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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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PNW and 9 peers, year by year

The 9 Utilities companies closest to PNW in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
PNW Pinnacle West Capital	FY2025	$5.3B	+4.2%	-	20.0%	11.5%	−15.3%	8.7%	1.50
EVRG Evergy	FY2025	$6.0B	0.0%	-	25.7%	14.4%	−12.6%	8.4%	1.45
AWK American Water Works	FY2025	$5.1B	+10.1%	-	36.6%	21.6%	−20.8%	10.3%	1.46
ATO Atmos Energy	FY2025	$4.7B	+12.9%	-	33.2%	25.5%	−32.2%	8.8%	0.66
NI NiSource	FY2025	$6.5B	+23.5%	-	28.1%	14.3%	−6.4%	9.8%	1.72
LNT Alliant Energy	FY2025	$4.4B	+9.6%	-	23.5%	18.6%	-	11.0%	1.65
AEE Ameren	FY2025	$8.8B	+15.4%	-	23.0%	16.5%	−8.8%	10.9%	1.50
CMS CMS Energy	FY2025	$8.5B	+13.5%	-	20.2%	12.5%	-	11.7%	2.05
PPL PPL Corporation	FY2025	$9.2B	+8.6%	-	23.2%	12.9%	−15.3%	7.9%	1.30
CNP CenterPoint Energy	FY2025	$9.4B	+9.2%	-	22.5%	11.2%	−25.5%	9.4%	1.89

