ARIZONA PUBLIC SERVICE CO

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

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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.

FY2025 · Filed Feb 25, 2026

PNW$105.26+1.0%Stored close · as of Nov 9, 2026

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Contents

APS Consolidated Statements of Cash Flows for

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2025	2024	2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$682,427	$659,149	$564,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization including nuclear fuel	969,547	956,009	854,051
Allowance for equity funds used during construction	(61,146)	(38,620)	(53,118)
Deferred income taxes	(58,483)	(56,461)	(10,314)
Deferred investment tax credit	58,772	(8,253)	77,065
Changes in current assets and liabilities:
Customer and other receivables	(66,312)	(13,570)	(62,716)
Accrued unbilled revenues	3,211	(9,350)	(2,789)
Materials, supplies and fossil fuel	(63,711)	(7,895)	(42,911)
Income tax receivable	5,463	(5,463)	1,102
Deferred fuel and purchased power	(324,482)	(250,288)	(549,877)
Deferred fuel and purchased power amortization	463,011	425,886	547,243
Other current assets	(46,286)	(14,704)	(20,243)
Accounts payable	166,924	(2,500)	(70,622)
Accrued taxes	(4,730)	19,410	5,542
Other current liabilities	16,162	31,982	62,212
Change in unrecognized tax benefits	81,090	75	1,177
Change in long-term regulatory assets	91,373	43,305	53,112
Change in long-term regulatory liabilities	37,205	9,416	28,495
Change in other long-term assets	(256,960)	(159,940)	(188,483)
Change in operating lease assets	151,394	97,989	90,234
Change in other long-term liabilities	147,447	27,127	57,397
Change in operating lease liabilities	(165,241)	(93,076)	(65,482)
Net cash provided by operating activities	1,826,675	1,610,228	1,275,636
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	(2,624,618)	(2,249,195)	(1,825,585)
Contributions in aid of construction	306,380	311,358	180,866
Allowance for borrowed funds used during construction	(47,733)	(48,270)	(39,030)
Proceeds from nuclear decommissioning trust sales and other special use funds	1,803,767	1,686,094	1,679,722
Investment in nuclear decommissioning trust and other special use funds	(1,807,558)	(1,684,526)	(1,681,845)
Other	145	(1,660)	(1,397)
Net cash used for investing activities	(2,369,617)	(1,986,199)	(1,687,269)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of long-term debt	947,350	445,842	496,025
Repayment of long-term debt	(300,000)	(250,000)	—
Short-term borrowings and (repayments) — net	167,405	(192,950)	180,970
Short-term debt borrowings under term loan facility	400,000	350,000	—
Short-term debt repayments under term loan facility	(400,000)	(350,000)	—
Dividends paid on common stock	(429,700)	(401,400)	(393,600)
Equity infusion from Pinnacle West	375,000	795,000	150,000
Palo Verde sale leaseback noncontrolling interest acquisition	(198,744)	—	—
Capital activities by noncontrolling interests	(18,041)	(21,255)	(21,255)
Net cash provided by financing activities	543,270	375,237	412,140
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	328	(734)	507
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	3,815	4,549	4,042
CASH AND CASH EQUIVALENTS AT END OF YEAR	$4,143	$3,815	$4,549

ContentsView on SEC.gov

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