PNW Pinnacle West Capital Corporation Common Stock

NYSE · Utilities · View on SEC EDGAR ↗
$100.53
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026

About Pinnacle West Capital Corporation Common Stock Company overview from Wikipedia

Pinnacle West Capital Corporation is an American utility holding company that owns Arizona Public Service (APS). It is publicly traded on the New York Stock exchange and a component of the S&P 500 stock market index. APS is the largest utility company in Arizona and is regulated by the Arizona Corporation Commission (ACC).

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Pinnacle West Capital Corporation is an American utility holding company that owns Arizona Public Service (APS). It is publicly traded on the New York Stock exchange and a component of the S&P 500 stock market index. APS is the largest utility company in Arizona and is regulated by the Arizona Corporation Commission (ACC).

History

In 1886, the Phoenix Light and Fuel Company was formed to provide electricity and heat to the people of the three-year-old town of Phoenix. In 1901, it built two hydroelectric power stations to provide power to Phoenix.

It changed its name to Pacific Gas and Electric Company in 1906 and to Central Arizona Light and Power in 1920. The Childs-Irving Hydroelectric Facilities, began producing power in 1909 to support local mining operations. The company began paying an annual dividend from 1920, and continued to do so without interruption until 1989.

The company became a subsidiary of the giant conglomerate American Power and Light in 1925, but became an independent company once again in 1945. In 1949, it merged with Northern Arizona Power and Light. In 1952, it merged with Arizona Edison and changed its name to Arizona Public Service.

The stock doubled in price through the long bear market of the 1970s, while paying a 10% dividend yield. By then it had become an electric and natural gas utility fueled 94.4% by coal plants, 5.2% by natural gas, and 0.4% by oil. The company traded its common stock on the New York Stock Exchange, and in 1976, the company issued a preferred stock (formerly NYSE: PR ARP PR) with a 10.5% dividend, callable in 1990. APS also performed well through the early 1980s recession, reaching peak earnings of over US$255 million in 1983. However, by then the company had accumulated over US$2.1 billion in long-term debt.

In 1982, APS issued another preferred stock (formerly NYSE: PR O ARP PR O) with an 11.9% dividend, callable in 1987. And in 1983, it issued a third preferred stock (formerly NYSE: PR Q ARP PR Q) paying an adjustable rate between 6 and 12%, through 1986. 1984 was a down year for both earnings and the stock price, which at its low that year had lost almost half its value from the 1983 peak.

In February 1985, Arizona Public Service Company reorganized as a holding company, AZP Group Inc., with APS as the leading subsidiary. It traded under the ticker symbol AZP. 1985 earnings reached a new record high at almost US$290 million, and by the end of the year the stock price had doubled from its 1984 low.

In 1987, AZP Group changed its name to Pinnacle West Capital Corporation, and began trading under the new ticker symbol PNW. The utility continued to operate as its principal subsidiary. By then Pinnacle's long-term debt had grown to almost US$2.4 billion. Earnings had declined to US$260 million in 1986, but were recovering by the end 1987. However, the stock price reached an all-time peak that year, which was not surpassed for the next decade, as the company ran into troubles through the early 1990s. In 1986, Pinnacle acquired MeraBank, a savings and loan association. It grew to become Arizona's largest thrift, with $6.5 billion in assets. However, the thrift was seized by federal regulators in January 1990, due in part to the deterioration in prices in the Arizona real estate market.

By 1990, the company's earnings had fallen to under US$100 million, as it struggled through the 1990-1991 recession, as well as a series of failed attempts to diversify. By 1991, the company was facing a loss of almost US$190 million, and discontinued paying its dividend. APS and its predecessors had paid a dividend without interruption since 1920. The stock price plunged 85% from its 1987 peak, to its lowest level in over twenty years. Its long-term debt by then reached over US$2.5 billion. However, by 1992, the company returned to profitability, as earnings recovered to over US$150 million. The stock price tripled from its 1991 low by the end of 1993. The company reinstated its dividend that year. The company faced a variety of regulatory disputes due to its operation of Palo Verde and treatment of whistleblowers. It was ordered by the Department of Labor to pay a whistleblower $50,000 in compensation. In 1993, a similar incident resulted in additional compensation for another employee.

By 1995, Pinnacle West Capital had been added to the S&P MidCap 400 index. That year, earnings surpassed US$200 million again, and by early the next year the stock price began approaching its old 1987 high. Also in 1995, the utility subsidiary Arizona Public Services issued 30-year Monthly Income Debt Securities paying 10%. The first solar plant in Arizona was opened by Pinnacle West in Flagstaff in 1997. In the wake of the Enron scandal, Pinnacle West lost over $13 million. This represents 25% of their expected earnings for that quarter. Prior to 2010, Pinnacle West developed real estate through its Suncor subsidiary.

On September 8, 2011, there was a widespread power outage affecting a region spreading west from Yuma, Arizona, to San Diego, California, and affecting parts of Northern Mexico. The outage was the result of 23 events that occurred on five power grids in a span of 11 minutes including the APS North Gila Substation. Most of the areas affected were served by San Diego Gas & Electric, which saw its entire service area lose power.

The outage was caused by the actions of an APS employee in the North Gila substation, and it is unknown why safeguards did not keep the outage limited to the Yuma area. The outage occurred days before the tenth anniversary of the September 11 attacks, and hours before the United States Department of Homeland Security warned of a potential terrorist attack leading up to the anniversary, but the Federal Bureau of Investigation and SDG&E early in their investigations ruled out terrorism.

On July 7, 2014, APS agreed to a $3.25 million settlement with NERC and FERC related to the September 2011 blackout.

