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ARIZONA PUBLIC SERVICE COMPANY - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 215,881 $ 196,532
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization including nuclear fuel 517,249 492,225
Allowance for equity funds used during construction (31,834) (28,016)
Deferred income taxes 23,893 1,439
Deferred investment tax credit (5,253) (3,301)
Changes in current assets and liabilities:    
Customer and other receivables (199,090) (47,587)
Accrued unbilled revenues (109,320) (95,424)
Materials, supplies and fossil fuel (60,087) (25,497)
Deferred fuel and purchased power (69,325) (95,850)
Deferred fuel and purchased power amortization 279,830 201,035
Income tax receivable 2,485 0
Other current assets (43,243) (41,851)
Accounts payable (49,408) 127,970
Accrued taxes 2,307 29,597
Other current liabilities 21,552 1,182
Change in long-term regulatory assets 19,074 38,992
Change in long-term regulatory liabilities 8,863 44,860
Change in other long-term assets (126,896) (140,504)
Change in operating lease assets 32,746 138,439
Change in other long-term liabilities 211,877 (56,639)
Change in operating lease liabilities (24,887) (86,632)
Net cash provided by operating activities 629,272 663,326
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (1,357,028) (1,332,068)
Contributions in aid of construction 177,299 107,716
Allowance for borrowed funds used during construction (21,265) (21,661)
Proceeds from nuclear decommissioning trusts sales and other special use funds 997,627 919,644
Investment in nuclear decommissioning trusts and other special use funds (990,269) (920,785)
Other (6,662) (6,178)
Net cash used for investing activities (1,200,298) (1,253,332)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of long-term debt 1,092,665 795,404
Repayment of long-term debt (350,000) (800,000)
Short-term borrowings and (repayments), net 61,595 436,549
Short-term debt borrowings under term loan facility 0 400,000
Dividends paid on common stock (218,740) (210,150)
Capital activities by noncontrolling interests (4,672) (10,628)
Net cash provided by financing activities 573,546 605,009
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,520 15,003
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 6,604 3,838
CASH AND CASH EQUIVALENTS AT END OF PERIOD 9,124 18,841
APS    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 247,364 212,989
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization including nuclear fuel 517,215 492,191
Allowance for equity funds used during construction (31,834) (28,016)
Deferred income taxes 23,230 (8,702)
Deferred investment tax credit (5,253) (3,301)
Changes in current assets and liabilities:    
Customer and other receivables (185,443) (47,549)
Accrued unbilled revenues (109,320) (95,424)
Materials, supplies and fossil fuel (60,087) (25,497)
Deferred fuel and purchased power (69,325) (95,850)
Deferred fuel and purchased power amortization 279,830 201,035
Income tax receivable 0 5,421
Other current assets (48,364) (41,854)
Accounts payable (47,455) 125,387
Accrued taxes 19,818 44,905
Other current liabilities 12,633 (12,544)
Change in long-term regulatory assets 19,074 38,992
Change in long-term regulatory liabilities 8,863 44,860
Change in other long-term assets (113,551) (117,624)
Change in operating lease assets 32,679 138,376
Change in other long-term liabilities 223,225 (43,634)
Change in operating lease liabilities (24,808) (86,558)
Net cash provided by operating activities 688,491 697,603
CASH FLOWS FROM INVESTING ACTIVITIES    
Capital expenditures (1,357,028) (1,332,068)
Contributions in aid of construction 177,299 107,716
Allowance for borrowed funds used during construction (21,265) (21,661)
Proceeds from nuclear decommissioning trusts sales and other special use funds 991,873 869,190
Investment in nuclear decommissioning trusts and other special use funds (980,469) (870,331)
Other 1,157 (756)
Net cash used for investing activities (1,188,433) (1,247,910)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of long-term debt 594,840 0
Repayment of long-term debt 0 (300,000)
Short-term borrowings and (repayments), net 32,695 385,500
Short-term debt borrowings under term loan facility 0 400,000
Equity infusion from Pinnacle West 100,000 300,000
Dividends paid on common stock (220,300) (213,900)
Capital activities by noncontrolling interests (4,672) (10,628)
Net cash provided by financing activities 502,563 560,972
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,621 10,665
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 4,143 3,815
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 6,764 $ 14,480