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Pinnacle West Capital (PNW) stock

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NYSE: PNW NYSE Multi-Utilities Next results ~November 3, 2026

C+ Fundamentals grade

Pinnacle West Capital is a US-listed company in the multi-utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$90

Valuation models combined (5)

Base case. Range ~$72–$110. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Modestly overvalued

The price is inside our value range, 19% above our base value.

Price used: $107.33, November 3, 2026

Pinnacle West Capital valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 4 sales by directors and officers, last 12 monthsInsider trades
  • Funds370 adding, 253 cuttingOf 63 active managers that changed their stake, 37 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Pinnacle West Capital files

Where Pinnacle West Capital stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.55bn, up 5.7% on a year earlier, faster than 4.8% a quarter earlier. Free-cash-flow margin held at -15.8%. The diluted share count is up 3.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 6 financial-health checks. Our valuation models combined value is $88.46 a share, against a share price of $103.

Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Pinnacle West Capital's trailing-twelve-month revenue grew 7.5% year on year, with a free-cash-flow margin of -16.3%. Where it stands out: change in growth rate of +1.8pp ranks 2 of 17 multi-utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 29.6% while net income grew 11.2%: a 41pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Pinnacle West Capital's latest figures clears our strength thresholds.

Things to watch

  • Burning cash. Free cash flow was -16.3% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 3.3% in a year.
  • High debt. Long-term debt exceeds cash by $10.2bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -141% of net income over the last 12 months.
  • Heavily shorted. 13.4% of the shares available to trade are sold short (9.0 days of average volume to cover).

Latest results: FY2026 Q3

Filed November 3, 2026
Earnings per share
$1.43 against an average estimate of $1.47: missed by 2.7%
Revenue
$1.97bn, up 8.3% on a year earlier
Guidance given
EPS Guidance $4.55 to $4.75 (2026); adjusted gross margin $3.31bn to $3.37bn (2026)
Next report
November 3, 2026; average EPS estimate $3.32

Pinnacle West Capital's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.3%
  • 1 week+1.8%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.7B
Operating margin
20.7%
Net margin
11.6%
EPS (TTM, diluted)
$5.32

Growth

Revenue growth
+7.5%
Change in growth rate
+1.8 pts
Share count change
+3.3%

Cash

Free cash flow (TTM)
-$932M
FCF margin
-16.3%
Stock pay % of revenue
0.5%

Earnings

Last results
August 4, 2026

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Dividend
  3. Announcement
  4. Announcement
  5. Leadership
  6. Announcement
  7. Results
  8. Announcement
  9. Agreement
  10. Guidance
  11. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Pinnacle West Capital valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$90
Price used
$107.31close November 3, 2026
Implied change
▼ 16%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like Pinnacle West Capital (see the models table below and how they are combined) , with a 7.09% cost of equity. The models span ~$72–~$110; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Pinnacle West Capital as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.48 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$110 ~$91–$140 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$87 ~$85–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$82 ~$67–$110 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$72 ~$51–$110 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$81 ~$66–$110 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$90 ~$72–$110 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Pinnacle West Capital with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end Now
Share price$105.95
Market value$13.2bn
+ Net debt (− = net cash)$11.4bn
Enterprise value$24.6bn
Multiples
Price / sales 2.3x
Price / earnings 19.9x
Price / free cash flow —
EV / EBITDA 11.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

40 /100

Weak moat

How hard Pinnacle West Capital's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 2.2% of total assets over 10 years.

  • Durability 16 / 20

    Operating margin has been a median 19.7%; its worst year was 14.0%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -13.0% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 9.8% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, before the open. Analysts expect revenue of $1.9bn and EPS of $3.32 (range $3.08 to $3.70) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.81 −5% $5.5bn +4%
Next $5.61 +17% $5.9bn +7%

Next year's EPS estimate has moved −0.7% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.0% on 90 days ago. In the last 30 days, 1 analyst raised Pinnacle West Capital's forecast and 1 cut it.

