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Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Registrant
PINNACLE WEST CAPITAL CORPORATION HOLDING COMPANY
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(dollars in thousands)
 
 Year Ended December 31,
 202520242023
Operating expenses$9,667 $9,931 $11,249 
Other   
Equity in earnings of subsidiaries699,155 643,703 539,962 
Other income (expense)(1,917)23,835 2,823 
Total697,238 667,538 542,785 
Interest expense90,233 65,261 47,251 
Income before income taxes597,338 592,346 484,285 
Income tax benefit(19,193)(16,460)(17,272)
Net income attributable to common shareholders616,531 608,806 501,557 
Other comprehensive income (loss) — attributable to common shareholders(1,466)2,202 (1,709)
Total comprehensive income — attributable to common shareholders$615,065 $611,008 $499,848 
PINNACLE WEST CAPITAL CORPORATION HOLDING COMPANY
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED BALANCE SHEETS
(dollars in thousands)
 
 December 31,
 20252024
ASSETS  
Current assets  
Cash and cash equivalents$2,461 $23 
Accounts receivable162,006 163,203 
Income tax receivable7,856 6,673 
Other current assets848 434 
Total current assets173,171 170,333 
Investments and other assets  
Investments in subsidiaries9,020,104 8,435,150 
Other assets30,854 21,966 
Total investments and other assets9,050,958 8,457,116 
TOTAL ASSETS$9,224,129 $8,627,449 
  
LIABILITIES AND EQUITY
Current liabilities  
Accounts payable$7,685 $3,471 
Accrued taxes10,013 4,799 
Common dividends payable110,022 106,592 
Short-term borrowings249,700 228,550 
Current maturities of long-term debt350,000 500,000 
Operating lease liabilities 149 138 
Other current liabilities30,282 11,389 
Total current liabilities757,851 854,939 
Long-term debt less current maturities1,315,736 867,770 
Deferred income taxes43,167 24,536 
Pension liabilities2,744 4,462 
Operating lease liabilities1,044 1,194 
Other16,512 17,070 
Total deferred credits and other63,467 47,262 
COMMITMENTS AND CONTINGENCIES
Common stock equity
Common stock3,228,049 3,118,294 
Accumulated other comprehensive loss(32,408)(30,942)
Retained earnings3,850,817 3,666,959 
Total Pinnacle West Shareholders’ equity7,046,458 6,754,311 
Noncontrolling interests40,617 103,167 
Total Equity7,087,075 6,857,478 
TOTAL LIABILITIES AND EQUITY$9,224,129 $8,627,449 
PINNACLE WEST CAPITAL CORPORATION HOLDING COMPANY
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED STATEMENTS OF CASH FLOWS
(dollars in thousands)
 Year Ended December 31,
 202520242023
Cash flows from operating activities   
Net income$616,531 $608,806 $501,557 
Adjustments to reconcile net income to net cash provided by operating activities: 
Equity in earnings of subsidiaries — net(699,155)(643,703)(539,962)
Gain on sale relating to BCE— (22,988)(6,423)
Depreciation and amortization68 75 76 
Deferred income taxes18,675 40,231 (13,955)
Accounts receivable(1,672)15,268 (28,273)
Accounts payable4,213 (4,869)1,839 
Accrued taxes and income tax receivables — net4,030 (4,584)9,505 
Dividends received from subsidiaries429,700 401,400 393,600 
Other30,457 22,959 (14,201)
Net cash provided by operating activities402,847 412,595 303,763 
Cash flows from investing activities   
Proceeds from sale relating to BCE— 84,322 23,400 
Investments in subsidiaries(382,338)(827,752)(119,682)
Repayments of loans from subsidiaries and other13,756 1,132 6,526 
Advances of loans to subsidiaries(10,202)(11,336)(59,349)
Net cash used for investing activities(378,784)(753,634)(149,105)
Cash flows from financing activities   
Issuance of long-term debt795,404 867,387 175,000 
Repayment of long-term debt(500,000)(625,000)— 
Short-term borrowings and (repayments) — net46,150 (48,100)60,930 
Short-term debt borrowings under term loan facility175,000 200,000 — 
Short-term debt repayments under term loan facility(200,000)— — 
Dividends paid on common stock(422,792)(394,663)(386,486)
Common stock equity issuance and purchases — net84,613 341,429 (4,093)
Net cash provided by (used for) financing activities(21,625)341,053 (154,649)
Net increase in cash and cash equivalents2,438 14 9 
Cash and cash equivalents at beginning of year23 9 — 
Cash and cash equivalents at end of year$2,461 $23 $9 
     
PINNACLE WEST CAPITAL CORPORATION HOLDING COMPANY
NOTES TO FINANCIAL STATEMENTS OF HOLDING COMPANY

The Combined Notes to Consolidated Financial Statements in Part II, Item 8 should be read in conjunction with the Pinnacle West Capital Corporation Holding Company Financial Statements.

The Pinnacle West Capital Corporation Holding Company Financial Statements have been prepared to present the financial position, results of operations and cash flows of Pinnacle West on a stand-alone basis as a holding company. Investments in subsidiaries are accounted for using the equity method. The noncontrolling interests relate to the Palo Verde sale leaseback VIE.