Pinnacle West Capital Corporation (PNW)

Pinnacle West Capital Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	667.1	631.64	626.03	518.78	500.83	635.94
Depreciation & Amortization	978.81	969.62	956.18	854.14	817.81	719.14
Stock-Based Compensation	28.55	27.46	23.53	17.34	15.94	18.46
Other Adjustments	-53.43	-53.22	-90.78	-7.56	-7.18	70.93
Change in Receivables	-97.67	-48.06	-22.05	-64.77	-94.65	-74.34
Changes in Inventories	-58.94	-63.71	-7.9	-42.91	-83.47	-32.87
Changes in Accounts Payable	36.02	171.14	-7.21	-75.62	90.08	20.27
Changes in Accrued Expenses	7.62	10.74	9.03	2.39	-4.21	9.09
Changes in Income Taxes Payable	-8.42	-5.98	0.33	13.75	-6.57	-0.72
Changes in Other Operating Activities	57.78	165.48	122.65	-7.84	12.86	-505.89
Operating Cash Flow	1,639	1,805	1,610	1,208	1,241	860.01
Operating Cash Flow Growth	-1.55%	12.13%	33.30%	-2.72%	44.35%	-11.00%
Capital Expenditures	-2,630	-2,625	-2,249	-1,846	-1,707	-1,473
Sale of Property, Plant & Equipment	-	-	84.32	23.4	-	-
Purchases of Investments	-1,886	-1,859	-1,710	-1,682	-1,212	-1,725
Proceeds from Sale of Investments	1,882	1,855	1,686	1,680	1,208	1,721
Other Investing Activities	290.31	249.74	254.68	130.84	93.79	91.06
Investing Cash Flow	-2,344	-2,379	-1,934	-1,694	-1,618	-1,387
Short-Term Debt Issued	375	575	550	-	-	-
Short-Term Debt Repaid	-600	-600	-350	-	-	-19
Net Short-Term Debt Issued (Repaid)	-225	-25	200	-	-	-19
Long-Term Debt Issued	2,338	1,743	1,313	689.35	875.54	747
Long-Term Debt Repaid	-400	-800	-875	-32.74	-150	-
Net Long-Term Debt Issued (Repaid)	1,938	942.75	438.23	656.61	725.54	747
Common Dividends Paid	-426.32	-422.79	-394.66	-386.49	-378.88	-369.48
Other Financing Activities	-180.25	81.38	79.12	216.55	24.81	118.4
Financing Cash Flow	701.97	576.35	322.69	486.68	371.47	476.92
Net Cash Flow	-3.64	2.77	-1.12	0.12	-5.14	-50
Free Cash Flow	-991.93	-819.52	-639.37	-638.67	-466.05	-613.46
FCF Margin	-18.18%	-15.35%	-12.48%	-13.60%	-10.78%	-16.13%
Free Cash Flow Per Share	-8.10	-6.72	-5.50	-5.61	-4.11	-5.42
Levered Free Cash Flow	749.13	156.95	70.93	55.71	328.15	82.26
Unlevered Free Cash Flow	-642.69	-464.02	-315.91	-384.29	-244.21	-577.98

Updated May 4, 2026. Data Source: Fiscal.ai. Utilities template. Financial Sources.

SEC Filings: 10-K · 10-Q