# PINNACLE WEST CAPITAL CORP

Summary updated: 2026-10-02T12:59:47.1532Z
Canonical: https://finbar.com/research/companies/pinnacle-west-capital-corp

## Overview

Pinnacle West Capital Corp. is a Phoenix-based electric-utility holding company in the regulated power sector. Its principal business is conducted through Arizona Public Service Company (APS), which generates, transmits and distributes electricity; nearly all of Pinnacle West’s revenue and earnings are derived from APS. [1](https://app.finbar.com/go?id=P7152024)[2](https://app.finbar.com/go?id=P103936209)

APS serves about 1.4 million customers across 11 of Arizona’s 15 counties, making Arizona the company’s defining operating geography. Its electricity supply draws on company-owned generation and power-purchase agreements, with resources including nuclear, natural gas, coal, solar, wind and storage. [3](https://app.finbar.com/go?id=P27606194)[4](https://app.finbar.com/go?id=P88835270)

For 2025, Pinnacle West reported approximately $5.34 billion in operating revenue. The company has approximately 6,600 employees in Arizona and New Mexico, and its generating capacity is about 6,200 MW. [5](https://app.finbar.com/go?id=T10371787)[6](https://app.finbar.com/go?id=P99079202) Pinnacle West’s corporate-responsibility page describes APS’s purpose as doing what is right for the people and prosperity of Arizona, alongside providing safe, reliable and affordable energy. [7](https://www.pinnaclewest.com/corporate-responsibility/)
[1](https://app.finbar.com/go?id=P7152024)[2](https://app.finbar.com/go?id=P103936209)[3](https://app.finbar.com/go?id=P27606194)[4](https://app.finbar.com/go?id=P88835270)[5](https://app.finbar.com/go?id=T10371787)[6](https://app.finbar.com/go?id=P99079202)[7](https://www.pinnaclewest.com/corporate-responsibility/)

## Products & services

Pinnacle West’s electricity products and customer services are provided principally through its subsidiary Arizona Public Service (APS). APS sells regulated retail and wholesale electricity and provides the associated generation, transmission and distribution services; its filings report one regulated-electricity segment rather than separate product segments. [8](https://app.finbar.com/go?id=P64642300)

APS’s owned generating fleet at year-end 2025 totaled 6,257 MW: 1,146 MW nuclear, 970 MW coal, 2,014 MW gas combined-cycle, 1,708 MW gas/oil combustion turbines and 419 MW solar. The filing characterizes combined-cycle plants as load-following, combustion turbines as peaking, and solar as as-available generation. [9](https://app.finbar.com/go?id=T116993) Its supply portfolio also includes power-purchase agreements (PPAs) and distributed energy; examples include a 250 MW Solana solar PPA and 2025 solar additions of 70 MW at Yuma Solar Energy, 300 MW at Harquahala Sun 2, 300 MW at Sunstreams 4 and 170 MW at Serrano Solar. APS also contracts for storage, including 300 MW battery-storage PPAs at Harquahala Sun 2 and Sun Streams 4. [10](https://app.finbar.com/go?id=T8583399)[11](https://app.finbar.com/go?id=T10415477)

Retail offerings include fixed-rate and time-of-use plans, an EV overnight charging plan with an 11 p.m.–5 a.m. weekday charging period, and programs for smart charging, solar and batteries, and customer participation in energy-saving or storage initiatives. APS’s Green Power Partners Program lets participating customers pay an additional specified price for contracted green power. [12](https://www.aps.com/en/Residential/Service-Plans/Compare-Service-Plans)[13](https://www.aps.com/en/Residential/Service-Plans/Compare-Service-Plans/EV-Overnight-Charging-11pm-5am-Weekdays)[14](https://www.aps.com/en/Residential/Service-Plans/Understanding-Solar)[15](https://www.aps.com/en/About/Sustainability-and-Innovation/Technology-and-Innovation)[16](https://app.finbar.com/go?id=P29189057) The filings do not provide product-specific revenue percentages; generating capacity figures should not be read as shares of revenue or electricity sales.
[8](https://app.finbar.com/go?id=P64642300)[9](https://app.finbar.com/go?id=T116993)[9](https://app.finbar.com/go?id=T116993)[9](https://app.finbar.com/go?id=T116993)[9](https://app.finbar.com/go?id=T116993)[9](https://app.finbar.com/go?id=T116993)[9](https://app.finbar.com/go?id=T116993)[10](https://app.finbar.com/go?id=T8583399)[10](https://app.finbar.com/go?id=T8583399)[10](https://app.finbar.com/go?id=T8583399)[10](https://app.finbar.com/go?id=T8583399)[10](https://app.finbar.com/go?id=T8583399)[11](https://app.finbar.com/go?id=T10415477)[11](https://app.finbar.com/go?id=T10415477)[16](https://app.finbar.com/go?id=P29189057)[12](https://www.aps.com/en/Residential/Service-Plans/Compare-Service-Plans)[13](https://www.aps.com/en/Residential/Service-Plans/Compare-Service-Plans/EV-Overnight-Charging-11pm-5am-Weekdays)[14](https://www.aps.com/en/Residential/Service-Plans/Understanding-Solar)[15](https://www.aps.com/en/About/Sustainability-and-Innovation/Technology-and-Innovation)