On September 7, 2018, APS cut off the power to 72-year-old retiree Stephanie Pullman, due to a $51 overdue electric bill. The same day, the temperature in Phoenix hit 107 °F (42 °C). Within a week, Pullman had died from heat exposure. Her death sparked statewide media coverage and street protests over APS's disconnect policy. The incident led to Arizona regulators banning power shutoffs on hot summer days, which was eventually expanded to include all days between June 1 and October 15th.

Service territory

APS serves about two-thirds of the Phoenix metropolitan area. It primarily serves downtown and northern Phoenix, a large swath to the north and west of the city, and the downtown areas of Chandler, Gilbert, Glendale, Peoria, Scottsdale and Tempe. Outside of the Valley, it serves Flagstaff, Prescott, Yuma and Douglas.

Power Plants

Pinnacle West owns and operates a number of power plants through its Arizona Public Service company which it wholly owns. Most of the power Pinnacle West supplies, as well as most of the power for the state of Arizona, is generated by these plants.

Coal

Pinnacle West owns three coal plants Cholla Power Plant, Four Corners Generating Station, and Navajo Generating Station (operated by Salt River Project). The coal is primarily supplied by long-term leases from landowners in the Navajo Nation. The Navajo generating plant ceased operations in 2019, with the site remediated and the land turned over to the Navajo Nation in March of 2024. In 2021, APS and the owners of Four Corners entered into an agreement where one of the two remaining units would be shut down seasonally during winter and spring, but remain operational during the summer which is the peak season for energy demand. As of February 25, 2026, APS has elected to not begin seasonal operations. Cholla ceased operations in March 2025. This has resulted in the Arizona energy market consuming hundreds of MWh less of coal produced energy.

Nuclear

Pinnacle West operates and partially owns the Palo Verde Nuclear Generating Station. Pinnacle West has been in lawsuits with the Department of Energy over the Yucca Mountain nuclear waste repository since 2003. In 2023, the Department of Energy approved its ninth settlement with Pinnacle West all these settlements have totaled $36 million in awarded damages for Pinnacle West. The plant has enough storage for spent fuel to store its waste through 2047.

Natural Gas

Pinnacle West owns and operates six natural gas or oil based energy generators. In 2019, it completed modernizing Ocotillo, one of the gas based plants resulting in an increase from 290MW to 690MW.

Solar

Pinnacle West owns and operates two utility scale solar systems as well as thirty small scale facilitates. AZ Sun received $675 million in Pinnacle West investment and provides up to 180MW. Red Rock solar plant produces 44MW which are sold for energy credits to institutional buyers. Small scale facilities are expanding to Pinnacle West owned systems government owned rooftops and residential programs. Pinnacle West spent millions in lobbying dollars during 2012 election of ACC. This campaign was part of a larger effort to reduce net metering. In 2017, this resulted in the complete stoppage of net metering.

Planned

Pinnacle West plans to build 1200MW of energy storage. This would be nearly all of Arizona's energy storage capacity. In 2022, Pinnacle West planned to increase renewable energy production by 50% of its 2023 level by 2025.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

PNW Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$100.53
Market Cap
P/E (TTM)
17.6
EPS (TTM)
$5.05
Revenue (TTM)
$5.34B
Div Yield
ROE
9.2%
Debt/Equity
1.5
52W Range
$85 – $111

PNW Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $5.34B
10-point trend, +52.6%
2016-12-31 2025-12-31
EPS $5.05
10-point trend, +27.8%
2016-12-31 2025-12-31
Free Cash Flow $-820M
10-point trend, -225.1%
2016-12-31 2025-12-31
Margins 11.8%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
PNW
Peer Median
P/E (TTM)
5-point trend, +36.1%
17.6
22.4

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
PNW
Peer Median
Operating Margin
5-point trend, -5.6%
20.0%
Net Profit Margin
5-point trend, -29.2%
11.8%
14.4%
ROA
5-point trend, -25.7%
2.2%
2.9%
ROE
5-point trend, -17.0%
9.2%
9.4%
ROIC
5.2%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
PNW
Peer Median
Debt / Equity
5-point trend, +22.9%
1.5
Current Ratio
5-point trend, -39.0%
0.5
0.7
Quick Ratio
5-point trend, -63.2%
0.0

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
PNW
Peer Median
Revenue YoY
5-point trend, +40.4%
4.2%
Revenue CAGR 3Y
5-point trend, +40.4%
7.3%
Revenue CAGR 5Y
5-point trend, +40.4%
8.3%
EPS YoY
5-point trend, -7.7%
-3.6%
Net Income YoY
5-point trend, -0.7%
0.90%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
PNW
Peer Median
EPS (Diluted)
5-point trend, -7.7%
$5.05

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
PNW
Peer Median
Payout Ratio
5-point trend, +15.2%
66.9%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
66.9%
5Y Div CAGR
Ex-dateAmount
Aug. 3, 2026$0.9100
May 4, 2026$0.9100
Feb. 2, 2026$0.9100
Nov. 3, 2025$0.9100
Aug. 1, 2025$0.8950
May 5, 2025$0.8950
Feb. 3, 2025$0.8950
Nov. 4, 2024$0.8950
Aug. 1, 2024$0.8800
April 30, 2024$0.8800
Jan. 31, 2024$0.8800
Oct. 31, 2023$0.8800
July 31, 2023$0.8650
April 28, 2023$0.8650
Jan. 31, 2023$0.8650
Oct. 31, 2022$0.8650
July 29, 2022$0.8500
April 29, 2022$0.8500
Jan. 31, 2022$0.8500
Nov. 15, 2021$0.8500

PNW Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 22 analysts
  • Strong Buy 5 22.7%
  • Buy 2 9.1%
  • Hold 15 68.2%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

