Long-Term Debt and Liquidity Matters (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Components of Long-Term Debt on the Consolidated Balance Sheets

The following table presents the components of long-term debt on the Consolidated Balance Sheets outstanding (dollars in thousands):

	Maturity	Interest	December 31,
	Dates (a)	Rates	2025		2024
APS
Pollution control bonds:
Variable	2029	(b)	$	163,975	$	163,975
Total pollution control bonds			163,975		163,975
Senior unsecured notes	2026-2055	2.20%-6.88%	8,030,000		7,380,000
Unamortized discount			(16,796)		(14,252)
Unamortized premium			17,144		9,955
Unamortized debt issuance cost			(54,383)		(48,800)
Total APS long-term debt			8,139,940		7,490,878
Less current maturities			250,000		300,000
Total APS long-term debt less current maturities			7,889,940		7,190,878
Pinnacle West
Senior unsecured notes	2027-2030	4.75%-5.15%	1,325,000		1,025,000
Floating rate note	2026	(c)	350,000		350,000
Unamortized discount			(681)		(5)
Unamortized debt issuance cost			(8,583)		(7,225)
Total Pinnacle West long-term debt			1,665,736		1,367,770
Less current maturities			350,000		500,000
Total Pinnacle West long-term debt less current maturities			1,315,736		867,770
TOTAL LONG-TERM DEBT LESS CURRENT MATURITIES			$	9,205,676	$	8,058,648

(a)    This schedule does not reflect the timing of redemptions that may occur prior to scheduled maturity.

(b)    The weighted-average interest rate for the variable rate pollution control bonds was 3.52% at December 31, 2025, and 4.01% at December 31, 2024.

(c)    The weighted-average interest rate was 5.10% at December 31, 2025, and was 5.88% at December 31, 2024. See additional details below.

Schedule of Principal Payments Due on Pinnacle West's and APS's Total Long-Term Debt

The following table shows principal payments due on Pinnacle West’s and APS’s total long-term debt (dollars in thousands):

Year	Pinnacle West Consolidated		APS Consolidated
2026	$	600,000	$	250,000
2027	825,000		300,000
2028	400,000		—
2029	568,975		568,975
2030	400,000		—
Thereafter	7,075,000		7,075,000
Total	$	9,868,975	$	8,193,975

Schedule of Estimated Fair Value of Long-Term Debt, Including Current Maturities

The following table represents the estimated fair value of our long-term debt, including current maturities (dollars in thousands):

	As of December 31, 2025				As of December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Pinnacle West	$	1,665,736	$	1,731,388	$	1,367,770	$	1,393,744
APS	8,139,940		7,433,142		7,490,878		6,525,248
Total	$	9,805,676	$	9,164,530	$	8,858,648	$	7,918,992