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Arphra AIPlain-English read on Pinnacle West Capital Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $3.8B | $4.32B | $4.7B | $5.12B | $5.34B | $5.54B | $5.95B | $6.31B | $6.62B |
| Cost of revenue | $2.11B | $2.62B | $2.85B | $2.99B | $3.98B | $3.67B | $3.82B | $4.19B | $4.34B |
| Gross profit | $1.7B | $1.71B | $1.84B | $2.14B | $1.36B | $2.01B | $2.07B | $2.29B | $2.37B |
| Gross margin | +44.62% | +39.50% | +39.28% | +41.70% | +25.41% | +36.28% | +34.72% | +36.22% | +35.84% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $891.91M | $976.06M | $1.02B | $1.13B | $238.48M | $888.04M | $943.07M | $997.52M | $1.04B |
| Operating income | $805.31M | $731.91M | $824.64M | $1.01B | $1.12B | $1.1B | $1.14B | $1.19B | $1.25B |
| Operating margin | +21.17% | +16.93% | +17.56% | +19.75% | +20.94% | +19.87% | +19.11% | +18.91% | +18.87% |
| EBITDA | $1.7B | $1.65B | $1.78B | $2.07B | $2.13B | $2.16B | $2.28B | $2.48B | $2.54B |
| EBIT | $979.29M | $831.19M | $927.02M | $1.11B | $1.16B | $1.2B | $1.24B | $1.33B | $1.38B |
| Below the line | |||||||||
| Interest expense | $233.26M | $255.54M | $331.32M | $377.47M | $421.97M | $412.37M | $435.86M | $477.12M | $502.19M |
| Interest income | $6.73M | $7.33M | $27.24M | $24.32M | $18.04M | $25.96M | $27.02M | $29.12M | $30.42M |
| Other income / expense | -$59.28M | -$156.26M | -$228.95M | -$275.5M | -$379.83M | — | — | — | — |
| Pre-tax income | $746.03M | $575.65M | $595.69M | $736.56M | $738.37M | $773.9M | $820.51M | $875.19M | $906.98M |
| Income tax expense | $110.09M | $74.83M | $76.91M | $110.53M | $106.73M | $104.1M | $116.18M | $118.77M | $125.25M |
| Earnings | |||||||||
| Net income | $618.72M | $483.6M | $501.56M | $608.81M | $616.53M | $644.04M | $663.62M | $712.67M | $761.76M |
| Net income · continuing ops | $635.94M | $500.83M | $518.78M | $626.03M | $631.64M | $651.17M | $707.54M | $758.17M | $788.78M |
| Net margin | +16.27% | +11.18% | +10.68% | +11.88% | +11.55% | +11.62% | +11.15% | +11.29% | +11.50% |
| EPS · basic | $5.48 | $4.27 | $4.42 | $5.35 | $5.15 | $4.84 | $5.69 | $6.23 | $6.80 |
| EPS · diluted | $5.47 | $4.26 | $4.41 | $5.24 | $5.05 | $4.74 | $5.56 | $6.12 | $6.62 |
| EPS · low estimate | — | — | — | — | — | $4.70 | $5.07 | $6.01 | $6.27 |
| EPS · high estimate | — | — | — | — | — | $4.81 | $5.75 | $6.31 | $6.99 |
| Shares · basic | 112.91M | 113.2M | 113.44M | 113.85M | 119.69M | 119.09M | 118.92M | 119.06M | 119.23M |
| Shares · diluted | 113.19M | 113.42M | 113.8M | 116.23M | 121.97M | 122.99M | 122.28M | 122.69M | 122.32M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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