Pinnacle West Capital (PNW): financials, SEC filings and peers

Pinnacle West Capital (PNW) is a multi-utilities company in the Utilities sector of the S&P 500, headquartered in Phoenix, Arizona.

It was founded in 1985 and joined the S&P 500 on October 4, 1999.

Its fiscal year ends in December, and its shares trade on the NYSE.

In its SEC filings it is classified as “Electric Services”.

Pinnacle West Capital at a glance

Revenue (12 months): $5.6B
Revenue growth: +5.7%
Operating margin: 20.5%
Net income (12 months): $651M
Free cash flow (12 months): −$879M
Cash: $9M
Debt: $11.4B
Diluted EPS (12 months): $5.21

Twelve months to June 30, 2026, from the 10-Q filed August 4, 2026.

Latest twelve months

Over the twelve months to June 30, 2026, Pinnacle West Capital reported revenue of $5.6 billion, about the same as a year earlier (+5.7%).

Its operating margin was 20.5%, up 1.6 percentage points from a year earlier: for every $100 of sales, about $21 was left as operating profit.

Net income was $651 million (11.7% of revenue), 9.7% higher than a year earlier.

Operating cash flow was $1.8 billion and capital spending $2.6 billion, leaving free cash flow of −$879 million (-15.8% of revenue). Capital spending equal to 48% of revenue is high; the company is investing heavily.

At the end of the period it held $9 million in cash and $11.4 billion in debt, a net debt position of $11.4 billion.

The diluted share count rose 2.2% in a year, which dilutes existing shareholders.

Five-year trend

Revenue went from $3.6 billion in fiscal 2020 to $5.3 billion in fiscal 2025, about 8.3% a year.
Revenue has grown for 5 fiscal years in a row.
Operating margin has been steady, around 20.0%.
Free cash flow was negative in 6 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$3.8B	$4.3B	$4.7B	$5.1B	$5.3B
Revenue growth	6.0%	13.7%	8.6%	9.1%	4.2%
Operating margin	21.2%	16.9%	17.6%	19.7%	20.0%
Net income	$636M	$501M	$519M	$626M	$632M
Free cash flow	−$613M	−$466M	−$639M	−$639M	−$820M
Diluted EPS	$5.47	$4.26	$4.41	$5.24	$5.05

Fiscal years as reported in Pinnacle West Capital’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

8-K filed September 4, 2026 — Regulation FD disclosure
8-K filed August 13, 2026
8-K filed August 7, 2026 — Regulation FD disclosure
8-K filed August 4, 2026 — Material agreement
10-Q filed August 4, 2026 — quarterly report
8-K filed August 4, 2026 — Earnings results; Regulation FD disclosure
8-K filed June 29, 2026 — Executive or director change
8-K filed June 8, 2026 — Regulation FD disclosure

All Pinnacle West Capital filings on SEC EDGAR

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Questions about Pinnacle West Capital

Is Pinnacle West Capital's revenue growing?

Yes. Revenue for the twelve months to June 30, 2026 was $5.6 billion, up 5.7% from a year earlier, according to its SEC filings.

Is Pinnacle West Capital profitable?

Yes. It earned $651 million in net income over the twelve months to June 30, 2026, a net margin of 11.7%.

Does Pinnacle West Capital have more cash or more debt?

At June 30, 2026 it had $9 million in cash and $11.4 billion in debt, so more debt than cash.

When did Pinnacle West Capital last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on August 4, 2026.

Which companies are similar to Pinnacle West Capital?

In the S&P 500, Pinnacle West Capital is grouped in Multi-Utilities within the Utilities sector. Ameren (AEE), CMS Energy (CMS), CenterPoint Energy (CNP), Dominion Energy (D), DTE Energy (DTE) are in the same group.

Understand the numbers

Source: Pinnacle West Capital’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.