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Business Segments | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Business Segments | Business Segments Pinnacle West’s reportable business segment is our regulated electricity segment, which consists of retail and wholesale sales supplied under traditional cost-based regulation and related activities and includes electricity generation, transmission, and distribution. Our reportable segment activities are conducted through our wholly-owned subsidiary, APS. All other operating segment activities are insignificant to Pinnacle West. For segment reporting purposes, Pinnacle West’s Chief Executive Officer performs the function of chief operating decision maker (“CODM”). Our CODM uses net income to measure an operating segment’s profitability. When assessing the performance of an operating segment, and making decisions about allocating resources, our CODM evaluates net income actual results compared to budget. Net income is also used when implementing strategic initiatives and selecting projects to meet business objectives. Our reportable segment’s revenue streams are dependent upon regulated rate recovery, which is a primary factor in how we identify operating segments. For information on our reportable business segment’s revenues, significant expenses, net income (loss), assets, and other reportable segment items, see the APS Condensed Consolidated Statements of Income, APS Condensed Consolidated Balance Sheets, and APS Condensed Consolidated Statements of Cash Flows. The following table reconciles our reportable segment’s revenues, significant expenses, and net income (loss) to the Pinnacle West consolidated amounts (dollars in millions):
| Three Months Ended September 30,
| 2025 |  | 2024
| Regulated Electricity Segment |  | Other |  | Pinnacle West Consolidated |  | Regulated Electricity Segment |  | Other |  | Pinnacle West Consolidated
Operating revenues | $ | 1,821 |  |  | $ | — |  |  | $ | 1,821 |  |  | $ | 1,769 |  |  | $ | — |  |  | $ | 1,769 |
Fuel and purchased power | (656) |  |  | — |  |  | (656) |  |  | (631) |  |  | — |  |  | (631) |
Operations and maintenance | (298) |  |  | (2) |  |  | (300) |  |  | (306) |  |  | (2) |  |  | (308) |
Depreciation and amortization | (225) |  |  | — |  |  | (225) |  |  | (229) |  |  | — |  |  | (229) |
Taxes other than income taxes | (58) |  |  | — |  |  | (58) |  |  | (53) |  |  | — |  |  | (53) |
Allowance for equity funds used during construction | 18 |  |  | — |  |  | 18 |  |  | 10 |  |  | — |  |  | 10 |
Pension and other postretirement non-service credits, net | 3 |  |  | — |  |  | 3 |  |  | 12 |  |  | — |  |  | 12 |
Other income and (expense), net | (3) |  |  | 6 |  |  | 3 |  |  | — |  |  | 1 |  |  | 1 |
Interest charges, net of allowance for borrowed funds used during construction | (85) |  |  | (26) |  |  | (111) |  |  | (79) |  |  | (19) |  |  | (98) |
Income taxes | (86) |  |  | 8 |  |  | (78) |  |  | (81) |  |  | 7 |  |  | (74) |
Less: Net income attributable to noncontrolling interests | (4) |  |  | — |  |  | (4) |  |  | (4) |  |  | — |  |  | (4) |
Net Income (Loss) | $ | 427 |  |  | $ | (14) |  |  | $ | 413 |  |  | $ | 408 |  |  | $ | (13) |  |  | $ | 395 |
| Nine Months Ended September 30, |  |  |  |
| 2025 |  | 2024 |  |
| Regulated Electricity Segment |  | Other |  | Pinnacle West Consolidated |  | Regulated Electricity Segment |  | Other |  | Pinnacle West Consolidated |  |  |  |
Operating revenues | $ | 4,212 |  |  | $ | — |  |  | $ | 4,212 |  |  | $ | 4,030 |  |  | $ | — |  |  | $ | 4,030 |  |  |  |  |
Fuel and purchased power | (1,513) |  |  | — |  |  | (1,513) |  |  | (1,426) |  |  | — |  |  | (1,426) |  |  |  |  |
Operations and maintenance | (879) |  |  | (7) |  |  | (886) |  |  | (832) |  |  | (6) |  |  | (838) |  |  |  |  |
Depreciation and amortization | (688) |  |  | — |  |  | (688) |  |  | (665) |  |  | — |  |  | (665) |  |  |  |  |
Taxes other than income taxes | (175) |  |  | — |  |  | (175) |  |  | (171) |  |  | — |  |  | (171) |  |  |  |  |
Allowance for equity funds used during construction | 46 |  |  | — |  |  | 46 |  |  | 29 |  |  | — |  |  | 29 |  |  |  |  |
Pension and other postretirement non-service credits, net | 10 |  |  | (1) |  |  | 9 |  |  | 37 |  |  | — |  |  | 37 |  |  |  |  |
Other income and (expense), net | (2) |  |  | 26 |  |  | 24 |  |  | 5 |  |  | 22 |  |  | 27 |  |  |  |  |
Interest charges, net of allowance for borrowed funds used during construction | (244) |  |  | (64) |  |  | (308) |  |  | (235) |  |  | (48) |  |  | (283) |  |  |  |  |
Income taxes | (122) |  |  | 15 |  |  | (107) |  |  | (124) |  |  | 13 |  |  | (111) |  |  |  |  |
Less: Net income attributable to noncontrolling interests | (13) |  |  | — |  |  | (13) |  |  | (13) |  |  | — |  |  | (13) |  |  |  |  |
Net Income (Loss) | $ | 632 |  |  | $ | (31) |  |  | $ | 601 |  |  | $ | 635 |  |  | $ | (19) |  |  | $ | 616 |  |  |  |  |
The following table reconciles our reportable segment’s assets to the Pinnacle West consolidated amount (dollars in millions):
| September 30, 2025 |  | December 31, 2024
| Regulated Electricity Segment |  | Other |  | Pinnacle West Consolidated |  | Regulated Electricity Segment |  | Other |  | Pinnacle West Consolidated
Total Assets | $ | 29,746 |  |  | $ | 147 |  |  | $ | 29,893 |  |  | $ | 25,988 |  |  | $ | 115 |  |  | $ | 26,103 |

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- Definition The entire disclosure for reporting segments including data and tables. 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