Revenue: As of FY2025, the actual value is USD 5.34 B, beating the estimate of USD 5.316 B.EPS: As of FY2025, the actual value is USD 5.05, beating the estimate of USD 5.0016.EBIT: As of FY2025, the actual value is USD 1.16 B.<h3>Net Income Attributable to Common Shareholders</h3>Net income attributable to common shareholders for Pinnacle West Capital Corporation was $616.5 million for the full-year 2025, an increase from $608.8 million in 2024. For the fourth quarter ended December 31, 2025, this figure was $15.4 million, compared to a net loss of - $6.8 million for the same period in 2024.<h3>Operating Revenues</h3>Operating revenues for the full-year 2025 reached $5,339,939 thousand, up from $5,124,915 thousand in 2024. For the fourth quarter of 2025, operating revenues were $1,128,167 thousand, compared to $1,095,408 thousand in the fourth quarter of 2024.<h3>Operating Expenses</h3>Total operating expenses for the full-year 2025 were $4,272,309 thousand, an increase from $4,112,852 thousand in 2024. In the fourth quarter of 2025, operating expenses were $1,007,157 thousand, a slight decrease from $1,010,870 thousand in the fourth quarter of 2024.<ul><li>Fuel and purchased power: Full-year 2025 saw $1,933,420 thousand, up from $1,822,566 thousand in 2024. Fourth-quarter 2025 was $420,372 thousand, compared to $396,148 thousand in Q4 2024.</li><li>Operations and maintenance: Full-year 2025 was $1,185,065 thousand, compared to $1,165,156 thousand in 2024. Fourth-quarter 2025 was $298,734 thousand, a decrease from $327,251 thousand in Q4 2024.</li><li>Depreciation and amortization: Full-year 2025 was $915,343 thousand, up from $895,346 thousand in 2024. Fourth-quarter 2025 was $226,955 thousand, compared to $230,585 thousand in Q4 2024.</li><li>Taxes other than income taxes: Full-year 2025 amounted to $234,797 thousand, up from $227,395 thousand in 2024. Fourth-quarter 2025 was $59,376 thousand, compared to $56,803 thousand in Q4 2024.</li><li>Other expenses: Full-year 2025 was $3,684 thousand, up from $2,389 thousand in 2024. Fourth-quarter 2025 was $1,720 thousand, compared to $83 thousand in Q4 2024.</li></ul><h3>Operating Income</h3>Operating income for the full-year 2025 was $1,067,630 thousand, an increase from $1,012,063 thousand in 2024. For the fourth quarter of 2025, operating income was $121,010 thousand, up from $84,538 thousand in the same period of 2024.<h3>Interest Expense (Net)</h3>Net interest expense for the full-year 2025 was $421,968 thousand, compared to $377,472 thousand in 2024. For the fourth quarter of 2025, net interest expense was $113,959 thousand, up from $94,960 thousand in Q4 2024.<h3>Income Taxes (Benefit)</h3>Income taxes for the full-year 2025 were $106,726 thousand, down from $110,529 thousand in 2024. For the fourth quarter of 2025, there was an income tax benefit of - $3 thousand, compared to - $10 thousand in Q4 2024.<h3>Operational Metrics</h3>APS, the principal subsidiary of Pinnacle West Capital Corporation, experienced robust customer growth of 2.4% in 2025. Weather-normalized, year-over-year retail electricity sales growth was 5.0% in 2025. APS customers set three all-time peak demand records in 2025, with peak demand rising more than 5% over the prior year. The company expanded customer assistance programs, connecting Arizonans to about $70 million in annual support in 2025 and has provided over $6 million for statewide heat-relief initiatives since 2021.<h3>Outlook / Guidance</h3>For 2026, Pinnacle West Capital Corporation estimates its consolidated earnings will be within a range of $4.55 to $4.75 per diluted share on a weather-normalized basis. Key factors and assumptions for this outlook are available in the year-end/fourth-quarter 2025 earnings presentation slides.

Pinnacle West | 8-K: FY2025 Revenue Beats Estimate at USD 5.34 B