PINNACLE WEST CAPITAL CORP
For the period ended Dec 31, 2024. Filed Feb 25, 2025.
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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.
FY2024 · Filed Feb 25, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| OPERATING REVENUES (Note 2) | $5,124,915 | $4,695,991 | $4,324,385 |
| OPERATING EXPENSES | |||
| Fuel and purchased power | 1,822,566 | 1,792,657 | 1,629,343 |
| Operations and maintenance | 1,165,156 | 1,058,725 | 987,072 |
| Depreciation and amortization | 895,346 | 794,043 | 753,195 |
| Taxes other than income taxes | 227,395 | 224,013 | 220,370 |
| Other expense | 2,389 | 1,913 | 2,494 |
| Total | 4,112,852 | 3,871,351 | 3,592,474 |
| OPERATING INCOME | 1,012,063 | 824,640 | 731,911 |
| OTHER INCOME (DEDUCTIONS) | |||
| Allowance for equity funds used during construction (Note 1) | 38,620 | 53,118 | 45,263 |
| Pension and other postretirement non-service credits, net (Note 7) | 48,870 | 40,648 | 98,487 |
| Other income (Note 16) | 48,614 | 33,666 | 7,916 |
| Other expense (Note 16) | (34,136) | (25,056) | (52,385) |
| Total | 101,968 | 102,376 | 99,281 |
| INTEREST EXPENSE | |||
| Interest charges | 425,742 | 374,887 | 283,569 |
| Allowance for borrowed funds used during construction (Note 1) | (48,270) | (43,564) | (28,030) |
| Total | 377,472 | 331,323 | 255,539 |
| INCOME BEFORE INCOME TAXES | 736,559 | 595,693 | 575,653 |
| INCOME TAXES (Note 4) | 110,529 | 76,912 | 74,827 |
| NET INCOME | 626,030 | 518,781 | 500,826 |
| Less: Net income attributable to noncontrolling interests (Note 17) | 17,224 | 17,224 | 17,224 |
| NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS | $608,806 | $501,557 | $483,602 |
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — BASIC | 113,846 | 113,442 | 113,196 |
| WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING — DILUTED | 116,232 | 113,804 | 113,416 |
| EARNINGS PER WEIGHTED-AVERAGE COMMON SHARE OUTSTANDING | |||
| Net income attributable to common shareholders — basic | $5.35 | $4.42 | $4.27 |
| Net income attributable to common shareholders — diluted | $5.24 | $4.41 | $4.26 |
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