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$105.96+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Financial Statements and Supplementary Data
INDEX TO FINANCIAL STATEMENTS AND
FINANCIAL STATEMENT SCHEDULES
| Page | |
|---|---|
| Management’s Report on Internal Control over Financial Reporting (Pinnacle West Capital Corporation) | 86 |
| Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | 87 |
| Pinnacle West Consolidated Statements of Income for 2025, 2024 and 2023 | 91 |
| Pinnacle West Consolidated Statements of Comprehensive Income for 2025, 2024 and 2023 | 92 |
| Pinnacle West Consolidated Balance Sheets as of December 31, 2025 and 2024 | 93 |
| Pinnacle West Consolidated Statements of Cash Flows for 2025, 2024 and 2023 | 95 |
| Pinnacle West Consolidated Statements of Changes in Equity for 2025, 2024 and 2023 | 96 |
| Management’s Report on Internal Control over Financial Reporting (Arizona Public Service Company) | 97 |
| Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | 98 |
| APS Consolidated Statements of Income for 2025, 2024 and 2023 | 102 |
| APS Consolidated Statements of Comprehensive Income for 2025, 2024 and 2023 | 103 |
| APS Consolidated Balance Sheets as of December 31, 2025 and 2024 | 104 |
| APS Consolidated Statements of Cash Flows for 2025, 2024 and 2023 | 106 |
| APS Consolidated Statements of Changes in Equity for 2025, 2024 and 2023 | 107 |
| Combined Notes to Consolidated Financial Statements | 108 |
| Note 1. Summary of Significant Accounting Policies | 108 |
| Note 2. Business Segments | 116 |
| Note 3. New Accounting Standards | 117 |
| Note 4. Revenue | 119 |
| Note 5. Income Taxes | 121 |
| Note 6. Lines of Credit and Short-Term Borrowings | 128 |
| Note 7. Long-Term Debt and Liquidity Matters | 130 |
| Note 8. Regulatory Matters | 133 |
| Note 9. Retirement Plans and Other Postretirement Benefits | 145 |
| Note 10. Stock-Based Compensation | 153 |
| Note 11. Jointly-Owned Facilities | 157 |
| Note 12. Variable Interest Entities | 157 |
| Note 13. Derivative Accounting | 160 |
| Note 14. Commitments and Contingencies | 164 |
| Note 15. Other Income and Other Expense | 174 |
| Note 16. Common Stock Equity and Earnings Per Share | 175 |
| Note 17. Fair Value Measurements | 178 |
| Note 18. Investments in Nuclear Decommissioning Trusts and Other Special Use Funds | 185 |
| Note 19. Changes in Accumulated Other Comprehensive Loss | 188 |
| Note 20. Leases | 189 |
| Note 21. Asset Retirement Obligations | 192 |
| Note 22. Sale of Bright Canyon Energy | 193 |
| Note 23. El Dorado Equity Investments | 194 |
MANAGEMENT’S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING
(PINNACLE WEST CAPITAL CORPORATION)
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.