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Pinnacle West Capital Executive Compensation (FY25)

PNW · Executive and director compensation, fiscal 2022 to 2025
Median of the other named officers
$3,110,488
6 officers, excluding the chief executive
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 19, 2026Latest filing (8-K): May 19, 2026
13 filings cited on this page
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592 figures on this page: 581 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

More on Pinnacle West Capital

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Theodore Geisler: $3,865,493 → $8,414,652 (117.7% higher)
CEO pay ratio: 65:1 → 42:1 (35.4% lower)

Frequently asked questions

Answers drawn from the data on this page.
What was Pinnacle West Capital's say-on-pay result?
The say-on-pay proposal drew 97.3% of votes cast for or against in favor at the meeting held May 14, 2026 for fiscal 2025.
Which companies are in Pinnacle West Capital's peer group?
The disclosed peer group names Alliant Energy Corporation, Ameren Corporation, Avangrid, Inc., CMS Energy and DTE Energy Company, among others.
What is Pinnacle West Capital's chief executive pay ratio?
The company reported a chief executive pay ratio of 42:1 for fiscal 2025, against median employee compensation of $182,127.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Guldner
Chairman of the Board, President and Chief Executive Officer of PNW and Chairman of the Board and Chief Executive of APS
◇—◇—◇◇◇◇
Adam Heflin
Executive Vice President and Chief Nuclear Officer of Palo Verde Generating Station, APS
◇◇◇—◇◇◇◇
Theodore Geisler
President, APS
◇—◇—◇◇◇◇
Maria Lacal
Executive Vice President and Advisor to the CEO, APS
◇—◇—◇◇◇◇
Robert Smith
Executive Vice President, General Counsel and Chief Development Officer of PNW and APS
◇—◇—◇◇◇◇
Andrew Cooper
Senior Vice President and Chief Financial Officer, PNW and APS
◇—◇—◇◇◇◇
Jacob Tetlow
Executive Vice President, Operations, APS
◇—◇—◇◇◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Guldner
Former Chairman of the Board, President and Chief Executive Officer of PNW and Chairman of the Board, President and Chief Executive of APS and currently, Special Advisor to the CEO
◇—◇—◇◇◇◇
Theodore Geisler
Chairman of the Board, President and Chief Executive Officer of PNW and APS
◇—◇—◇◇◇◇
Adam Heflin
Executive Vice President and Chief Nuclear Officer of PVGS, APS
◇—◇—◇◇◇◇
Jacob Tetlow
Executive Vice President and Chief Operating Officer of APS
◇—◇—◇◇◇◇
Robert Smith
Former Executive Vice President, Chief Legal Officer and Chief Development Officer, PNW and APS and currently, Special Advisor to the CEO
◇—◇—◇◇◇◇
Andrew Cooper
Senior Vice President and Chief Financial Officer, PNW and APS
◇—◇—◇◇◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jeffrey Guldner
Former Chairman of the Board, President and Chief Executive Officer of PNW and Chairman of the Board, President and Chief Executive of APS and currently, Special Advisor to the CEO
◇—◇—◇◇◇◇
Jacob Tetlow
Executive Vice President and Chief Operating Officer of APS
◇—◇—◇◇◇◇
Theodore Geisler
Chairman of the Board, President and Chief Executive Officer of PNW and APS
◇—◇—◇◇◇◇
Adam Heflin
Executive Vice President and Chief Nuclear Officer of PVGS, APS
◇—◇—◇◇◇◇
Robert Smith
Former Executive Vice President, Chief Legal Officer and Chief Development Officer, PNW and APS and currently, Special Advisor to the CEO
◇—◇—◇◇◇◇
Andrew Cooper
Senior Vice President and Chief Financial Officer, PNW and APS
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Theodore Geisler
Chairman of the Board, President and Chief Executive Officer of PNW and APS
◇—◇—◇◇◇◇
Jacob Tetlow
Executive Vice President and Chief Operating Officer of APS
◇—◇—◇◇◇◇
Adam Heflin
Executive Vice President and Chief Nuclear Officer of PVGS, APS
◇—◇—◇◇◇◇
Andrew Cooper
Senior Vice President and Chief Financial Officer, PNW and APS
◇—◇—◇◇◇◇
Jeffrey Guldner
Former Chairman of the Board, President and Chief Executive Officer of PNW and Chairman of the Board, President and Chief Executive of APS and currently, Special Advisor to the CEO
Departed during or after this year
◇———◇◇◇◇
Robert Smith
Former Executive Vice President, Chief Legal Officer and Chief Development Officer, PNW and APS and currently, Special Advisor to the CEO
