Cash Flow Statement

Operating Cash Flow

+44%

+98%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	312	303	305	243	149	116	109	118	241	252	263	259	243	236	190	189	176	164	250	330	327	331	298	323	307	286	341	284	260	98	37	76	73	238	285	333	370	361	336	360	367	376	412	402	413	447	456	438	440	432	434	447	424	420	406	420	456	445	444	449	462	480	527	540	508	488	487	526	531	545	523	520	558	570	619	653	570	576	597	590	636	617	566	552	501	481	423	495	519	539	636	633	626	605	593	612
Depreciation & Amortization	456	451	448	449	454	459	464	464	467	486	483	473	432	430	412	398	382	377	385	378	387	390	396	400	404	410	415	420	432	439	445	453	451	453	458	463	473	482	489	492	494	489	488	484	481	487	491	499	492	490	489	486	497	516	532	553	572	571	572	567	565	572	574	588	611	626	645	655	651	655	658	662	664	670	675	679	686	690	694	703	719	746	774	800	818	823	829	841	854	872	903	929	956	980	983	976
Change in Deffered Taxes	(17)	(21)	(29)	178	191	192	203	11	86	104	133	162	(114)	(127)	(174)	(198)	(24)	(18)	29	31	28	13	8	70	(58)	(90)	100	125	158	199	81	84	106	160	79	233	260	169	221	111	176	215	230	251	229	243	251	294	302	298	275	192	185	183	187	201	245	242	246	256	230	237	257	248	244	233	183	147	112	116	83	78	(5)	(27)	12	1	64	71	72	78	113	128	106	53	37	32	24	39	53	31	42	(9)	(29)	(5)	(27)	(25)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6	0	0	0	13	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	23	0	0	0	32	0	0	0	25	0	0	0	33	0	0	0	19	35	44	46	19	12	7	8	21	21	21	20	20	21	20	20	18	13	14	14	18	23	23	23	18	12	13	15	16	14	15	15	17	20	21	22	24	25	25	28
Other Non-Cash Items	(83)	(32)	(85)	89	166	163	181	228	134	124	114	84	22	36	104	100	50	69	(7)	(20)	62	94	80	83	128	142	146	183	165	373	409	392	349	111	24	(48)	(86)	(107)	(75)	(107)	(116)	(110)	(85)	(56)	(68)	(62)	(49)	7	28	34	(2)	(7)	(17)	(35)	(17)	(7)	(19)	(40)	(52)	(61)	(46)	(43)	(60)	(75)	(90)	(88)	(60)	(26)	6	39	21	(11)	(46)	(86)	(86)	(120)	(121)	(163)	(213)	(230)	(236)	(156)	(121)	(97)	(102)	(151)	(80)	(128)	(46)	23	57	117	138	143	118	135
Cash Taxes Paid	223	238	254	238	(18)	(49)	(65)	(56)	162	168	169	169	66	75	67	102	87	72	79	106	157	196	198	173	205	176	175	117	24	32	31	(11)	(53)	(76)	(74)	(40)	(23)	(18)	(20)	5	10	10	10	4	3	4	3	7	19	(113)	(113)	(116)	102	232	235	236	(7)	(2)	(6)	(7)	10	8	10	10	2	2	10	10	21	21	22	24	13	16	5	3	(3)	(5)	(9)	12	0	(1)	5	(5)	46	46	44	34	9	30	34	58	134	102	117	92
Cash Interest Paid	115	93	110	115	126	138	142	146	33	59	79	60	192	153	160	165	182	174	182	176	154	179	156	183	194	189	197	188	206	206	209	232	217	229	235	221	222	219	217	217	218	225	202	207	201	187	198	189	184	184	183	188	177	182	170	175	170	173	175	174	185	183	190	185	189	191	199	204	209	216	219	214	219	209	211	207	217	217	217	222	228	229	241	235	245	252	279	300	311	333	334	354	360	368	372	378
