PNW · 8-K · 20260904PR000046

Financing Activities

PINNACLE WEST CAPITAL CORP · 2026-09-04 · Importance 66 · Surprise 42 · No source text

Pinnacle West and APS plan approximately $8.0 billion of financing for 2026–2028, including $1.0–$1.2 billion of Pinnacle West equity, $2.6–$2.9 billion of APS debt and $300–$350 million of Pinnacle West debt. For 2026, the plan lists approximately $3.8 billion of cash from operations, net of shareholder dividends, and $2.6–$2.9 billion of total capital investment. Of the $1.0–$1.2 billion incremental equity need, $685 million was priced under equity forwards through July 2026; the company used the remaining capacity in its $900 million ATM program and established a new $500 million ATM program.

Key facts

• Pinnacle West's 2026 financing plan included approximately $3.8 billion of cash from operations, $2.6-$2.9 billion of capital investment, $300-$350 million of APS debt, and $1.0-$1.2 billion of PNW equity. source
• Pinnacle West's 2026-2028 financing plan included approximately $8.0 billion, including $1.0-$1.2 billion of PNW equity. source
• Pinnacle West utilized all remaining capacity in its $900 million at-the-market program and established a new $500 million ATM program. source
• Of Pinnacle West's $1.0-$1.2 billion total incremental financing need, $685 million was priced under equity forwards through July 2026. source
• Pinnacle West targeted a long-term FFO-to-debt range of 14%-16%. source

Impact estimates