v3.26.1
Common Stock Equity and Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Sale of Stock by Subsidiary or Equity Method Investee Disclosure
The following table presents information about the outstanding ATM Forward Sale Agreements as of June 30, 2026 based on their contractual terms at the effective date of the agreement, including the applicable forward sale prices and related aggregate contractual values, which may differ from the gross amount of common stock referenced above (dollars in thousands, except price per share):

ATM Forward Sale AgreementsMaturity (a)Number of SharesForward Sales Price Per Share (b)Aggregate Value
November 2024December 2026552,833 $89.73 $49,606 
March 2025December 2026544,959 $90.83 $49,499 
August 2025February 2027543,001 $91.21 $49,527 
September 2025February 2027558,622 $88.69 $49,544 
January 2026July 2027119,553 $89.88 $10,745 
March 2026September 2027646,674 $99.52 $64,357 
March 2026September 2027490,537 $100.94 $49,515 
March 2026September 2027488,813 $101.28 $49,507 
March 2026September 2027916,930 $98.12 $89,969 
April 2026September 20271,000,000 $99.00 $99,000 
May 2026November 2027699,100 $99.16 $69,323 
June 2026December 2027879,813 $101.35 $89,169 
June 2026June 2028865,297 $103.00 $89,126 
8,306,132 $97.38 (c)$808,887 (d)
(a)    Maturity date may be extended. Maturity date set forth in the table is as extended, if applicable.
(b)    Subject to certain adjustments.
(c)    Total weighted-average share price.
(d)    Does not include one forward sale agreement, whose effective date was 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.
The following table presents information about the outstanding February 2024 Forward Sale Agreements as of June 30, 2026 (dollars in thousands, except price per share):

February 2024 Forward Sale AgreementsNumber of SharesForward Sales Price Per ShareAggregate Value
Initial Price11,240,601 $64.51 (a)$725,131 
Settlements
December 23, 20245,377,115 (b)$64.17 $345,049 (c)
September 4, 2025243,186 (b)$63.12 $15,350 (c)
December 18, 20251,193,950 (b)$62.82 $75,004 (c)
(a)    Subject to certain adjustments.
(b)    Physical delivery.
(c)    Proceeds recorded in common equity on the Condensed Consolidated Balance Sheets.
Schedule of Earnings Per Share, Basic and Diluted
The following table presents the calculation of Pinnacle West’s basic and diluted EPS (dollars and shares in thousands, except earnings per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income attributable to common shareholders
$178,574 $192,564 $211,494 $187,920 
Weighted average common shares outstanding — basic121,306 119,517 121,333 119,555 
Net effect of dilutive securities:
Contingently issuable performance shares and restricted stock units469 548 457 523 
Dilutive shares related to equity forward sale agreements (a)2,156 1,800 1,939 1,735 
Dilutive shares related to convertible debt instruments (b)563 — 407 — 
Total contingently issuable shares3,188 2,348 2,803 2,258 
Weighted average common shares outstanding — diluted124,494 121,865 124,136 121,813 
Earnings per weighted-average common share outstanding
Net income attributable to common shareholders — basic
$1.47 $1.61 $1.74 $1.57 
Net income attributable to common shareholders — diluted
$1.43 $1.58 $1.70 $1.54 
(a)    For the three and six months ended June 30, 2026 and 2025, there were no potentially dilutive shares related to equity forward sale agreements excluded from the calculation of diluted weighted-average common shares.
(b)    No shares related to the Convertible Notes were excluded from diluted weighted-average common shares for the three and six months ended June 30, 2026. For the three and six months ended June 30, 2025, potentially issuable shares of 51,380 and 244,134, respectively, were excluded from the diluted weighted-average common shares calculation as their inclusion would have been antidilutive.