Pinnacle West Capital PNW
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
PNW among Utilities peers
Six ratios from the latest 10-K. Each corner is the share of 30 peers the company is above, not a score.
What changed
4 new risk paragraphs. 10-K filed Feb 25, 2026 against Feb 25, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
8 checks on the latest 10-K. Checks, not verdicts.
0facts worth reading about all 8 checks found nothing to note
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Cash from operations $1.8B vs net income $631.6M (FY ending Dec 31, 2025)
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Same auditor in both 10-Ks: Deloitte & Touche LLP
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No statement of substantial doubt about going concern
5 more checks with nothing to note
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
4 paragraphs in Risk Factors that were not in the 10-K filed Feb 25, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
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.
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Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
Recent industry trends and projections of load growth reflect significant demand from data centers to support AI as well as onshoring of manufacturing, such as advanced semiconductor manufacturing. These data centers and large manufacturers may locate their operations within service territories other than our own. If they do choose to…
New risk paragraphs, against peers
Latest 10-K of each, Utilities companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $4.3B | $4.7B | $5.1B | $5.3B |
| Net income | $483.6M | $501.6M | $608.8M | $616.5M |
| Operating cash flow | $1.2B | $1.2B | $1.6B | $1.8B |
| Free cash flow | −$466.0M | −$638.7M | −$639.4M | −$819.5M |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$5.3B ▲ 4.2% in FY2025$616.5M ▲ 1.3% in FY2025−$819.5M in FY2025
Recent filings
3 filings in the last 30 days · SEC EDGAR
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8-KNov 6, 2026Regulation FD disclosure 8-K item 7.01
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8-KNov 3, 2026Quarterly results, Regulation FD disclosure 8-K items 2.02, 7.01
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10-QNov 3, 2026Quarterly report (10-Q) period ended Sep 30, 2026
About the company
Pinnacle West Capital, Phoenix, AZ · from the 10-K filed Feb 25, 2026
Pinnacle West is an investor-owned electric utility holding company based in Phoenix, Arizona with consolidated assets of approximately $30 billion. We derive essentially all of our revenues and earnings from our principal subsidiary, APS. Since 1886, APS and its affiliates have provided energy and energy-related products to people and businesses throughout Arizona. APS is Arizona’s largest and longest-serving electric company and generates safe, affordable electricity in 11 of Arizona’s 15 counties. Our other active subsidiaries are El Dorado and PNW Power.
- Headquarters
- Phoenix, AZ
- Country
- United States
- Reports in
- USD
- Listed on
- NYSE
- Fiscal year ends
- December 31
- Last results
- Nov 3, 2026
- Incorporated in
- AZ
Email alerts
Sources
The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 25, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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