Cash flow Pinnacle West Capital Corporation

Stocks

PNW

US7234841010

Electric Utilities

Real-time Estimate Cboe BZX Other stock markets 20:53:08 11/06/2026 BST			5-day change	1st Jan Change
102.87 ^USD	-0.22%		+2.78%	+16.43%

05-28	Jefferies Adjusts Price Target on Pinnacle West Capital to $128 From $123, Maintains Buy Rating	MT
05-21	Morgan Stanley Adjusts Price Target on Pinnacle West Capital to $92 From $98, Maintains Equalweight Rating	MT

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Published financial data: PINNACLE WEST CAPITAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues - (Utility Template)	3.8B	4.32B	4.7B	5.12B	5.34B
Total Revenues	3.8B	4.32B	4.7B	5.12B	5.34B
Fuel & Purchased Power	1.15B	1.63B	1.79B	1.82B	1.93B
Operations And Maintenance	954M	987M	1.06B	1.17B	1.19B
Depreciation & Amortization - (IS) - (Collected)	651M	753M	794M	895M	915M
Other Operating Expenses	128M	124M	185M	181M	226M
Total Operating Expenses	2.89B	3.49B	3.83B	4.06B	4.26B
Operating Income (REIT / Utility Template)	918M	830M	865M	1.06B	1.08B
Interest Expense, Total	-254M	-284M	-375M	-426M	-470M
Interest and Investment Income	6.73M	7.33M	27.24M	24.32M	18.04M
Net Interest Expenses	-248M	-276M	-348M	-401M	-452M
Allowance For Equity Funds Used During Construction	41.74M	45.26M	53.12M	38.62M	61.15M
Allowance For Borrowed Funds Used During Construction	21.05M	28.03M	43.56M	48.27M	47.73M
Other Non Operating Income (Expenses)	14.34M	-31.26M	-21.44M	-31.41M	-25.62M
EBT, Excl. Unusual Items	747M	596M	593M	715M	712M
Gain (Loss) on Sale of Investments	-1.37M	-20.54M	-3.4M	-1.42M	26.72M
Gain (Loss) on Sale of Assets	-	-	6.2M	22.99M	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	746M	576M	596M	737M	738M
Income Tax Expense	110M	74.83M	76.91M	111M	107M
Earnings From Continuing Operations	636M	501M	519M	626M	632M
Net Income to Company	636M	501M	519M	626M	632M
Minority Interest	-17.22M	-17.22M	-17.22M	-17.22M	-15.11M
Net Income - (IS)	619M	484M	502M	609M	617M
Net Income to Common Incl Extra Items	619M	484M	502M	609M	617M
Net Income to Common Excl. Extra Items	619M	484M	502M	609M	617M
Per Share Items
Net EPS - Basic	5.48	4.27	4.42	5.35	5.15
Basic EPS - Continuing Operations	5.48	4.27	4.42	5.35	5.15
Basic Weighted Average Shares Outstanding	113M	113M	113M	114M	120M
Net EPS - Diluted	5.47	4.26	4.41	5.24	5.05
Diluted EPS - Continuing Operations	5.47	4.26	4.41	5.24	5.05
Diluted Weighted Average Shares Outstanding	113M	113M	114M	116M	122M
Normalized Basic EPS	3.98	3.14	3.11	3.77	3.59
Normalized Diluted EPS	3.97	3.13	3.1	3.7	3.52
Dividend Per Share	3.34	3.42	3.48	3.54	3.6
Payout Ratio	59.72	78.35	77.06	64.83	68.58
