PNW · 10-Q · 2026Q2 · Full report

Financing Activities and Dividends

PINNACLE WEST CAPITAL CORP · 2026-08-04 · Importance 36 · Surprise 14 · In source text

Consolidated financing cash flow was $574 million in the first six months of 2026, down $31 million year over year, primarily because short-term borrowings decreased by $775 million. The decline was partly offset by $297 million of higher long-term borrowings and a $450 million reduction in long-term debt repayments. On June 24, 2026, the Board declared a quarterly dividend of $0.91 per common share payable September 1, 2026, and Pinnacle West contributed $100 million to APS on June 5, 2026 to repay commercial paper.

Key facts

• One forward sale agreement had an effective date of 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. source
• APS's consolidated net cash provided by financing activities was $503 million in 2026 compared to $561 million in 2025, a decrease of $58 million primarily due to a net decrease of $753 million in short-term borrowings and $200 million in lower equity infusions from the parent; partially offset by a $595 million increase in long-term borrowings and a $300 million decrease in long-term debt repayments. source
• Pinnacle West's consolidated net cash provided by financing activities was $574 million in 2026 compared to $605 million in 2025, a decrease of $31 million, primarily due to a net decrease of $775 million in short-term borrowings; partially offset by a $450 million decrease in long-term debt repayments and a $297 million increase in long-term borrowings. source
• On June 5, 2026, Pinnacle West contributed $100 million into APS as an equity infusion, which APS used to pay down commercial paper short-term indebtedness. source
• Pinnacle West entered into February 2024 forward sale agreements for 11,240,601 shares with an initial forward sales price per share of $64.51 and aggregate value $725,131 (thousands). source
• The ATM Program initial price covered 8,306,132 shares at a weighted-average price of $97.38 per share with aggregate value $808,887 (thousands) as of June 30, 2026. source
• Settlements of the February 2024 forward sale agreements included physical deliveries of 5,377,115 shares on December 23, 2024 at $64.17 per share with proceeds $345,049 (thousands), 243,186 shares on September 4, 2025 at $63.12 per share with proceeds $15,350 (thousands), and 1,193,950 shares on December 18, 2025 at $62.82 per share with proceeds $75,004 (thousands). source
• On June 24, 2026, the Pinnacle West Board declared a dividend of $0.91 per share payable on September 1, 2026 to shareholders of record on August 3, 2026. source

Impact estimates