XML 86 R60.htm IDEA: XBRL DOCUMENT v3.25.4
Common Stock Equity and Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2025:

ATM Forward Sale AgreementsMaturity DateNumber of SharesForward Sales Price Per Share (a)Aggregate Value
(in thousands)
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 
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 December 31, 2025 (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 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):
As of December 31,
 202520242023
Net income attributable to common shareholders
$616,531 $608,806 $501,557 
Weighted average common shares outstanding — basic119,687 113,846 113,442 
Net effect of dilutive securities:   
Contingently issuable performance shares and restricted stock units568 480 362 
Dilutive shares related to equity forward sale agreements (a)1,716 1,906 — 
Total contingently issuable shares2,284 2,386 362 
Weighted average common shares outstanding — diluted121,971 116,232 113,804 
Earnings per weighted-average common share outstanding
Net income attributable to common shareholders — basic
$5.15 $5.35 $4.42 
Net income attributable to common shareholders — diluted
$5.05 $5.24 $4.41 
(a)    For the years ended December 31, 2025, 2024 and 2023 the diluted weighted-average common shares excludes 148,098, 1,038,463 and 0 shares, respectively relating to the ATM Program and the Convertible Notes. These potentially issuable shares were excluded from the calculation of diluted shares as their inclusion would have been antidilutive.