14 analysts · 2026-08-15
Median target $105.00 +4.4%
Mean target $105.79 +5.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.08%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.43 $1.48 -0.05%
March 31, 2026 $0.27 $-0.01 0.28%
Dec. 31, 2025 $0.13 $0.04 0.09%
Sept. 30, 2025 $3.39 $3.15 0.24%
June 30, 2025 $1.58 $1.61 -0.03%
March 31, 2025 $-0.04 $0.02 -0.06%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
PNW 17.6 4.2% 11.8% 9.2%
PPL
NRG $30.32B 39.7 9.2% 2.8% 43.5%
EVRG 19.8 1.9% 14.3% 8.5%
LNT $16.72B 20.7 9.6% 18.6% 11.3%
OGE $8.80B 18.4 9.2% 14.4% 9.8%
IDA 21.5 -1.2% 18.5% 9.4%
OKLO $11.52B -99.7 -9.7%
POR $5.55B 17.3 4.0% 8.6% 7.7%
TXNM $6.41B 39.8 9.9% 7.8% 5.7%
NEE $167.22B 24.3 9.8% 26.5% 13.1%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for PNW
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +52.9% $5.34B $5.12B $4.70B $4.32B $3.80B $3.59B $3.47B $3.69B $3.57B $3.50B $3.50B $3.49B
Cost of Revenue 3-point trend, +0.1% · · · · · · · $1.08B $981M $1.08B · ·
Operating Expenses 12-point trend, +59.4% $4.27B $4.11B $3.87B $3.59B $3.00B $2.80B $2.80B $2.92B $2.66B $2.66B $2.64B $2.68B
Operating Income 12-point trend, +31.6% $1.07B $1.01B $825M $732M $805M $788M $672M $774M $910M $836M $855M $811M
Interest Expense 10-point trend, +78.6% · · $331M $256M $233M $229M $217M $218M $198M $186M $179M $185M
Interest Income 12-point trend, +1685.8% $18M $24M $27M $7M $7M $12M $10M $9M $3M $884.0K $493.0K $1M
Other Non-op 12-point trend, +397.0% $93M $102M $102M $99M $174M $89M $87M $109M $54M $48M $18M $19M
Pretax Income 4-point trend, +14.6% $738M $737M $596M · · · · · · · · $644M
Income Tax 12-point trend, -51.6% $107M $111M $77M $75M $110M $78M $-16M $134M $258M $236M $238M $221M
Net Income 12-point trend, +49.1% $632M $626M $519M $501M $636M $570M $558M $531M $508M $462M $456M $424M
EPS (Basic) 12-point trend, +43.5% $5.15 $5.35 $4.42 $4.27 $5.48 $4.89 $4.79 $4.56 $4.37 $3.97 $3.94 $3.59
EPS (Diluted) 12-point trend, +41.1% $5.05 $5.24 $4.41 $4.26 $5.47 $4.87 $4.77 $4.54 $4.35 $3.95 $3.92 $3.58
Shares (Basic) 12-point trend, +8.2% 119,687,000 113,846,000 113,442,000 113,196,000 112,910,000 112,666,000 112,443,000 112,129,000 111,839,000 111,409,000 111,026,000 110,626,000
Shares (Diluted) 12-point trend, +9.7% 121,971,000 116,232,000 113,804,000 113,416,000 113,192,000 112,942,000 112,758,000 112,550,000 112,367,000 112,046,000 111,552,000 111,178,000
EBITDA 12-point trend, +55.8% $2.04B $1.97B $1.68B $1.55B $1.52B $1.47B $1.34B $1.42B $1.55B $1.42B $1.43B $1.31B
Balance Sheet 23
Annual Balance Sheet data for PNW
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, -13.2% $7M $4M $5M $5M $10M $60M $10M $6M $14M $9M $39M $8M
Other Current Assets 12-point trend, +180.0% $109M $75M $101M $60M $84M $77M $62M $56M $48M $45M $37M $39M
Current Assets 12-point trend, +75.0% $1.70B $1.69B $1.93B $1.75B $1.55B $1.20B $1.03B $925M $1.02B $822M $891M $973M
PP&E (Net) 12-point trend, +81.0% $18.36B $16.83B $15.80B $14.52B $14.18B $13.73B $13.20B $12.37B $11.67B $11.37B $10.63B $10.15B
PP&E (Gross) 12-point trend, +76.1% $27.37B $25.86B $24.21B $22.45B $21.69B $20.84B $19.84B $18.74B $17.80B $17.34B $16.22B $15.54B
Accum. Depreciation 12-point trend, +67.0% $9.01B $9.03B $8.41B $7.93B $7.50B $7.11B $6.64B $6.37B $6.13B $5.97B $5.59B $5.40B
Intangibles 12-point trend, +381.0% $576M $591M $267M $259M $274M $283M $291M $263M $257M $90M $124M $120M
Other Non-current Assets 12-point trend, +168.3% $145M $115M $103M $126M $98M $91M $97M $103M $52M $69M $53M $54M
Total Assets 12-point trend, +110.2% $30.03B $26.10B $24.66B $22.72B $22.00B $20.02B $18.48B $17.66B $17.02B $16.00B $15.03B $14.29B