Supplemental Items
Utility Revenues	3.8B	4.32B	4.7B	5.12B	5.34B
EBITDA	1.64B	1.65B	1.72B	2.02B	2.05B
EBITA	998M	914M	955M	1.2B	1.24B
EBIT	918M	830M	865M	1.06B	1.08B
EBITDAR	-	1.9B	2.02B	2.35B	2.49B
Effective Tax Rate - (Ratio)	14.76	13	12.91	15.01	14.45
Current Domestic Taxes	-2.58M	37.57M	24.13M	140M	98.8M
Total Current Taxes	-2.58M	37.57M	24.13M	140M	98.8M
Deferred Domestic Taxes	113M	37.26M	52.79M	-29.2M	7.92M
Total Deferred Taxes	113M	37.26M	52.79M	-29.2M	7.92M
Normalized Net Income	450M	355M	353M	430M	430M
Interest Capitalized	21.05M	28.03M	43.56M	48.27M	47.73M
Non-Cash Pension Expense	-88.11M	-60.77M	9.04M	1.91M	23.06M
Supplemental Operating Expense Items
Net Rental Expense, Total	-	254M	302M	332M	442M
Imputed Operating Lease Interest Expense	-	74.23M	106M	118M	144M
Imputed Operating Lease Depreciation	-	180M	197M	214M	297M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	18.46M	15.94M	17.34M	23.53M	27.46M
Total Stock-Based Compensation	18.46M	15.94M	17.34M	23.53M	27.46M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	9.97M	4.83M	4.96M	3.84M	6.6M
Accounts Receivable, Total	501M	594M	659M	678M	728M
Other Receivables	7.51M	14.09M	332K	-	5.98M
Accounts Receivable (Summary Subtotal)	508M	608M	659M	678M	734M
Inventory - (Utility Template)	367M	451M	494M	501M	565M
Other Current Assets, Total	666M	687M	769M	506M	398M
Total Current Assets	1.55B	1.75B	1.93B	1.69B	1.7B
Gross Property Plant And Equipment	24.26B	25.49B	27.6B	29.41B	32.81B
Accumulated Depreciation	-7.76B	-8.19B	-8.67B	-9.3B	-9.12B
Net Property Plant And Equipment	16.5B	17.3B	18.92B	20.11B	23.69B
Net Nuclear Fuel	106M	100M	99.49M	97.85M	104M
Regulatory Assets	1.19B	1.28B	1.39B	1.39B	1.46B
Other Intangibles, Total	274M	259M	267M	591M	576M
Other Long-Term Assets, Total	2.38B	2.03B	2.05B	2.22B	2.49B
Total Assets	22B	22.72B	24.66B	26.1B	30.03B
Liabilities
Accounts Payable, Total	393M	430M	442M	485M	680M
Accrued Expenses, Total	95.12M	61.22M	72.92M	81.8M	106M
Short-Term Borrowings	292M	341M	610M	568M	757M
Current Portion of Long-Term Debt	150M	50.68M	875M	800M	600M
Current Portion of Leases	100M	105M	67.88M	100M	189M
Current Income Taxes Payable	172M	164M	167M	176M	187M
Unearned Revenue, Current	1.3M	-	-	-	-
Deferred Tax Liability Current	48.14M	-	-	-	-
Other Current Liabilities - (Bank / Utility Template)	505M	609M	655M	632M	643M
Total Current Liabilities	1.76B	1.76B	2.89B	2.84B	3.16B
Long-Term Debt	6.91B	7.74B	7.54B	8.06B	9.21B
Long-Term Leases	728M	639M	1.21B	1.52B	3.55B
Unearned Revenue Non Current	258M	422M	534M	569M	632M
Pension & Other Post Retirement Benefits	490M	116M	113M	139M	168M
Deferred Tax Liability Non-Current	3.74B	2.57B	2.67B	2.69B	2.78B
