PNW

MKT CAP:$12B

Pinnacle West Capital Corporation

Market Cap

$12B

Utilities·Regulated Electric·🇺🇸 United States·NYSE

Utilities·Regulated Electric·🇺🇸·NYSE

Stock Price

$103.45+$15.31 (+17.37%)

Apr 23, 2026

Company Details

Pinnacle West Capital Corporation, through its subsidiary, Arizona Public Service Company, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribut...

CEO

Theodore N. Geisler

IPO Date

Aug 28, 1961

Website

www.pinnaclewest.com

Key Metrics TTM

Revenue

$5.6B

— YoY

Net Income

$825M

EPS (Diluted)

$6.85

Free Cash Flow

-$943M

Revenue / Share

$46.05

Gross Margin

37.5%

Operating Margin

25.2%

Net Margin

14.7%

FCF Margin

-16.8%

P/S

2.2x

P/E

15.0x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 25, 2026

$5.3BEPS $5.05

Q4 2025

Feb 25, 2026

$1.1BEPS $0.12

Q3 2025

Nov 3, 2025

$1.8BEPS $3.39

Q2 2025

Aug 6, 2025

$1.4B+3.8%EPS $1.58

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 24	$952M	$336M	$67M
Q2 24	$1.3B	$600M	$314M
Q2 25	$1.4B	$595M	$308M
Q3 25	$1.8B	$708M	$649M
Q4 25	$1.1B	$206M	$145M

Valuation

Quarter	P/S	P/E
Q1 24	—	—
Q2 24	—	—
Q2 25	—	—
Q3 25	1.9x	12.7x
Q4 25	1.9x	12.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 24	$347M	-$170M
Q2 24	$190M	-$344M
Q2 25	$261M	-$448M
Q3 25	$665M	$42M
Q4 25	$477M	-$193M

Capital Expenditures

Quarter	CapEx
Q1 24	$518M
Q2 24	$534M
Q2 25	$710M
Q3 25	$623M
Q4 25	$670M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 25	+18.5%	+11.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 24	$6M	0.6%
Q2 24	$5M	0.4%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$14M	$0	$14M
Q2 22	$29M	$0	$29M
Q3 22	$7M	$0	$7M
Q4 22	$5M	$0	$5M
Q1 23	$7M	$0	$7M
Q2 23	$8M	$0	$8M
Q3 23	$15M	$0	$15M
Q4 23	$5M	$0	$5M
Q1 24	$10M	$0	$10M
Q2 24	$4M	$0	$4M
Q3 24	$49M	$0	$49M
Q4 24	$4M	$0	$4M
Q1 25	$10M	$0	$10M
Q2 25	$19M	$0	$19M
Q3 25	$31M	$0	$31M
Q4 25	$7M	$3M	$10M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 24	114M	—	—
Q2 24	116M	+1.4%	—
Q2 25	122M	+5.2%	—
Q3 25	122M	+0.1%	—
Q4 25	122M	+0.0%	+6.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 24	$432.6K	2K
Q2 24	$595.0K	2K
Q2 25	$590.8K	2K
Q3 25	$791.6K	2K
Q4 25	$470.1K	2K

Revenue / Employee