Pinnacle West Capital (PNW) FY2024 results: revenue $5.1 billion, up 9.1% on the year
Pinnacle West Capital Corp. (PNW) reported revenue of $5.1 billion for fiscal 2024, the year ended 31 December 2024, up 9.1% on the year before. Net income was $609 million, up 21.4%, and diluted earnings per share $5.24. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.
Revenue
$5.1 billion
+9.1% on the year
FY2017FY2024
Operating margin
19.7%
17.6% a year earlier
FY2017FY2024
Net income
$609 million
+21.4% on the year
FY2017FY2024
Diluted EPS
$5.24
+18.8% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
1,610
1,208
1,241
+33.3%
Capital expenditure
2,249
1,846
1,707
+21.8%
Free cash flow
-639
-639
-466
Free cash flow margin
-12.5%
-13.6%
-10.8%
Cash from investing
-1,934
-1,694
-1,618
Cash from financing
323
487
371
-33.7%
Depreciation and amortisation
956
854
818
+11.9%
Share-based compensation
23.5
17.3
15.9
+35.7%
Buybacks
n/a
4.1
2.7
Dividends paid
395
386
379
+2.1%
Dividend per share
$3.55
$3.49
$3.43
+1.7%
Diluted shares, weighted
116m
114m
113m
+2.1%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
6,754
6,178
6,049
+9.3%
Non-controlling interest
103
107
111
-3.8%
Debt
9,427
9,025
8,133
+4.5%
Operating lease liabilities
1,521
1,210
639
+25.7%
Other liabilities
8,297
8,141
7,792
+1.9%
Total liabilities and equity
26,103
24,661
22,723
+5.8%
Fixed assets
16,834
15,803
14,522
+6.5%
Intangible assets
591
267
259
+121.4%
Cash and equivalents
3.8
5.0
4.8
-22.5%
Other assets
8,674
8,586
7,937
+1.0%
Total assets
26,103
24,661
22,723
+5.8%
10-K for the year ended 31 December 2024, filed 25 February 2025: the filing.