Pinnacle West Capital annual debt-to-equity ratio
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2025
Pinnacle West Capital Debt-to-Equity Ratio Growth & History (PNW)
Pinnacle West Capital's debt-to-equity ratio was 1.92 for fiscal 2025.
View full Pinnacle West Capital company overviewPinnacle West Capital annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.92 | 0.37 | +23.87% |
| 2024 | 2024-12-31 | 1.55 | −0.02 | −1.12% |
| 2023 | 2023-12-31 | 1.57 | 0.16 | +11.19% |
| 2022 | 2022-12-31 | 1.41 | 0.07 | +5.61% |
| 2021 | 2021-12-31 | 1.34 | 0.14 | +11.52% |
| 2020 | 2020-12-31 | 1.20 | 0.15 | +14.22% |
| 2019 | 2019-12-31 | 1.05 | 0.07 | +6.64% |
| 2018 | 2018-12-31 | 0.98 | 0.01 | +1.10% |
| 2017 | 2017-12-31 | 0.97 | 0.11 | +12.72% |
| 2016 | 2016-12-31 | 0.86 | 0.03 | +3.59% |
| 2015 | 2015-12-31 | 0.83 | 0.06 | +7.36% |
| 2014 | 2014-12-31 | 0.78 | −0.02 | −2.43% |
| 2013 | 2013-12-31 | 0.80 | −0.04 | −4.86% |
| 2012 | 2012-12-31 | 0.84 | −0.08 | −8.59% |
| 2011 | 2011-12-31 | 0.91 | −0.08 | −8.39% |
| 2010 | 2010-12-31 | 1.00 | −0.19 | −16.25% |
| 2009 | 2009-12-31 | 1.19 | — | — |
Pinnacle West Capital quarterly debt-to-equity ratio
Q4.09
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
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Q3.13
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Q3.14
Q4.14
Q1.15
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Q1.16
Q2.16
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Q2.17
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Q2.18
Q3.18
Q4.18
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Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
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Q4.21
Q1.22
Q2.22
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Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 2.23 | 0.36 | +19.05% |
| Q1 2026 | 2026-03-31 | 2.06 | 0.39 | +23.16% |
| Q4 2025 | 2025-12-31 | 1.92 | 0.37 | +23.87% |
| Q3 2025 | 2025-09-30 | 1.89 | 0.28 | +17.16% |
| Q2 2025 | 2025-06-30 | 1.87 | 0.15 | +8.94% |
| Q1 2025 | 2025-03-31 | 1.67 | 0.10 | +6.68% |
| Q4 2024 | 2024-12-31 | 1.55 | −0.02 | −1.12% |
| Q3 2024 | 2024-09-30 | 1.62 | 0.09 | +6.10% |
| Q2 2024 | 2024-06-30 | 1.72 | 0.08 | +4.73% |
| Q1 2024 | 2024-03-31 | 1.57 | 0.03 | +2.08% |
| Q4 2023 | 2023-12-31 | 1.57 | 0.16 | +11.19% |
| Q3 2023 | 2023-09-30 | 1.52 | 0.22 | +16.80% |
| Q2 2023 | 2023-06-30 | 1.64 | 0.27 | +20.08% |
| Q1 2023 | 2023-03-31 | 1.53 | 0.18 | +12.88% |
| Q4 2022 | 2022-12-31 | 1.41 | 0.07 | +5.61% |
| Q3 2022 | 2022-09-30 | 1.30 | 0.06 | +5.14% |
| Q2 2022 | 2022-06-30 | 1.37 | 0.12 | +9.45% |
