Part I - Financial Information Presents the company's unaudited Q1 2025 financial statements, management's analysis, and market risk disclosures [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Provides the unaudited condensed consolidated financial statements for Pinnacle West and its subsidiary APS [Pinnacle West Capital Corporation Financial Statements](index=7&type=section&id=Pinnacle%20West%20Capital%20Corporation%20Financial%20Statements) Details the Q1 2025 financial performance and position for the parent company, Pinnacle West Pinnacle West - Q1 2025 vs. Q1 2024 Financial Highlights (in thousands, except per share amounts) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Operating Revenues** | $1,032,280 | $951,712 | | **Operating Income** | $57,222 | $66,792 | | **Net Income (Loss) Attributable to Common Shareholders** | $(4,644) | $16,862 | | **Diluted EPS** | $(0.04) | $0.15 | | **Net Cash from Operating Activities** | $401,895 | $347,353 | - Total assets increased to **$27.24 billion** as of March 31, 2025, from $26.10 billion at December 31, 2024, primarily driven by increases in property, plant and equipment and operating lease right-of-use assets[26](index=26&type=chunk) [Arizona Public Service Company Financial Statements](index=13&type=section&id=Arizona%20Public%20Service%20Company%20Financial%20Statements) Outlines the Q1 2025 financial performance and position for the subsidiary, APS APS - Q1 2025 vs. Q1 2024 Financial Highlights (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Operating Revenues** | $1,032,280 | $951,712 | | **Operating Income** | $60,715 | $70,884 | | **Net Income Attributable to Common Shareholder** | $279 | $15,117 | | **Net Cash from Operating Activities** | $408,674 | $365,980 | - APS's total assets grew to **$27.10 billion** as of March 31, 2025, from $25.99 billion at year-end 2024, reflecting continued investment in property, plant, and equipment[43](index=43&type=chunk) [Combined Notes to Condensed Consolidated Financial Statements](index=19&type=section&id=Combined%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Offers supplementary details and accounting policies related to the consolidated financial statements - On January 12, 2024, Pinnacle West completed the sale of its equity interest in **Bright Canyon Energy Corporation (BCE)**[52](index=52&type=chunk) - Pinnacle West's reportable business segment is its **regulated electricity segment**, which is conducted through its wholly-owned subsidiary, APS[57](index=57&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=73&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Analyzes Q1 2025 financial results, key business drivers, operational performance, and capital resources [Overview](index=73&type=section&id=Overview) Discusses the company's strategic focus on providing reliable, affordable, and clean energy in Arizona - The company's strategy focuses on creating a sustainable energy future for Arizona by providing **reliable, affordable, and clean energy**, with a strong emphasis on customer experience and financial assistance programs[297](index=297&type=chunk)[298](index=298&type=chunk)[299](index=299&type=chunk) - APS is making significant investments in grid reliability, including a **Ten-Year Transmission Plan** and wildfire mitigation efforts such as installing AI-based fire sensing cameras and implementing a Public Safety Power Shutoff (PSPS) program[301](index=301&type=chunk)[303](index=303&type=chunk) - The company has a clean energy commitment with three main goals: achieve **100% clean, carbon-free electricity by 2050**; reach a **65% clean energy mix by 2030**; and **exit coal-fired generation by 2031**[315](index=315&type=chunk)[320](index=320&type=chunk) - APS is actively procuring new resources through All-Source Requests for Proposal (ASRFP), with the 2024 ASRFP seeking **2,000 MW of resources** for operation beginning in 2028 through 2030[326](index=326&type=chunk) [Key Financial Drivers](index=85&type=section&id=Key%20Financial%20Drivers) Highlights customer growth and increased electricity demand from data centers as primary financial drivers - Retail customer growth was **2.3%** for the period ended March 31, 2025, with a projected annual growth of **1.5% to 2.5%** through 2027[368](index=368&type=chunk) - Weather-adjusted retail electricity sales (kWh) are projected to increase by **4.0% to 6.0% annually** through 2027, largely driven by the growth of data centers and large manufacturing facilities[370](index=370&type=chunk) - Due to unprecedented demand from extra high load factor customers (>25 MW), APS has notified prospective customers that it **cannot commit to new large projects** at this time and has developed a prioritization queue[371](index=371&type=chunk) [Results of Operations](index=88&type=section&id=Results%20of%20Operations) Compares Q1 2025 operational results to Q1 2024, detailing factors driving