Capital Expenditures for Pinnacle West Capital (PNW)
According to Pinnacle West Capital's latest reported financial statements, the company's current capital expenditures (TTM) is $2.62B USD. Capital expenditures (CapEx) are cash outlays for property, plant, and equipment and other long-lived productive assets — reported on the cash flow statement under investing activities. CapEx funds future capacity (factories, data centers, software, machinery), so rising spend can signal investment in growth, while heavy CapEx reduces free cash flow available to shareholders. We display CapEx as a positive amount (the absolute cash outflow); compare with revenue to gauge capital intensity and with total assets for the asset-base context.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
Currently viewingCapital ExpendituresSwitch metric
Latest period
$2.62B
YoY change
+16.7%
5Y CAGR
+14.6%
Peak year (2025)
$2.62B
Cumulative capital expenditures
$31.10B
CapEx history chart for Pinnacle West Capital (PNW) from 1994 to 2025
CapEx history table for Pinnacle West Capital (PNW) from 1994 to 2025
| Fiscal year | Period ended | Reported | Capital Expenditures | YoY |
|---|---|---|---|---|
| 2025 | $2.62B | +16.7% | ||
| 2024 | $2.25B | +21.8% | ||
| 2023 | $1.85B | +8.1% | ||
| 2022 | $1.71B | +15.9% | ||
| 2021 | $1.47B | +11.1% | ||
| 2020 | $1.33B | +11.3% | ||
| 2019 | $1.19B | +1.1% | ||
| 2018 | $1.18B | -16.4% | ||
| 2017 | $1.41B | +10.5% | ||
| 2016 | $1.28B | +18.5% | ||
| 2015 | $1.08B | +18.2% | ||
| 2014 | $910.63M | -10.4% | ||
| 2013 | $1.02B | +14.3% | ||
| 2012 | $889.55M | +0.6% | ||
| 2011 | $884.35M | +18.2% | ||
| 2010 | $748.37M | -2.1% | ||
| 2009 | $764.61M | -18.3% | ||
| 2008 | $935.58M | +1.9% | ||
| 2007 | $918.58M | +24.5% | ||
| 2006 | $737.78M | +16.5% | ||
| 2005 | $633.53M | +17.7% | ||
| 2004 | $538.23M | -22.4% | ||
| 2003 | $693.48M | -22.6% | ||
| 2002 | $895.52M | -13.9% | ||
| 2001 | $1.04B | +58.0% | ||
| 2000 | $658.61M | +91.8% | ||
| 1999 | $343.40M | +7.6% | ||
| 1998 | $319.10M | — | ||
| 1997 | $0 | -100.0% | ||
| 1996 | $258.60M | -12.6% | ||
| 1995 | $295.80M | +15.9% | ||
| 1994 | $255.30M | — |
CapEx values are taken from Pinnacle West Capital's reported cash flow statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
2025's annual capital expenditures for Pinnacle West Capital (PNW) came in at $2.62B – grew 16.7% year-over-year.
Through 2020–2025 (5 years), Pinnacle West Capital capital expenditures delivered a +14.6% annualised rate; sustaining 7 straight years of year-over-year growth.
$2.62B stands as the all-time-high annual capital expenditures, posted in 2025, against a low of $0 during 1997.
Pinnacle West Capital (PNW) sits 7th of 8 Utilities peers we track on this metric, against a peer median of $9.94B.
Pinnacle West Capital Capital Expenditures by Year
Pinnacle West Capital Capital Expenditures 2025: $2.62B
Pinnacle West Capital capital expenditures in 2025 was $2.62B, grew 16.7% from 2024. This figure represents the highest annual value in the available history.
Pinnacle West Capital Capital Expenditures 2024: $2.25B
Pinnacle West Capital capital expenditures in 2024 was $2.25B, grew 21.8% from 2023.
Pinnacle West Capital Capital Expenditures 2023: $1.85B
Pinnacle West Capital capital expenditures in 2023 was $1.85B, grew 8.1% from 2022.
Pinnacle West Capital Capital Expenditures 2022: $1.71B
Pinnacle West Capital capital expenditures in 2022 was $1.71B, grew 15.9% from 2021.
Pinnacle West Capital Capital Expenditures 2021: $1.47B
Pinnacle West Capital capital expenditures in 2021 was $1.47B.
See more financial history for Pinnacle West Capital (PNW).
Sector peers — CapEx
Companies in the same sector as Pinnacle West Capital, ranked by their latest capital expenditures.
| Company | Capital Expenditures | Sector |
|---|---|---|
| Duke Energy Corporation (DUK) | $14.02B | Utilities |
| The Southern Company (SO) | $13.39B | Utilities |
| Dominion Energy, Inc. (D) | $12.64B | Utilities |
| Sempra (SRE) | $10.61B | Utilities |
| NextEra Energy, Inc. (NEE) | $9.27B | Utilities |
| Constellation Energy Corporation (CEG) | $2.95B | Utilities |
| GE Vernova Inc. (GEV) | $1.28B | Utilities |
| American Electric Power Company, Inc. (AEP) | $130.00M | Utilities |
Frequently asked questions
What is Pinnacle West Capital's capital expenditures?
- Latest reported capital expenditures for Pinnacle West Capital (PNW) is $2.62B (period ending December 31, 2025).
How has Pinnacle West Capital capital expenditures changed year-over-year?
- Pinnacle West Capital (PNW) capital expenditures changed +16.7% year-over-year on the latest annual filing.
What is the long-term growth rate of Pinnacle West Capital capital expenditures?
- Pinnacle West Capital (PNW) capital expenditures compound annual growth rate is +14.6% over the most recent 5 years available.
When did Pinnacle West Capital capital expenditures hit its highest annual value?
- Pinnacle West Capital capital expenditures reached its highest annual value of $2.62B in 2025.
What was Pinnacle West Capital capital expenditures in 2024?
- Pinnacle West Capital (PNW) capital expenditures in 2024 was $2.25B.
What was Pinnacle West Capital capital expenditures in 2025?
- Pinnacle West Capital (PNW) capital expenditures in 2025 was $2.62B.
Metrics overview
Pick a metric for charts, filings, and peers — each row shows the latest TTM or annual value with year-over-year change.
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