Revenuepeer median $6.5B

Sales growthpeer median +10.1%

Operating marginpeer median 23.5%

Net marginpeer median 14.4%

FCF marginpeer median −15.3%

Return on equitypeer median 9.8%

Debt / equitypeer median 1.50

CMS 2.05
CNP 1.89
NI 1.72
LNT 1.65
PNW 1.50
AEE 1.50
AWK 1.46
EVRG 1.45
PPL 1.30
ATO 0.66

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	$3.5B	$3.6B	$3.7B	$3.5B	$3.6B	$3.8B	$4.3B	$4.7B	$5.1B	$5.3B
EVRG Dec	$2.6B	$2.6B	$4.3B	$5.1B	$4.9B	$5.6B	$5.9B	$5.5B	$5.8B	$6.0B
AWK Dec	$3.3B	$3.4B	$3.4B	$3.6B	$3.8B	$3.9B	$3.8B	$4.2B	$4.7B	$5.1B
ATO Sep	$2.5B	$2.8B	$3.1B	$2.9B	$2.8B	$3.4B	$4.2B	$4.3B	$4.2B	$4.7B
NI Dec	$4.5B	$4.9B	$5.0B	$5.1B	$4.5B	$4.7B	$5.7B	$5.3B	$5.3B	$6.5B
LNT Dec	$3.3B	$3.4B	$3.5B	$3.6B	$3.4B	$3.7B	$4.2B	$4.0B	$4.0B	$4.4B
AEE Dec	$6.1B	$6.2B	$6.3B	$5.9B	$5.8B	$6.4B	$8.0B	$7.5B	$7.6B	$8.8B
CMS Dec	$6.4B	$6.6B	$6.9B	$6.6B	$6.4B	$7.3B	$8.6B	$7.5B	$7.5B	$8.5B
PPL Dec	$7.5B	$7.4B	$7.8B	$5.6B	$5.5B	$8.5B	-	-	-	$9.2B
CNP Dec	$7.5B	$9.6B	$6.3B	$7.6B	$7.4B	$8.4B	$9.3B	$8.7B	$8.6B	$9.4B
Peer median	$4.5B	$4.9B	$5.0B	$5.1B	$4.9B	$5.6B	$5.8B	$5.4B	$5.6B	$6.5B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	+0.1%	+1.9%	+3.5%	−6.0%	+3.3%	+6.0%	+13.7%	+8.6%	+9.1%	+4.2%
EVRG Dec	-	+0.3%	+66.3%	+18.8%	−4.7%	+11.5%	+4.9%	−4.4%	+6.7%	0.0%
AWK Dec	+4.5%	+1.7%	+2.5%	+4.9%	+4.3%	+4.6%	−3.9%	+12.1%	+10.3%	+10.1%
ATO Sep	−16.1%	+12.4%	+12.9%	−6.9%	−2.8%	+20.8%	+23.3%	+1.8%	−2.6%	+12.9%
NI Dec	−3.4%	+7.7%	+5.5%	+1.2%	−11.5%	+5.8%	+21.3%	−6.8%	−1.2%	+23.5%
LNT Dec	+2.0%	+1.9%	+4.5%	+3.2%	−6.4%	+7.4%	+14.6%	−4.2%	−1.1%	+9.6%
AEE Dec	−0.4%	+1.6%	+1.9%	−6.1%	−2.0%	+10.4%	+24.4%	−5.7%	+1.6%	+15.4%
CMS Dec	−0.9%	+2.9%	+4.4%	−1.5%	−2.6%	+13.4%	+17.6%	−12.7%	+0.8%	+13.5%
PPL Dec	−2.0%	−0.9%	+4.5%	−1.0%	−2.0%	+1.9%	-	-	-	+8.6%
CNP Dec	+1.9%	+7.2%	+10.1%	+19.6%	−2.1%	+12.3%	+13.0%	−7.7%	−0.7%	+9.2%
Peer median	−0.6%	+1.9%	+4.5%	+1.2%	−2.6%	+10.4%	+16.1%	−5.1%	+0.1%	+10.1%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	-	-	-	-	-	-	-	-	-	-
EVRG Dec	-	-	-	-	-	-	-	-	-	-
AWK Dec	-	-	-	-	-	-	-	-	-	-
ATO Sep	71.1%	-	-	-	-	-	-	-	-	-
NI Dec	100.0%	100.0%	102.5%	103.1%	-	-	-	-	-	-
LNT Dec	-	-	-	-	-	-	-	-	-	-
AEE Dec	-	-	-	-	-	-	-	-	-	-
CMS Dec	-	-	-	-	-	-	-	-	-	-
PPL Dec	-	-	-	-	-	-	-	-	-	-
CNP Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	23.9%	25.5%	21.0%	19.4%	22.0%	21.2%	16.9%	17.6%	19.7%	20.0%
EVRG Dec	27.4%	26.4%	21.8%	23.0%	23.3%	24.3%	21.6%	23.3%	25.1%	25.7%
AWK Dec	32.9%	37.3%	32.0%	33.6%	33.0%	30.4%	33.6%	35.5%	36.7%	36.6%
ATO Sep	26.8%	26.7%	23.4%	25.7%	29.2%	26.6%	21.9%	25.0%	32.5%	33.2%
NI Dec	19.3%	18.9%	2.5%	17.6%	12.3%	21.3%	22.1%	24.2%	27.6%	28.1%
LNT Dec	16.7%	19.8%	19.6%	21.3%	21.7%	21.7%	22.1%	23.4%	22.3%	23.5%
AEE Dec	21.8%	22.8%	21.6%	21.4%	22.4%	20.8%	19.0%	20.8%	19.9%	23.0%
CMS Dec	19.6%	20.3%	16.9%	16.8%	19.2%	15.6%	14.2%	16.6%	19.8%	20.2%
PPL Dec	39.1%	39.0%	36.6%	27.2%	29.0%	20.6%	-	-	-	23.2%
CNP Dec	13.6%	11.8%	13.8%	14.2%	14.0%	16.3%	16.8%	20.2%	23.0%	22.5%
Peer median	21.8%	22.8%	21.6%	21.4%	22.4%	21.3%	21.8%	23.3%	24.1%	23.5%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	12.6%	13.7%	13.8%	15.5%	15.3%	16.3%	11.2%	10.7%	11.9%	11.5%
EVRG Dec	13.5%	12.6%	12.5%	13.0%	12.6%	15.7%	12.8%	13.3%	14.9%	14.4%
AWK Dec	14.2%	12.7%	16.5%	17.2%	18.8%	32.1%	21.6%	22.3%	22.4%	21.6%
ATO Sep	14.3%	14.4%	19.4%	17.6%	21.3%	19.5%	18.4%	20.7%	25.0%	25.5%
NI Dec	7.4%	2.6%	−1.0%	7.6%	−0.4%	12.4%	14.0%	13.4%	14.4%	14.3%
LNT Dec	11.5%	13.8%	14.8%	15.5%	18.3%	18.4%	16.3%	17.5%	17.3%	18.6%