## Geographic presence

Pinnacle West’s principal operating geography is Arizona, where its subsidiary Arizona Public Service (APS) provides retail or wholesale electricity service across much of the state. APS serves about 1.4 million retail customers in 11 of Arizona’s 15 counties; its service area excludes about half of metropolitan Phoenix, metropolitan Tucson, and Mohave County. APS describes the territory’s endpoints as Douglas, the Grand Canyon, Gila Bend, and Payson. [17](https://app.finbar.com/go?id=P79157244)[18](https://app.finbar.com/go?id=P84896255)[19](https://www.aps.com/en/Residential/Service-Plans/Service-Area-Maps)[20](https://www.aps.com/en/About/Our-Company/About-us)

The company does not report revenue or sales by state, county, or city. Its FY2025 filing reports $5.340 billion in operating revenue for the regulated electricity segment, equal to consolidated revenue at the displayed precision; it also says APS generates essentially all Pinnacle West revenue and earnings. [21](https://app.finbar.com/go?id=T3584498)[17](https://app.finbar.com/go?id=P79157244)[18](https://app.finbar.com/go?id=P84896255) Pinnacle West’s principal executive offices are in Phoenix, Arizona. The filings reviewed do not give an employee breakdown by location; a February 2026 company release reported approximately 6,600 employees in Arizona and New Mexico combined, without a state-by-state split. [22](https://app.finbar.com/go?id=T16696010)[23](https://www.sec.gov/Archives/edgar/data/7286/000076462226000010/pnw202512318kexhibit991.htm)
[17](https://app.finbar.com/go?id=P79157244)[18](https://app.finbar.com/go?id=P84896255)[21](https://app.finbar.com/go?id=T3584498)[22](https://app.finbar.com/go?id=T16696010)[19](https://www.aps.com/en/Residential/Service-Plans/Service-Area-Maps)[20](https://www.aps.com/en/About/Our-Company/About-us)[23](https://www.sec.gov/Archives/edgar/data/7286/000076462226000010/pnw202512318kexhibit991.htm)

## Business segments

Pinnacle West Capital Corp. reports one reportable segment: regulated electricity, operated through Arizona Public Service Company (APS). Its activities include regulated retail and wholesale electricity sales, supported by electricity generation, transmission, and distribution; other operating-segment activities are reported as insignificant. [24](https://app.finbar.com/go?id=P9309125)

For 2025, regulated-electricity segment operating revenue was approximately $5.34 billion, or about 100% of consolidated operating revenue; the filing reports no revenue for “Other.” [21](https://app.finbar.com/go?id=T3584498)
[24](https://app.finbar.com/go?id=P9309125)[21](https://app.finbar.com/go?id=T3584498)[21](https://app.finbar.com/go?id=T3584498)[21](https://app.finbar.com/go?id=T3584498)

## Company history

Pinnacle West’s utility roots trace to Phoenix Illuminating Gas and Electric Company, established in Phoenix in 1886. In 1952, Northern Arizona Light & Power merged with Central Arizona Light and Power Company and Arizona Edison to form Arizona Public Service Company (APS). [25](https://www.aps.com/en/About/Our-Company/About-us/APS_140_Anniversary) [26](https://www.nrc.gov/docs/ML1730/ML17303A299.pdf)