Departed during or after this year
◇—◇—◇◇◇◇
Shirley Baum
Senior Vice President and General Counsel, PNW and APS
◇—◇—◇◇◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Adam C. HeflinRSU◇——◇——◇
Adam C. HeflinPSU◇◇◇—◇—◇
Adam C. HeflinPSU◇◇◇—◇—◇
Adam C. HeflinPSU◇◇◇—◇—◇
Andrew D. CooperRSU◇——◇——◇
Andrew D. CooperPSU◇◇◇—◇—◇
Andrew D. CooperPSU◇◇◇—◇—◇
Andrew D. CooperPSU◇◇◇—◇—◇
Jacob TetlowPSU◇◇◇—◇—◇
Jacob TetlowPSU◇◇◇—◇—◇
Jacob TetlowPSU◇◇◇—◇—◇
Jacob TetlowRSU◇——◇——◇
Robert E. SmithPSU◇◇◇—◇—◇
Robert E. SmithPSU◇◇◇—◇—◇
Robert E. SmithPSU◇◇◇—◇—◇
Robert E. SmithRSU◇——◇——◇
Shirley A. BaumPSU◇◇◇—◇—◇
Shirley A. BaumPSU◇◇◇—◇—◇
Shirley A. BaumPSU◇◇◇—◇—◇
Shirley A. BaumRSU◇——◇——◇
Theodore N. GeislerPSU◇◇◇—◇—◇
Theodore N. GeislerPSU◇◇◇—◇—◇
Theodore N. GeislerPSU◇◇◇—◇—◇
Theodore N. GeislerRSU◇——◇——◇
Theodore N. GeislerPSU◇◇◇—◇—◇
Theodore N. GeislerRSU◇——◇——◇
Theodore N. GeislerPSU◇◇◇—◇—◇
Theodore N. GeislerPSU◇◇◇—◇—◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Adam HeflinPSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
Theodore GeislerRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
Jeffrey GuldnerPSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Andrew CooperPSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
Shirley BaumPSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Jacob TetlowRSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
Robert SmithPSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Adam Heflin
Executive Vice President and Chief Nuclear Officer of PVGS, APS · Terms as described in the company’s compensation discussion · citing a 2026 filing
Severance multiple◇
Severance cash amount◇
Change-in-control multiple◇
Benefits continuation on change in control◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇
Andrew Cooper
Senior Vice President and Chief Financial Officer, PNW and APS · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control multiple◇
Benefits continuation on change in control◇
Non-compete period◇
Non-solicit period◇
Jacob Tetlow
Executive Vice President and Chief Operating Officer of APS · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control multiple◇
Benefits continuation on change in control◇
Non-compete period◇
Non-solicit period◇
Jeffrey Guldner
Former Chairman of the Board, President and Chief Executive Officer of PNW and Chairman of the Board, President and Chief Executive of APS and currently, Special Advisor to the CEO · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control multiple◇
Benefits continuation on change in control◇
Non-compete period◇
Non-solicit period◇
Robert Smith
Former Executive Vice President, Chief Legal Officer and Chief Development Officer, PNW and APS and currently, Special Advisor to the CEO · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control multiple◇
Benefits continuation on change in control◇
Non-compete period◇
Non-solicit period◇
Shirley Baum
Senior Vice President and General Counsel, PNW and APS · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control multiple◇
Benefits continuation on change in control◇
Non-compete period◇
Non-solicit period◇
Theodore Geisler
Chairman of the Board, President and Chief Executive Officer of PNW and APS · Terms as described in the company’s compensation discussion · citing a 2026 filing
Change-in-control multiple◇
Benefits continuation on change in control◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Paula J. Sims
Lead independent director
◇◇——◇—◇
James E. Trevathan Jr
◇◇——◇—◇
Richard P. Fox
◇◇——◇—◇
Glynis A. Bryan
◇◇——◇—◇
William H. Spence
◇◇————◇
Ronald Butler Jr
◇◇————◇
Gonzalo A. de la Melena Jr
◇◇——◇—◇
Susan T. Flanagan
◇◇——◇—◇
Kristine L. Svinicki
◇◇————◇
Carol S. Eicher
◇◇————◇
Bruce J. Nordstrom
◇———◇—◇
Jeffrey B. Guldner and Theodore N. Geisler served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Rsus/Stock.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Alliant Energy Corporation LNT
  • Ameren Corporation AEE
  • Avangrid, Inc. AGR
  • CMS Energy CMS
  • DTE Energy Company DTE
  • Edison International EIX
  • Evergy, Inc. EVRG
  • Eversource Energy ES
  • Hawaiian Electric Industries, Inc. HE
  • NiSource Inc. NI
  • OGE Energy Corp. OGE
  • PNM Resources, Inc. PNM
  • PPL Corporation PPL
  • Southern Company SO
  • WEC Energy Group, Inc. WEC
  • Xcel Energy, Inc. XEL

