What the 10-K filed 2026-02-25 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-25.
Big customers
Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).
No specific sentence about this in the 10-K.
Key suppliers
1 newParts or manufacturing that depend on one or a few suppliers.
New “The development and operation of these facilities is subject to other risks, including those related to financing, siting, permitting, new and evolving technology, extreme weather events, workforce issues, cybersecurity attacks, supply chain constraints for key equipment and critical spare parts, overreliance on or the existence of a small number of suppliers, access to fuel, and the construction of sufficient transmission capacity to support these facilities among others.”
Read it in the 10-K ↗
Lawsuits and legal claims
4 newPending cases, settlements and what the company has set aside for them.
“subsequently filed an appeal to the Arizona Court of Appeals seeking review of the ACC’s decisions regarding the GAC and on rehearing.”
Read it in the 10-K ↗
New “On March 28, 2025, the Residential Utility Consumer Office (“RUCO”), the Arizona Large Customer Group (“ALCG”), and an individual customer filed a lawsuit challenging the ACC’s authority to issue the formula rate policy statement outside of Arizona’s formula rulemaking process.”
Read it in the 10-K ↗
New “Following the dismissal, the plaintiffs filed an appeal with the Arizona Court of Appeals as well as a Petition for Special Action with the Arizona Supreme Court.”
Read it in the 10-K ↗
New “The plaintiffs also filed a Petition for Special Action with the Arizona Court of Appeals, which has accepted jurisdiction to determine whether the case should be remanded back to the Superior Court for expedited consideration of the merits.”
Read it in the 10-K ↗
New “In response, APS, the ACC, and several other Arizona utility companies filed petitions for review of the Court of Appeals decision with the Arizona Supreme Court, which is pending at this time.”
Read it in the 10-K ↗
Guarantees and indemnities
Promises to pay someone else's debts or losses if they cannot.
“As of December 31, 2025, standby letters of credit totaled approximately $30.4 million and will expire through 2026, and surety bonds totaled approximately $23.3 million and will expire through 2028.”
Read it in the 10-K ↗
“Generally, a maximum obligation is not explicitly stated in the indemnification provisions and, therefore, the overall maximum amount of the obligation under such indemnification provisions cannot be reasonably estimated.”
Read it in the 10-K ↗
“A maximum obligation is not explicitly stated in the guarantee and, therefore, the overall maximum amount of the obligation under such guarantee cannot be reasonably estimated; however, we consider the fair value of this guarantee, including expected credit losses, to be immaterial.”
Read it in the 10-K ↗
“As of December 31, 2025, there is approximately $26.3 million remaining relating to these PTC Guarantees that are expected to terminate by 2031.”
Read it in the 10-K ↗
“Maximum obligations are not explicitly stated in the guarantees and cannot be reasonably estimated.”
Read it in the 10-K ↗
Debt covenants
1 newConditions in loan agreements that, if broken, can make debt due early.
“Pinnacle West’s and APS’s debt covenants related to their respective bank financing arrangements include maximum debt to capitalization ratios.”
Read it in the 10-K ↗
“Pinnacle West and APS comply with these covenants.”
Read it in the 10-K ↗
“For both Pinnacle West and APS, these covenants require that the ratio of consolidated debt to total consolidated capitalization not exceed 65%.”
Read it in the 10-K ↗
New “Failure to comply with such covenant levels would result in an event”
Read it in the 10-K ↗
“Failure to comply with such covenant levels would result in an event of default, which, generally speaking, would require the immediate repayment of the debt subject to the covenants and could cross-default other debt.”
Read it in the 10-K ↗
Commitments off the balance sheet
1 newContracts the company must pay for later: purchase obligations, take-or-pay deals.
New “In January 2026, certain purchased power lease contracts were modified resulting in an additional $694 million of purchase obligations, primarily relating to periods after 2030.”
Read it in the 10-K ↗
“(a)Total take-or-pay commitments are approximately $1.3 billion.”
Read it in the 10-K ↗
Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗
Work on PNW in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/PNW/export.csv") into a cell.