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Pinnacle West Capital cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$11.4M in Q3 2026 · −$932M over twelve months

Operating cash flow$723M
Capital spending−$735M
Free cash flow−$11.4M
Cash / net income1.7×

Analysis

In Q3 2026, Pinnacle West Capital generated $723M of operating cash flow and spent $735M on capital projects, leaving free cash flow of −$11.4M. That is $53.4M less than in Q3 2025 ($42.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.8B; the largest uses were capital spending ($2.8B), dividends ($436M), net borrowing (+) / repaid (−) ($25.0M); besides operations, cash came from other financing ($1.0B), other investing ($344M); the cash balance fell by $19.8M.

Operating cash flow was $723M against net income of $436M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$259M, income taxes payable +$125M, accrued liabilities +$48.5M.

Free cash flow

Pinnacle West Capital: free cash flow by quarterPinnacle West Capital: free cash flow by quarter−$92.1MQ4 2024−$221MQ1 2025−$448MQ2 2025$42.0MQ3 2025−$193MQ4 2025−$393MQ1 2026−$335MQ2 2026−$11.4MQ3 2026
Operating cash flow less capital spending.
Pinnacle West Capital: operating cash flow against capital spendingPinnacle West Capital: operating cash flow against capital spendingOperating cash flowCapital spending$439M$532MQ4 2024$402M$623MQ1 2025$261M$710MQ2 2025$665M$623MQ3 2025$477M$670MQ4 2025$235M$628MQ1 2026$394M$729MQ2 2026$723M$735MQ3 2026
Latest (Q3 2026): Operating cash flow $723M, Capital spending $735M.

Capital allocation, year by year

Pinnacle West Capital: where the cash came from (up) and went (down), by fiscal yearPinnacle West Capital: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $860MFY2021: Net borrowing $728MFY2021: Shares issued −$2.4MFY2021: Capital spending −$1.5BFY2021: Dividends −$369M$1.6BFY2021FY2022: Operating cash flow $1.2BFY2022: Net borrowing $726MFY2022: Shares issued −$2.7MFY2022: Capital spending −$1.7BFY2022: Buybacks −$2.7MFY2022: Dividends −$379M$2.0BFY2022FY2023: Operating cash flow $1.2BFY2023: Net borrowing $657MFY2023: Shares issued −$4.1MFY2023: Asset sales $23.4MFY2023: Capital spending −$1.8BFY2023: Buybacks −$4.1MFY2023: Dividends −$386M$1.9BFY2023FY2024: Operating cash flow $1.6BFY2024: Net borrowing $200MFY2024: Shares issued $341MFY2024: Asset sales $84.3MFY2024: Capital spending −$2.2BFY2024: Dividends −$395M$2.2BFY2024FY2025: Operating cash flow $1.8BFY2025: Net borrowing −$25.0MFY2025: Capital spending −$2.6BFY2025: Dividends −$423M$1.8BFY2025
Over these 5 years operating cash flow totalled $6.7B; the largest uses were capital spending ($9.9B) and dividends ($2.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$11.1M
Debt$11.4B
Net debt$11.4B
Due within a year$1.3B

Pinnacle West Capital's operations bring cash in ($1.8B over twelve months), and it spends more than that on capital projects: a gap of $932M funded from its $11.1M of cash and investments and from borrowing ($11.4B of debt, $1.3B due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Pinnacle West Capital: sources (+) and uses (−) of cash, Q3 2026Pinnacle West Capital: sources (+) and uses (−) of cash, Q3 2026Capital spending−$735MOperating cash flow$723MDividends−$110MOther investing$63.2MOther financing$60.5MCash drawn (+) / kept (−)−$2.0M
Pinnacle West Capital: sources (+) and uses (−) of cash, TTM to Q3 2026Pinnacle West Capital: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$2.8BOperating cash flow$1.8BOther financing$1.0BDividends−$436MOther investing$344MNet borrowing (+) / repaid (−)−$25.0MCash drawn (+) / kept (−)$19.8MPartners−$9.3M

From profit to cash

Pinnacle West Capital: net income to operating cash flow, Q3 2026Pinnacle West Capital: net income to operating cash flow, Q3 2026Net income$436MDepreciation & amortization$259MStock-based pay$7.6MDeferred taxes$10.7MGains on investments−$6.7MInventory−$17.0MPayables$6.6MAccrued liabilities$48.5MContract assets$11.7MPrepaid and other assets−$31.7MOther liabilities$27.7MIncome taxes payable$125MOperating cash flow$723M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$723M−$735M−$110M——−$2.0M−$11.4M
Q2 2026$394M−$729M−$110M——−$2.7M−$335M
Q1 2026$235M−$628M−$108M——$195K−$393M
Q4 2025$477M−$670M−$107M−$25.0M—$24.3M−$193M
Q3 2025$665M−$623M−$105M−$400M$15.6M−$12.0M$42.0M
Q2 2025$261M−$710M−$105M—$215K−$8.8M−$448M
Q1 2025$402M−$623M−$105M—−$6.4M−$6.2M−$221M
Q4 2024$439M−$532M−$100M$200M—$45.3M−$92.1M

Pinnacle West Capital: income statement and cash flow

Pinnacle West Capital, Q3 2026: revenue $2.0B (+8% year over year), operating margin 31.5%. The chart follows the revenue to costs, profit and cash.

Pinnacle West Capital: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.