品尼高西方资本 2026年季度报告

FORM10-Q (Mark One) OR shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements forthe past 90 days. PINNACLE WEST CAPITAL CORPORATIONYes☒No☐ARIZONA PUBLIC SERVICE COMPANYYes☒No☐ 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 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☐Smaller reporting company☐Emerging growth company☐ Non-accelerated fi 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 the 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 CAPITALCORPORATIONNumber of shares of common stock, no par value, outstandingas of April 28, 2026:121,187,166ARIZONA PUBLIC SERVICECOMPANYNumber of shares of common stock, $2.50 par value,outstanding as of April 28, 2026:71,264,947 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 General InstructionH(2). TABLE OF CONTENTS Forward-Looking Statements1Part I - Financial Information3Item 1.Financial Statements3Pinnacle West Capital Corporation4Arizona Public Service Company10Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations74Item 3.Quantitative and Qualitative Disclosures About Market Risk96Item 4.Controls and Procedures96 Part II - Other Information Item 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. GLOSSARY OF NAMES AND TECHNICAL TERMS ACCArizona Corporation CommissionADEQArizona Department of Environmental QualityAFUDCAllowance for funds used during constructionArtificial intelligenceAPSArizona Public Service Company, a subsidiary of the CompanyAROAsset retirement obligationsASRFPAll-source request for proposalASUAccounting Standards UpdateATM ProgramAt-the-market equity distribution programBase Fuel RateThe portion of APS’s retail base rates attributable to fuel and purchased power costsBCEBright Canyon Energy CorporationBESSBattery energy storage systemCaptiveCaptive Insurance CellCCRCoal combustion residualsCCRMUCoal combustion residuals management unitCCSCarbon capture and sequestration or utilization controlsCERCLA or SuperfundComprehensive Environmental Response Compensation and Liability ActChollaCholla Power PlantDGDistributed GenerationDOEUnited States Department of EnergyDSMDemand Side ManagementEESEnergy Efficiency StandardEl DoradoEl Dorado Investment Company, a subsidiary of the CompanyELGEffluent Limitation GuidelinesEPAUnited States Environmental Protection AgencyFERCUnited States Federal Energy Regulatory CommissionFour CornersFour Corners Power PlantFRAMFormula Rate Adjustment MechanismGAAPAccounting principles