Common Stock Equity and Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure

The following table presents the calculation of Pinnacle West’s ATM Program as of June 30, 2025 (in thousands, except share amounts and price per share):

	As of June 30, 2025
	November 2024 ATM Forward Sale Agreement		March 2025 ATM Forward Sale Agreement
Initial Price
Number of Shares	552,833		544,959
Forward Sales Price Per Share (a)	$	89.73	$	90.83
Aggregate Value (in thousands)	$	49,606	$	49,499

(a)    Subject to certain adjustments.

The following table presents the calculation of Pinnacle West’s February 2024 Forward Sale Agreements as of June 30, 2025 (in thousands, except share amounts and price per share):

	As of June 30, 2025
	February 2024 Forward Sale Agreements
Initial Price
Number of Shares	11,240,601
Forward Sales Price Per Share (a)	$	64.51
Aggregate Value (in thousands)	$	725,131
Settlements
Date	12/23/2024
Number of Shares Settled (b)	5,377,115
Forward Sales Price Upon Settlement	$	64.17
Net Proceeds (in thousands) (c)	$	345,049

(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 (in thousands, except earnings per share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Net income attributable to common shareholders	$	192,564	$	203,805	$	187,920	$	220,667
Weighted average common shares outstanding — basic	119,517		113,695		119,555		113,658
Net effect of dilutive securities:
Contingently issuable performance shares and restricted stock units	548		489		523		408
Dilutive shares related to equity forward sale agreements (a)	1,800		1,619		1,735		949
Total contingently issuable shares	2,348		2,108		2,258		1,357
Weighted average common shares outstanding — diluted	121,865		115,803		121,813		115,015
Earnings per weighted-average common share outstanding
Net income attributable to common shareholders — basic	$	1.61	$	1.79	$	1.57	$	1.94
Net income attributable to common shareholders — diluted	$	1.58	$	1.76	$	1.54	$	1.92

(a)    For the three and six months ended June 30, 2025, the diluted weighted average common shares excludes 51,380 and 244,134 shares, respectively, and for the three and six months ended June 30, 2024, diluted weighted average common shares excludes 348,499 and 348,499 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.