Pinnacle West Capital debt and dilution3

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$11,369.408M

Cash & equivalents

USD millions

$9.124M

Net debt

USD millions

$11,360.284M

Debt / equity

1.61×

Debt / assets

34.9%

Net debt / EBITDA

× · TTM

5.32×

Debt / FCF

× · TTM

—

Interest coverage

× · TTM

2.46×

Current ratio

0.59×

Diluted shares

Million shares

124.49M shares

Basic shares

Million shares

121.31M shares

Share count growth

1.5%

Share repurchases

USD millions

—

Quarterly data

Pinnacle West Capital capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jun 30, 2026	11,369.41	9.12	11,360.28	1.61×	34.9%	5.32×	—	2.46×	0.59×	124.49	121.31	1.5%	—
FY 2026 Q1	Mar 31, 2026	10,995.78	6.41	10,989.37	1.55×	35.83%	5.18×	—	2.58×	0.6×	123.78	121.36	1.48%	—
FY 2025 Q4	Dec 31, 2025	10,562.68	6.6	10,556.08	1.49×	35.17%	5.18×	—	2.53×	0.54×	122.3	120.01	4.96%	—
FY 2025 Q3	Sep 30, 2025	10,479.96	30.89	10,449.07	1.45×	35.06%	5.21×	—	2.56×	0.67×	121.96	119.62	5.18%	—
FY 2025 Q2	Jun 30, 2025	10,262	18.84	10,243.16	1.5×	35.1%	5.18×	—	2.56×	0.52×	121.87	119.52	5.12%	—
FY 2025 Q1	Mar 31, 2025	9,730.93	10.05	9,720.89	1.42×	35.73%	4.9×	—	2.6×	0.5×	119.59	119.59	5.26%	—
FY 2024 Q4	Dec 31, 2024	9,427.1	3.84	9,423.26	1.37×	36.12%	4.79×	—	2.68×	0.59×	117.77	114.33	0.71%	—
FY 2024 Q3	Sep 30, 2024	9,056.32	49.17	9,007.15	1.35×	34.42%	4.66×	—	2.71×	0.71×	117.12	113.73	0.23%	0.42
FY 2024 Q2	Jun 30, 2024	9,056.23	4.01	9,052.22	1.43×	35.24%	4.83×	—	2.71×	0.66×	115.8	113.7	0.25%	—
FY 2024 Q1	Mar 31, 2024	8,416.87	9.63	8,407.24	1.33×	33.87%	4.91×	—	2.45×	0.58×	114.23	113.62	0.23%	—
FY 2023 Q4	Dec 31, 2023	9,025.12	4.96	9,020.17	1.44×	36.6%	5.37×	—	2.49×	0.67×	114.06	113.53	0.21%	2.45
FY 2023 Q3	Sep 30, 2023	8,414.37	15.11	8,399.26	1.3×	34.44%	5.16×	—	2.51×	1.1×	113.84	113.46	0.22%	0.39
FY 2023 Q2	Jun 30, 2023	8,483.22	7.66	8,475.56	1.4×	35.38%	5.58×	—	2.38×	0.96×	113.72	113.41	0.21%	—
FY 2023 Q1	Mar 31, 2023	7,977.38	6.95	7,970.42	1.29×	33.83%	5.14×	—	2.7×	1.01×	113.36	113.36	0.23%	—
FY 2022 Q4	Dec 31, 2022	7,791.97	4.83	7,787.14	1.26×	34.29%	5.02×	—	2.86×	0.99×	113.53	113.3	0.26%	—
FY 2022 Q3	Sep 30, 2022	7,371.83	7.03	7,364.8	1.16×	32.27%	4.77×	—	3.02×	0.98×	113.46	113.21	0.26%	—
FY 2022 Q2	Jun 30, 2022	7,241.3	29.19	7,212.11	1.2×	32.18%	4.71×	—	3.13×	0.89×	113.37	113.17	0.26%	—
FY 2022 Q1	Mar 31, 2022	7,226.62	13.97	7,212.66	1.19×	32.55%	4.63×	—	3.42×	1×	113.3	113.1	0.24%	—
FY 2021 Q4	Dec 31, 2021	7,063.74	9.97	7,053.77	1.17×	32.1%	4.63×	—	3.45×	0.88×	113.23	113	0.23%	—