Accounts Payable 12-point trend, +130.4% $680M $485M $442M $430M $393M $319M $346M $277M $256M $265M $297M $295M
Short-term Debt 12-point trend, +413.6% $757M $568M $610M $341M $292M $169M $115M $76M $95M $177M $0 $147M
Current Liabilities 12-point trend, +102.7% $3.16B $2.84B $2.89B $1.76B $1.76B $1.36B $2.08B $1.65B $1.20B $1.29B $1.44B $1.56B
Capital Leases 8-point trend, +3548365000.00 $3.55B $1.52B $1.21B $639M $728M $361M $52M $0 · · · ·
Deferred Tax 12-point trend, -4.3% $2.47B $2.44B $2.42B $2.38B $2.31B $2.14B $1.99B $1.81B $1.69B $2.95B $2.72B $2.58B
Other Non-current Liabilities 12-point trend, +32.3% $249M $242M $251M $247M $233M $191M $160M $148M $149M $157M $186M $188M
Long-term Debt 3-point trend, +16.5% $9.81B $8.86B $8.42B · · · · · · · · ·
Total Debt 12-point trend, +232.3% $10.56B $9.43B $8.15B $8.08B $7.21B $6.48B $4.95B $4.71B $4.89B $4.20B $3.46B $3.18B
Common Stock 12-point trend, +28.6% $3.23B $3.12B $2.75B $2.72B $2.70B $2.68B $2.66B $2.63B $2.61B $2.60B $2.54B $2.51B
Retained Earnings 12-point trend, +99.9% $3.85B $3.67B $3.47B $3.36B $3.26B $3.03B $2.84B $2.64B $2.44B $2.26B $2.09B $1.93B
Treasury Stock 12-point trend, -2.3% $3M $3M $8M $5M $6M $6M $9M $5M $6M $4M $6M $3M
AOCI 12-point trend, +52.4% $-32M $-31M $-33M $-31M $-55M $-63M $-57M $-48M $-45M $-44M $-45M $-68M
Stockholders' Equity 12-point trend, +61.3% $7.05B $6.75B $6.18B $6.05B $5.91B $5.63B $5.43B $5.22B $5.01B $4.80B $4.58B $4.37B
Liabilities + Equity 12-point trend, +110.2% $30.03B $26.10B $24.66B $22.72B $22.00B $20.02B $18.48B $17.66B $17.02B $16.00B $15.03B $14.29B
Cash Flow 19
Annual Cash Flow data for PNW
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +95.3% $970M $956M $854M $818M $719M $686M $664M $651M $611M $565M $572M $496M
Stock-based Comp 12-point trend, -16.9% $27M $24M $17M $16M $18M $18M $18M $20M $21M $19M $19M $33M
Deferred Tax 12-point trend, -132.0% $-51M $-21M $-24M $43M $117M $69M $-1M $117M $248M $207M $237M $159M
Amort. of Intangibles 12-point trend, +196.2% $157M $136M $90M $84M $80M $70M $66M $68M $72M $58M $58M $53M
Other Non-cash 12-point trend, +1012.7% $227M $25M $-158M $-136M $-631M $-378M $-282M $-41M $-269M $-229M $-170M $20M
Operating Cash Flow 12-point trend, +64.2% $1.81B $1.61B $1.21B $1.24B $860M $966M $957M $1.28B $1.12B $1.02B $1.09B $1.10B
CapEx 12-point trend, +188.2% $2.62B $2.25B $1.85B $1.71B $1.47B $1.33B $1.19B $1.18B $1.41B $1.28B $1.08B $911M
Investing Cash Flow 12-point trend, -157.8% $-2.38B $-1.93B $-1.69B $-1.62B $-1.39B $-1.28B $-1.13B $-1.19B $-1.43B $-1.25B $-1.07B $-923M
Debt Issued 10-point trend, -5.7% · · $689M $876M $747M $1.60B $1.09B $445M $848M $693M $842M $731M
Net Debt Issued 10-point trend, +735.9% · · $657M $726M $747M $682M $492M $263M $723M $323M $427M $79M
Stock Issued 10-point trend, -126.8% · · $-4M $-3M $-2M $-1M $692.0K $-5M $-13M $-5M $19M $15M
Stock Repurchased 2-point trend, +54.3% · · $4M $3M · · · · · · · ·
Net Stock Activity 10-point trend, -126.8% · · $-4M $-3M $-2M $-1M $692.0K $-5M $-13M $-5M $19M $15M
Dividends Paid 12-point trend, +71.4% $423M $395M $386M $379M $369M $351M $330M $309M $290M $274M $260M $247M
Financing Cash Flow 12-point trend, +422.2% $576M $323M $487M $371M $477M $361M $179M $-92M $316M $198M $4M $-179M
Net Change in Cash 12-point trend, +243.9% $3M $-1M $123.0K $-5M $-50M $50M $5M $-8M $5M $-31M $32M $-2M
Taxes Paid 12-point trend, +122.3% $23M $113M $9M $46M $229.0K $-3M $13M $21M $2M $10M $7M $-102M
Free Cash Flow 12-point trend, -533.6% $-820M $-639M $-639M $-466M $-613M $-360M $-235M $99M $-291M $-252M $18M $189M
Levered FCF · · · · · · · · · · · $67M
Profitability 7
Annual Profitability data for PNW