the net income change - For Q1 2025, Pinnacle West reported a consolidated **net loss of $5 million**, a **$22 million decrease** from the $17 million net income in Q1 2024[383](index=383&type=chunk) Key Drivers of Change in Net Income (Q1 2025 vs Q1 2024, in millions) | Factor | Impact on Net Income | | :--- | :--- | | **Negative Drivers** | | | Higher operations and maintenance | $(42) | | Higher depreciation and amortization | $(25) | | Lower pension and other postretirement credits | $(9) | | Lower other income (incl. prior year BCE gain) | $(9) | | Higher interest charges | $(8) | | **Positive Drivers** | | | Favorable impact of new customer rates | $46 | | Lower income taxes | $10 | | Higher transmission & LFCR revenue | $10 | - Operations and maintenance expenses increased by **$42 million**, primarily due to higher costs for non-nuclear generation planned outages ($17 million) and information technology ($13 million)[387](index=387&type=chunk)[390](index=390&type=chunk) [Liquidity and Capital Resources](index=91&type=section&id=Liquidity%20and%20Capital%20Resources) Details cash flow activities, capital expenditure plans, and financing strategies for the company - Net cash from operating activities **increased by $55 million to $402 million** in Q1 2025, mainly due to higher cash receipts from electric revenues and lower taxes paid[401](index=401&type=chunk)[404](index=404&type=chunk) - Net cash used for investing activities **increased by $162 million to $586 million**, driven by a $123 million increase in capital expenditures and the absence of $39 million in proceeds from the BCE sale received in the prior year[401](index=401&type=chunk)[407](index=407&type=chunk) APS Estimated Capital Expenditures (in millions) | Year | Estimated Amount | | :--- | :--- | | 2025 | $2,400 | | 2026 | $2,550 | | 2027 | $2,650 | - As of March 31, 2025, Pinnacle West had outstanding forward sale agreements related to approximately **$825 million of common stock**, including agreements under its ATM program and a February 2024 offering[399](index=399&type=chunk)[417](index=417&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=99&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Describes the company's exposure to interest rate, commodity price, and investment value risks - The company manages exposure to commodity price fluctuations in electricity and natural gas by using **derivative instruments** such as futures, forwards, options, and swaps[433](index=433&type=chunk) Fair Value of Energy Derivative Contracts by Maturity (as of March 31, 2025, in millions) | Year | Fair Value | | :--- | :--- | | 2025 | $51 | | 2026 | $31 | | 2027 | $5 | | 2028 | $(1) | | 2029 | $0 | | **Total** | **$86** | - A hypothetical **10% increase** in electricity and natural gas prices would result in a **$98 million gain** in the market value of the company's risk management assets and liabilities as of March 31, 2025[437](index=437&type=chunk) [Item 4. Controls and Procedures](index=100&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of the company's disclosure controls and internal financial reporting procedures - Both Pinnacle West's and APS's management, including their respective CEOs and CFOs, concluded that the companies' disclosure controls and procedures were **effective** as of March 31, 2025[441](index=441&type=chunk)[442](index=442&type=chunk) - There were **no changes in internal control over financial reporting** during the first quarter of 2025 that materially affected, or are reasonably likely to materially affect, the internal controls for either Pinnacle West or APS[443](index=443&type=chunk) Part II - Other Information Includes information on legal proceedings, risk factors, and other corporate disclosures [Item 1. Legal Proceedings](index=100&type=section&id=Item%201.%20Legal%20Proceedings) References notes within the financial statements for details on regulatory and environmental legal matters - Information regarding legal proceedings, including regulatory, environmental, and other matters, is detailed in **Note 6 and Note 10** of the financial statements[446](index=446&type=chunk)[447](index=447&type=chunk) [Item 1A. Risk Factors](index=101&type=section&id=Item%201A.%20Risk%20Factors) Refers to the company's 2024 Annual Report for a comprehensive discussion of business risk factors - The report directs readers to the Risk Factors section of the **2024 Form 10-K** for a comprehensive discussion of factors that could materially affect the business[448](index=448&type=chunk) [Item 5. Other Information](index=101&type=section&id=Item%205.%20Other%20Information) Discloses that no directors or officers adopted or terminated insider trading plans during the quarter - During the fiscal quarter ended March 31, 2025, **no directors or executive officers adopted or terminated** any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements[449](index=449&type=chunk)

