品尼高西方资本 2025年季度报告

FORM10-Q (Mark One) For the quarterly period endedMarch 31, 2025 OR IRSEmployerIdentificationNo. 86-0512431 86-0011170 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether each registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2)has been subject to such filing requirements for the past 90 days. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule405 of Regulation S-T during the preceding 12 months (or for such shorter period that theregistrant was required to submit and post such files). PINNACLE WEST CAPITAL CORPORATIONYes☒No☐ARIZONA PUBLIC SERVICE COMPANYYes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company.See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. PINNACLE WEST CAPITAL CORPORATION Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ ARIZONA PUBLIC SERVICE COMPANY Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether each registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). PINNACLE WEST CAPITAL CORPORATIONYes☐No☒ARIZONA PUBLIC SERVICE COMPANYYes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicabledate. PINNACLE WEST CAPITALCORPORATIONARIZONA PUBLIC SERVICECOMPANY Number of shares of common stock, no par value, outstandingas of April 24, 2025:119,399,009Number of shares of common stock, $2.50 par value,outstanding as of April 24, 2025:71,264,947 Arizona Public Service Company meets the conditions set forth in General Instruction H(1)(a)and (b)ofForm10-Q and is therefore filing this form with the reduced disclosure format allowed under that GeneralInstruction. TABLE OF CONTENTS Forward-Looking Statements1Part I3Item 1.Financial Statements3Pinnacle West Capital Corporation4Arizona Public Service Company10Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations70Item 3.Quantitative and Qualitative Disclosures About Market Risk96Item 4.Controls and Procedures97 Part IIItem 1.Legal ProceedingsItem 1A.Risk FactorsItem 5.Other InformationItem 6.ExhibitsSignatures This combined quarterly report on Form10-Q is separately provided by Pinnacle West Capital Corporation(“Pinnacle West”) and Arizona Public Service Company (“APS”).Any use of the words “Company,” “we,” and“our” refer to Pinnacle West unless context otherwise requires.Each registrant is providing on its own behalf all ofthe information contained in this Form10-Q that relates to such registrant and, where required, its subsidiaries.Except as stated in the preceding sentence, neither registrant is providing any information that does not relate to suchregistrant, and therefore makes no representation as to any such information.The information required with respectto each company is set forth within the applicable items.Item 1 of this report includes Condensed ConsolidatedFinancial Statements of Pinnacle West and Condensed Consolidated Financial Statements of APS.Item 1 of thisreport also includes Combined Notes to Condensed Consolidated Financial Statements. FORWARD-LOOKING STATEMENTS This document contains forward-looking statements based on current expectations.These forward-looking statements areoften identified by words such as “estimate,” “predict,” “may,” “believe,” “plan,” “expect,” “require,” “intend,” “assume,”“project,” “anticipate,” “goal,” “seek,” “strategy,” “likely,” “should,” “will,” “could,” and similar words.Because actual resultsmay differ materially from expectations, we caution readers not to place undue reliance on these statements.A number of factorscould cause future results to differ materially from historical results, or from outcomes currently expected or sought by PinnacleWest or APS.In addition to the Risk Factors described in PartI,Item 1A of the Pinnacle West/APS Annual Report on Form10-Kfor the fiscal year endedDecember31, 2024(“2024Form10-K”), and Part II, Item 1A of this report, these factors include, butare not limited to: •uncertainties associated with the current and future economic environment, including econo