Consensus EPS forecast Pinnacle West Capital, last 90 days
$4.50 $5.00 $5.50 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.72 Current fiscal year, 60 days ago: $4.71 Current fiscal year, 30 days ago: $4.71 Current fiscal year, 7 days ago: $4.78 Current fiscal year, Now: $4.81 $4.81 Next fiscal year, 90 days ago: $5.65 Next fiscal year, 60 days ago: $5.64 Next fiscal year, 30 days ago: $5.64 Next fiscal year, 7 days ago: $5.65 Next fiscal year, Now: $5.61 $5.61

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.72$5.65
60 days ago $4.71$5.64
30 days ago $4.71$5.64
7 days ago $4.78$5.65
Now $4.81$5.61

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.47 $1.43 −2.7%
Mar 2026 $0.03 $0.27 +814.0%
Dec 2025 $0.05 $0.13 +162.1%
Sept 2025 $3.09 $3.39 +9.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 4, 2026
  • EPS Guidance 2026 $4.55 to $4.75
    “EPS Guidance $4.55 - $4.75” source
  • Adjusted gross margin 2026 $3.31bn to $3.37bn Non-GAAP
    “2026 Adjusted gross margin (operating revenues, net of fuel and purchased power expenses, x/RES,DSM)1 $3.31 - $3.37 billion” source
  • Adjusted operating and maintenance expense (O&M x/RES,DSM) 2026 $1.02bn to $1.04bn Non-GAAP
    “Adjusted operating and maintenance expense (O&M x/RES,DSM)1 $1.02 - $1.04 billion” source
  • Other operating expenses 2026 $1.22bn to $1.24bn
    “Other operating expenses (depreciation and amortization, and taxes other than income taxes) $1.22 - $1.24 billion” source
  • Other income 2026 $0m to $5m
    “Other income (pension and other post-retirement non-service credits, other income and other expense) $0 - $5 million” source
  • Interest expense, net 2026 $415m to $435m
    “Interest expense, net of allowance for borrowed and equity funds used during construction (Total AFUDC ~$128 million) $415 - $435 million” source
Show 10 more items
  • Net income attributable to noncontrolling interests 2026 about $8m
    “Net income attributable to noncontrolling interests $8 million” source
  • Effective tax rate 2026 11.5% to 12.5%
    “Effective tax rate 11.5% - 12.5%” source
  • Average diluted common shares outstanding 2026 about 124m
    “Average diluted common shares outstanding 123.8 million” source
  • Retail customer growth 2026 1.5% growth to 2.5% growth
    “Retail customer growth of 1.5%-2.5%” source
  • Weather-normalized retail electricity sales growth 2026 4% growth to 6% growth
    “Weather-normalized retail electricity sales growth of 4.0%-6.0%” source
  • Contribution to sales growth from new large manufacturing facilities and data centers 2026 3% growth to 5% growth
    “Includes 3.0%-5.0% contribution to sales growth of new large manufacturing facilities and several large data centers” source
  • Total Capital Investment 2026 $2.6bn to $2.9bn
    “Total Capital Investment $2.6B-$2.9B” source
  • Cash from Operations 2026 about $3.8bn
    “Approx. $3.8B Cash from Operations” source
  • Long term sales growth through 2030 5% growth to 7% growth Raised
    “Long term sales growth increased to 5%-7% and extended through 2030” source
  • APS Total capital expenditures 2025-2028 about $10.35bn
    “APS Total 2025-2028 $10.35B” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