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12-point trend, -13.9% 20.0% 19.8% 17.6% 16.9% 21.2% 22.0% 19.4% 21.0% 26.2% 24.5% 24.4% 23.2%
Net Margin 12-point trend, -2.5% 11.8% 12.2% 11.1% 11.6% 16.7% 15.9% 16.1% 14.4% 14.2% 13.2% 13.1% 12.1%
Pretax Margin 2-point trend, -25.1% 13.8% · · · · · · · · · · 18.5%
EBITDA Margin 12-point trend, +1.9% 38.1% 38.4% 35.8% 35.8% 40.1% 41.1% 38.5% 38.6% 43.3% 40.6% 40.8% 37.5%
ROA 12-point trend, -26.2% 2.2% 2.5% 2.2% 2.2% 3.0% 3.0% 3.1% 3.1% 3.1% 3.0% 3.1% 3.0%
ROE 12-point trend, -7.6% 9.2% 9.7% 8.5% 8.4% 11.0% 10.3% 10.5% 10.4% 10.4% 9.8% 10.2% 9.9%
ROIC 2-point trend, -26.6% 5.2% · · · · · · · · · · 7.1%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for PNW
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -13.7% 0.5 0.6 0.7 1.0 0.9 0.9 0.5 0.6 0.8 0.6 0.6 0.6
Quick Ratio 12-point trend, -57.1% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Debt / Equity 12-point trend, +106.0% 1.5 1.4 1.3 1.3 1.2 1.2 0.9 0.9 1.0 0.9 0.8 0.7
LT Debt / Equity 12-point trend, +88.2% 1.3 1.2 1.2 1.3 1.2 1.1 0.9 0.9 1.0 0.8 0.8 0.7
Interest Coverage 10-point trend, -43.1% · · 2.5 2.9 3.5 3.4 3.1 3.5 4.7 4.6 4.8 4.4
Efficiency 1
Annual Efficiency data for PNW
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -24.2% 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3
Per Share 4
Annual Per Share data for PNW
Metric Trend 202520242023202220212020201920182017201620152014
Revenue / Share 12-point trend, +39.4% $43.78 $44.09 $41.26 $38.13 $33.61 $31.76 $30.78 $32.80 $31.73 $31.23 $31.33 $31.41
Cash Flow / Share 12-point trend, +49.6% $14.80 $13.85 $10.61 $10.95 $7.60 $8.56 $8.48 $11.35 $9.95 $9.13 $9.81 $9.89
Dividend / Share 12-point trend, +54.9% $4 $4 $3 $3 $3 $3 $3 $3 $3 $3 $2 $2
EPS (TTM) 12-point trend, +41.1% $5.05 $5.24 $4.41 $4.26 $5.47 $4.87 $4.77 $4.54 $4.35 $3.95 $3.92 $3.58
Growth Rates 10
Annual Growth Rates data for PNW
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -30.6% 4.2% 9.1% 8.6% 13.7% 6.0% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -22.6% 7.3% 10.4% 9.4% · · · · · · · · ·
Revenue CAGR 5Y 8.3% · · · · · · · · · · ·
EPS YoY 5-point trend, -129.5% -3.6% 18.8% 3.5% -22.1% 12.3% · · · · · · ·
EPS CAGR 3Y 3-point trend, +279.4% 5.8% -1.4% -3.2% · · · · · · · · ·
EPS CAGR 5Y 0.73% · · · · · · · · · · ·
Net Income YoY 5-point trend, -92.2% 0.90% 20.7% 3.6% -21.2% 11.6% · · · · · · ·
Net Income CAGR 3Y 3-point trend, +360.2% 8.0% -0.52% -3.1% · · · · · · · · ·
Net Income CAGR 5Y 2.1% · · · · · · · · · · ·
Dividend CAGR 5Y 3.8% · · · · · · · · · · ·
Valuation (TTM) 6
Annual Valuation (TTM) data for PNW
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +52.9% $5.34B $5.12B $4.70B $4.32B $3.80B $3.59B $3.47B $3.69B $3.57B $3.50B $3.50B $3.49B
Net Income TTM 12-point trend, +49.1% $632M $626M $519M $501M $636M $570M $558M $531M $508M $462M $456M $424M
P/E 12-point trend, -7.9% 17.6 16.2 16.3 17.8 12.9 16.4 18.9 18.8 19.6 19.8 16.4 19.1
Earnings Yield 12-point trend, +8.6% 5.7% 6.2% 6.1% 5.6% 7.8% 6.1% 5.3% 5.3% 5.1% 5.1% 6.1% 5.2%
Payout Ratio 12-point trend, +15.0% 66.9% 63.0% 74.5% 75.6% 58.1% 61.5% 59.1% 58.2% 57.0% 59.4% 57.0% 58.2%
Annual Payout 12-point trend, +71.4% $423M $395M $386M $379M $369M $351M $330M $309M $290M $274M $260M $247M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $5.34B$5.12B$4.70B$4.32B$3.80B
Operating Margin % 20.0%19.8%17.6%16.9%21.2%
Net Income $632M$626M$519M$501M$636M
Diluted EPS $5.05$5.24$4.41$4.26$5.47
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 1.51.41.31.31.2
Current Ratio 0.50.60.71.00.9
Quick Ratio 0.00.00.00.00.0
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $-820M$-639M$-639M$-466M$-613M

