ARIZONA PUBLIC SERVICE COMPANY - CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 6,409	$ 6,604
Customer and other receivables	503,844	579,831
Accrued unbilled revenues (Note 4)	208,583	173,692
Allowance for doubtful accounts (Note 4)	(24,626)	(25,495)
Materials and supplies (at average cost)	543,198	546,329
Fossil fuel (at average cost)	19,955	18,824
Assets from risk management activities (Note 10)	388	3,250
Deferred fuel and purchased power regulatory asset (Note 7)	55,432	149,068
Other regulatory assets (Note 7)	141,297	136,941
Other current assets	151,984	108,686
Total current assets	1,614,880	1,703,709
INVESTMENTS AND OTHER ASSETS
Nuclear decommissioning trusts (Notes 14 and 15)	1,392,817	1,414,166
Other special use funds (Notes 14 and 15)	437,745	434,827
Assets from risk management activities (Note 10)	466	5,137
Other assets	159,288	144,997
Total investments and other assets	1,990,316	1,999,127
PROPERTY, PLANT AND EQUIPMENT
Plant in service and held for future use	27,616,435	27,370,296
Accumulated depreciation and amortization	(9,146,511)	(9,012,021)
Net	18,469,924	18,358,275
Construction work in progress	1,888,288	1,649,542
Palo Verde sale leaseback, net of accumulated depreciation (Note 9)	31,641	32,035
Intangible assets, net of accumulated amortization	539,939	575,978
Nuclear fuel, net of accumulated amortization	116,743	104,274
Total property, plant and equipment	21,046,535	20,720,104
DEFERRED DEBITS
Regulatory assets (Note 7)	1,454,210	1,463,357
Operating lease right-of-use assets (Note 17)	4,060,364	3,649,669
Assets for other postretirement benefits (Note 8)	411,088	399,334
Other	113,234	96,299
Total deferred debits	6,038,896	5,608,659
TOTAL ASSETS	30,690,627	30,031,599
CURRENT LIABILITIES
Accounts payable	601,648	680,203
Accrued taxes	240,006	186,605
Accrued interest	100,454	105,637
Common dividends payable	0	110,022
Short-term borrowings (Note 6)	594,100	757,005
Current maturities of long-term debt (Note 6)	600,000	600,000
Customer deposits	78,234	63,776
Liabilities from risk management activities (Note 10)	55,918	35,141
Liabilities for asset retirements	57,428	71,698
Operating lease liabilities (Note 17)	136,417	188,586
Regulatory liabilities (Note 7)	117,241	210,909
Other current liabilities	114,274	151,444
Total current liabilities	2,695,720	3,161,026
DEFERRED CREDITS AND OTHER
Liabilities from risk management activities (Note 10)	5,719	1,495
Deferred income taxes	2,479,565	2,470,932
Regulatory liabilities (Note 7)	1,751,277	1,736,121
Liabilities for pension benefits (Note 8)	170,295	167,636
Liabilities for asset retirements	1,229,369	1,198,601
Customer advances	618,106	632,169
Coal mine reclamation	161,686	159,587
Deferred investment tax credit	307,171	308,261
Unrecognized tax benefits	106,924	105,484
Operating lease liabilities (Note 17)	4,011,094	3,548,365
Other	241,058	249,171
Total deferred credits and other	11,082,264	10,577,822
COMMITMENTS AND CONTINGENCIES (Note 11)
CAPITALIZATION
Retained earnings	3,883,738	3,850,817
Accumulated other comprehensive loss (Note 16)	(31,949)	(32,408)
Total shareholder equity	7,068,157	7,046,458
Noncontrolling interests (Note 9)	42,811	40,617
Total equity	7,110,968	7,087,075
Long-term debt less current maturities (Note 6)	9,801,675	9,205,676
TOTAL LIABILITIES AND EQUITY	30,690,627	30,031,599
APS
CURRENT ASSETS
