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Data last updated: Oct 12, 2026
Snapshot (as of Oct 12, 2026): Pinnacle West Capital Corporation (PNW) pays a $3.63 annual dividend ($0.91 quarterly), yielding 3.68% at $98.92/share. Next ex-dividend date 2026-08-03. 32 consecutive years of dividend growth (Dividend Aristocrat). Source: Yahoo Finance, aggregated by MerryDiv.
Dividend Yield: 3.68%
Annual Dividend: $3.63 per share
Payout Ratio: 69.6%
Ex-Dividend Date: 2026-08-03
Dividend Frequency: quarterly
Sector: Utilities
Years of Dividend History: 38
Pinnacle West Capital Corporation dividend investors are looking at Arizona's primary regulated electric utility, generating and delivering power across the state through nuclear, gas, solar, and coal facilities. The current yield stands at 3.68%, paid quarterly, with a trailing annual dividend rate of $3.6250 per share and the next ex-dividend date set for August 3, 2026. PNW has earned Dividend Aristocrat status with 32 consecutive years of dividend increases, a streak that speaks directly to the durability of its payout. A beta of 0.424 makes this a low-volatility holding, suited to income-focused investors who prioritize predictability over price swings.
Pinnacle West Capital Corporation pays out 69.6% of earnings as dividends, a payout ratio classified as elevated (60–75%). Arizona's regulated electric utility model underpins Pinnacle West Capital Corporation dividend safety: retail and wholesale electricity demand in the state is non-discretionary, and the company's generation, transmission, and distribution infrastructure serves customers with no practical alternative. The most significant pressure point is that a payout ratio near 70% leaves limited room to absorb earnings pressure without slowing dividend growth, and any regulatory rate decisions in Arizona that compress margins would tighten that cushion further.
Pinnacle West Capital Corporation dividend history shows a CAGR of 3.9% per year from 2011 to 2025. The per-share annual dividend grew from $2.10 to $3.5950 over that period (2026 data is a partial year and excluded from this calculation). The smallest annual increase in the window was 1.0% in 2012, and the largest was 6.1% in 2018. Growth is slow by most standards. For income investors, 3.9% annual growth roughly keeps pace with moderate inflation but does not meaningfully expand real purchasing power over time.
| Period | CAGR | From | To |
|---|---|---|---|
| 3-Year | +1.7% | $3.42 (2022) | $3.60 (2025) |
| 5-Year | +2.5% | $3.18 (2020) | $3.60 (2025) |
| 10-Year | +4.1% | $2.41 (2015) | $3.60 (2025) |
PNW fits income-focused investors who want a low-volatility utility with a long, unbroken payout history. The yield of 3.68% falls in the moderate (2–4%) range and currently sits below the 5-year average of 4.25%, meaning buyers today are getting less income relative to recent norms. That said, 32 consecutive years of increases confirms Dividend Aristocrat status, a rare achievement that reflects the durability of Arizona's regulated electric utility model. The trade-off is straightforward: Pinnacle West Capital Corporation stock offers predictability and low beta (0.424), but dividend growth at 3.9% annually is modest, and the elevated payout ratio limits how much faster that growth can accelerate.
PNW is a Dividend Aristocrat with 32 consecutive years of dividend increases.
| Payment Date | Amount per Share |
|---|---|
| 2026-08-03 | $0.9100 |
| 2026-05-04 | $0.9100 |
| 2026-02-02 | $0.9100 |
| 2025-11-03 | $0.9100 |
| 2025-08-01 | $0.8950 |
| 2025-05-05 | $0.8950 |
| 2025-02-03 | $0.8950 |
| 2024-11-04 | $0.8950 |
| 2024-08-01 | $0.8800 |
| 2024-04-30 | $0.8800 |
| Year | Total Dividends |
|---|---|
| 2026 | $2.7300 |
| 2025 | $3.5950 |
| 2024 | $3.5350 |
| 2023 | $3.4750 |
| 2022 | $3.4150 |
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