Pinnacle West Capital Corp (NYSE: PNW) is a regulated electric utility holding company that generates, transmits, and distributes electricity through its principal subsidiary, Arizona Public Service Company (APS). Revenue comes from retail and wholesale electricity sales, with rates set by state and federal regulators. APS operates as the primary electric utility serving customers in Arizona, making PNW's earnings largely dependent on regulatory outcomes from the Arizona Corporation Commission and the Federal Energy Regulatory Commission. The company is capital-intensive by structure, requiring continuous investment in generation, transmission, and distribution infrastructure. PNW is incorporated in Arizona and files as a well-known seasoned issuer, as disclosed in its 10-K filed February 25, 2026 (accession 000076462226000011) for the fiscal year ended December 31, 2025. APS common stock carries a par value of $2.50 per share and is registered under Section 12(g) of the Securities Exchange Act.

Revenue model

Regulated electricity sales through Arizona Public Service Company, with retail and wholesale rates approved by state and federal regulators.

Products and services

Generation, transmission, and distribution of electricity through Arizona Public Service Company (APS).

Customers and end markets

Retail electricity customers in Arizona; wholesale electricity markets subject to FERC oversight.

Value-chain role

Vertically integrated regulated electric utility: generation, transmission, and distribution.

Geographic exposure

Arizona, United States.

Source: SEC 10-K, filed 2026-02-25

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