Common Stock Equity and Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

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, including details of the outstanding forward sale agreements:

		As of September 30, 2025
ATM Forward Sale Agreements	Maturity Date	Number of Shares	Forward Sales Price Per Share (a)			Aggregate Value (in thousands)
November 2024	June 30, 2026	552,833	$	89.73		$	49,606
March 2025	September 14, 2026	544,959	$	90.83		$	49,499
August 2025	February 16, 2027	543,001	$	91.21		$	49,527
September 2025	February 22, 2027	558,622	$	88.69		$	49,544
		2,199,415	$	90.10	(b)	$	198,176

(a)    Subject to certain adjustments.

(b)    Weighted-average price for the total ATM Program.

The following table presents information about the outstanding February 2024 Forward Sale Agreements as of September 30, 2025 (dollars in thousands, except price per share):

	As of September 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	$	725,131
Settlements
Date	12/23/2024
Number of Shares Settled (b)	5,377,115
Forward Sales Price Upon Settlement	$	64.17
Net Proceeds (c)	$	345,049
Date	9/4/2025
Number of Shares Settled (b)	243,186
Forward Sales Price Upon Settlement	$	63.12
Net Proceeds (c)	$	15,350

(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 in thousands, except earnings per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income attributable to common shareholders	$	413,208	$	394,966	$	601,128	$	615,633
Weighted average common shares outstanding — basic	119,623		113,729		119,578		113,682
Net effect of dilutive securities:
Contingently issuable performance shares and restricted stock units	570		636		539		484
Dilutive shares related to equity forward sale agreements (a)	1,763		2,754		1,744		1,551
Total contingently issuable shares	2,333		3,390		2,283		2,035
Weighted average common shares outstanding — diluted	121,956		117,119		121,861		115,717
Earnings per weighted-average common share outstanding
Net income attributable to common shareholders — basic	$	3.45	$	3.47	$	5.03	$	5.42
Net income attributable to common shareholders — diluted	$	3.39	$	3.37	$	4.93	$	5.32

(a)    For the three and nine months ended September 30, 2025, the diluted weighted-average common shares excludes 156,579 and 139,806 shares, respectively relating to the ATM Program and the Convertible Notes. For the three and nine months ended September 30, 2024, diluted weighted-average common shares excludes 460,231 and 808,729 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.