Other Non Current Liabilities, Total	2.1B	3.32B	3.42B	3.42B	3.45B
Total Liabilities	15.98B	16.56B	18.38B	19.25B	22.94B
Common Stock, Total	2.7B	2.72B	2.75B	3.12B	3.23B
Retained Earnings	3.26B	3.36B	3.47B	3.67B	3.85B
Treasury Stock	-6.4M	-5M	-8.18M	-3.32M	-3.32M
Comprehensive Income and Other	-54.86M	-31.44M	-33.14M	-30.94M	-32.41M
Total Common Equity	5.91B	6.05B	6.18B	6.75B	7.05B
Minority Interest	115M	111M	107M	103M	40.62M
Total Equity	6.02B	6.16B	6.28B	6.86B	7.09B
Total Liabilities And Equity	22B	22.72B	24.66B	26.1B	30.03B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	113M	113M	113M	119M	121M
ECS Total Common Shares Outstanding	113M	113M	113M	119M	121M
Book Value / Share	52.3	53.45	54.47	56.71	58.28
Tangible Book Value	5.63B	5.79B	5.91B	6.16B	6.47B
Tangible Book Value Per Share	49.88	51.16	52.11	51.75	53.52
Total Debt	8.18B	8.88B	10.3B	11.05B	14.3B
Net Debt	8.17B	8.87B	10.3B	11.04B	14.29B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-95.22M	-19.96M	72.51M	152M	180M
Debt Equivalent Oper. Leases	-	2.03B	2.42B	2.66B	3.53B
Minority Interest, Total (Incl. Fin. Div)	115M	111M	107M	103M	40.62M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	367M	451M	494M	501M	565M
Machinery, Total	21.69B	22.45B	24.21B	25.86B	27.37B
Full Time Employees	5.87K	5.86K	6.13K	6.4K	6.61K
Accumulated Allowance for Doubtful Accounts (Supple)	25.35M	23.78M	22.43M	24.85M	25.5M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	619M	484M	502M	609M	617M
Depreciation, Depletion & Amortization	639M	734M	764M	820M	813M
Amortization of Goodwill and Intangible Assets - (CF)	80M	84M	90M	136M	157M
Total Depreciation, Depletion & Amortization	719M	818M	854M	956M	970M
Amortization of Deferred Charges, Total	44.56M	220M	547M	426M	463M
(Gain) Loss On Sale of Asset - (CF)	-	-	-6.42M	-22.99M	-
Stock-Based Compensation (CF)	18.46M	15.94M	17.34M	23.53M	27.46M
Change in Accounts Receivable	-74.34M	-94.65M	-64.77M	-22.05M	-48.06M
Change In Inventories	-32.87M	-83.47M	-42.91M	-7.9M	-63.71M
Change in Accounts Payable	20.27M	90.08M	-75.62M	-7.21M	171M
Change In Income Taxes	7.8M	-12.77M	16.15M	9.36M	4.76M
Change in Other Net Operating Assets (Collected)	-293M	87.26M	-5.2M	-52.94M	26.95M
Other Operating Activities	-169M	-282M	-534M	-301M	-363M
Cash from Operations	860M	1.24B	1.21B	1.61B	1.81B
Capital Expenditure	-1.49B	-1.74B	-1.89B	-2.3B	-2.67B
Divestitures	-	-	23.4M	84.32M	-
Contributions to Nuclear Decommissioning Trust	-1.73B	-1.21B	-1.68B	-1.71B	-1.86B
Other Investing Activities, Total	1.83B	1.33B	1.85B	1.99B	2.15B
Cash from Investing	-1.39B	-1.62B	-1.69B	-1.93B	-2.38B
Short Term Debt Issued, Total	142M	48.72M	242M	550M	789M
