Short answer
Pinnacle West Capital (PNW) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $5.1B (+9.1% year over year) and net income of $609M.
- Top risk flagged: Regulatory/legal: APS wildfire deferral request with Arizona Corporation Commission on August 14, 2024, for wildfire management O&M expenses and insurance cost recovery
FY2024 key financial metrics · XBRL
- Revenue
- $5.1B
- +9.1% YoY
- Net income
- $609M
- +21.4% YoY
- Operating margin
- 19.7%
- +2.2 pp YoY
- EPS (diluted)
- $5.24
- +18.8% YoY
- ROE
- 9.0%
- +0.9 pp YoY
- Operating cash flow
- $1.6B
- +33.3% YoY
Source: XBRL data from the Pinnacle West Capital (PNW) FY2024 10-K on SEC EDGAR. USD.
Pinnacle West Capital FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: regulated electric utility providing electricity through Arizona Public Service (APS)
- Leadership change effective April 1, 2025, with Theodore N. Geisler replacing Jeffrey B. Guldner as CEO and Chairman of Pinnacle West and APS
- Pinnacle West’s common stock traded on NYSE (symbol PNW) with approximately 13,686 shareholders as of February 20, 2025
- Stock performance rebound in 2024 with share price reaching $117, up from $95 in 2023, partially closing gap with Edison Electric Index ($127)
Management Discussion & Analysis
- Revenue details and YoY change not explicitly disclosed in text
- No segment revenue or performance figures detailed for best or worst performing segments
- Cash flow dependent on APS earnings and distributions; APS must maintain minimum 40% common equity ratio per ACC order
- Forward risks: pension and healthcare cost recovery uncertainties, derivative market risks, regulatory/legislative changes, insurance coverage adequacy, economic factors including tariffs and inflation
Risk Factors
- Regulatory/legal: APS wildfire deferral request with Arizona Corporation Commission on August 14, 2024, for wildfire management O&M expenses and insurance cost recovery
- Geopolitical/macroeconomic: Inflation impact managing 1.6% Phoenix and 2.9% national inflation in 2024 with tariffs escalating costs and supply chain constraints
- Operational/supply chain: Supply chain issues delaying 7,300 MW new resources from 2026-2028 and 2,000 MW resources solicited in 2024 ASRFP, risking project timing
- Competitive/market disruption: Participation in Southwest Power Pool’s Markets+ tariff approved January 16, 2025, competing in day-ahead and real-time markets against other utilities
- Financial/structural: Concentrated revenue risk from reliance on APS subsidiary serving 1.4 million customers across 11 Arizona counties, exposing Pinnacle West to regional economic shifts
Generated from the filing text; verify against the original. How to read a 10-K
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