PINNACLE WEST CAPITAL CORP
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 27, 2024
PNW$105.26+1.0%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Pinnacle West Financial Statements
CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in thousands, except per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| OPERATING REVENUES (Note 2) | $4,695,991 | $4,324,385 | $3,803,835 |
| OPERATING EXPENSES | |||
| Fuel and purchased power | 1,792,657 | 1,629,343 | 1,152,551 |
| Operations and maintenance | 1,058,725 | 987,072 | 954,067 |
| Depreciation and amortization | 794,043 | 753,195 | 650,875 |
| Taxes other than income taxes | 224,013 | 220,370 | 234,639 |
| Other expenses | 1,913 | 2,494 | 6,393 |
| Total | 3,871,351 | 3,592,474 | 2,998,525 |
| OPERATING INCOME | 824,640 | 731,911 | 805,310 |
| OTHER INCOME (DEDUCTIONS) | |||
| Allowance for equity funds used during construction (Note 1) | 53,118 | 45,263 | 41,737 |
| Pension and other postretirement non-service credits, net (Note 7) | 40,648 | 98,487 | 112,541 |
| Other income (Note 16) | 33,666 | 7,916 | 45,100 |
| Other expense (Note 16) | (25,056) | (52,385) | (25,396) |
| Total | 102,376 | 99,281 | 173,982 |
| INTEREST EXPENSE | |||
| Interest charges | 374,887 | 283,569 | 254,314 |
| Allowance for borrowed funds used during construction (Note 1) | (43,564) | (28,030) | (21,052) |
| Total | 331,323 | 255,539 | 233,262 |
| INCOME BEFORE INCOME TAXES | 595,693 | 575,653 | 746,030 |
| INCOME TAXES (Note 4) | 76,912 | 74,827 | 110,086 |
| NET INCOME | 518,781 | 500,826 | 635,944 |
| Less: Net income attributable to noncontrolling interests (Note 17) | 17,224 | 17,224 | 17,224 |
| NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $501,557 | $483,602 | $618,720 |
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC | 113,442 | 113,196 | 112,910 |
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — DILUTED | 113,804 | 113,416 | 113,192 |
| EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING | |||
| Net income attributable to common shareholders — basic | $4.42 | $4.27 | $5.48 |
| Net income attributable to common shareholders — diluted | $4.41 | $4.26 | $5.47 |
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