Long-Term Debt Issued, Total	747M	876M	689M	1.31B	1.74B
Total Debt Issued	889M	924M	931M	1.86B	2.53B
Short Term Debt Repaid, Total	-19M	-	-	-591M	-600M
Long-Term Debt Repaid, Total	-	-150M	-32.74M	-875M	-800M
Total Debt Repaid	-19M	-150M	-32.74M	-1.47B	-1.4B
Issuance of Common Stock	-	-	-	341M	84.61M
Repurchase of Common Stock	-2.35M	-2.65M	-4.09M	-	-
Common Dividends Paid	-369M	-379M	-386M	-395M	-423M
Common & Preferred Stock Dividends Paid	-369M	-379M	-386M	-395M	-423M
Other Financing Activities, Total	-21.26M	-21.26M	-21.26M	-21.26M	-217M
Cash from Financing	477M	371M	487M	323M	576M
Net Change in Cash	-50M	-5.14M	123K	-1.12M	2.77M
Supplemental Items
Cash Interest Paid	228M	245M	311M	360M	389M
Cash Income Tax Paid (Refund)	229K	46.23M	8.79M	134M	22.75M
Net Debt Issued / Repaid	870M	774M	899M	397M	1.13B
Levered Free Cash Flow	-603M	-494M	-270M	-220M	-602M
Unlevered Free Cash Flow	-444M	-317M	-35.26M	45.68M	-308M
Change In Net Working Capital	305M	153M	105M	-274M	-229M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.73	2.32	2.28	2.61	2.4
Return on Total Capital	4.27	3.55	3.42	3.84	3.44
Return On Equity %	10.8	8.22	8.34	9.53	9.06
Return on Common Equity	10.72	8.09	8.2	9.42	8.93
Margin Analysis
Gross Profit Margin %	44.62	39.5	39.28	41.7	41.6
SG&A Margin	-2.96	-2.28	-0.87	-0.95	-0.23
EBITDA Margin %	43.04	38.11	36.61	39.36	38.38
EBITA Margin %	26.23	21.15	20.34	23.36	23.17
EBIT Margin %	24.13	19.2	18.43	20.7	20.23
Income From Continuing Operations Margin %	16.72	11.58	11.05	12.22	11.83
Net Income Margin %	16.27	11.18	10.68	11.88	11.55
Net Avail. For Common Margin %	16.27	11.18	10.68	11.88	11.55
Normalized Net Income Margin	11.83	8.22	7.52	8.38	8.05
Levered Free Cash Flow Margin	-15.84	-11.42	-5.74	-4.3	-11.27
Unlevered Free Cash Flow Margin	-11.66	-7.32	-0.75	0.89	-5.77
Asset Turnover
Asset Turnover	0.18	0.19	0.2	0.2	0.19
Fixed Assets Turnover	0.24	0.26	0.26	0.26	0.24
Receivables Turnover (Average Receivables)	8.21	7.9	7.49	7.67	7.6
Inventory Turnover (Average Inventory)	6.01	6.4	6.04	6.01	5.85
Short Term Liquidity
Current Ratio	0.88	0.99	0.67	0.59	0.54
Quick Ratio	0.29	0.35	0.23	0.24	0.23
Operating Cash Flow to Current Liabilities	0.49	0.7	0.42	0.57	0.57
Days Sales Outstanding (Average Receivables)	44.45	46.2	48.7	47.73	48.04
Days Outstanding Inventory (Average Inventory)	60.77	57.04	60.43	60.94	62.42
Average Days Payable Outstanding	60.71	55.67	55.04	56.68	66.85
Cash Conversion Cycle (Average Days)	44.52	47.58	54.09	51.99	43.61
Long Term Solvency
Total Debt/Equity	135.92	144.11	163.94	161.11	201.77
Total Debt / Total Capital	57.61	59.04	62.11	61.7	66.86
LT Debt/Equity	126.92	136.05	139.24	139.69	179.96