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Institutional owners (13F) 775 filers · $9.9B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
83 (-30 vs prior Q) 50 (+10 vs prior Q) 279 (+30 vs prior Q) 193 (+3 vs prior Q) +6.2M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Capital Research Global Investors $1,764,873,729 16,494,147 17.88% Shares
VANGUARD CAPITAL MANAGEMENT LLC $845,024,582 7,897,426 8.56% Shares
STATE STREET CORP $750,802,201 7,016,843 7.61% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $640,583,106 5,986,758 6.49% Shares
ATLAS Infrastructure Partners (UK) Ltd. $570,548,182 5,332,226 5.78% Shares
Soroban Capital Partners LP $414,622,539 3,874,977 4.20% Shares
GEODE CAPITAL MANAGEMENT, LLC $301,132,265 2,819,977 3.05% Shares
TWO SIGMA INVESTMENTS, LP $269,356,129 2,517,347 2.73% Shares
BARCLAYS PLC $186,532,458 1,743,294 1.89% Shares
AMERICAN CENTURY COMPANIES INC $154,583,377 1,444,702 1.57% Shares
Pictet Asset Management Holding SA $150,918,899 1,410,457 1.53% Shares
TWO SIGMA ADVISERS, LP $147,081,542 1,658,191 1.49% Shares
NORGES BANK $139,625,263 1,304,909 1.41% Shares
GOLDMAN SACHS GROUP INC $135,332,958 1,264,794 1.37% Shares
DIMENSIONAL FUND ADVISORS LP $131,096,614 1,225,202 1.33% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $126,078,956 1,178,308 1.28% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $109,245,181 1,020,983 1.11% Shares
WELLINGTON MANAGEMENT GROUP LLP $106,372,017 994,131 1.08% Shares
Brookfield Corp /ON/ $102,914,847 961,821 1.04% Shares
FMR LLC $96,772,294 904,414 0.98% Shares
Empower Advisory Group, LLC $96,480,426 901,686 0.98% Shares
Squarepoint Ops LLC $94,335,052 881,636 0.96% Shares
CINCINNATI FINANCIAL CORP $78,052,220 729,460 0.79% Shares
VANGUARD FIDUCIARY TRUST CO $72,818,208 680,544 0.74% Shares
DUFF & PHELPS INVESTMENT MANAGEMENT CO $66,867,510 624,930 0.68% Shares
Quantinno Capital Management LP $66,857,176 624,833 0.68% Shares
Perpetual Ltd $65,130,686 608,698 0.66% Shares
VANGUARD GROUP INC $59,207,427 667,502 0.60% Shares
REAVES W H & CO INC $56,944,651 532,193 0.58% Shares
Nuveen Asset Management, LLC $53,750,580 634,076 0.54% Shares
VICTORY CAPITAL MANAGEMENT INC $52,336,696 489,128 0.53% Shares
BlackRock, Inc. $51,718,450 483,350 0.52% Shares
Gotham Asset Management, LLC $50,783,805 474,615 0.51% Shares
Newport Trust Company, LLC $48,342,814 451,802 0.49% Shares
Balyasny Asset Management L.P. $47,011,199 439,357 0.48% Shares
RENAISSANCE TECHNOLOGIES LLC $46,545,000 435,000 0.47% Shares
Nuveen, LLC $42,041,317 392,910 0.43% Shares
Point72 Asset Management, L.P. $39,091,166 365,338 0.40% Shares
BNP PARIBAS FINANCIAL MARKETS $36,647,286 342,498 0.37% Shares
GABELLI FUNDS LLC $36,561,900 341,700 0.37% Shares
MILLENNIUM MANAGEMENT LLC $35,674,014 333,402 0.36% Shares
BARROW HANLEY MEWHINNEY & STRAUSS LLC $33,820,025 316,075 0.34% Shares
CINCINNATI INSURANCE CO $31,761,666 296,838 0.32% Shares
Cubist Systematic Strategies, LLC $29,815,293 332,537 0.30% Shares
Epoch Investment Partners, Inc. $27,573,151 257,693 0.28% Shares
HITE Hedge Asset Management LLC $26,745,185 249,955 0.27% Shares
Vanguard Global Advisers, LLC $26,679,808 249,344 0.27% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $26,605,657 248,651 0.27% Shares
Swiss National Bank $25,990,300 242,900 0.26% Shares
BANK OF AMERICA CORP /DE/ $24,606,469 229,967 0.25% Shares
BANK OF MONTREAL /CAN/ $23,431,288 218,984 0.24% Shares
JENNISON ASSOCIATES LLC $23,425,510 218,930 0.24% Shares
Zimmer Partners, LP $23,278,385 217,555 0.24% Shares
California Public Employees Retirement System $23,157,582 216,426 0.23% Shares
Arbejdsmarkedets Tillaegspension $22,919,400 214,200 0.23% Shares
RHUMBLINE ADVISERS $22,018,674 205,782 0.22% Shares
ENVESTNET ASSET MANAGEMENT INC $21,531,305 201,227 0.22% Shares
Susquehanna Portfolio Strategies, LLC $20,963,975 195,925 0.21% Shares
Midwest Trust Co $20,917,965 195,495 0.21% Shares
COMMONWEALTH OF PENNSYLVANIA PUBLIC SCHOOL EMPLS RETRMT SYS $20,630,563 192,809 0.21% Shares
Assenagon Asset Management S.A. $19,497,754 182,222 0.20% Shares
MIZUHO MARKETS AMERICAS LLC $18,500,300 172,900 0.19% Shares
Bridgewater Associates, LP $18,094,449 169,107 0.18% Shares
CAPITAL FUND MANAGEMENT S.A. $17,949,678 167,754 0.18% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $17,269,800 161,400 0.17% Call option
Connor, Clark & Lunn Investment Management Ltd. $16,579,329 154,947 0.17% Shares
LOS ANGELES CAPITAL MANAGEMENT LLC $16,533,105 154,515 0.17% Shares
VOLORIDGE INVESTMENT MANAGEMENT, LLC $16,123,830 150,690 0.16% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $16,021,431 149,733 0.16% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $14,436,770 143,293 0.15% Shares
PRINCIPAL FINANCIAL GROUP INC $14,294,451 133,593 0.14% Shares
Harvest Portfolios Group Inc. $14,057,874 131,382 0.14% Shares
CAPTRUST FINANCIAL ADVISORS $13,794,544 128,921 0.14% Shares
Magellan Asset Management Ltd $13,658,978 127,654 0.14% Shares
ALLIANCEBERNSTEIN L.P. $13,568,809 134,678 0.14% Shares
SKBA CAPITAL MANAGEMENT LLC $12,939,510 120,930 0.13% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $11,965,275 111,825 0.12% Shares
RAYMOND JAMES FINANCIAL INC $11,676,919 109,130 0.12% Shares
Resolution Capital Ltd $11,227,617 104,931 0.11% Shares
Legal & General Group Plc $11,202,686 104,698 0.11% Shares
Amundi $10,849,051 101,393 0.11% Shares
VANGUARD ASSET MANAGEMENT, Ltd $10,566,250 98,750 0.11% Shares
Lighthouse Investment Partners, LLC $10,259,802 95,886 0.10% Shares
Schonfeld Strategic Advisors LLC $10,245,250 95,750 0.10% Shares
Vanguard Investments Australia, Ltd. $10,063,243 94,049 0.10% Shares
Channing Capital Management, LLC $9,957,099 93,057 0.10% Shares
LPL Financial LLC $9,794,273 91,536 0.10% Shares
Edgestream Partners, L.P. $9,453,557 88,351 0.10% Shares
Corient Private Wealth LP $9,404,641 87,891 0.10% Shares
VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. $9,132,343 85,349 0.09% Shares
ALGERT GLOBAL LLC $9,095,214 85,002 0.09% Shares
American Assets Investment Management, LLC $8,881,000 83,000 0.09% Shares
TD Asset Management Inc $8,774,642 82,006 0.09% Shares
HighTower Advisors, LLC $8,551,288 79,919 0.09% Shares
WORLDQUANT MILLENNIUM ADVISORS LLC $8,444,440 78,920 0.09% Shares
MACQUARIE GROUP LTD $8,290,681 77,483 0.08% Shares
SEI INVESTMENTS CO $8,223,250 76,818 0.08% Shares
Ilex Capital Partners (UK) LLP $7,989,583 74,669 0.08% Shares
Aventail Capital Group, LP $7,696,617 71,931 0.08% Shares
DNB Asset Management AS $7,692,658 71,894 0.08% Shares