18 analysts, Oct 2026
Buy633%
Hold1161%
Sell16%

Monthly trend

  1. Oct 202651118
  2. Sep 202641117
  3. Aug 202641116
  4. Jul 202641217

Counts of recommendations published by analysts covering Pinnacle West Capital, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.4%
of tradable shares
Days to cover
9.01
at average volume
Short interest, 1 month
+21%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.2%
of shares
Employees
6,610
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Pinnacle West Capital’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Pinnacle West Capital in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Pinnacle West Capital
$4.5B $5B $5.5B $6B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.7B Revenue (TTM), FY24 Q1: $4.7B Revenue (TTM), FY24 Q2: $4.9B Revenue (TTM), FY24 Q3: $5B Revenue (TTM), FY24 Q4: $5.1B Revenue (TTM), FY25 Q1: $5.2B Revenue (TTM), FY25 Q2: $5.3B Revenue (TTM), FY25 Q3: $5.3B Revenue (TTM), FY25 Q4: $5.3B Revenue (TTM), FY26 Q1: $5.5B Revenue (TTM), FY26 Q2: $5.6B Revenue (TTM), FY26 Q3: $5.7B $5.7B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.7B
FY24 Q1 $4.7B
FY24 Q2 $4.9B
FY24 Q3 $5B
FY24 Q4 $5.1B
FY25 Q1 $5.2B
FY25 Q2 $5.3B
FY25 Q3 $5.3B
FY25 Q4 $5.3B
FY26 Q1 $5.5B
FY26 Q2 $5.6B
FY26 Q3 $5.7B
Revenue growth, TTM YoY Pinnacle West Capital
4% 6% 8% 10% 12% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.6% Revenue growth, TTM YoY, FY24 Q1: 4.8% Revenue growth, TTM YoY, FY24 Q2: 7.6% Revenue growth, TTM YoY, FY24 Q3: 6.5% Revenue growth, TTM YoY, FY24 Q4: 9.1% Revenue growth, TTM YoY, FY25 Q1: 10.7% Revenue growth, TTM YoY, FY25 Q2: 7.5% Revenue growth, TTM YoY, FY25 Q3: 5.7% Revenue growth, TTM YoY, FY25 Q4: 4.2% Revenue growth, TTM YoY, FY26 Q1: 4.8% Revenue growth, TTM YoY, FY26 Q2: 5.7% Revenue growth, TTM YoY, FY26 Q3: 7.5% 7.5%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.6%
FY24 Q1 4.8%
FY24 Q2 7.6%
FY24 Q3 6.5%
FY24 Q4 9.1%
FY25 Q1 10.7%
FY25 Q2 7.5%
FY25 Q3 5.7%
FY25 Q4 4.2%
FY26 Q1 4.8%
FY26 Q2 5.7%
FY26 Q3 7.5%
Operating margin (TTM) Pinnacle West Capital
17% 18% 19% 20% 21% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 17.6% Operating margin (TTM), FY24 Q1: 17.9% Operating margin (TTM), FY24 Q2: 19.9% Operating margin (TTM), FY24 Q3: 20.0% Operating margin (TTM), FY24 Q4: 19.7% Operating margin (TTM), FY25 Q1: 19.3% Operating margin (TTM), FY25 Q2: 19.0% Operating margin (TTM), FY25 Q3: 19.4% Operating margin (TTM), FY25 Q4: 20.0% Operating margin (TTM), FY26 Q1: 20.9% Operating margin (TTM), FY26 Q2: 20.5% Operating margin (TTM), FY26 Q3: 20.7% 20.7%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 17.6%
FY24 Q1 17.9%
FY24 Q2 19.9%
FY24 Q3 20.0%
FY24 Q4 19.7%
FY25 Q1 19.3%
FY25 Q2 19.0%
FY25 Q3 19.4%
FY25 Q4 20.0%
FY26 Q1 20.9%
FY26 Q2 20.5%
FY26 Q3 20.7%
FCF margin (TTM) Pinnacle West Capital
-20% -15% -10% -5% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -13.6% FCF margin (TTM), FY24 Q1: -12.2% FCF margin (TTM), FY24 Q2: -13.8% FCF margin (TTM), FY24 Q3: -14.0% FCF margin (TTM), FY24 Q4: -12.5% FCF margin (TTM), FY25 Q1: -13.2% FCF margin (TTM), FY25 Q2: -15.1% FCF margin (TTM), FY25 Q3: -13.5% FCF margin (TTM), FY25 Q4: -15.3% FCF margin (TTM), FY26 Q1: -18.2% FCF margin (TTM), FY26 Q2: -15.8% FCF margin (TTM), FY26 Q3: -16.3% -16.3%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -13.6%
FY24 Q1 -12.2%
FY24 Q2 -13.8%
FY24 Q3 -14.0%
FY24 Q4 -12.5%
FY25 Q1 -13.2%
FY25 Q2 -15.1%
FY25 Q3 -13.5%
FY25 Q4 -15.3%
FY26 Q1 -18.2%
FY26 Q2 -15.8%
FY26 Q3 -16.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Pinnacle West Capital took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $5.3B
  2. Other operating costs $4.3B · 80.0%
  3. Operating income $1.1B · 20.0%
  4. Income tax $107M · 2.0%
  5. Interest and other $344M · 6.4%
  6. Net income $617M · 11.5%