Long-Term Debt / Total Capital	53.79	55.73	52.75	53.5	59.64
Total Liabilities / Total Assets	72.63	72.89	74.52	73.73	76.4
EBIT / Interest Expense	3.61	2.93	2.31	2.49	2.3
EBITDA / Interest Expense	7.57	6.71	5.39	5.52	5.3
(EBITDA - Capex) / Interest Expense	1.7	0.59	0.35	0.12	-0.39
Total Debt / EBITDA	4.25	4.67	5.1	4.7	5.74
Net Debt / EBITDA	4.24	4.66	5.09	4.7	5.74
Total Debt / (EBITDA - Capex)	18.96	53.25	78.1	213.1	-79.01
Net Debt / (EBITDA - Capex)	18.93	53.22	78.07	213.03	-78.97
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	6.05	13.68	8.59	9.13	4.2
Gross Profit, 1 Yr. Growth %	3.83	0.63	8	15.86	3.94
EBITDA, 1 Yr. Growth %	6.94	0.69	4.32	17.31	1.61
EBITA, 1 Yr. Growth %	9.12	-8.36	4.47	25.3	3.35
EBIT, 1 Yr. Growth %	8.69	-9.53	4.2	22.61	1.8
Earnings From Cont. Operations, 1 Yr. Growth %	11.56	-21.25	3.58	20.67	0.9
Net Income, 1 Yr. Growth %	12.38	-21.84	3.71	21.38	1.27
Diluted EPS Before Extra, 1 Yr. Growth %	12.32	-22.12	3.52	18.82	-3.63
Normalized Net Income, 1 Yr. Growth %	17.11	-21.01	-0.58	21.6	0.01
Net Property, Plant and Equip., 1 Yr. Growth %	8.05	4.84	9.4	6.29	17.78
Inventory, 1 Yr. Growth %	9.83	22.73	9.52	1.6	12.71
Accounts Receivable, 1 Yr. Growth %	17.5	18.71	10.91	2.83	7.43
Total Assets, 1 Yr. Growth %	9.9	3.27	8.53	5.85	15.05
Tangible Book Value, 1 Yr. Growth %	5.26	2.79	2.09	4.27	4.99
Cash From Operations, 1 Yr. Growth %	-11.01	44.35	-2.72	33.3	12.13
Capital Expenditures, 1 Yr. Growth %	11.11	16.12	8.9	21.56	16.32
Levered Free Cash Flow, 1 Yr. Growth %	39.37	-18.05	-45.42	-18.24	173.08
Unlevered Free Cash Flow, 1 Yr. Growth %	59.76	-28.63	-88.87	-229.55	-774.93
Dividend Per Share, 1 Yr. Growth %	5.11	2.25	1.76	1.73	1.7
Common Equity, 1 Yr. Growth %	4.84	2.41	2.13	9.33	4.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	4.68	9.8	11.11	8.86	6.64
Gross Profit, 2 Yr. CAGR %	6.82	2.22	4.25	11.86	9.74
EBITDA, 2 Yr. CAGR %	9.75	3.77	2.49	10.63	9.18
EBITA, 2 Yr. CAGR %	14.51	-0.01	-2.16	14.41	13.8
EBIT, 2 Yr. CAGR %	14.92	-0.84	-2.91	13.03	11.72
Earnings From Cont. Operations, 2 Yr. CAGR %	6.77	-6.27	-9.68	11.8	10.34
Net Income, 2 Yr. CAGR %	7.21	-6.28	-9.96	12.2	10.87
Diluted EPS Before Extra, 2 Yr. CAGR %	7.09	-6.47	-10.21	10.91	7.01
Normalized Net Income, 2 Yr. CAGR %	18.49	-3.82	-11.38	9.95	10.27
Net Property, Plant and Equip., 2 Yr. CAGR %	7.58	6.44	7.1	7.84	11.89
Inventory, 2 Yr. CAGR %	3.03	16.1	15.94	5.49	7.01
Accounts Receivable, 2 Yr. CAGR %	13.81	18.1	14.74	6.79	5.11
Total Assets, 2 Yr. CAGR %	9.12	6.54	5.87	7.18	10.35
Common Equity, 2 Yr. CAGR %	4.29	3.62	2.27	5.67	6.8
Tangible Book Value, 2 Yr. CAGR %	4.68	4.02	2.44	3.17	4.63