Company insiders 59 insiders · 12 officers · 26 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Jeffrey B. Guldner Chairman, President and CEO Feb. 20, 2024 A 64,660 0 0 $0
James R Hatfield EVP, Advisor to CEO Nov. 9, 2021 S 25,743 0 0 $0
Donald E Brandt Chairman, President & CEO Oct. 22, 2019 F 82,149 0 0 $0
Andrew D Cooper SVP & CFO Feb. 20, 2024 A 3,895 0 0 $0
Paul J Mountain VP, Finance and Treasurer Feb. 20, 2024 A 4,119 0 0 $0
Robert Edgar Smith EVP, GC, and CDO Feb. 20, 2024 A 11,347 0 0 $0
Lee R. Nickloy VP Feb. 25, 2020 S 0 0 0 $0
Denise R Danner VP, Controller & CAO Feb. 27, 2019 S 6,479 0 0 $0
David P Falck EVP, Law Feb. 20, 2018 A 44,881 0 0 $0
Chris N Froggatt VP & Treasurer, PNW & APS Aug. 24, 2009 S 21,100 0 0 $0
Nancy C Loftin SVP, General Counsel & Secy Feb. 20, 2009 M 27,948 0 0 $0
Robert S Aiken Vice President Feb. 6, 2004 S 5,026 0 0 $0
Gonzalo A De La Melena Jr Director May 22, 2024 A 2,524 0 0 $0
Kristine L Svinicki Director May 22, 2024 A 2,634 0 0 $0
Paula J Sims Director May 22, 2024 A 7,584 0 0 $0
Glynis Bryan Director May 22, 2024 A 521 0 0 $0
Richard P Fox Director May 22, 2024 A 7,768 0 0 $0
James E Trevathan JR Director May 22, 2024 A 877 0 0 $0
William H Spence Director May 22, 2024 A 2,843 0 0 $0
Bruce J Nordstrom Director May 22, 2024 A 38,494 0 0 $0
Kathryn L Munro Director May 17, 2023 A 16,180 0 0 $0
Dale E. Klein Director May 18, 2022 A 100 0 0 $0
David Wagener Director May 18, 2022 A 19,327 0 0 $0
Denis A. Cortese Director May 19, 2021 G 18,762 0 0 $0
LOPEZ HUMBERTO S Director May 20, 2020 A 53,693 0 0 $0
Michael L Gallagher Director May 15, 2019 A 7,786 0 0 $0
HERBERGER ROY A JR Director March 14, 2018 S 24,137 0 0 $0
Susan Clark Johnson Director May 21, 2014 A 13,073 0 0 $0
Edward N Basha JR Director June 29, 2012 A 1,730 0 0 $0
Douglas W Parker Director July 1, 2011 A 7,993 0 0 $0
GRANT PAMELA Director July 1, 2011 A 28,250 0 0 $0
POST WILLIAM J Director Feb. 19, 2010 M 68,762 0 0 $0
William Stewart Director July 1, 2009 A 36,763 0 0 $0
JAMIESON WILLIAM S JR Director July 1, 2009 A 15,890 0 0 $0
Jack E Davis Director March 18, 2008 F 59,504 0 0 $0
HESSE MARTHA O Director May 4, 2007 S 1,100 0 0 $0
Elizabeth A Blankenship Aug. 10, 2026 S 10,886 0 1 $-97,177
Jose Luis Esparza Jr Aug. 7, 2026 S 4,910 0 1 $-183,618
Jacob Tetlow Feb. 20, 2024 M 7,630 0 0 $0
Theodore N Geisler Feb. 20, 2024 A 12,794 0 0 $0
Adam C Heflin Feb. 20, 2024 M 5,734 0 0 $0
Donna M Easterly Dec. 31, 2023 A 9,694 0 0 $0
Barbara D Lockwood Dec. 6, 2022 S 0 0 0 $0
Maria L Lacal Feb. 22, 2022 A 24,578 0 0 $0
Daniel T Froetscher Feb. 19, 2021 M 12,726 0 0 $0
Robert S Bement Feb. 20, 2020 M 10,268 0 0 $0
John S. Hatfield Feb. 20, 2019 M 2,774 0 0 $0
Mark A. Schiavoni May 29, 2018 S 25,496 0 0 $0
Barbara M Gomez May 16, 2017 S 3,443 0 0 $0
Randall K Edington Feb. 21, 2017 A 28,189 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 132 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
FXU · First Trust Exchange-Traded AlphaDE… 4.27% 369,920 NS April 30, 2026 N-PORT
UTES · ETFis Series Trust I 2.75% 421,769 NS April 30, 2026 N-PORT
ALTL · Pacer Funds Trust 1.35% 12,558 NS April 30, 2026 N-PORT
