<SEC-DOCUMENT>0001104659-26-068974.txt : 20260601
<SEC-HEADER>0001104659-26-068974.hdr.sgml : 20260601
<ACCEPTANCE-DATETIME>20260601164113
ACCESSION NUMBER:		0001104659-26-068974
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260601
DATE AS OF CHANGE:		20260601

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PINNACLE WEST CAPITAL CORP
		CENTRAL INDEX KEY:			0000764622
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				860512431
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277448
		FILM NUMBER:		261051715

	BUSINESS ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		MS 8695
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		602 250 1000

	MAIL ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		MS 8695
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AZP GROUP INC
		DATE OF NAME CHANGE:	19870506

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PINNACLE WEST CAPITAL CORP
		CENTRAL INDEX KEY:			0000764622
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				860512431
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		MS 8695
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004
		BUSINESS PHONE:		602 250 1000

	MAIL ADDRESS:	
		STREET 1:		400 NORTH FIFTH STREET
		STREET 2:		MS 8695
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AZP GROUP INC
		DATE OF NAME CHANGE:	19870506
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2615779d2_fwp.htm
<DESCRIPTION>FWP
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed under Rule 433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>File No. 333-277448</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Final Term Sheet</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pinnacle West Capital Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>$500,000,000 4.650% Senior Notes due 2029</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>June 1, 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 50%; padding-bottom: 10pt">Issuer:</TD>
    <TD STYLE="width: 50%; padding-bottom: 10pt">Pinnacle West Capital Corporation</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Expected Ratings (Moody&rsquo;s / S&amp;P / Fitch):</TD>
    <TD STYLE="padding-bottom: 10pt">Baa2 (stable) / BBB (stable) / BBB (stable)<BR>
<B>Note:</B> A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Trade Date:</TD>
    <TD STYLE="padding-bottom: 10pt">June 1, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Settlement Date:</TD>
    <TD STYLE="padding-bottom: 10pt">June 5, 2026 (T+4)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Security:</TD>
    <TD STYLE="padding-bottom: 10pt">4.650% Senior Notes due 2029</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Principal Amount:</TD>
    <TD STYLE="padding-bottom: 10pt">$500,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Interest Payment Dates:</TD>
    <TD STYLE="padding-bottom: 10pt">June 1 and December 1, commencing December 1, 2026</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Maturity Date:</TD>
    <TD STYLE="padding-bottom: 10pt">June 1, 2029</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Interest Rate:</TD>
    <TD STYLE="padding-bottom: 10pt">4.650%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Benchmark Treasury:</TD>
    <TD STYLE="padding-bottom: 10pt">3.875% due May 15, 2029 </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Benchmark Treasury Price / Yield:</TD>
    <TD STYLE="padding-bottom: 10pt">99-12 / 4.101%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Spread to Benchmark Treasury:</TD>
    <TD STYLE="padding-bottom: 10pt">+58 basis points</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Yield to Maturity:</TD>
    <TD STYLE="padding-bottom: 10pt">4.681%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Public Offering Price:</TD>
    <TD STYLE="padding-bottom: 10pt">99.915%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">Optional Redemption:</TD>
    <TD STYLE="padding-bottom: 10pt">Make-whole call at any time prior to May 1, 2029 at Treasury rate plus 10 basis points and, thereafter, at par</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt">CUSIP/ISIN:</TD>
    <TD STYLE="padding-bottom: 10pt">723484 AP6 / US723484AP60</TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 10pt; width: 50%">Joint Book-Running Managers:</TD>
    <TD STYLE="padding-bottom: 10pt; width: 50%">MUFG Securities Americas Inc.<BR>
TD Securities (USA) LLC<BR>
Truist Securities, Inc.<BR>
Wells Fargo Securities, LLC</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Pinnacle West Capital Corporation has filed
a registration statement (including a prospectus, as supplemented) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) for
the offering to which this communication relates. Before you invest, you should read the prospectus (as supplemented) in that registration
statement and other documents Pinnacle West Capital Corporation has filed with the SEC for more complete information about Pinnacle West
Capital Corporation and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively,
Pinnacle West Capital Corporation, any underwriter or any dealer participating in the offering will arrange to send you the prospectus
if you request it by calling MUFG Securities Americas Inc. toll-free at 877-649-6848, TD Securities (USA) LLC toll-free at 855-495-9846,
Truist Securities, Inc. toll free at 800-685-4786 or Wells Fargo Securities, LLC toll-free at 800-645-3751.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any disclaimers or other notices that may appear
below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of
this communication being sent via email or another communication system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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