Cash From Operations, 2 Yr. CAGR %	-5.19	13.34	18.5	13.87	22.26
Capital Expenditures, 2 Yr. CAGR %	11.14	13.59	12.45	15.06	18.91
Levered Free Cash Flow, 2 Yr. CAGR %	68.31	6.87	-33.12	-33.2	49.43
Unlevered Free Cash Flow, 2 Yr. CAGR %	159.84	6.78	-71.81	-62.02	195.7
Dividend Per Share, 2 Yr. CAGR %	5.6	3.67	2	1.74	1.71
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.01	7.6	9.4	10.45	7.28
Gross Profit, 3 Yr. CAGR %	2.45	4.72	4.11	7.99	9.16
EBITDA, 3 Yr. CAGR %	3.55	6.64	3.95	7.21	7.54
EBITA, 3 Yr. CAGR %	3.83	6.31	1.47	6.25	10.6
EBIT, 3 Yr. CAGR %	3.68	6.12	0.81	4.95	9.16
Earnings From Cont. Operations, 3 Yr. CAGR %	6.23	-3.53	-3.09	-0.52	8.04
Net Income, 3 Yr. CAGR %	6.58	-3.51	-3.06	-0.54	8.43
Diluted EPS Before Extra, 3 Yr. CAGR %	6.41	-3.7	-3.25	-1.42	5.83
Normalized Net Income, 3 Yr. CAGR %	4.34	3.51	-2.75	-1.52	6.53
Net Property, Plant and Equip., 3 Yr. CAGR %	6.53	6.66	7.42	6.83	11.05
Inventory, 3 Yr. CAGR %	7.68	9.22	13.87	10.95	7.84
Accounts Receivable, 3 Yr. CAGR %	7.67	15.42	15.66	10.63	7.01
Total Assets, 3 Yr. CAGR %	7.6	7.13	7.2	5.86	9.74
Common Equity, 3 Yr. CAGR %	4.18	3.66	3.12	4.57	5.22
Tangible Book Value, 3 Yr. CAGR %	4.33	4.05	3.37	3.05	3.77
Cash From Operations, 3 Yr. CAGR %	-12.35	9.07	7.71	23.24	13.29
Capital Expenditures, 3 Yr. CAGR %	7.49	12.78	12	15.41	15.48
Levered Free Cash Flow, 3 Yr. CAGR %	158.09	32.41	-14.58	-28.49	6.81
Unlevered Free Cash Flow, 3 Yr. CAGR %	55.9	68.91	-49.74	-53.13	-0.89
Dividend Per Share, 3 Yr. CAGR %	5.77	4.47	3.03	1.91	1.73
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.69	3.94	4.93	8.1	8.28
Gross Profit, 5 Yr. CAGR %	2.62	0.88	3.17	7.52	6.33
EBITDA, 5 Yr. CAGR %	2.87	1.3	3.12	8.22	6.01
EBITA, 5 Yr. CAGR %	1.77	-1.9	1.39	9.48	6.23
EBIT, 5 Yr. CAGR %	1.41	-2.33	1	8.83	5.04
Earnings From Cont. Operations, 5 Yr. CAGR %	6.62	-0.28	-0.45	2.33	2.07
Net Income, 5 Yr. CAGR %	6.96	-0.2	-0.37	2.49	2.29
Diluted EPS Before Extra, 5 Yr. CAGR %	6.73	-0.42	-0.58	1.9	0.73
Normalized Net Income, 5 Yr. CAGR %	1.49	-5.11	-2.26	6.04	2.26
Net Property, Plant and Equip., 5 Yr. CAGR %	5.7	5.76	6.76	7.13	9.18
Inventory, 5 Yr. CAGR %	5.38	9.27	10.91	7.71	11.07
Accounts Receivable, 5 Yr. CAGR %	7.09	7.44	10.45	11.89	11.31
Total Assets, 5 Yr. CAGR %	6.57	5.95	6.9	7.15	8.45
Common Equity, 5 Yr. CAGR %	4.22	3.85	3.41	4.46	4.58
Tangible Book Value, 5 Yr. CAGR %	3.63	4.04	3.57	3.7	3.87
Cash From Operations, 5 Yr. CAGR %	-3.42	2.12	-1.11	10.97	13.31
Capital Expenditures, 5 Yr. CAGR %	2.9	3.94	9.45	13.68	14.72
Levered Free Cash Flow, 5 Yr. CAGR %	13.27	-0.73	50.38	0.71	6.84
Unlevered Free Cash Flow, 5 Yr. CAGR %	17.91	-3.33	-21.34	-7.01	2.11
Dividend Per Share, 5 Yr. CAGR %	5.71	5.12	4.25	3.37	2.5