Change in Working Capital	(98)	(184)	(150)	(298)	(99)	(24)	21	128	(25)	3	21	(36)	268	221	270	617	146	(21)	(204)	(592)	(410)	(224)	(154)	(289)	(123)	(59)	45	(46)	(166)	(563)	(601)	(170)	89	147	221	(115)	(267)	103	15	246	205	27	102	52	116	154	18	(114)	(109)	(64)	(32)	41	11	(89)	(79)	(132)	(160)	(123)	(87)	(173)	(187)	(227)	(406)	(271)	(154)	(115)	(32)	4	(22)	(71)	(56)	(97)	(214)	(160)	(240)	(319)	(233)	(189)	(239)	(285)	(372)	(336)	(189)	(76)	(13)	(73)	(106)	(203)	(172)	(120)	(331)	(126)	(81)	(59)	69	71
Cash from Operating Activities	571 N/A	518 -9%	489 -6%	662 +35%	861 +30%	907 +5%	978 +8%	948 -3%	902 -5%	946 +5%	991 +5%	918 -7%	851 -7%	788 -7%	789 +0%	1 105 +40%	730 -34%	571 -22%	452 -21%	127 -72%	394 +211%	605 +54%	628 +4%	588 -6%	658 +12%	689 +5%	1 046 +52%	964 -8%	848 -12%	546 -36%	372 -32%	835 +125%	1 067 +28%	1 110 +4%	1 066 -4%	866 -19%	751 -13%	1 008 +34%	985 -2%	1 102 +12%	1 126 +2%	997 -11%	1 148 +15%	1 135 -1%	1 171 +3%	1 268 +8%	1 167 -8%	1 124 -4%	1 153 +3%	1 190 +3%	1 164 -2%	1 158 -1%	1 100 -5%	995 -10%	1 029 +3%	1 034 +1%	1 094 +6%	1 094 +0%	1 123 +3%	1 038 -8%	1 023 -1%	1 019 0%	892 -13%	1 030 +16%	1 118 +9%	1 145 +2%	1 223 +7%	1 306 +7%	1 277 -2%	1 284 +1%	1 227 -4%	1 152 -6%	957 -17%	967 +1%	980 +1%	894 -9%	966 +8%	985 +2%	910 -8%	855 -6%	860 +1%	999 +16%	1 136 +14%	1 231 +8%	1 241 +1%	1 112 -10%	1 091 -2%	1 043 -4%	1 208 +16%	1 343 +11%	1 307 -3%	1 544 +18%	1 610 +4%	1 664 +3%	1 736 +4%	1 768 +2%
Investing Cash Flow
Capital Expenditures	(1 056)	(1 086)	(1 083)	(1 053)	(909)	(864)	(799)	(716)	(713)	(655)	(634)	(574)	(539)	(544)	(577)	(653)	(634)	(680)	(694)	(697)	(738)	(781)	(828)	(938)	(919)	(957)	(942)	(892)	(936)	(880)	(852)	(786)	(765)	(774)	(750)	(759)	(748)	(737)	(757)	(839)	(884)	(934)	(922)	(912)	(890)	(832)	(841)	(800)	(1 016)	(1 041)	(1 029)	(1 054)	(911)	(954)	(1 053)	(1 071)	(1 076)	(1 204)	(1 277)	(1 312)	(1 276)	(1 246)	(1 238)	(1 288)	(1 409)	(1 421)	(1 395)	(1 280)	(1 178)	(1 077)	(1 040)	(1 138)	(1 191)	(1 272)	(1 327)	(1 305)	(1 327)	(1 350)	(1 331)	(1 362)	(1 473)	(1 501)	(1 636)	(1 744)	(1 707)	(1 761)	(1 782)	(1 745)	(1 846)	(1 919)	(1 980)	(2 249)	(2 249)	(2 354)	(2 530)	(2 487)
Other Items	(64)	(30)	38	40	19	64	(52)	(25)	(96)	55	17	(134)	(6)	(7)	(415)	37	48	162	584	36	169	(4)	5	252	45	19	118	99	120	131	(125)	32	60	41	308	213	173	179	131	106	102	109	54	11	17	17	11	9	7	(0)	(2)	(18)	(12)	7	14	9	10	(2)	5	8	23	17	13	7	(20)	(20)	(24)	(23)	(15)	(9)	(2)	26	61	54	71	50	49	66	56	77	87	88	104	97	89	64	75	113	152	254	282	322	316	258	230	189
Cash from Investing Activities	(1 120) N/A	(1 116) +0%	(1 045) +6%	(1 013) +3%	(890) +12%	(800) +10%	(851) -6%	(740) +13%	(809) -9%	(600) +26%	(617) -3%	(708) -15%	(545) +23%	(550) -1%	(993) -80%	(617) +38%	(585) +5%	(518) +11%	(110) +79%	(661) -499%	(569) +14%	(784) -38%	(823) -5%	(687) +17%	(873) -27%	(938) -7%	(824) +12%	(792) +4%	(815) -3%	(749) +8%	(977) -30%	(755) +23%	(705) +7%	(733) -4%	(442) +40%	(546) -24%	(576) -6%	(558) +3%	