Pinnacle West Capital (PNW) FY2023 results: revenue $4.7 billion, up 8.6% on the year
Pinnacle West Capital Corp. (PNW) reported revenue of $4.7 billion for fiscal 2023, the year ended 31 December 2023, up 8.6% on the year before. Net income was $502 million, up 3.7%, and diluted earnings per share $4.41. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.
Revenue
$4.7 billion
+8.6% on the year
FY2016FY2023
Operating margin
17.6%
16.9% a year earlier
FY2016FY2023
Net income
$502 million
+3.7% on the year
FY2016FY2023
Diluted EPS
$4.41
+3.5% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,208
1,241
860
-2.7%
Capital expenditure
1,846
1,707
1,473
+8.1%
Free cash flow
-639
-466
-613
Free cash flow margin
-13.6%
-10.8%
-16.1%
Cash from investing
-1,694
-1,618
-1,387
Cash from financing
487
371
477
+31.0%
Depreciation and amortisation
854
818
719
+4.4%
Share-based compensation
17.3
15.9
18.5
+8.8%
Buybacks
4.1
2.7
n/a
+54.3%
Dividends paid
386
379
369
+2.0%
Dividend per share
$3.49
$3.43
$3.36
+1.7%
Diluted shares, weighted
114m
113m
113m
+0.3%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
6,178
6,049
5,906
+2.1%
Non-controlling interest
107
111
115
-3.6%
Debt
9,025
8,133
7,356
+11.0%
Operating lease liabilities
1,210
639
728
+89.3%
Other liabilities
8,141
7,792
7,898
+4.5%
Total liabilities and equity
24,661
22,723
22,003
+8.5%
Fixed assets
15,803
14,522
14,184
+8.8%
Intangible assets
267
259
274
+3.2%
Cash and equivalents
5.0
4.8
10.0
+2.5%
Other assets
8,586
7,937
7,536
+8.2%
Total assets
24,661
22,723
22,003
+8.5%
10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.