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Common Stock Equity and Earnings Per Share (Tables) | 6 Months Ended
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Jun. 30, 2026
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 as of June 30, 2026 based on their contractual terms at the effective date of the agreement, including the applicable forward sale prices and related aggregate contractual values, which may differ from the gross amount of common stock referenced above (dollars in thousands, except price per share):
ATM Forward Sale Agreements |  | Maturity (a) |  | Number of Shares |  | Forward Sales Price Per Share (b) |  | Aggregate Value |
November 2024 |  | December 2026 |  | 552,833 |  |  | $ | 89.73 |  |  | $ | 49,606 |  |
March 2025 |  | December 2026 |  | 544,959 |  |  | $ | 90.83 |  |  | $ | 49,499 |  |
August 2025 |  | February 2027 |  | 543,001 |  |  | $ | 91.21 |  |  | $ | 49,527 |  |
September 2025 |  | February 2027 |  | 558,622 |  |  | $ | 88.69 |  |  | $ | 49,544 |  |
January 2026 |  | July 2027 |  | 119,553 |  |  | $ | 89.88 |  |  | $ | 10,745 |  |
March 2026 |  | September 2027 |  | 646,674 |  |  | $ | 99.52 |  |  | $ | 64,357 |  |
March 2026 |  | September 2027 |  | 490,537 |  |  | $ | 100.94 |  |  | $ | 49,515 |  |
March 2026 |  | September 2027 |  | 488,813 |  |  | $ | 101.28 |  |  | $ | 49,507 |  |
March 2026 |  | September 2027 |  | 916,930 |  |  | $ | 98.12 |  |  | $ | 89,969 |  |
April 2026 |  | September 2027 |  | 1,000,000 |  |  | $ | 99.00 |  |  | $ | 99,000 |  |
May 2026 |  | November 2027 |  | 699,100 |  |  | $ | 99.16 |  |  | $ | 69,323 |  |
June 2026 |  | December 2027 |  | 879,813 |  |  | $ | 101.35 |  |  | $ | 89,169 |  |
June 2026 |  | June 2028 |  | 865,297 |  |  | $ | 103.00 |  |  | $ | 89,126 |  |
|  |  |  | 8,306,132 |  |  | $ | 97.38 |  | (c) | $ | 808,887 |  | (d)
(a) Maturity date may be extended. Maturity date set forth in the table is as extended, if applicable. (b) Subject to certain adjustments. (c) Total weighted-average share price. (d) Does not include one forward sale agreement, whose effective date was July 6, 2026, relating to a total of $84 million, on a gross basis, of common stock, with a maturity date of July 3, 2028. The following table presents information about the outstanding February 2024 Forward Sale Agreements as of June 30, 2026 (dollars in thousands, except price per share):
February 2024 Forward Sale Agreements |  | Number of Shares |  | Forward Sales Price Per Share |  | Aggregate Value |
Initial Price |  | 11,240,601 |  |  | $ | 64.51 |  | (a) | $ | 725,131 |  |
Settlements |  |  |  |  |  |  |
December 23, 2024 |  | 5,377,115 |  | (b) | $ | 64.17 |  |  | $ | 345,049 |  | (c)
September 4, 2025 |  | 243,186 |  | (b) | $ | 63.12 |  |  | $ | 15,350 |  | (c)
December 18, 2025 |  | 1,193,950 |  | (b) | $ | 62.82 |  |  | $ | 75,004 |  | (c)
(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 and shares in thousands, except earnings per share amounts):
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
|  | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |  |  |
Net income attributable to common shareholders |  | $ | 178,574 |  |  | $ | 192,564 |  |  | $ | 211,494 |  |  | $ | 187,920 |  |  |  |  |  |  |
Weighted average common shares outstanding — basic |  | 121,306 |  |  | 119,517 |  |  | 121,333 |  |  | 119,555 |  |  |  |  |  |  |
Net effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingently issuable performance shares and restricted stock units |  | 469 |  |  | 548 |  |  | 457 |  |  | 523 |  |  |  |  |  |  |
Dilutive shares related to equity forward sale agreements (a) |  | 2,156 |  |  | 1,800 |  |  | 1,939 |  |  | 1,735 |  |  |  |  |  |  |
Dilutive shares related to convertible debt instruments (b) |  | 563 |  |  | — |  |  | 407 |  |  | — |  |  |  |  |  |  |
Total contingently issuable shares |  | 3,188 |  |  | 2,348 |  |  | 2,803 |  |  | 2,258 |  |  |  |  |  |  |
Weighted average common shares outstanding — diluted |  | 124,494 |  |  | 121,865 |  |  | 124,136 |  |  | 121,813 |  |  |  |  |  |  |
Earnings per weighted-average common share outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders — basic |  | $ | 1.47 |  |  | $ | 1.61 |  |  | $ | 1.74 |  |  | $ | 1.57 |  |  |  |  |  |  |
Net income attributable to common shareholders — diluted |  | $ | 1.43 |  |  | $ | 1.58 |  |  | $ | 1.70 |  |  | $ | 1.54 |  |  |  |  |  |  |
(a) For the three and six months ended June 30, 2026 and 2025, there were no potentially dilutive shares related to equity forward sale agreements excluded from the calculation of diluted weighted-average common shares. (b) No shares related to the Convertible Notes were excluded from diluted weighted-average common shares for the three and six months ended June 30, 2026. For the three and six months ended June 30, 2025, potentially issuable shares of 51,380 and 244,134, respectively, were excluded from the diluted weighted-average common shares calculation 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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