Shares of revenue. Source: Pinnacle West Capital's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 3.2 3.2 3.2 3.3 3.5 3.5 3.5 3.5 3.6 3.7 3.5 3.6 3.8 4.3 4.7 5.1 5.3 5.7
Gross profit — — — — — — — 2.4 2.6 2.6 — — — — — — — —
EBITDA 1.1 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.5 1.4 1.3 1.5 1.5 1.5 1.7 2.0 2.0 2.2
Operating income 0.6 0.7 0.7 0.9 0.8 0.8 0.9 0.8 0.9 0.8 0.7 0.8 0.8 0.7 0.8 1.0 1.1 1.2
Net income 0.1 0.4 0.3 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.6 0.6 0.5 0.5 0.6 0.6 0.7
Diluted EPS $0.67 $3.27 $3.09 $3.45 $3.66 $3.58 $3.92 $3.95 $4.35 $4.54 $4.77 $4.87 $5.47 $4.26 $4.41 $5.24 $5.05 $5.32
Growth (year on year)
Revenue −2.1% +1.1% +1.6% +1.9% +4.6% +1.1% +0.1% +0.1% +1.9% +3.5% −6.0% +3.3% +6.0% +13.7% +8.6% +9.1% +4.2% +7.5%
EBITDA +5.2% +11.3% +4.4% +7.5% +0.4% −2.3% +9.1% −1.8% +8.6% −6.3% −6.2% +10.4% +3.4% +1.7% +8.3% +17.2% +3.5% +9.3%
Operating income +5.7% +16.0% +4.4% +14.1% −0.6% −4.1% +5.3% −2.2% +8.9% −15.0% −13.1% +17.3% +2.2% −9.1% +12.7% +22.7% +5.5% +14.3%
Net income −71.8% +412.3% −3.0% +12.4% +6.4% −2.1% +10.0% +1.1% +10.5% +4.6% +5.3% +2.3% +12.4% −21.8% +3.7% +21.4% +1.3% +11.2%
Diluted EPS −72.1% +388.1% −5.5% +11.7% +6.1% −2.2% +9.5% +0.8% +10.1% +4.4% +5.1% +2.1% +12.3% −22.1% +3.5% +18.8% −3.6% +7.7%
Margins
Gross margin — — — — — — — 69.3% 72.5% 70.8% — — — — — — — —
EBITDA margin 33.8% 37.2% 38.3% 40.4% 38.7% 37.5% 40.8% 40.0% 42.6% 38.6% 38.5% 41.1% 40.1% 35.8% 35.7% 38.4% 38.2% 38.4%
Operating margin 19.5% 22.4% 23.0% 25.8% 24.5% 23.2% 24.4% 23.9% 25.5% 21.0% 19.4% 22.0% 21.2% 16.9% 17.6% 19.7% 20.0% 20.7%
Net margin 2.2% 11.0% 10.5% 11.6% 11.8% 11.4% 12.5% 12.6% 13.7% 13.8% 15.5% 15.3% 16.3% 11.2% 10.7% 11.9% 11.5% 11.6%
Free-cash-flow margin 9.6% 0.1% 7.4% 8.5% 4.0% 5.4% 0.5% −7.2% −8.2% 2.7% −6.8% −10.0% −16.1% −10.8% −13.6% −12.5% −15.3% −16.3%
Cash flow
Cash from operations 1.1 0.8 1.1 1.2 1.2 1.1 1.1 1.0 1.1 1.3 1.0 1.0 0.9 1.2 1.2 1.6 1.8 1.8
Capital spending 0.8 0.7 0.9 0.9 1.0 0.9 1.1 1.3 1.4 1.2 1.2 1.3 1.5 1.7 1.8 2.2 2.6 2.8
Free cash flow 0.3 0.0 0.2 0.3 0.1 0.2 0.0 −0.3 −0.3 0.1 −0.2 −0.4 −0.6 −0.5 −0.6 −0.6 −0.8 −0.9
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay 0.3 −0.0 0.2 0.2 0.1 0.2 −0.0 −0.3 −0.3 0.1 −0.3 −0.4 −0.6 −0.5 −0.7 −0.7 −0.8 −1.0
Balance sheet
Cash 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Total debt 4.0 3.7 3.5 3.4 3.5 3.4 3.8 4.2 4.9 5.1 5.6 6.5 7.2 8.1 9.0 9.4 10.6 11.4
Net debt (negative = net cash) 3.8 3.6 3.5 3.4 3.5 3.4 3.8 4.2 4.9 5.1 5.6 6.4 7.2 8.1 9.0 9.4 10.6 11.4
Diluted shares 101m 107m 110m 111m 111m 111m 112m 112m 112m 113m 113m 113m 113m 113m 114m 116m 122m 124m
Returned to shareholders
Dividends 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4
Buybacks — — — — — — — — — — — — — 0.0 0.0 — — —
Total returned 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · September 30, 2026
What it owns · $33.5bn
Short-term assets $2.2bnLonger-term assets $31.3bn
What it owes, and who funded it · $10.5bn
Short-term liabilities $3.0bnShareholders' equity $7.5bn
  • Short-term assets cover short-term liabilities $2.2bn of assets due within a year against $3.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $11m of cash against $11.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 147% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 122% to 147% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $11.0bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.2bn against $477m of interest.

