Pinnacle West Capital Corporation
PNWFinancial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$1.1B
Q1 2026 · +1% YoY
Financial Snapshot
ticker: PNW step: 04 generated: 2026-05-13 source: quick-research
Pinnacle West Capital Corporation (PNW) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $4.32B | $4.70B | $5.13B | +9.1% |
| Operating Margin | ~16% | ~16% | ~18% | +2pp |
| Net Income | $484M | $502M | $609M | +21.3% |
| EPS (diluted) | $4.26 | $4.41 | $5.24 | +18.8% |
FY2025: TTM revenue ~$5.31B; guidance raised to $4.90–$5.10 adj. EPS (note: lower than FY2024 GAAP due to non-recurring items)
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$1.1B |
| Free Cash Flow | -$575M (heavy capex cycle) |
| Capital Expenditures | ~$1.7B |
| Cash & Equivalents | ~$200M |
| Total Debt | ~$7.5B |
Note: Negative FCF is standard during high-capex rate base build; funded via debt and equity issuances.
Key Ratios (approximate)
- P/E: ~17x (adj.) | EV/EBITDA: ~11x | Dividend Yield: ~4.0%
- Revenue Growth (FY2024): +9.1% | Customer Growth: ~2.4% annually
Growth Profile
Revenue has grown ~9% annually from 2022–2024, driven by Arizona customer growth, rate base expansion, and favorable rate case outcomes. FY2024 EPS of $5.24 significantly beat the prior year on higher revenue and improved operational efficiency. The 2025 APS rate case filing (seeking $694M in additional revenue) is the key near-term earnings catalyst. Long-term load growth guidance raised to 5–7% annually through 2030 on AI/data center demand.
Forward Estimates
- FY2025 adj. EPS guidance: $4.90–$5.10 (raised from initial range after strong Q3 2025)
- FY2026 sales growth: 4–6% weather-normalized
- Long-term sales growth: 5–7% through 2030 (data center + population)
- Capital program 2025–2028: $10.35B (APS); $6B+ transmission through 2035
- 2025 rate case revenue ask: $694M total / $611M net increase
- Interconnection backlog: ~20 GW uncommitted load requests
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $PNW.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/PNW/fundamental$1.00 · Bearer token required