- \n
- Customer growth, summer heat drive increase in sales and usage<\/i><\/li>\n
- Operating performance, customer reliability remain strong<\/i><\/li>\n
- Company expands support for community and utility bill assistance programs<\/i><\/li>\n<\/ul>\n
PHOENIX–(BUSINESS WIRE<\/a>)–Pinnacle West Capital Corp.<\/a> (NYSE: PNW) today reported consolidated net income attributable to common shareholders for the 2025 third quarter of $413.2 million, or $3.39 per diluted share of common stock. This result compares with consolidated net income of $395.0 million, or $3.37 per share of common stock, for the same period a year ago. However, through the first three quarters of the current year, the company\u2019s earnings were 2.4% lower than in the first nine months of 2024.<\/p>\n
\nThe 2025 third-quarter results reflect an increase of about $18 million compared to the 2024 third quarter, primarily as a result of increased customer usage, customer growth and related pricing; higher transmission service revenues; lower operations and maintenance expenses; higher AFUDC; lower depreciation and amortization expenses mostly due to operations ceasing at Cholla, partially offset by increased plant additions and intangible assets. These positive factors were partially offset by the unfavorable impacts of weather effects versus the same period a year ago; higher interest charges; lower pension and other post-retirement non-service credits; higher income taxes due to higher pre-tax income and lower tax credits.<\/p>\n
\n\u201cDriven by one of the fastest-growing service territories in the country and the third-hottest Arizona summer on record, we experienced an increase in retail sales that helped contribute to solid third-quarter financial results,\u201d said Pinnacle West Chairman, President and Chief Executive Officer Ted Geisler<\/a>. \u201cIn addition, our employees continued to do what they do best: maintaining reliable electric service for our 1.4 million customers. Our diverse generation fleet \u2013 including critical baseload generating plants like Palo Verde and Four Corners \u2013 performed well, ensuring we met our customers\u2019 energy needs.\u201d<\/p>\n
Providing Reliable Power Amid Record Growth and Demand<\/b><\/p>\n
\nIn addition to robust customer growth of 2.4% and weather-normalized sales growth of 5.4% (largely boosted by residential sales growth of 4.3%) during the quarter, weather variations also spurred an increase in customers\u2019 energy consumption. While the average high and low temperatures were lower during the 2025 third quarter compared to last year\u2019s record-setting third quarter, both periods recorded temperatures well over historical averages. As a result, the number of residential cooling degree-days (a utility\u2019s measure of the effects of weather) in this year\u2019s third quarter was 9.1% higher than historical 10-year averages.<\/p>\n
\nOn August 7, Arizona Public Service (APS) customers set an all-time record peak demand of 8,631 megawatts (MW), the third time this summer that demand surpassed the previous record set in 2024. These milestones mark the third consecutive year of record-breaking summer demand and underscore the strength of APS\u2019s careful, long-term planning for adequate resources, combined with equipment maintenance programs and innovative customer demand side programs.<\/p>\n
\nArizona\u2019s rapid population and economic growth further reinforce the importance of APS\u2019s reliability and resiliency efforts. According to the U.S. Census Bureau<\/a>, annual population gains in Maricopa County (home of the Phoenix metropolitan area) are among the highest in the United States since 2016.<\/p>\n
\nArizona\u2019s business climate is equally strong. Site Selection Magazine<\/i> recently named Maricopa County the top U.S. region for economic development,<\/a> fueled in part by Phoenix\u2019s tech momentum and advanced manufacturing boom. And, according to CBRE\u2019s 2025 Scoring Tech Talent Report<\/a>, Phoenix is now among the top 20 tech markets in North America.<\/p>\n
Planning Ahead for Arizona\u2019s Energy Future<\/b><\/p>\n
\nAs more people and businesses choose to move to Arizona, Geisler said the company remains focused on delivering safe, reliable and resilient energy to power the state\u2019s future \u2013 supporting customers, communities and the economy, alike.<\/p>\n
\nAPS intends to invest more than $2.5 billion annually through 2028 for infrastructure additions and upgrades. In addition to already planned distribution and transmission improvements, last week APS announced plans for a proposed natural gas power plant site, that would be built near Gila Bend, Ariz., capable of adding up to 2,000 MW of reliable and flexible generation to APS\u2019s system.<\/p>\n
\nThe Desert Sun Power Plant would support increasing energy needs from existing customers, as well as addressing unprecedented requests from extra-large energy users, such as data centers and manufacturers. The plant is expected to be completed in two phases.<\/p>\n
\nPhase One (expected to enter service by late-2030) would support existing customers, plus new residential and business customers outside of the extra-large segment. Phase Two is earmarked for new, extra-large energy users and would be paid for by those customers through APS\u2019s proposed subscription model, part of the company\u2019s \u201cgrowth pays for growth\u201d strategy. This approach helps ensure that extra-large energy users pay for infrastructure they need without compromising reliability and affordability for the families and businesses that also count on APS for energy.<\/p>\n
\n\u201cNatural gas plays a vital role in providing around-the-clock reliability, especially during peak hours when solar and wind resources are unavailable,\u201d said Geisler. \u201cIt is a critical component in our portfolio of diverse energy resources that ensures our customers have the reliable energy they need to live comfortably and do business in Arizona, while also keeping customer bills as low as possible.\u201d<\/p>\n
Focus on Community Resilience and Financial Support<\/b><\/p>\n
\nWhile APS\u2019s infrastructure investments help ensure the grid will meet Arizona\u2019s growing energy needs, Geisler added that the company\u2019s commitment goes beyond reliability.<\/p>\n
