PNW · 10-Q · 2026Q3 · Full report

Capital Return Program

PINNACLE WEST CAPITAL CORP · 2026-11-03 · Importance 25 · Surprise 24 · Contradicted

On October 21, 2026, Pinnacle West’s board declared a dividend of $0.925 per common share, payable December 1, 2026, to shareholders of record on November 2, 2026. Dividend payments were $14 million higher in the first nine months of 2026 than in the prior-year period. The filing says the level and future growth of common dividends depend on board declaration, financial condition, payout ratio, free cash flow, and other factors. APS’s September 30, 2026 common equity ratio was 51%, above the 40% threshold below which the ACC order restricts APS from paying common dividends.

Key facts

• Under the ACC order, APS would be prohibited from paying dividends if payment reduced its shareholder equity below approximately $7.5 billion, assuming total capitalization remained unchanged. source
• As of September 30, 2026, Pinnacle West’s February 2024 forward sale agreements had an initial 11,240,601 shares, a $64.51 forward sales price per share, and an aggregate value of $725.131 million. source
• As of September 30, 2026, the ATM Program had an initial 10,647,335 shares, a weighted-average price of $97.70 per share, and an aggregate value of $1,040.246 million. source
• Pinnacle West had an additional forward sale agreement effective October 5, 2026, for $90 million gross of common stock, with a maturity date of October 2, 2028. source
• An ACC order prohibits APS from paying common dividends if the payment would reduce its common equity ratio below 40%. source
• On October 21, 2026, Pinnacle West’s Board declared a $0.925-per-share common-stock dividend, payable December 1, 2026, to shareholders of record November 2, 2026. source
• Pinnacle West’s ATM Program permits it to offer and sell common stock and enter into forward sale agreements from time to time, subject to market conditions and other factors. source

Impact estimates