FY 2021 Q3	Sep 30, 2021	6,913.15	25.69	6,887.46	1.12×	32.1%	4.63×	—	3.38×	1.04×	113.22	112.92	0.22%	—
FY 2021 Q2	Jun 30, 2021	6,465.93	14.15	6,451.78	1.11×	30.7%	4.29×	—	3.52×	0.75×	113.22	112.88	0.22%	—
FY 2021 Q1	Mar 31, 2021	6,465.05	17.2	6,447.84	1.11×	32.03%	4.34×	—	3.45×	0.88×	113.09	112.83	0.21%	—
FY 2020 Q4	Dec 31, 2020	6,314.27	59.97	6,254.3	1.1×	31.54%	4.24×	—	3.44×	0.88×	113.03	112.75	0.18%	—
FY 2020 Q3	Sep 30, 2020	6,316.42	181.93	6,134.49	1.06×	31.98%	4.24×	—	3.41×	1.17×	112.99	112.68	0.19%	—
FY 2020 Q2	Jun 30, 2020	5,922.16	6.76	5,915.4	1.06×	30.67%	4.25×	—	3.22×	0.77×	112.88	112.64	0.27%	—
FY 2020 Q1	Mar 31, 2020	5,483.32	63.14	5,420.18	0.98×	29.54%	4.1×	—	2.99×	0.47×	112.86	112.59	0.23%	—
FY 2019 Q4	Dec 31, 2019	5,632.56	10.28	5,622.28	1.01×	30.48%	4.21×	—	3.1×	0.5×	112.81	112.55	0.28%	—
FY 2019 Q3	Sep 30, 2019	5,435	29.85	5,405.14	0.96×	29.57%	3.89×	373.67×	3.35×	0.71×	112.75	112.46	0.28%	—
FY 2019 Q2	Jun 30, 2019	5,136.88	1.65	5,135.23	0.96×	28.28%	3.63×	27.37×	3.46×	0.54×	112.65	112.34	0.2%	—
FY 2019 Q1	Mar 31, 2019	5,136.11	6.11	5,130	0.95×	28.77%	3.52×	24.84×	3.65×	0.55×	112.74	112.34	0.29%	—
FY 2018 Q4	Dec 31, 2018	5,138.23	5.77	5,132.47	0.96×	29.09%	3.6×	51.91×	3.54×	0.56×	112.7	112.23	0.21%	—
FY 2018 Q3	Sep 30, 2018	5,087.36	64.99	5,022.37	0.93×	28.79%	3.46×	192.71×	3.75×	0.7×	112.53	112.15	0.28%	—
FY 2018 Q2	Jun 30, 2018	4,791.53	3.84	4,787.69	0.93×	27.39%	3.25×	—	4.01×	0.5×	112.47	112.12	0.28%	—
FY 2018 Q1	Mar 31, 2018	4,872.53	15.44	4,857.09	0.95×	28.41%	3.2×	—	4.41×	0.51×	112.49	112.02	0.26%	—
FY 2017 Q4	Dec 31, 2017	4,871.71	13.89	4,857.82	0.95×	28.63%	3.14×	—	4.73×	0.85×	112.52	111.99	0.4%	—
FY 2017 Q3	Sep 30, 2017	4,698.05	10.67	4,687.37	0.89×	27.67%	3.02×	—	5.01×	0.9×	112.4	111.84	0.38%	—
FY 2017 Q2	Jun 30, 2017	4,399.52	4.95	4,394.57	0.88×	26.39%	2.88×	—	5.01×	0.65×	112.35	111.8	0.39%	—
FY 2017 Q1	Mar 31, 2017	4,398.89	3.03	4,395.86	0.89×	27.17%	3.03×	—	4.69×	0.67×	112.2	111.73	0.39%	—
FY 2016 Q4	Dec 31, 2016	4,146.79	8.88	4,137.9	0.84×	25.91%	2.91×	—	4.61×	0.64×	112.22	111.55	0.36%	—
FY 2016 Q3	Sep 30, 2016	4,162.24	48.27	4,113.97	0.83×	26.33%	2.92×	—	4.56×	0.88×	112.1	111.42	0.34%	—
FY 2016 Q2	Jun 30, 2016	4,191.42	43.04	4,148.38	0.89×	26.97%	2.95×	—	4.56×	0.65×	112	111.37	0.34%	—
FY 2016 Q1	Mar 31, 2016	3,820.61	14.48	3,806.13	0.81×	25.16%	2.7×	—	4.65×	0.52×	111.85	111.3	0.34%	—
FY 2015 Q4	Dec 31, 2015	3,819.97	39.49	3,780.48	0.81×	25.42%	2.65×	209.43×	4.78×	0.62×	111.74	111.15	0.35%	—
