ARIZONA PUBLIC SERVICE CO
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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 Capital Corporation Financial Statements
CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in thousands, except per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| OPERATING REVENUES (Note 4) | $5,339,939 | $5,124,915 | $4,695,991 |
| OPERATING EXPENSES | |||
| Fuel and purchased power | 1,933,420 | 1,822,566 | 1,792,657 |
| Operations and maintenance | 1,185,065 | 1,165,156 | 1,058,725 |
| Depreciation and amortization | 915,343 | 895,346 | 794,043 |
| Taxes other than income taxes | 234,797 | 227,395 | 224,013 |
| Other expense | 3,684 | 2,389 | 1,913 |
| Total | 4,272,309 | 4,112,852 | 3,871,351 |
| OPERATING INCOME | 1,067,630 | 1,012,063 | 824,640 |
| OTHER INCOME (DEDUCTIONS) | |||
| Allowance for equity funds used during construction (Note 1) | 61,146 | 38,620 | 53,118 |
| Pension and other postretirement non-service credits, net (Note 9) | 12,420 | 48,870 | 40,648 |
| Other income (Note 15) | 49,406 | 48,614 | 33,666 |
| Other expense (Note 15) | (30,265) | (34,136) | (25,056) |
| Total | 92,707 | 101,968 | 102,376 |
| INTEREST EXPENSE | |||
| Interest charges | 469,701 | 425,742 | 374,887 |
| Allowance for borrowed funds used during construction (Note 1) | (47,733) | (48,270) | (43,564) |
| Total | 421,968 | 377,472 | 331,323 |
| Income Before Income Taxes | 738,369 | 736,559 | 595,693 |
| Income Taxes (Note 5) | 106,726 | 110,529 | 76,912 |
| NET INCOME | 631,643 | 626,030 | 518,781 |
| Less: Net income attributable to noncontrolling interests (Note 12) | 15,112 | 17,224 | 17,224 |
| Net Income Attributable to Common Shareholders | $616,531 | $608,806 | $501,557 |
| Weighted-average common shares outstanding — basic | 119,687 | 113,846 | 113,442 |
| Weighted-average common shares outstanding — diluted | 121,971 | 116,232 | 113,804 |
| Earnings Per Weighted-Average Common Share Outstanding | |||
| Net income attributable to common shareholders — basic | $5.15 | $5.35 | $4.42 |
| Net income attributable to common shareholders — diluted | $5.05 | $5.24 | $4.41 |
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