| Q1 2022 | 2022-03-31 | 1.36 | 0.15 | +11.97% |
| Q4 2021 | 2021-12-31 | 1.34 | 0.14 | +11.52% |
| Q3 2021 | 2021-09-30 | 1.24 | 0.08 | +7.11% |
| Q2 2021 | 2021-06-30 | 1.25 | 0.08 | +6.88% |
| Q1 2021 | 2021-03-31 | 1.21 | 0.20 | +19.73% |
| Q4 2020 | 2020-12-31 | 1.20 | 0.15 | +14.22% |
| Q3 2020 | 2020-09-30 | 1.16 | 0.16 | +16.61% |
| Q2 2020 | 2020-06-30 | 1.17 | 0.17 | +16.48% |
| Q1 2020 | 2020-03-31 | 1.01 | 0.01 | +1.34% |
| Q4 2019 | 2019-12-31 | 1.05 | 0.07 | +6.64% |
| Q3 2019 | 2019-09-30 | 0.99 | 0.04 | +4.49% |
| Q2 2019 | 2019-06-30 | 1.00 | 0.05 | +5.37% |
| Q1 2019 | 2019-03-31 | 1.00 | 0.03 | +3.10% |
| Q4 2018 | 2018-12-31 | 0.98 | 0.01 | +1.10% |
| Q3 2018 | 2018-09-30 | 0.95 | 0.04 | +4.01% |
| Q2 2018 | 2018-06-30 | 0.95 | 0.05 | +5.17% |
| Q1 2018 | 2018-03-31 | 0.97 | 0.06 | +6.55% |
| Q4 2017 | 2017-12-31 | 0.97 | 0.11 | +12.72% |
| Q3 2017 | 2017-09-30 | 0.91 | 0.06 | +6.54% |
| Q2 2017 | 2017-06-30 | 0.91 | −0.01 | −0.96% |
| Q1 2017 | 2017-03-31 | 0.91 | 0.08 | +9.68% |
| Q4 2016 | 2016-12-31 | 0.86 | 0.03 | +3.59% |
| Q3 2016 | 2016-09-30 | 0.86 | 0.07 | +8.78% |
| Q2 2016 | 2016-06-30 | 0.91 | 0.08 | +9.44% |
| Q1 2016 | 2016-03-31 | 0.83 | −0.00 | −0.36% |
| Q4 2015 | 2015-12-31 | 0.83 | 0.06 | +7.36% |
| Q3 2015 | 2015-09-30 | 0.79 | 0.03 | +3.95% |
| Q2 2015 | 2015-06-30 | 0.84 | 0.04 | +5.00% |
| Q1 2015 | 2015-03-31 | 0.83 | −0.02 | −1.84% |
| Q4 2014 | 2014-12-31 | 0.78 | −0.02 | −2.43% |
| Q3 2014 | 2014-09-30 | 0.76 | −0.03 | −4.25% |
| Q2 2014 | 2014-06-30 | 0.80 | −0.05 | −6.19% |
| Q1 2014 | 2014-03-31 | 0.85 | 0.03 | +3.17% |
| Q4 2013 | 2013-12-31 | 0.80 | −0.04 | −4.86% |
| Q3 2013 | 2013-09-30 | 0.79 | −0.05 | −6.31% |
| Q2 2013 | 2013-06-30 | 0.85 | −0.09 | −9.46% |
| Q1 2013 | 2013-03-31 | 0.82 | −0.15 | −15.76% |
| Q4 2012 | 2012-12-31 | 0.84 | −0.08 | −8.59% |
| Q3 2012 | 2012-09-30 | 0.85 | −0.16 | −16.08% |
| Q2 2012 | 2012-06-30 | 0.94 | −0.08 | −7.84% |
| Q1 2012 | 2012-03-31 | 0.98 | −0.04 | −3.96% |
| Q4 2011 | 2011-12-31 | 0.91 | −0.08 | −8.39% |
| Q3 2011 | 2011-09-30 | 1.01 | 0.01 | +1.15% |
| Q2 2011 | 2011-06-30 | 1.02 | −0.07 | −6.69% |
| Q1 2011 | 2011-03-31 | 1.02 | — | — |
| Q4 2010 | 2010-12-31 | 1.00 | −0.19 | −16.25% |
| Q3 2010 | 2010-09-30 | 1.00 | — | — |
| Q2 2010 | 2010-06-30 | 1.09 | — | — |
| Q4 2009 | 2009-12-31 | 1.19 | — | — |
Pinnacle West Capital debt-to-equity ratio trends
Over the last five fiscal years, Pinnacle West Capital's debt-to-equity ratio increased from 1.20 to 1.92, a change of 0.72. The latest reported quarter, Q2 2026, shows 2.23.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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