PNW · 8-K · 20260807PR000044
Capital Return Program
PINNACLE WEST CAPITAL CORP · 2026-08-07 · Importance 18 · Surprise 14 · No source text
Pinnacle West’s annualized dividend per share increased from $2.62 in 2016 to $3.64 in 2025, representing approximately 3.7% compound annual growth. The company targets long-term dividend growth and a sustained dividend payout ratio of 65%-75%. The 2026 financing plan defines cash from operations as net of shareholder dividends and estimates approximately $3.8 billion on that basis. Future dividends remain subject to declaration by the Board of Directors.
Key facts
- PNW equity incremental need 2026-2028: $1.0B-$1.2B, of which $685M is priced under equity forwards through July 2026 source
- Annualized dividends per share shown for 2016-2025 with values including $2.62 and $3.64 on chart and ~3.7% DPS CAGR; target long-term dividend payout ratio 65%-75% source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | committed | — | PNW equity incremental need 2026-2028: $1.0B-$1.2B, of which $685M is priced under equity forwards through July 2026 |
| cash | positive | probable | — | PNW equity incremental need 2026-2028: $1.0B-$1.2B, of which $685M is priced under equity forwards through July 2026 |
| cash | negative | probable | — | Annualized dividends per share shown for 2016-2025 with values including $2.62 and $3.64 on chart and ~3.7% DPS CAGR; target long-term… |