PNWPinnacle West Capital

Utilities · Electric Utilities · NYSE

Pinnacle West is an investor-owned electric utility holding company based in Phoenix, Arizona with consolidated assets of approximately $30 billion. 10-K, Item 1

Headquarters: Phoenix, AZ
Next results: around Feb 24, 2027

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RevenueFY2016–25 $5.3B+4.2% Highest in 10 years 10-K FY2025 · XBRL Net incomeFY2016–25 $616.5M+1.3% FY2024: $608.8M 10-K FY2025 · XBRL Free cash flowFY2016–25 −$819.5M FY2024: −$639.4M 10-K FY2025 · XBRL Operating marginFY2016–25 20.0%+0.2 pts 23.9% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 25, 2026 against Feb 25, 2025

Area	What changed	Source
Risk factors	4 new paragraphs, nothing like them in the previous 10-K	10-K Item 1A
Accounting checks	8 other checks clear	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	3 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 25, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-25. Quoted as filed.

See “Business of Arizona Public Service Company — Environmental Matters” in Part I, Item 1 as well as Note 14 for examples of environmental laws and regulations and matters that could affect APS’s financial condition, results of operations and cash flows.
10-K, Item 1A

All 4 new paragraphs →

Accounting checks

latest 10-K

8 of 8 clear 0 worth a look. Checks, not verdicts.

✓
Cash from operations $1.8B vs net income $631.6M (FY ending 2025-12-31)
✓
Same auditor in both 10-Ks: Deloitte & Touche LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 6, 20268-K Regulation FD disclosure 8-K item 7.01
Nov 3, 20268-K Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
Nov 3, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

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