(626) -12%	(733) -17%	(782) -7%	(824) -5%	(868) -5%	(901) -4%	(873) +3%	(815) +7%	(830) -2%	(792) +5%	(1 009) -27%	(1 041) -3%	(1 031) +1%	(1 071) -4%	(923) +14%	(947) -3%	(1 039) -10%	(1 062) -2%	(1 066) 0%	(1 206) -13%	(1 272) -6%	(1 304) -2%	(1 252) +4%	(1 229) +2%	(1 225) +0%	(1 281) -5%	(1 429) -11%	(1 441) -1%	(1 419) +1%	(1 302) +8%	(1 193) +8%	(1 086) +9%	(1 041) +4%	(1 112) -7%	(1 131) -2%	(1 218) -8%	(1 256) -3%	(1 255) +0%	(1 278) -2%	(1 285) -1%	(1 275) +1%	(1 285) -1%	(1 387) -8%	(1 413) -2%	(1 532) -8%	(1 647) -8%	(1 618) +2%	(1 697) -5%	(1 708) -1%	(1 632) +4%	(1 694) -4%	(1 665) +2%	(1 698) -2%	(1 928) -14%	(1 934) 0%	(2 096) -8%	(2 300) -10%	(2 297) +0%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	0	199	199	199	0	0	0	0	0	18	31	289	309	298	291	36	32	40	42	49	34	24	19	12	14	4	2	(0)	(2)	3	3	256	256	256	267	16	16	16	8	10	11	16	21	17	17	17	17	20	22	15	16	15	13	19	19	17	19	(5)	(25)	(24)	(26)	(13)	(5)	(7)	(7)	(5)	(5)	(5)	(3)	1	2	1	(1)	(1)	(0)	1	1	(2)	(3)	(3)	(3)	(3)	(4)	(4)	(4)	(4)	(6)	(6)	(6)	341	340	339	355
Net Issuance of Debt	697	615	684	482	14	(119)	(102)	(89)	115	(242)	(146)	(134)	(141)	24	194	138	(246)	30	(434)	(43)	240	122	348	179	373	341	46	84	226	430	743	135	(106)	(194)	(629)	(263)	(244)	(375)	(102)	220	(201)	(42)	(141)	(497)	(86)	(234)	(91)	(44)	74	169	96	40	73	114	282	301	279	394	447	572	500	524	623	547	641	630	524	384	244	135	159	274	531	664	643	882	736	633	755	662	870	807	809	797	774	983	1 003	1 007	899	741	805	838	397	515	669	795
Cash Paid for Dividends	(129)	(131)	(133)	(136)	(138)	(143)	(148)	(152)	(157)	(160)	(162)	(164)	(167)	(169)	(175)	(181)	(187)	(193)	(196)	(198)	(201)	(204)	(207)	(210)	(211)	(211)	(211)	(211)	(204)	(203)	(201)	(199)	(205)	(205)	(209)	(213)	(217)	(221)	(223)	(222)	(222)	(222)	(221)	(223)	(225)	(228)	(230)	(233)	(235)	(240)	(244)	(249)	(247)	(248)	(250)	(251)	(260)	(264)	(267)	(271)	(274)	(278)	(281)	(285)	(290)	(295)	(299)	(304)	(309)	(314)	(319)	(324)	(330)	(335)	(340)	(345)	(351)	(356)	(362)	(367)	(369)	(372)	(375)	(377)	(379)	(381)	(383)	(384)	(386)	(388)	(391)	(393)	(395)	(402)	(409)	(416)
Other	(1)	3	5	8	3	2	4	6	8	9	12	16	10	28	24	(10)	(20)	(38)	(33)	1	30	26	14	12	(3)	(5)	4	3	(10)	(11)	(15)	(18)	(14)	(10)	(10)	(5)	(5)	(10)	(9)	(14)	(13)	(11)	(10)	(10)	(10)	(9)	(16)	(16)	(17)	(17)	(25)	(25)	(20)	(20)	(32)	(32)	(35)	(35)	(18)	(18)	(23)	(23)	(23)	(23)	(23)	(23)	(23)	(23)	(23)	0	(23)	(23)	(23)	0	(23)	(23)	(23)	0	(22)	(22)	(21)	0	(21)	(21)	(21)	0	(21)	(21)	(21)	0	(21)	(21)	(21)	(21)	(21)	(223)