From Pinnacle West Capital's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$436M
Returned to shareholders
-47%
of free cash flow
Diluted share count
+3.3%
year over year
Total shareholder yield
3.3%
dividends 3.3% + buybacks 0.0% of market value
Dividend payout ratio
66%
of net income paid out

Competitors: side by side with peers

Closest by revenue in multi-utilities
Last 12 months unless stated PNW NI AEE CMS CNP SRE Median
Revenue, last 12 months $5.7bn $6.8bn $8.7bn $9.0bn $9.8bn $13.6bn $9.0bn
Revenue growth, last 12 months 7.5% 12.3% 3.8% 8.2% 7.8% 1.6% 7.8%
Revenue growth, 3-year average 6.6% 6.2% 2.3% 4.8% 2.1% −7.2% 2.3%
Revenue growth, latest quarter 8.3% 4.7% −5.8% 8.0% 10.2% −0.1% 6.6%
Gross margin 70.5% 100.0% — — 100.0% — 100.0%
Operating margin 20.7% 28.0% 24.9% 13.8% 24.4% — 20.4%
Operating margin, 3-year average 20.0% 28.0% 22.2% 18.0% 22.8% — 20.6%
Net margin 11.6% 13.8% 17.9% 9.7% 11.8% 16.8% 11.8%
Cash from operations / revenue 32.1% 35.0% 37.2% 25.4% 28.8% 40.0% 28.8%
Free-cash-flow margin −16.3% −23.0% −16.0% 10.2% −28.8% −38.7% −13.3%
Free-cash-flow margin, 3-year average −14.6% −16.8% −16.9% 12.0% −25.8% −31.1% −7.6%
Stock pay / revenue 0.5% 0.7% 0.3% — — 0.7% 0.5%
Change in share count 3.3% 1.8% 2.2% 3.3% 1.3% 1.3% 2.2%

Median of all 17 companies we cover in multi-utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 multi-utilities companies
Measure Company Peer median Rank
Revenue growth Growth 7.5% 7.8% 10 of 17
Change in growth rate Growth +1.8pp -0.2pp 2 of 17
Operating margin Profitability 20.7% 20.7% 8 of 16
Net margin Profitability 11.6% 11.8% 11 of 17
Free-cash-flow margin Cash generation -16.3% -13.3% 11 of 17
Stock pay as % of revenue Cash generation 0.5% 0.5% 5 of 8
Long-term debt as % of assets Balance sheet 30.4% 39.5% 2 of 16
Change in share count Balance sheet 3.3% 2.2% 13 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Reportable Segment Aggregation Before Other Operating $5.3B 100.0% ▲ 4.2%
Corporate and Other $0 0.0% —
Products and services
Line of business Revenue YoY
Electric and Transmission Service $5.3B ▲ 4.8%
Transmission Services $130M ▲ 8.9%
Wholesale $109M ▲ 12.2%
Other Services $17.4M ▲ 54.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From Pinnacle West Capital's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$14.1B
Institutions reporting
725
Shares held vs prior quarter
▲ 5.9%
Positions opened / closed
73 / 51

