Pinnacle West Capital Corporation (PNW)

Pinnacle West Capital Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	5,021	4,696	4,324	3,804	3,587	3,471
Revenue Growth (YoY)	6.52%	8.59%	13.68%	6.05%	3.34%	-5.96%
Fuel & Purchased Power	1,802	1,793	1,629	1,153	993.42	1,042
Operations & Maintenance	1,119	1,059	987.07	954.07	958.91	941.62
Depreciation & Amortization	868.36	794.04	753.2	650.88	614.38	590.93
Other Operating Expenses	182.46	185.28	124.38	128.49	175.78	201.48
Total Operating Expenses	3,972	3,831	3,494	2,886	2,742	2,776
Operating Income	1,049	865.29	830.4	917.85	844.49	694.95
Interest Expense	-414.62	-374.89	-283.57	-254.31	-247.5	-235.25
Interest Income	24.62	27.24	7.33	6.73	12.21	10.38
Net Interest Expense	-390	-347.65	-276.24	-247.59	-235.29	-224.87
Allowance for Equity Funds for Construction	41.84	53.12	45.26	41.74	33.78	31.43
Allowance for Borrowed Funds for Construction	45.51	43.56	28.03	21.05	18.53	18.53
Other Non-Operating Income (Expenses)	-20.35	-21.44	-31.26	14.35	-15.64	23.84
EBT Excluding Unusual Items	725.67	592.89	596.19	747.4	645.87	543.88
Gain (Loss) on Sale of Investments	-2.28	-3.4	-20.54	-1.37	2.36	-1.84
Gain (Loss) on Sale of Assets	22.77	6.21	-	-	-	-
Pretax Income	746.16	595.69	575.65	746.03	648.23	542.04
Income Tax Expense	113.33	76.91	74.83	110.09	78.17	-15.77
Earnings From Continuing Ops.	632.83	518.78	500.83	635.94	570.05	557.81
Minority Interest in Earnings	-17.22	-17.22	-17.22	-17.22	-19.49	-19.49
Net Income	615.61	501.56	483.6	618.72	550.56	538.32
Net Income to Common	615.61	501.56	483.6	618.72	550.56	538.32
Net Income Growth	28.90%	3.71%	-21.84%	12.38%	2.27%	5.34%
Shares Outstanding (Basic)	114	113	113	113	113	112
Shares Outstanding (Diluted)	115	114	113	113	113	113
Shares Change (YoY)	1.43%	0.34%	0.20%	0.22%	0.16%	0.18%
EPS (Basic)	5.42	4.42	4.27	5.48	4.89	4.79
EPS (Diluted)	5.34	4.41	4.26	5.47	4.87	4.77
EPS Growth	27.39%	3.52%	-22.12%	12.32%	2.10%	5.07%
Free Cash Flow	-750.79	-682.24	-494.08	-634.51	-378.75	-253.25
Free Cash Flow Per Share	-6.51	-5.99	-4.36	-5.61	-3.35	-2.25
Dividend Per Share	3.520	3.475	3.415	3.340	3.178	2.995
Dividend Growth	1.73%	1.76%	2.25%	5.11%	6.09%	6.11%
Profit Margin	12.26%	10.68%	11.18%	16.27%	15.35%	15.51%
Free Cash Flow Margin	-14.95%	-14.53%	-11.43%	-16.68%	-10.56%	-7.30%
EBITDA	1,978	1,719	1,648	1,637	1,531	1,359
EBITDA Margin	39.40%	36.61%	38.11%	43.04%	42.67%	39.15%
D&A For EBITDA	929.5	854.14	817.81	719.14	686.25	664.14
EBIT	1,049	865.29	830.4	917.85	844.49	694.95
EBIT Margin	20.89%	18.43%	19.20%	24.13%	23.54%	20.02%
Effective Tax Rate	15.19%	12.91%	13.00%	14.76%	12.06%	-

Source: S&P Capital IQ. Utility template. Financial Sources.