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Common Stock Equity and Earnings Per Share (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2025 |
ATM Forward Sale Agreements |  | Maturity Date |  | Number of Shares |  | Forward Sales Price Per Share (a) |  | Aggregate Value (in thousands) |  |  |
November 2024 |  | June 30, 2026 |  | 552,833 |  |  | $ | 89.73 |  |  | $ | 49,606 |  |  |  |
March 2025 |  | September 14, 2026 |  | 544,959 |  |  | $ | 90.83 |  |  | $ | 49,499 |  |  |  |
August 2025 |  | February 16, 2027 |  | 543,001 |  |  | $ | 91.21 |  |  | $ | 49,527 |  |  |  |
September 2025 |  | February 22, 2027 |  | 558,622 |  |  | $ | 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 September 30, 2025 (dollars in thousands, except price per share):
| As of September 30, 2025
| February 2024 Forward Sale Agreements
Initial Price |
Number of Shares | 11,240,601 |
Forward Sales Price Per Share (a) | $ | 64.51 |
Aggregate Value | $ | 725,131 |
Settlements |
Date | 12/23/2024
Number of Shares Settled (b) | 5,377,115 |
Forward Sales Price Upon Settlement | $ | 64.17 |
Net Proceeds (c) | $ | 345,049 |
Date | 9/4/2025
Number of Shares Settled (b) | 243,186 |
Forward Sales Price Upon Settlement | $ | 63.12 |
Net Proceeds (c) | $ | 15,350 |
(a) Subject to certain adjustments. (b) Physical delivery. (c) Proceeds recorded in common equity on the Condensed 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):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |  |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 413,208 |  |  | $ | 394,966 |  |  | $ | 601,128 |  |  | $ | 615,633 |  |  |  |  |  |  |
Weighted average common shares outstanding — basic |  | 119,623 |  |  | 113,729 |  |  | 119,578 |  |  | 113,682 |  |  |  |  |  |  |
Net effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingently issuable performance shares and restricted stock units |  | 570 |  |  | 636 |  |  | 539 |  |  | 484 |  |  |  |  |  |  |
Dilutive shares related to equity forward sale agreements (a) |  | 1,763 |  |  | 2,754 |  |  | 1,744 |  |  | 1,551 |  |  |  |  |  |  |
Total contingently issuable shares |  | 2,333 |  |  | 3,390 |  |  | 2,283 |  |  | 2,035 |  |  |  |  |  |  |
Weighted average common shares outstanding — diluted |  | 121,956 |  |  | 117,119 |  |  | 121,861 |  |  | 115,717 |  |  |  |  |  |  |
Earnings per weighted-average common share outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders — basic |  | $ | 3.45 |  |  | $ | 3.47 |  |  | $ | 5.03 |  |  | $ | 5.42 |  |  |  |  |  |  |
Net income attributable to common shareholders — diluted |  | $ | 3.39 |  |  | $ | 3.37 |  |  | $ | 4.93 |  |  | $ | 5.32 |  |  |  |  |  |  |
(a) For the three and nine months ended September 30, 2025, the diluted weighted-average common shares excludes 156,579 and 139,806 shares, respectively relating to the ATM Program and the Convertible Notes. For the three and nine months ended September 30, 2024, diluted weighted-average common shares excludes 460,231 and 808,729 shares, respectively relating to the Convertible Notes. These potentially issuable shares were excluded from the calculation of diluted shares as their inclusion would have been antidilutive.

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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- Definition Tabular disclosure of sales of stock or previously unissued stock made by subsidiary or equity method investee to investors outside the consolidated group. This includes stock issued in a business combination in exchange for shares of an acquired entity. + References No definition available. + Details
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