '23) to 3.3% (Nov '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?

Pinnacle West Capital's P/E (TTM) is 19.74 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the PNW stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 20.3× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.