# Pinnacle West Capital Corporation (PNW) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PNW/thesis · /stocks/PNW/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PNW/fundamental

## Navigation

- Overview: /stocks/PNW
- Financials (this page): /stocks/PNW/financials
- Thesis: /stocks/PNW/thesis
- Investment Memo: /stocks/PNW/memo
- Coverage universe: /stocks