"With Arizona's population growing faster than the national average, it's clear that people view Arizona as an attractive place to live and do business." Exhibit 99.1 FOR IMMEDIATE RELEASE May 1, 2025 Media Contact: Analyst Contact: Alan Bunnell (602) 250-3376 Amanda Ho (602) 250-3334 Website: pinnaclewest.com PINNACLE WEST REPORTS LOWER FIRST-QUARTER FINANCIAL RESULTS PHOENIX – Pinnacle West Capital Corp. (NYSE: PNW) today reported a consolidated net loss attributable to common shareholders of $4.6 million ...

Pinnacle West Capital Corporation (PNW) is scheduled to release first-quarter 2025 results on May 1, before market open. The company delivered an earnings surprise of 60% in the last reported quarter. (See the Zacks Earnings Calendar to stay ahead of market-making news.)Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.Major Factors That Might Have Impacted PNW's Q1 PerformancePinnacle West Capital’s top-line performance is expected to have continued to benefit from ...

A month has gone by since the last earnings report for Pinnacle West (PNW) . Shares have added about 1.5% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Pinnacle West due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.How Have Estimates Been Moving Since Then?Analyst ...

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Financial Data and Key Metrics Changes - The company reported a loss of $0.06 per share in Q4 2024 compared to a flat result in Q4 2023, with full year 2024 earnings at $5.24 per share, an increase of $0.83 from 2023 [25][26] - Full year 2024 customer growth was 2.1%, slightly above the guidance range of 1.5% to 2.5% [27] - Weather normalized sales growth for 2024 was 5.7%, driven by residential sales growth of 1.1% and strong growth in the commercial and industrial (C&I) segment of 9.7% [29][30] Business Line Data and Key Metrics Changes - The company achieved top quartile reliability for customers and was a top performer in power quality, helping customers choose rate options, and overall digital experience [15] - The residential customer base grew significantly, with areas like Yuma and Casa Grande seeing year-over-year growth of 34% and 36% respectively, while Metro Phoenix experienced 49% growth [19] Market Data and Key Metrics Changes - The Arizona economy is diversifying, with significant investments from companies like Taiwan Semiconductor Manufacturing Company (TSMC) and Amcor Technology, expected to create thousands of jobs and stimulate further economic growth [18] - The company is positioned to capitalize on this demand with the largest transmission and generation expansion in its history, procuring nearly 7,300 megawatts of new resources to be in service between 2026 and 2028 [20] Company Strategy and Development Direction - The company is focused on robust grid expansion, timely recovery of investments, and delivering an exceptional customer experience while maintaining a commitment to decarbonizing the electric grid [13][20] - The management emphasized the importance of creating customer value and maintaining top-tier reliability as Arizona's economic and population growth accelerates [20][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory challenges and emphasized the importance of executing plans to deliver reliable and affordable service [35] - The company plans to file a new rate case in mid-2025 to support Arizona's economic expansion, with a focus on reducing regulatory lag [22][23] Other Important Information - The company achieved a capacity factor of 93.7% at the Palo Verde Generating Station, which exceeded 30 million megawatt hours of net generation for the sixteenth consecutive year [9] - The management team is preparing for a leadership transition, with the current CEO announcing retirement effective March 31 [9][10] Q&A Session Summary Question: Formula rates and settlement outcomes - Management believes settlements can lead to good outcomes but is preparing for a litigated case to ensure a constructive outcome [42][44] Question: Long-term CapEx trends - The company is focused on longer-dated generation and high-voltage transmission projects, with opportunities for incremental projects beyond the 2027 period [48][50] Question: EPS growth rate expectations - The focus remains on a 5% to 7% EPS growth rate with a smoother profile, while exploring opportunities for contemporaneous recovery of CapEx [60][62] Question: Support for House Bill 2201 - Management supports the bill aimed at wildfire mitigation and believes it has forward momentum, but it is still early in the legislative process [66][67] Question: Timing of formula rates implementation - The next rate case is expected to be traditional, with potential for a formula rate plan to be implemented a year after the case concludes [75][76] Question: Capital allocation with formula rates - Should formula rates be adopted, the company will look at capital allocation across business lines, particularly in generation and distribution [82][83] Question: Future nuclear projects - The company is in an assessment phase regarding new nuclear projects, focusing on collaboration and monitoring technology developments [98][99]

Pinnacle West Capital Corporation (PNW) reported fourth-quarter 2024 loss of 6 cents per share, narrower than the Zacks Consensus Estimate of a loss of 15 cents. In the year-ago quarter, the company reported breakeven earnings.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Total Revenues of PNWSales for the quarter totaled $1.1 billion, which surpassed the Zacks Consensus Estimate of $1.06 billion by 3.6%. The top line also increased 11.1% from $0.99 billion recorded in the year-ago ...

2 Fourth-Quarter results Renewed, Reliable and Resilient Fourth-Quarter and Full-Year 2024 Financial Results February 25, 2025 Forward Looking Statements This presentation contains forward-looking statements based on current expectations, including statements regarding our earnings guidance and financial outlook and goals. These forward-looking statements are often identified by words such as "estimate," "predict," "may," "believe," "plan," "expect," "require," "intend," "assume," "project," "anticipate," " ...

Pinnacle West (PNW) came out with a quarterly loss of $0.06 per share versus the Zacks Consensus Estimate of a loss of $0.15. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 60%. A quarter ago, it was expected that this power company would post earnings of $3.35 per share when it actually produced earnings of $3.37, delivering a surprise of 0.60%.Over the last four quarters, the company has ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number Exact Name of Each Registrant as specified in its charter; State of Incorporation; Address; and Telephone Number 1-8962 PINNACLE WEST CAP ...