FY 2015 Q3	Sep 30, 2015	3,669	13.01	3,655.99	0.77×	24.67%	2.69×	—	4.52×	0.7×	111.62	111.04	0.32%	—
FY 2015 Q2	Jun 30, 2015	3,669	13.56	3,655.44	0.81×	24.96%	2.78×	—	4.43×	0.77×	111.46	110.99	0.38%	—
FY 2015 Q1	Mar 31, 2015	3,665	11.66	3,653.34	0.8×	25.39%	2.77×	90.71×	4.45×	0.68×	111.38	110.92	0.6%	—
FY 2014 Q4	Dec 31, 2014	3,415	7.6	3,407.4	0.76×	23.86%	2.61×	18.07×	4.37×	0.62×	111.82	110.77	0.58%	—
FY 2014 Q3	Sep 30, 2014	3,407	10.47	3,396.53	0.73×	24.37%	2.57×	32.62×	4.45×	0.72×	111.1	110.69	0.62%	—
FY 2014 Q2	Jun 30, 2014	3,368	9.16	3,358.84	0.77×	24.6%	2.55×	24.83×	4.34×	0.64×	111	110.57	0.55%	—
FY 2014 Q1	Mar 31, 2014	3,586	103.42	3,482.58	0.82×	26.66%	2.63×	24.01×	4.38×	0.64×	110.89	110.26	0.39%	—
FY 2013 Q4	Dec 31, 2013	3,490.13	9.53	3,480.6	0.8×	25.84%	2.6×	25.48×	4.53×	0.64×	110.49	110.13	0.4%	—
FY 2013 Q3	Sep 30, 2013	3,387	135.46	3,251.54	0.77×	24.5%	2.39×	10.47×	4.59×	0.93×	111.05	110.01	0.41%	—
FY 2013 Q2	Jun 30, 2013	3,419	27.8	3,391.2	0.82×	25.21%	2.44×	10.51×	4.73×	0.69×	110.93	109.96	0.43%	—
FY 2013 Q1	Mar 31, 2013	3,427	25.11	3,401.89	0.83×	25.77%	2.47×	7.85×	4.66×	0.98×	110.84	109.83	0.49%	—
FY 2012 Q4	Dec 31, 2012	3,375.22	26.2	3,349.02	0.82×	25.23%	2.51×	11.99×	4.27×	0.93×	110.85	109.69	0.45%	—
FY 2012 Q3	Sep 30, 2012	3,371.89	79.48	3,292.41	0.81×	25.05%	2.51×	15.14×	4.01×	1.16×	110.66	109.56	0.39%	—
FY 2012 Q2	Jun 30, 2012	3,480.95	11.23	3,469.73	0.89×	26.34%	2.66×	15.4×	3.83×	0.86×	110.36	109.49	0.41%	—
FY 2012 Q1	Mar 31, 2012	3,593.96	20.71	3,573.25	0.93×	27.26%	2.86×	56.46×	3.45×	0.78×	109.3	109.3	0.43%	—
FY 2011 Q4	Dec 31, 2011	3,430.94	33.58	3,397.36	0.87×	26.17%	2.74×	14.22×	3.34×	0.71×	110.4	109.2	0.43%	—
FY 2011 Q3	Sep 30, 2011	3,839.82	564.71	3,275.11	0.96×	29.2%	2.68×	14.63×	3.21×	0.89×	109.86	109.13	0.46%	—
FY 2011 Q2	Jun 30, 2011	3,589.38	92.27	3,497.11	0.97×	28.77%	2.95×	15.73×	3.08×	0.57×	109.72	109.04	1.57%	—
FY 2011 Q1	Mar 31, 2011	3,598.25	114.19	3,484.06	0.96×	29.25%	2.94×	13.31×	3.09×	0.57×	108.83	108.83	—	—
FY 2010 Q4	Dec 31, 2010	3,597.47	110.19	3,487.28	0.95×	29.1%	2.91×	1,727.06×	3.18×	0.71×	109.57	108.73	—	—
FY 2010 Q3	Sep 30, 2010	3,588.44	195.92	3,392.53	0.94×	28.86%	—	—	—	1.28×	109.09	108.63	—	—
FY 2010 Q2	Jun 30, 2010	3,676.52	50.5	3,626.02	1.02×	30.24%	—	—	—	0.89×	107.76	107.36	—	—

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · PNW, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.

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