# EDGAR Filing Document

**Accession Number:** 0000764622
**File Stem:** 0001104659-26-068974
**Filing Date:** 2026-6
**Character Count:** 4470
**Document Hash:** a10aedd1593e7390609ee43f1866a919
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-068974.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001104659-26-068974

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PINNACLE WEST CAPITAL CORP
- **CENTRAL INDEX KEY:** 0000764622
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 860512431
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-277448
- **FILM NUMBER:** 261051715

**BUSINESS ADDRESS:**
- **STREET 1:** 400 NORTH FIFTH STREET
- **STREET 2:** MS 8695
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004
- **BUSINESS PHONE:** 602 250 1000

**MAIL ADDRESS:**
- **STREET 1:** 400 NORTH FIFTH STREET
- **STREET 2:** MS 8695
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AZP GROUP INC
- **DATE OF NAME CHANGE:** 19870506
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PINNACLE WEST CAPITAL CORP
- **CENTRAL INDEX KEY:** 0000764622
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 860512431
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 400 NORTH FIFTH STREET
- **STREET 2:** MS 8695
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004
- **BUSINESS PHONE:** 602 250 1000

**MAIL ADDRESS:**
- **STREET 1:** 400 NORTH FIFTH STREET
- **STREET 2:** MS 8695
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AZP GROUP INC
- **DATE OF NAME CHANGE:** 19870506

**Filed under Rule 433**

**File No. 333-277448**

**Final Term Sheet**

**Pinnacle West Capital Corporation**

**$500,000,000 4.650% Senior Notes due 2029**

**June 1, 2026**

---

| | |
|:---|:---|
| Issuer: | Pinnacle West Capital Corporation |
| Expected Ratings (Moody's / S&P / Fitch): | Baa2 (stable) / BBB (stable) / BBB (stable)<br> **Note:** A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. |
| Trade Date: | June 1, 2026 |
| Settlement Date: | June 5, 2026 (T+4) |
| Security: | 4.650% Senior Notes due 2029 |
| Principal Amount: | $500000000 |
| Interest Payment Dates: | June 1 and December 1, commencing December 1, 2026 |
| Maturity Date: | June 1, 2029 |
| Interest Rate: | 4.650% |
| Benchmark Treasury: | 3.875% due May 15, 2029 |
| Benchmark Treasury Price / Yield: | 99-12 / 4.101% |
| Spread to Benchmark Treasury: | +58 basis points |
| Yield to Maturity: | 4.681% |
| Public Offering Price: | 99.915% |
| Optional Redemption: | Make-whole call at any time prior to May 1, 2029 at Treasury rate plus 10 basis points and, thereafter, at par |
| CUSIP/ISIN: | 723484 AP6 / US723484AP60 |

---

Joint Book-Running Managers: MUFG Securities Americas Inc.<br> TD Securities (USA) LLC<br> Truist Securities, Inc.<br> Wells Fargo Securities, LLC

**Pinnacle West Capital Corporation has filed a registration statement (including a prospectus, as supplemented) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus (as supplemented) in that registration statement and other documents Pinnacle West Capital Corporation has filed with the SEC for more complete information about Pinnacle West Capital Corporation and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Pinnacle West Capital Corporation, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling MUFG Securities Americas Inc. toll-free at 877-649-6848, TD Securities (USA) LLC toll-free at 855-495-9846, Truist Securities, Inc. toll free at 800-685-4786 or Wells Fargo Securities, LLC toll-free at 800-645-3751.**

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers were automatically generated as a result of this communication being sent via email or another communication system.