PNWPinnacle West Capital
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
The biggest changes in the 10-K filed 2026-02-25, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
+12.1% Big change FY to 2025-12-31 vs 2024-12-31“Pinnacle West’s consolidated net cash provided by operating activities was $1,805 million in 2025 compared to $1,610 million in 2024, an increase of $195 million in net cash provided, primarily due to $238 million higher cash receipts from electric revenues, $111 million in lower income taxes paid and $60 million lower payments for operations and maintenance costs; partially offset by $162 million higher payments for fuel and purchased power costs, $29 million in higher interest paid on debt and $23 million of changes in working capital.”
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“The difference between APS’s and Pinnacle West’s net cash provided by operating activities primarily relates to APS’s lower payments for other taxes and other changes in working capital.”
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Revenue
+4.2% FY to 2025-12-31 vs 2024-12-31“The requested net increase addresses a total base revenue deficiency of $662.4 million, offset by proposed adjustor transfers of cost recovery to base rates.”
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“Higher retail revenues due to changes in usage patterns, customer growth and related pricing, partially offset by the impacts of energy efficiency $ 155 $ 60 $ 95”
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Operating margin
19.7% → 20.0% (+0.2 pts) FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Net income
+1.3% FY to 2025-12-31 vs 2024-12-31“Other income and expense, net was $5 million higher for the year ended December 31, 2025 compared to the prior-year period, primarily due to investment gains in El Dorado, partially offset by the gain on the sale of BCE recognized during the first quarter of 2024, lower PSA interest income and higher corporate giving expense.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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