Cash and cash equivalents	3,841	4,143
Customer and other receivables	502,612	592,146
Accrued unbilled revenues (Note 4)	208,583	173,692
Allowance for doubtful accounts (Note 4)	(24,626)	(25,495)
Materials and supplies (at average cost)	543,198	546,329
Fossil fuel (at average cost)	19,955	18,824
Assets from risk management activities (Note 10)	388	3,250
Deferred fuel and purchased power regulatory asset (Note 7)	55,432	149,068
Other regulatory assets (Note 7)	141,297	136,941
Other current assets	151,127	102,820
Total current assets	1,601,807	1,701,718
INVESTMENTS AND OTHER ASSETS
Nuclear decommissioning trusts (Notes 14 and 15)	1,392,817	1,414,166
Other special use funds (Notes 14 and 15)	396,341	394,514
Assets from risk management activities (Note 10)	466	5,137
Other assets	56,631	50,912
Total investments and other assets	1,846,255	1,864,729
PROPERTY, PLANT AND EQUIPMENT
Plant in service and held for future use	27,615,553	27,369,414
Accumulated depreciation and amortization	(9,145,629)	(9,011,139)
Net	18,469,924	18,358,275
Construction work in progress	1,888,288	1,649,542
Palo Verde sale leaseback, net of accumulated depreciation (Note 9)	31,641	32,035
Intangible assets, net of accumulated amortization	539,784	575,823
Nuclear fuel, net of accumulated amortization	116,743	104,274
Total property, plant and equipment	21,046,380	20,719,949
DEFERRED DEBITS
Regulatory assets (Note 7)	1,454,210	1,463,357
Operating lease right-of-use assets (Note 17)	4,059,386	3,648,658
Assets for other postretirement benefits (Note 8)	404,031	392,348
Other	112,374	95,600
Total deferred debits	6,030,001	5,599,963
TOTAL ASSETS	30,524,443	29,886,359
CURRENT LIABILITIES
Accounts payable	594,372	672,518
Accrued taxes	238,145	176,968
Accrued interest	76,898	98,434
Common dividends payable	0	110,000
Short-term borrowings (Note 6)	316,000	507,305
Current maturities of long-term debt (Note 6)	250,000	250,000
Customer deposits	78,234	63,776
Liabilities from risk management activities (Note 10)	55,918	35,141
Liabilities for asset retirements	57,428	71,698
Operating lease liabilities (Note 17)	136,264	188,437
Regulatory liabilities (Note 7)	117,241	210,909
Other current liabilities	105,747	159,039
Total current liabilities	2,026,247	2,544,225
DEFERRED CREDITS AND OTHER
Liabilities from risk management activities (Note 10)	5,719	1,495
Deferred income taxes	2,437,541	2,427,765
Regulatory liabilities (Note 7)	1,751,277	1,736,121
Liabilities for pension benefits (Note 8)	168,133	164,892
Liabilities for asset retirements	1,229,369	1,198,601
Customer advances	618,106	632,169
Coal mine reclamation	161,686	159,587
Deferred investment tax credit	307,171	308,261
Unrecognized tax benefits	122,506	121,066
Operating lease liabilities (Note 17)	4,010,089	3,547,321
Other	225,231	232,661
Total deferred credits and other	11,036,828	10,529,939
COMMITMENTS AND CONTINGENCIES (Note 11)
CAPITALIZATION
Common stock	178,162	178,162
Additional paid-in capital	4,491,696	4,491,696
Retained earnings	4,278,990	4,227,237
Accumulated other comprehensive loss (Note 16)	(15,047)	(15,457)
Total shareholder equity	8,933,801	8,881,638
Noncontrolling interests (Note 9)	42,811	40,617
Total equity	8,976,612	8,922,255
Long-term debt less current maturities (Note 6)	8,484,756	7,889,940
Total capitalization	17,461,368	16,812,195
TOTAL LIABILITIES AND EQUITY	$ 30,524,443	$ 29,886,359