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Regulatory assets at other companies

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$19.6M-5.8%

Other financials

Income statement

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Revenue$1.1B+11.4%
Gross profit$712.9M+9.3%
Operating income$131.2M+129%
Net income$35.1M+10,489%
EPS (diluted)$0.27+775%

Balance sheet

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Cash & equivalents$6.4M-36.2%
Total debt$15.1B+24.8%
Total equity$7.1B+4.9%
Total assets$30.7B+12.7%

Cash flow

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Operating cash flow$235.3M-41.5%
CapEx$628.4M+0.9%
Free cash flow-$393.1M-78.1%

Valuation

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Market cap$12.24B+10.9%
Enterprise value$27.38B+9.4%
P/E18.4×-0.2×
P/S2.2×+0.1×

Profitability

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Gross margin63.5%-1.0pp
Operating margin20.9%+1.7pp
Net margin12.2%+0.6pp
FCF margin-18.9%+14.3pp

Returns & leverage

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Return on equity9.7%+0.3pp
Debt / equity2.1×+0.3×
Current ratio0.6×+0.1×

Where this comes from

Reported directly by Pinnacle West Capital in its filing.

Tagged under the XBRL concept us-gaap:RegulatoryAssetsCurrent.

The source filing: Pinnacle West Capital’s 10-Q, filed May 4, 2026.

Filed
May 4, 2026, 8:24 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0000764622-26-000025
Line itemAmortization ThroughMarch 31,2026December 31,2025
TEAM (c)20313,7153,879
Navajo coal reclamation20261,4382,516
PSA - interest20276815,679
DSM (c)202620615,706
OtherVarious4,5373,353
Total regulatory assets (f)$1,650,939$1,749,366
Less: current regulatory assets$196,729$286,009
Total non-current regulatory assets$1,454,210$1,463,357

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Pinnacle West Capital's regulatory assets?
Pinnacle West Capital (PNW) reported regulatory assets of $196.73M in Q1 2026.
How has Pinnacle West Capital's regulatory assets changed year-over-year?
Pinnacle West Capital's regulatory assets decreased by 38.9% year-over-year, from $322.07M to $196.73M.
What is the long-term trend for Pinnacle West Capital's regulatory assets?
Over 5 years (2020 to 2025), Pinnacle West Capital's regulatory assets has grown at a 19.8% compound annual growth rate (CAGR), from $115.88M to $286.01M.
What does regulatory assets mean?
These are costs that a utility has incurred but is permitted by regulators to defer and recover from customers in future periods. They represent a unique asset class in the utility industry, bridging the gap between accounting expenses and regulatory rate-making treatment. They are essential for understanding the timing of cash flow recovery.

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