AEE Dec	10.7%	8.5%	13.0%	14.0%	15.0%	15.5%	13.5%	15.4%	15.5%	16.5%
CMS Dec	8.6%	7.0%	9.6%	10.3%	11.8%	18.5%	9.7%	11.9%	13.3%	12.5%
PPL Dec	25.3%	15.1%	23.5%	31.2%	26.8%	10.5%	-	-	-	12.9%
CNP Dec	5.7%	18.6%	5.9%	10.5%	−10.4%	17.8%	11.3%	10.5%	11.8%	11.2%
Peer median	11.5%	12.7%	13.0%	14.0%	15.0%	17.8%	13.8%	14.4%	15.2%	14.4%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	−$252.1M	−$290.7M	$99.0M	−$234.7M	−$360.2M	−$613.5M	−$466.0M	−$638.7M	−$639.4M	−$819.5M
EVRG Dec	−$283.2M	$148.1M	$428.1M	$538.9M	$193.5M	−$620.8M	−$364.6M	−$353.8M	−$352.9M	−$751.7M
AWK Dec	−$22.0M	$15.0M	−$200.0M	−$271.0M	−$396.0M	−$323.0M	−$1.2B	−$701.0M	−$811.0M	−$1.1B
ATO Sep	−$292.0M	−$270.0M	−$342.9M	−$724.7M	−$897.7M	−$3.1B	−$1.5B	$653.8M	−$1.2B	−$1.5B
NI Dec	−$671.9M	−$953.6M	−$1.3B	−$219.1M	−$654.1M	−$620.1M	−$793.7M	−$710.7M	−$832.5M	−$420.0M
LNT Dec	−$804.0M	−$945.3M	−$1.1B	−$980.0M	−$865.0M	−$587.0M	−$998.0M	-	-	-
AEE Dec	$41.0M	−$14.0M	−$116.0M	−$241.0M	−$1.5B	−$1.8B	−$1.1B	−$1.0B	−$1.6B	−$775.0M
CMS Dec	−$43.0M	$40.0M	−$371.0M	−$307.0M	−$1.0B	−$257.0M	−$1.5B	-	-	-
PPL Dec	−$30.0M	−$672.0M	−$417.0M	$184.0M	$476.0M	−$465.0M	-	-	-	−$1.4B
CNP Dec	$509.0M	−$9.0M	$485.0M	−$868.0M	−$601.0M	−$3.1B	−$2.6B	−$524.0M	−$2.4B	−$2.4B
Peer median	−$43.0M	−$14.0M	−$342.9M	−$271.0M	−$654.1M	−$620.1M	−$1.1B	−$612.5M	−$1.0B	−$1.1B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	−7.2%	−8.2%	2.7%	−6.8%	−10.0%	−16.1%	−10.8%	−13.6%	−12.5%	−15.3%
EVRG Dec	−11.1%	5.8%	10.0%	10.5%	3.9%	−11.1%	−6.2%	−6.4%	−6.0%	−12.6%
AWK Dec	−0.7%	0.4%	−5.8%	−7.5%	−10.5%	−8.2%	−31.4%	−16.6%	−17.3%	−20.8%
ATO Sep	−11.9%	−9.8%	−11.0%	−25.0%	−31.8%	−89.6%	−34.9%	15.3%	−28.9%	−32.2%
NI Dec	−15.0%	−19.6%	−25.6%	−4.3%	−14.6%	−13.1%	−13.8%	−13.3%	−15.8%	−6.4%
LNT Dec	−24.2%	−27.9%	−31.3%	−26.9%	−25.3%	−16.0%	−23.7%	-	-	-
AEE Dec	0.7%	−0.2%	−1.8%	−4.1%	−26.0%	−28.4%	−13.7%	−13.8%	−20.4%	−8.8%
CMS Dec	−0.7%	0.6%	−5.4%	−4.6%	−16.1%	−3.5%	−17.7%	-	-	-
PPL Dec	−0.4%	−9.0%	−5.4%	3.3%	8.7%	−5.5%	-	-	-	−15.3%
CNP Dec	6.8%	−0.1%	7.7%	−11.5%	−8.1%	−37.6%	−28.0%	−6.0%	−27.5%	−25.5%
Peer median	−0.7%	−0.2%	−5.4%	−4.6%	−14.6%	−13.1%	−20.7%	−9.9%	−18.9%	−15.3%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	9.2%	9.8%	9.8%	9.9%	9.8%	10.5%	8.0%	8.1%	9.0%	8.7%
EVRG Dec	9.0%	8.3%	5.3%	7.8%	7.1%	9.5%	7.9%	7.6%	8.8%	8.4%
AWK Dec	9.0%	7.9%	9.7%	10.1%	11.0%	17.3%	10.7%	9.6%	10.2%	10.3%
ATO Sep	10.1%	10.2%	12.6%	8.9%	8.9%	8.4%	8.2%	8.1%	8.6%	8.8%
NI Dec	8.1%	3.0%	−0.9%	6.4%	−0.3%	8.4%	10.6%	8.6%	8.8%	9.8%
LNT Dec	9.4%	11.2%	11.4%	10.9%	11.0%	11.3%	10.9%	10.4%	9.9%	11.0%
AEE Dec	9.2%	7.3%	10.7%	10.3%	9.7%	10.2%	10.2%	10.2%	9.8%	10.9%
CMS Dec	13.0%	10.4%	13.8%	13.6%	13.7%	20.4%	11.9%	11.8%	12.2%	11.7%
PPL Dec	19.2%	10.5%	15.7%	13.4%	11.0%	6.3%	-	-	-	7.9%
CNP Dec	12.5%	38.2%	4.6%	9.5%	−9.3%	15.8%	10.5%	9.5%	9.6%	9.4%
Peer median	9.4%	10.2%	10.7%	10.1%	9.7%	10.2%	10.6%	9.6%	9.7%	9.8%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	0.87	0.98	0.90	0.91	1.15	1.22	1.34	1.46	1.40	1.50
EVRG Dec	-	0.94	0.73	1.05	1.10	1.05	1.09	1.33	1.37	1.45
AWK Dec	1.37	1.43	1.47	1.54	1.69	1.50	1.61	1.26	1.36	1.46
ATO Sep	0.94	0.90	0.76	0.69	0.67	0.93	0.86	0.63	0.64	0.66
NI Dec	1.87	2.01	1.41	1.41	1.69	1.41	1.32	1.47	1.61	1.72
LNT Dec	1.12	1.24	1.30	1.25	1.26	1.32	1.39	1.40	1.49	1.65
AEE Dec	1.11	1.18	1.19	1.23	1.31	1.42	1.45	1.47	1.56	1.50
CMS Dec	2.24	2.30	2.44	2.60	2.24	1.87	2.03	2.05	1.99	2.05
PPL Dec	1.94	1.98	1.89	1.77	1.19	1.19	-	-	-	1.30
CNP Dec	2.48	1.76	1.08	1.70	1.38	1.65	1.53	1.82	1.96	1.89
Peer median	1.62	1.43	1.30	1.41	1.31	1.41	1.42	1.43	1.52	1.50