Top buyers and sellers, Q2 2026: 370 institutions bought and 253 sold ; the biggest buyer was American Century Companies Inc (+1.3M shares) and the biggest seller Assenagon Asset Management S.A (−632K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital Research Global Investors $1.8B 16.5M 12.5% ▲ 0.3%
Blackrock, Inc. $1.3B 11.8M 8.9% ▲ 0.1%
Vanguard Capital Management LLC $845M 7.9M 6.0% ▲ 1.2%
State Street Corp $751M 7.0M 5.3% ▲ 1.5%
Barrow Hanley Mewhinney & Strauss LLC $704M 6.6M 5.0% ▼ 6.1%
Vanguard Portfolio Management LLC $641M 6.0M 4.5% 0.0%
Atlas Infrastructure Partners (UK) Ltd. $571M 5.3M 4.0% ▲ 5.1%
Invesco Ltd. $447M 4.2M 3.2% ▼ 1.8%
Soroban Capital Partners LP $415M 3.9M 2.9% ▲ 0.5%
Geode Capital Management, LLC $344M 3.2M 2.4% ▲ 2.9%
Massachusetts Financial Services Co $305M 2.9M 2.2% ▲ 0.3%
Two Sigma Investments, LP $269M 2.5M 1.9% ▲ 15.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Pinnacle West Capital's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $930,933 4 trades by 3 insiders · 0% under pre-set plans
Net ▼ $930,933 net selling
Insider Date Trade Shares Price Value
Blankenship Elizabeth A VP, Controller and CAO August 10, 2026 Sell 980 $99.17 $97,182
Esparza Jose Luis Jr 10% owner August 7, 2026 Sell 1,800 $102.01 $183,618
Tetlow Jacob 10% owner May 13, 2026 Sell 41 $99.01 $4,059
Tetlow Jacob 10% owner May 13, 2026 Sell 6,526 $99.00 $646,074

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Pinnacle West Capital disclosed in the last 12 months; 3 earlier trades on record.

  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020
  • Donna Shalala(FL):Purchase, $1,001 - $15,000, traded April 3, 2019, filed April 27, 2020
  • Donna Shalala(FL):Purchase, $1,001 - $15,000, traded March 19, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 4, 2026
  • May 4, 2026
  • February 25, 2026
  • November 3, 2025
  • August 6, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Pinnacle West Capital was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Pinnacle West Capital in brief

What does Pinnacle West Capital do?
Pinnacle West Capital is a US-listed company in the multi-utilities industry. Its financial year ends in December.
What is Pinnacle West Capital's stock ticker?
Pinnacle West Capital trades under the ticker PNW on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Pinnacle West Capital's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Pinnacle West Capital reported revenue of $5.7B, 7.5% higher than a year earlier, according to its SEC filings.
What is Pinnacle West Capital's free cash flow?
Pinnacle West Capital's free-cash-flow margin is -16.3% of revenue over the trailing twelve months, ranking 11 of the 17 multi-utilities companies we cover.
Who are Pinnacle West Capital's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital Research Global Investors, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Pinnacle West Capital's market cap?
On November 2, 2026, Pinnacle West Capital's market capitalisation was about $13.2B, with a price-to-earnings ratio of 19.9 and net debt of $11.4B. Market figures come from third-party market data and may be delayed.
Does Pinnacle West Capital pay a dividend?
Yes: Pinnacle West Capital paid $436M in dividends over the trailing twelve months, a dividend yield of 3.29% and a payout ratio of 66.0%.
How much debt does Pinnacle West Capital have?
Pinnacle West Capital's debt-to-equity ratio is 146.9%, from its latest balance sheet (121.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Pinnacle West Capital's competitors?
In our Multi-Utilities peer group, the companies closest to Pinnacle West Capital are NiSource, Ameren, CMS Energy, CenterPoint Energy and Sempra. The side-by-side comparison below sets their revenue, margins and growth against Pinnacle West Capital's.
Are insiders buying or selling Pinnacle West Capital stock?
Over the last 12 months, Pinnacle West Capital's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is Pinnacle West Capital's next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Pinnacle West Capital announces its own schedule.