Business Segments (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Reportable Segment’s Revenues, Significant Expenses, Net Income, and Assets

The following table reconciles our reportable segment’s revenues, significant expenses, and net income (loss) to the Pinnacle West consolidated amounts (dollars in millions):



	Year Ended December 31,
	2025						2024						2023
	Regulated Electricity Segment		Other		Pinnacle West Consolidated		Regulated Electricity Segment		Other		Pinnacle West Consolidated		Regulated Electricity Segment		Other		Pinnacle West Consolidated
Operating revenues	$	5,340	$	—	$	5,340	$	5,125	$	—	$	5,125	$	4,696	$	—	$	4,696
Fuel and purchased power	(1,933)		—		(1,933)		(1,823)		—		(1,823)		(1,793)		—		(1,793)
Operations and maintenance	(1,177)		(8)		(1,185)		(1,159)		(6)		(1,165)		(1,044)		(15)		(1,059)
Depreciation and amortization	(915)		—		(915)		(895)		—		(895)		(794)		—		(794)
Taxes other than income taxes	(235)		—		(235)		(227)		—		(227)		(224)		—		(224)
Allowance for equity funds used during construction	61		—		61		39		—		39		53		—		53
Pension and other postretirement non-service credits, net	13		(1)		12		49		—		49		42		(1)		41
Other income and (expense), net	(14)		30		16		(11)		22		11		7		—		7
Interest charges, net of allowance for borrowed funds used during construction	(332)		(90)		(422)		(312)		(65)		(377)		(285)		(46)		(331)
Income taxes	(126)		19		(107)		(127)		16		(111)		(94)		17		(77)
Less: Net income attributable to noncontrolling interests	(15)		—		(15)		(17)		—		(17)		(17)		—		(17)
Net Income (Loss)	$	667	$	(50)	$	617	$	642	$	(33)	$	609	$	547	$	(45)	$	502

The following table reconciles our reportable segment’s assets to the Pinnacle West consolidated amount (dollars in millions):


	December 31, 2025						December 31, 2024
	Regulated Electricity Segment		Other		Pinnacle West Consolidated		Regulated Electricity Segment		Other		Pinnacle West Consolidated
Total Assets	$	29,886	$	146	$	30,032	$	25,988	$	115	$	26,103

PINNACLE WEST CAPITAL CORP 10-K