Pinnacle West Capital (PNW) FY2025 10-K Annual Report
Pinnacle West Capital (PNW) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Pinnacle West Capital FY2025 10-K Analysis
Business Overview
- • Arizona regulated electric utility holding company; ~$30B assets; APS serves ~1.4M customers across 11 of 15 Arizona counties
- • Cholla coal plant ceased operations March 2025, formally retired April 30, 2025; 2025 Rate Case filed seeking recovery of ongoing Cholla environmental remediation costs
Management Discussion & Analysis
- • Revenue $5,340M in 2025 vs $5,125M in 2024, up $215M YoY; retail revenues 95% of total
- • Net income $617M vs $609M, up $8M; operating margin data not explicitly stated in text
Risk Factors
- • ACC/FERC dual regulatory exposure: ACC can reopen and modify final orders; FERC penalties up to ~$1.2M per day per violation under Energy Policy Act of 2005
- • Trump administration tariffs and 2025 U.S. Supreme Court ruling on IEEPA tariff validity creating cost uncertainty; supply chain delays compounding equipment procurement risks
Pinnacle West Capital FY2025 Key Financial MetricsXBRL
Revenue
$5.3B
▲ +4.2% YoY
Net Income
$617M
▲ +1.3% YoY
Operating Margin
20.0%
▲ +25bp YoY
Net Margin
11.5%
▼ -33bp YoY
ROE
8.7%
▼ -26bp YoY
Total Assets
$30.0B
▲ +15.1% YoY
EPS (Diluted)
$5.05
▼ -3.6% YoY
Operating Cash Flow
$1.8B
▲ +12.1% YoY
Source: XBRL data from Pinnacle West Capital FY2025 10-K filing on SEC EDGAR. All figures in USD.
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