On April 29, 1985, APS became a wholly owned subsidiary of a newly formed holding company, AZP Group, Inc.; the parent adopted the name Pinnacle West Capital Corporation in 1987. [27](https://www.sec.gov/Archives/edgar/data/7286/000076462216000093/0000764622-16-000093.txt) In 1986, Palo Verde Nuclear Generating Station began operating, with APS as its operating agent and a co-owner. [28](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2016/Palo-Verde-Nuclear-Generating-Station-Sets-US-Power-Production-Record/default.aspx) During 1998–1999, APS and Salt River Project reached an agreement concerning electric competition and territorial arrangements, followed by Arizona Corporation Commission approval of an APS deregulation settlement. [29](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/1998/Arizona-Public-Service-and-Salt-River-Project-Sign-Agreement-to-Advance-Electric-Competition/default.aspx) [30](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/1999/Arizona-Corporation-Commission-Approves-APS-Settlement-Agreement-on-Deregulation/default.aspx) Jeff Guldner became chairman and CEO in November 2019; Ted Geisler assumed the chairman, president and CEO roles on April 1, 2025. [31](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2019/Pinnacle-West-Chairman-Don-Brandt-to-Retire-in-November/default.aspx) [32](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2024/Pinnacle-West-and-APS-Announce-Leadership-Succession/default.aspx)
[25](https://www.aps.com/en/About/Our-Company/About-us/APS_140_Anniversary)[26](https://www.nrc.gov/docs/ML1730/ML17303A299.pdf)[27](https://www.sec.gov/Archives/edgar/data/7286/000076462216000093/0000764622-16-000093.txt)[28](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2016/Palo-Verde-Nuclear-Generating-Station-Sets-US-Power-Production-Record/default.aspx)[29](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/1998/Arizona-Public-Service-and-Salt-River-Project-Sign-Agreement-to-Advance-Electric-Competition/default.aspx)[30](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/1999/Arizona-Corporation-Commission-Approves-APS-Settlement-Agreement-on-Deregulation/default.aspx)[31](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2019/Pinnacle-West-Chairman-Don-Brandt-to-Retire-in-November/default.aspx)[32](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2024/Pinnacle-West-and-APS-Announce-Leadership-Succession/default.aspx)

## Sources

1. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P7152024)
2. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P103936209)
3. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P27606194)
4. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P88835270)
5. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T10371787)
6. [PINNACLE WEST CAPITAL CORP — Press release (2025 Y)](https://app.finbar.com/go?id=P99079202)
7. [www.pinnaclewest.com](https://www.pinnaclewest.com/corporate-responsibility/)
8. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P64642300)
9. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T116993)
10. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T8583399)
11. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T10415477)
12. [www.aps.com](https://www.aps.com/en/Residential/Service-Plans/Compare-Service-Plans)
13. [www.aps.com](https://www.aps.com/en/Residential/Service-Plans/Compare-Service-Plans/EV-Overnight-Charging-11pm-5am-Weekdays)
14. [www.aps.com](https://www.aps.com/en/Residential/Service-Plans/Understanding-Solar)
15. [www.aps.com](https://www.aps.com/en/About/Sustainability-and-Innovation/Technology-and-Innovation)
16. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P29189057)
17. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P79157244)
18. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P84896255)
19. [www.aps.com](https://www.aps.com/en/Residential/Service-Plans/Service-Area-Maps)
20. [www.aps.com](https://www.aps.com/en/About/Our-Company/About-us)
21. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=T3584498)
22. [PINNACLE WEST CAPITAL CORP — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16696010)
23. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/7286/000076462226000010/pnw202512318kexhibit991.htm)
24. [PINNACLE WEST CAPITAL CORP — Full financial report (2025 Y)](https://app.finbar.com/go?id=P9309125)
25. [www.aps.com](https://www.aps.com/en/About/Our-Company/About-us/APS_140_Anniversary)
26. [www.nrc.gov](https://www.nrc.gov/docs/ML1730/ML17303A299.pdf)
27. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/7286/000076462216000093/0000764622-16-000093.txt)
28. [www.pinnaclewest.com](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2016/Palo-Verde-Nuclear-Generating-Station-Sets-US-Power-Production-Record/default.aspx)
29. [www.pinnaclewest.com](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/1998/Arizona-Public-Service-and-Salt-River-Project-Sign-Agreement-to-Advance-Electric-Competition/default.aspx)
30. [www.pinnaclewest.com](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/1999/Arizona-Corporation-Commission-Approves-APS-Settlement-Agreement-on-Deregulation/default.aspx)
31. [www.pinnaclewest.com](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2019/Pinnacle-West-Chairman-Don-Brandt-to-Retire-in-November/default.aspx)
32. [www.pinnaclewest.com](https://www.pinnaclewest.com/newsroom/company-news/news-release-details/2024/Pinnacle-West-and-APS-Announce-Leadership-Succession/default.aspx)

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