Powering Arizona's Future

2025 Annual Report



Arizona is experiencing one of the most transformative periods in its history. Population growth, new industries, and the rapid expansion of advanced manufacturing and data centers are reshaping the state’s economic landscape. In 2025, Pinnacle West — through our operating company, Arizona Public Service (APS) — stood squarely at the center of this change.

Today, our responsibility has never been clearer: to deliver safe, reliable and affordable energy while building the infrastructure that will power Arizona’s remarkable growth and diverse economy.

Please review our note on forward-looking statements.