ZAP · Global X Funds 1.30% 57,156 NS April 30, 2026 N-PORT
FUTY · FIDELITY COVINGTON TRUST 0.77% 183,382 NS April 30, 2026 N-PORT
UPW · ProShares Trust 0.64% 1,245 NS May 31, 2026 N-PORT
HUSV · First Trust Exchange-Traded Fund III 0.64% 4,443 NS April 30, 2026 N-PORT
ESSC · Strategy Shares 0.61% 1,513 NS April 30, 2026 N-PORT
UTSL · Direxion Shares ETF Trust 0.53% 2,222 NS April 30, 2026 N-PORT
FNK · First Trust Exchange-Traded AlphaDE… 0.43% 9,037 NS April 30, 2026 N-PORT
SIXL · EXCHANGE TRADED CONCEPTS TRUST 0.42% 8,015 NS May 31, 2026 N-PORT
JPME · J.P. Morgan Exchange-Traded Fund Tr… 0.39% 16,312 NS April 30, 2026 N-PORT
JPUS · J.P. Morgan Exchange-Traded Fund Tr… 0.38% 16,394 NS April 30, 2026 N-PORT
BKMC · BNY Mellon ETF Trust 0.31% 18,776 NS April 30, 2026 N-PORT
AIPO · Tidal Trust II 0.26% 19,442 NS May 31, 2026 N-PORT
CSM · ProShares Trust 0.25% 13,284 NS May 31, 2026 N-PORT
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.25% 48,360 NS April 30, 2026 N-PORT
SCHM · SCHWAB STRATEGIC TRUST 0.22% 324,007 NS May 31, 2026 N-PORT
JVAL · J.P. Morgan Exchange-Traded Fund Tr… 0.22% 15,395 NS April 30, 2026 N-PORT
FNX · First Trust Exchange-Traded AlphaDE… 0.21% 27,028 NS April 30, 2026 N-PORT
DEUS · DBX ETF Trust 0.21% 5,754 NS May 29, 2026 N-PORT
TRFM · ETF Series Solutions 0.20% 2,943 NS April 30, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.17% 232,024 NS April 30, 2026 N-PORT
FAB · First Trust Exchange-Traded AlphaDE… 0.13% 1,744 NS April 30, 2026 N-PORT
AVMC · AMERICAN CENTURY ETF TRUST 0.12% 4,790 NS May 31, 2026 N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.06% 4,855 NS May 31, 2026 N-PORT
AVUS · AMERICAN CENTURY ETF TRUST 0.04% 53,625 NS May 31, 2026 N-PORT
AVLC · AMERICAN CENTURY ETF TRUST 0.04% 4,981 NS May 31, 2026 N-PORT
SCHV · SCHWAB STRATEGIC TRUST 0.04% 60,710 NS May 31, 2026 N-PORT
EGLE · Global X Funds 0.04% 7 NS April 30, 2026 N-PORT
GVUS · Goldman Sachs ETF Trust 0.03% 1,440 NS May 31, 2026 N-PORT
FNDX · SCHWAB STRATEGIC TRUST 0.03% 88,176 NS May 31, 2026 N-PORT
FNDB · SCHWAB STRATEGIC TRUST 0.03% 4,265 NS May 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.03% 8,802 NS April 30, 2026 N-PORT
SPXT · ProShares Trust 0.03% 801 NS May 31, 2026 N-PORT
TILT · FlexShares Trust 0.03% 5,698 NS April 30, 2026 N-PORT
SPXD · DBX ETF Trust 0.03% 18 NS May 31, 2026 N-PORT
DFAC · Dimensional ETF Trust 0.03% 113,360 NS April 30, 2026 N-PORT
XTR · Global X Funds 0.03% 9 NS April 30, 2026 N-PORT
EBI · RBB Fund Trust 0.03% 1,717 NS May 31, 2026 N-PORT
XYLG · Global X Funds 0.02% 149 NS April 30, 2026 N-PORT
DFAU · Dimensional ETF Trust 0.02% 25,030 NS April 30, 2026 N-PORT
XYLD · Global X Funds 0.02% 6,472 NS April 30, 2026 N-PORT
SPXN · ProShares Trust 0.02% 167 NS May 31, 2026 N-PORT
SPXV · ProShares Trust 0.02% 82 NS May 31, 2026 N-PORT
CATH · Global X Funds 0.02% 2,366 NS April 30, 2026 N-PORT
CHRI · Global X Funds 0.02% 10 NS April 30, 2026 N-PORT
PTLC · Pacer Funds Trust 0.02% 6,202 NS April 30, 2026 N-PORT
XRMI · Global X Funds 0.02% 94 NS April 30, 2026 N-PORT
XCLR · Global X Funds 0.02% 6 NS April 30, 2026 N-PORT