\n\u201cWhile summer has ended and temperatures have begun to cool off, some of our customers continue to face economic hardships that make it a challenge to pay their bills or make repairs to vital heating and cooling equipment,\u201d he said. \u201cAs a result, we are partnering with community nonprofits that can provide much-needed assistance directly to our customers who need it most.\u201d<\/p>\n
\nAPS is expanding community support efforts<\/a> this year by granting an additional $3 million in shareholder funds to nonprofit organizations that provide utility bill assistance, air conditioner repair and replacement and housing support across Arizona. \u201cAltogether, since 2021, our company has provided $6.1 million to support heat relief efforts in Arizona, inclusive of this contribution and previously pledged $2.5 million for crisis bill assistance<\/a> this year alone,\u201d Geisler added.<\/p>\n
\nThese efforts are part of a broader, ongoing collaboration between APS and groups like St. Vincent de Paul, AllThrive 365, Chicanos Por La Causa, the American Red Cross, Maricopa County Human Services and Wildfire to help Arizonans in need.<\/p>\n
\nAPS also remains committed to providing cost-effective demand-side management, energy efficiency and renewable energyprograms that help customers manage their energy use and reduce their impact on the grid. These initiatives \u2013 which help reduce overall energy demand and support clean energy development \u2013 remain at the heart of APS\u2019s growth strategy.<\/p>\n
\n\u201cAs we look ahead, our employees remain focused on powering Arizona\u2019s future with infrastructure that\u2019s built to withstand challenges, adapt to growth and support the evolving needs of our customers and communities,\u201d Geisler stated. \u201cBy investing in both infrastructure and community partnerships, APS is helping power Arizona now and into the future.\u201d<\/p>\n
Financial Outlook<\/b><\/p>\n
\nGiven the positive customer and sales growth and impact of weather and through the first three quarters of the year \u2013 partially offset by higher than previously forecasted operations and maintenance expenses \u2013 the company is adjusting its 2025 consolidated earnings guidance upward to a range of $4.90 to $5.10 per diluted share.<\/p>\n
\nLooking forward, the Company estimates its 2026 consolidated earnings will be within a range of $4.55 to $4.75 per diluted share on a weather-normalized basis.<\/p>\n
\nKey factors and assumptions underlying the 2025 and 2026 outlook can be found in the third-quarter 2025 earnings presentation slides at pinnaclewest.com\/investors<\/a>.<\/p>\n
Conference Call and Webcast<\/b><\/p>\n
\nPinnacle West invites interested parties to listen to the live webcast of management\u2019s conference call to discuss the Company\u2019s financial results and recent developments, and to provide an update on the company\u2019s long-term financial outlook, at 11 a.m. ET (9 a.m. Arizona time) today, Nov. 3. The webcast can be accessed at pinnaclewest.com\/presentations<\/a> and will be available for replay on the website for 30 days. To access the live conference call by telephone, dial (888) 506-0062 or (973) 528-0011 for international callers and enter participant access code 502381. A replay of the call also will be available at pinnaclewest.com\/presentations<\/a> or by telephone until 11:59 p.m. ET, Monday, Nov. 10, 2025, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering replay passcode 53038.<\/p>\n
General Information<\/b><\/p>\n
Pinnacle West Capital Corp.<\/a>, an energy holding company based in Phoenix, has consolidated assets of nearly $30 billion, about 6,500 megawatts of generating capacity and approximately 6,400 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service<\/a>, the company provides retail electricity service to about 1.4 million Arizona homes and businesses. For more information about Pinnacle West, visit the company\u2019s website at pinnaclewest.com<\/a>.<\/p>\n
\nDollar amounts in this news release are after income taxes. Earnings per share amounts are based on average diluted common shares outstanding. For more information on Pinnacle West\u2019s operating statistics and earnings, please visit pinnaclewest.com\/investors<\/a>.<\/p>\n
FORWARD-LOOKING STATEMENTS<\/b><\/p>\n
\nThis press release contains forward-looking statements based on current expectations. These forward-looking statements are often identified by words such as “estimate,” “predict,” “may,” “believe,” “plan,” “expect,” “require,” “intend,” “assume,” “project,” “anticipate,” “goal,” “seek,” “strategy,” “likely,” “should,” “will,” “could,” and similar words. Because actual results may differ materially from expectations, we caution readers not to place undue reliance on these statements. A number of factors could cause future results to differ materially from historical results, or from outcomes currently expected or sought by Pinnacle West or APS. These factors include, but are not limited to:<\/p>\n
- \n
- \nuncertainties associated with the current and future economic environment, including economic growth rates, labor market conditions, tariffs, inflation, supply chain delays, increased expenses, volatile capital markets, or other unpredictable effects;<\/p>\n<\/li>\n
- \ncurrent and future economic conditions in Arizona, such as the housing market and overall business and regulatory environment;<\/p>\n<\/li>\n
- \nour ability to manage capital expenditures and operations and maintenance costs while maintaining reliability and customer service levels;<\/p>\n<\/li>\n
- \nour ability to meet current and anticipated future needs for generation and associated transmission facilities in our region, including due to unprecedented demand from high load customers;<\/p>\n<\/li>\n
- \nthe direct or indirect effect on our facilities or business from cybersecurity threats or intrusions, data security breaches, terrorist attack, physical attack, severe storms, or other catastrophic events, such as fires, explosions, pandemic health events, or similar occurrences;<\/p>\n<\/li>\n
- \nvariations in demand for electricity, including those due to weather, seasonality (including large increases in ambient temperatures), the general economy or social conditions, customer and sales growth (or decline), the effects of energy conservation measures and distributed generation, and technological advancements;<\/p>\n<\/li>\n