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
PNW Dec	$3.95	$4.35	$4.54	$4.77	$4.87	$5.47	$4.26	$4.41	$5.24	$5.05
EVRG Dec	$2.43	$2.27	$2.50	$2.79	$2.72	$3.83	$3.27	$3.17	$3.79	$3.66
AWK Dec	$2.62	$2.38	$3.15	$3.43	$3.91	$6.95	$4.51	$4.90	$5.39	$5.69
ATO Sep	$3.38	$3.73	$5.43	$4.35	$4.89	$5.12	$5.60	$6.10	$6.83	$7.46
NI Dec	$1.02	$0.39	−$0.18	$0.87	−$0.19	$1.27	$1.70	$1.48	$1.62	$1.95
LNT Dec	$1.64	$1.99	$2.19	$2.33	$2.47	$2.63	$2.73	$2.78	$2.69	$3.14
AEE Dec	$2.68	$2.14	$3.32	$3.35	$3.50	$3.84	$4.14	$4.38	$4.42	$5.35
CMS Dec	$1.98	$1.64	$2.32	$2.39	$2.64	$4.66	$2.85	$3.01	$3.33	$3.53
PPL Dec	$2.79	$1.64	$2.58	$2.37	$1.91	$1.20	-	-	-	$1.59
CNP Dec	$1.00	$4.13	$0.74	$1.33	−$1.79	$2.28	$1.59	$1.37	$1.58	$1.60
Peer median	$2.43	$2.14	$2.50	$2.39	$2.64	$3.83	$3.06	$3.09	$3.56	$3.53

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out PNW and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

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.