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 21, 2025=◇◇◇
2023May 22, 2024=◇◇◇
2022May 17, 2023=◇◇◇
2021May 18, 2022=◇◇◇
2020May 19, 2021=◇◇◇
2019May 20, 2020=◇◇◇
2018May 15, 2019=◇◇◇
2017May 16, 2018=◇◇◇
2016May 17, 2017=◇◇◇
2015May 18, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Theodore Geisler (Chairman of the Board, President and Chief Executive Officer of PNW and APS), FY2025 total compensation $8,414,652 (base salary $938,356) [exec_comp, SEC accession 0001628280-26-023516, filed 2026-04-03]

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What this page does not include

Everything above is a fact Pinnacle West Capital disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
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Where Pinnacle West Capital sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
592 figures on this page: 581 cited to the filing that reported them, 11 calculated from figures it prints.
581 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001628280-26-036111
  2. 0001628280-26-023516
    CEO Pay Ratio · Compensation Discussion and Analysis · Director Compensation · Executive Compensation Tables · and 1 more section
  3. 0000764622-25-000050
  4. 0000764622-24-000050
  5. 0000764622-23-000067
  6. 0001308179-23-000547
    Executive Compensation Tables
  7. 0000764622-22-000042
  8. 0000764622-21-000038
  9. 0000764622-20-000042
  10. 0000764622-19-000057
  11. 0000764622-18-000034
  12. 0000764622-17-000034
  13. 0000764622-16-000112
Cite this data
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Velarion, “Pinnacle West Capital executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PNW (accessed 2026).
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The paid brief for Pinnacle West Capital

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
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13 filings cited on this page
Method: intel.velarion.ai/methodology
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Utilities rankings

Chief executive pay — UtilitiesCEO pay ratio — UtilitiesSay-on-pay support — Utilities

Peers Pinnacle West Capital discloses

The companies named in PNW's own disclosed peer group.

Alliant Energy CorporationAmeren CorporationAvangrid, Inc.CMS EnergyDTE Energy CompanyEdison InternationalEvergy, Inc.Eversource EnergyHawaiian Electric Industries, Inc.NiSource Inc.OGE Energy Corp.PPL CorporationSouthern CompanyWEC Energy Group, Inc.Xcel Energy, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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