- \nthe potential effects of climate change on our electric system, including as a result of weather extremes, such as prolonged drought and high temperature variations in the area where APS conducts its business;<\/p>\n<\/li>\n
- \npower plant and transmission system performance and outages;<\/p>\n<\/li>\n
- \ncompetition in retail and wholesale power markets;<\/p>\n<\/li>\n
- \nregulatory and judicial decisions, developments, and proceedings;<\/p>\n<\/li>\n
- \nnew legislation, ballot initiatives, and regulation or interpretations of existing legislation or regulations, including those relating to tax, environmental requirements, regulatory and energy policy, nuclear plant operations, and potential deregulation of retail electric markets;<\/p>\n<\/li>\n
- \nfuel and water supply availability;<\/p>\n<\/li>\n
- \nour ability to achieve timely and adequate rate recovery of our costs through our rates and adjustor recovery mechanisms, including returns on and of debt and equity capital investment;<\/p>\n<\/li>\n
- \nour ability to meet renewable energy and energy efficiency mandates and recover related costs;<\/p>\n<\/li>\n
- \nour ability to achieve our clean energy goal to be carbon-neutral by 2050 and, if this goal is achieved, the impact of such achievement on us, our customers, and our business, financial condition, and results of operations;<\/p>\n<\/li>\n
- \nrisks inherent in the operation of nuclear facilities, including spent fuel disposal uncertainty;<\/p>\n<\/li>\n
- \nthe development of new technologies which may affect electric sales or delivery, including as a result of delays in the development and application of new technologies;<\/p>\n<\/li>\n
- \nthe cost of debt, including increased cost as a result of rising interest rates, and equity capital and our ability to access capital markets when required;<\/p>\n<\/li>\n
- \nenvironmental, economic, and other concerns surrounding coal-fired generation, including regulation of greenhouse gas emissions;<\/p>\n<\/li>\n
- \nvolatile fuel and purchased power costs;<\/p>\n<\/li>\n
- \nthe investment performance of the assets of our nuclear decommissioning trust, captive insurance cell, coal mine reclamation escrow, pension, and other postretirement benefit plans, and the resulting impact on future funding requirements;<\/p>\n<\/li>\n
- \nthe liquidity of wholesale power markets and the use of derivative contracts in our business;<\/p>\n<\/li>\n
- \npotential shortfalls in insurance coverage;<\/p>\n<\/li>\n
- \nnew accounting requirements or new interpretations of existing requirements;<\/p>\n<\/li>\n
- \ngeneration, transmission, and distribution facilities and system conditions and operating costs;<\/p>\n<\/li>\n
- \nthe willingness or ability of counterparties, power plant participants, and power plant landowners to meet contractual or other obligations or extend the rights for continued power plant operations; and<\/p>\n<\/li>\n
- \nrestrictions on dividends or other provisions in our credit agreements and Arizona Corporation Commission orders.<\/p>\n<\/li>\n<\/ul>\n
\nThese and other factors are discussed in the most recent Pinnacle West\/APS Form 10-K and 10-Q along with other public filings with the Securities and Exchange Commission, which readers should review carefully before placing any reliance on our financial statements or disclosures. Neither Pinnacle West nor APS assumes any obligation to update these statements, even if our internal estimates change, except as required by law.<\/p>\n
\n
\n PINNACLE WEST CAPITAL CORPORATION<\/b><\/td>\n<\/tr>\n \n CONDENSED CONSOLIDATED STATEMENTS OF INCOME<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/td>\n<\/tr>\n \n (dollars and shares in thousands, except per share amounts)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n THREE MONTHS ENDED<\/td>\n \n NINE MONTHS ENDED<\/td>\n<\/tr>\n \n \n SEPTEMBER 30,<\/td>\n \n SEPTEMBER 30,<\/td>\n<\/tr>\n \n \n \n \n2025<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2024<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2025<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2024<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating Revenues<\/b><\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n1,820,741<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n1,768,801<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n4,211,772<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n4,029,507<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating Expenses<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Fuel and purchased power<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n655,969<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n631,382<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,513,048<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,426,418<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Operations and maintenance<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n299,617<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n308,061<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n886,331<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n837,905<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Depreciation and amortization<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n224,555<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n229,450<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n688,388<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n664,761<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Taxes other than income taxes<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n58,416<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n52,777<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n175,421<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n170,592<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other expense<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n338<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n145<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,964<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,306<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,238,895<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n1,221,815<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,265,152<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n3,101,982<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating Income<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n581,846<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n546,986<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n946,620<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n927,525<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other Income (Deductions)<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Allowance for equity funds used during construction<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n17,671<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,588<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n45,687<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n28,790<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Pension and other postretirement non-service credits – net<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2,777<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12,188<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n9,427<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n36,633<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other income<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12,473<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n6,774<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n42,038<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n43,234<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other expense<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(8,159<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,013<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(14,988<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(14,580<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Total<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n24,762<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n24,537<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n82,164<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n94,077<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Interest Expense<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Interest charges<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n125,179<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n109,925<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n343,649<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n318,590<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Allowance for borrowed funds used during construction<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(13,979<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(11,901<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(35,640<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(36,078<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Total<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n111,200<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n98,024<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n308,009<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n282,512<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income Before Income Taxes<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n495,408<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n473,499<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n720,775<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n739,090<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income Taxes<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n77,894<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n74,227<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n106,729<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n110,539<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net Income<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n417,514<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n399,272<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n614,046<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n628,551<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Less: Net income attributable to noncontrolling interests<\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,306<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n4,306<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12,918<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n12,918<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net Income Attributable To Common Shareholders<\/b><\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n413,208<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n394,966<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n601,128<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n615,633<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted-Average Common Shares Outstanding – Basic<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n119,623<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n113,729<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n119,578<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n113,682<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted-Average Common Shares Outstanding – Diluted<\/b><\/td>\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n121,956<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n117,119<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n121,861<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n115,717<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Earnings Per Weighted-Average Common Share Outstanding<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Net income attributable to common shareholders – basic<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n3.45<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3.47<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n5.03<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n5.42<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net income attributable to common shareholders – diluted<\/td>\n \n \n$<\/p>\n<\/td>\n
\n \n3.39<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n3.37<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n4.93<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n$<\/p>\n<\/td>\n
\n \n5.32<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20251103529099\/en\/<\/a><\/span><\/p>\n
\nMedia Contact: Alan Bunnell (602) 250-3376
\n
Analyst Contact: Amanda Ho (602) 250-3334
\n
Website: pinnaclewest.com<\/a><\/p>\nKEYWORDS:<\/b> United States North America Arizona<\/p>\n
INDUSTRY KEYWORDS:<\/b> Utilities Energy<\/p>\n
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<\/td>\n<\/tr>\n