Cash from Financing Activities	567 N/A	487 -14%	556 +14%	354 -36%	78 -78%	(60) N/A	(46) +24%	(36) +21%	(34) +6%	(392) -1 057%	(296) +24%	(283) +5%	(280) +1%	(86) +69%	332 N/A	256 -23%	(155) N/A	90 N/A	(627) N/A	(209) +67%	108 N/A	(14) N/A	204 N/A	14 -93%	185 +1 181%	145 -22%	(149) N/A	(111) +25%	16 N/A	218 +1 264%	527 +141%	(84) N/A	(322) -283%	(406) -26%	(592) -46%	(225) +62%	(210) +7%	(339) -62%	(317) +6%	0 N/A	(420) N/A	(267) +37%	(361) -35%	(719) -99%	(306) +58%	(449) -47%	(320) +29%	(276) +14%	(161) +42%	(71) +56%	(152) -115%	(212) -39%	(179) +15%	(139) +22%	15 N/A	30 +103%	4 -87%	114 +2 905%	179 +57%	301 +68%	198 -34%	198 0%	295 +49%	213 -28%	316 +48%	309 -2%	195 -37%	51 -74%	(92) N/A	(207) -124%	(188) +9%	(76) +60%	179 N/A	308 +72%	281 -9%	513 +82%	361 -30%	254 -30%	372 +47%	274 -27%	477 +74%	411 -14%	411 0%	396 -3%	371 -6%	577 +55%	595 +3%	597 +0%	487 -18%	324 -33%	387 +19%	418 +8%	323 -23%	432 +34%	579 +34%	511 -12%
Change in Cash
Net Change in Cash	18 N/A	(112) N/A	(0) +100%	3 N/A	49 +1 785%	47 -4%	81 +73%	172 +111%	59 -66%	(47) N/A	78 N/A	(73) N/A	27 N/A	152 +472%	128 -15%	744 +480%	(9) N/A	143 N/A	(285) N/A	(743) -161%	(67) +91%	(194) -190%	8 N/A	(84) N/A	(31) +63%	(104) -235%	73 N/A	61 -17%	49 -19%	15 -69%	(79) N/A	(4) +95%	40 N/A	(29) N/A	33 N/A	95 +190%	(35) N/A	111 N/A	42 -62%	369 +780%	(77) N/A	(94) -22%	(81) +13%	(485) -498%	(7) +98%	5 N/A	17 +269%	56 +237%	(17) N/A	78 N/A	(19) N/A	(125) -568%	(2) +98%	(92) -4 495%	4 N/A	3 -43%	32 +1 176%	3 -91%	29 +914%	35 +20%	(31) N/A	(11) +63%	(38) -232%	(38) +1%	5 N/A	12 +148%	(1) N/A	54 N/A	(8) N/A	(9) -16%	(2) +78%	(35) -1 576%	5 N/A	57 +1 167%	5 -91%	152 +2 880%	50 -67%	(46) N/A	7 N/A	(156) N/A	(50) +68%	(3) +94%	15 N/A	(19) N/A	(5) +72%	(7) -37%	(22) -207%	8 N/A	0 -98%	3 +2 081%	(4) N/A	34 N/A	(1) N/A	0 N/A	15 +3 492%	(18) N/A
Free Cash Flow
Free Cash Flow	(485) N/A	(568) -17%	(594) -5%	(391) +34%	(48) +88%	43 N/A	179 +313%	233 +30%	189 -19%	291 +54%	357 +23%	344 -4%	312 -9%	244 -22%	212 -13%	452 +114%	97 -79%	(109) N/A	(242) -122%	(570) -136%	(344) +40%	(176) +49%	(200) -14%	(350) -75%	(261) +26%	(268) -3%	104 N/A	73 -30%	(88) N/A	(334) -282%	(480) -44%	49 N/A	303 +520%	336 +11%	317 -6%	107 -66%	2 -98%	270 +12 771%	228 -16%	263 +15%	241 -8%	64 -74%	226 +255%	223 -1%	282 +26%	437 +55%	325 -25%	324 -1%	137 -58%	149 +9%	136 -9%	104 -23%	189 +81%	40 -79%	(24) N/A	(37) -52%	18 N/A	(109) N/A	(154) -41%	(274) -78%	(252) +8%	(227) +10%	(346) -53%	(258) +25%	(291) -13%	(276) +5%	(172) +38%	26 N/A	99 +275%	207 +109%	188 -9%	15 -92%	(235) N/A	(305) -30%	(347) -14%	(411) -18%	(360) +12%	(366) -1%	(421) -15%	(507) -20%	(613) -21%	(503) +18%	(500) +1%	(512) -3%	(466) +9%	(649) -39%	(692) -7%	(702) -1%	(639) +9%	(576) +10%	(673) -17%	(705) -5%	(639) +9%	(690) -8%	(794) -15%	(719) +9%

Income Statement Balance Sheet Cash Flow Statement

Pinnacle West Capital Corp
F:PWC

Cash Flow Statement

Cash Flow Statement
Pinnacle West Capital Corp

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Pinnacle West Capital Corp F:PWC

Cash Flow Statement

Cash Flow Statement Pinnacle West Capital Corp

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Pinnacle West Capital Corp
F:PWC

Cash Flow Statement
Pinnacle West Capital Corp