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Common Stock Equity and Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure
The following table presents information about the outstanding ATM Forward Sale Agreements as of March 31, 2026 based on their contractual terms at the time each agreement was entered into, including the applicable forward sale prices and related aggregate contractual values, which may differ from the gross amount of common stock referenced above (dollars in thousands, except price per share):

ATM Forward Sale AgreementsMaturity Date (a)Number of SharesForward Sales Price Per Share (b)Aggregate Value
November 2024June 30, 2026552,833 $89.73 $49,606 
March 2025September 14, 2026544,959 $90.83 $49,499 
August 2025February 16, 2027543,001 $91.21 $49,527 
September 2025February 22, 2027558,622 $88.69 $49,544 
January 2026July 2, 2027119,553 $89.88 $10,745 
March 2026September 3, 2027646,674 $99.52 $64,357 
March 2026September 10, 2027490,537 $100.94 $49,515 
March 2026September 18, 2027488,813 $101.28 $49,507 
March 2026September 30, 2027916,930 $98.12 $89,969 
4,861,922 $95.08 (c)$462,269 
(a)    Maturity date may be extended.
(b)    Subject to certain adjustments.
(c)    Total weighted-average share price.
The following table presents information about the outstanding February 2024 Forward Sale Agreements as of March 31, 2026 (dollars in thousands, except price per share):

February 2024 Forward Sale AgreementsNumber of SharesForward Sales Price Per ShareAggregate Value
Initial Price11,240,601 $64.51 (a)$725,131 
Settlements
December 23, 20245,377,115 (b)$64.17 $345,049 (c)
September 4, 2025243,186 (b)$63.12 $15,350 (c)
December 18, 20251,193,950 (b)$62.82 $75,004 (c)
(a)    Subject to certain adjustments.
(b)    Physical delivery.
(c)    Proceeds recorded in common equity on the Condensed Consolidated Balance Sheets.
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the calculation of Pinnacle West’s basic and diluted EPS (dollars and shares in thousands, except earnings per share amounts):
Three Months Ended March 31,
 20262025
Net income (loss) attributable to common shareholders
$32,920 $(4,644)
Weighted average common shares outstanding — basic121,360 119,594 
Net effect of dilutive securities:
Contingently issuable performance shares and restricted stock units444 498 
Dilutive shares related to equity forward sale agreements (a)1,722 1,669 
Dilutive shares related to convertible debt instruments (b)252 — 
Total contingently issuable shares (c)2,418 2,167 
Weighted average common shares outstanding — diluted123,778 121,761 
Earnings per weighted-average common share outstanding
Net income (loss) attributable to common shareholders — basic
$0.27 $(0.04)
Net income (loss) attributable to common shareholders — diluted
$0.27 $(0.04)
(a)    For the three months ended March 31, 2026 and 2025 the diluted weighted-average common shares excludes 16,127 and 4,636 shares, respectively relating to the ATM Program. These potentially issuable shares were excluded from the calculation of diluted shares as their inclusion would have been antidilutive.
(b)     For the three months ended March 31, 2026 and 2025 the diluted weighted-average common shares excludes 0 and 192,754 shares, respectively relating to the Convertible Notes. These potentially issuable shares were excluded from the calculation of diluted shares as their inclusion would have been antidilutive.
(c)    No contingently issuable shares were excluded from the calculation of diluted weighted-average common shares outstanding for the three months ended March 31, 2026. For the three months ended March 31, 2025, 2,167,000 contingently issuable shares were excluded from the calculation of diluted weighted-average common shares outstanding, as their inclusion would have been antidilutive due to the Net Loss results.