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Pinnacle West Capital Executive Compensation (FY25)

PNW · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): May 19, 2026
438 figures on this page: 427 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Total compensation for Theodore Geisler, Chairman of the Board, President and Chief Executive Officer of PNW and APS, came to $8,414,652 in fiscal 2025, and Geisler's total was 117.7% higher than the $3,865,493 reported for fiscal 2024. The company reported a chief executive pay ratio of 14.9:1 for fiscal 2025, against median employee compensation of $182,127. 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. The disclosed peer group names Alliant Energy Corporation, Ameren Corporation, Avangrid, Inc., CMS Energy and DTE Energy Company, among others.
Chief executive, fiscal 2025
◇
Theodore Geisler
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
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 → 14.9:1 (77.1% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Pinnacle West Capital's chief executive and what were they paid?
Total compensation for Theodore Geisler, Chairman of the Board, President and Chief Executive Officer of PNW and APS, came to $8,414,652 in fiscal 2025. Geisler's total was 117.7% higher than the $3,865,493 reported for fiscal 2024.
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 14.9:1 for fiscal 2025, against median employee compensation of $182,127.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
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 Officer of APS
◇—◇—◇◇◇◇
Theodore Geisler
President of APS
◇—◇—◇◇◇◇
Adam Heflin
Executive Vice President and Chief Nuclear Officer of APS
◇—◇—◇◇◇◇
Jacob Tetlow
Executive Vice President and Chief Operating Officer of 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 of 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 APS
◇—◇—◇◇◇◇
Andrew Cooper
Senior Vice President and Chief Financial Officer of 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 of 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. HeflinRSU◇——◇——◇
Adam C. HeflinRSU◇——◇——◇
Andrew D. CooperRSU◇——◇——◇
Andrew D. CooperRSU◇——◇——◇
Andrew D. CooperRSU◇——◇——◇
Shirley A. BaumRSU◇——◇——◇
Shirley A. BaumRSU◇——◇——◇
Shirley A. BaumRSU◇——◇——◇
Theodore N. GeislerPSU◇◇◇—◇—◇
Theodore N. GeislerRSU◇——◇——◇
Theodore N. GeislerRSU◇——◇——◇
Theodore N. GeislerPSU◇◇◇—◇—◇
Theodore N. GeislerRSU◇——◇——◇
Fiscal 2023 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
Shirley BaumPSU◇◇——
RSU◇◇——
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PSU◇◇——
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PSU◇◇——
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Adam HeflinRSU◇◇——
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Andrew CooperPSU◇◇——
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PSU◇◇——
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PSU◇◇——
Theodore GeislerPSU◇◇——
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Jeffrey GuldnerPSU◇◇——
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PSU◇◇——
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RSU◇◇——
RSU◇◇——
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Jacob TetlowPSU◇◇——
PSU◇◇——
RSU◇◇——
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RSU◇◇——
RSU◇◇——
PSU◇◇——
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PSU◇◇——
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PSU◇◇——
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PSU◇◇——
Robert SmithPSU◇◇——
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PSU◇◇——
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RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
PSU◇◇——
PSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

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
◇———◇—◇
Theodore N. Geisler and Jeffrey B. Guldner 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◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Nominating and governance chair◇
Equity is delivered as Stock grants or stock units.
Stock ownership guideline: 5 times the annual cash retainer fee

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. TXNM
  • 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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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.
Peer benchmarking
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.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both 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.
438 figures on this page: 427 cited to the filing that reported them, 11 calculated from figures it prints.
427 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001628280-26-036111
  2. 0001628280-26-023516
    CEO Pay Ratio · Director Compensation · Grants of Plan-Based Awards · Outstanding Equity Awards at Fiscal Year-End · and 1 more section
  3. 0000764622-25-000050
  4. 0000764622-25-000035
    Summary Compensation Table
  5. 0000764622-24-000050
  6. 0000764622-24-000033
    Summary Compensation Table
  7. 0000764622-23-000067
  8. 0000764622-22-000042
  9. 0000764622-21-000038
  10. 0000764622-20-000042
  11. 0000764622-19-000057
  12. 0000764622-18-000034
  13. 0000764622-17-000034
  14. 0000764622-16-000112
Cite this data
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Velarion, “Pinnacle West Capital executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/PNW (accessed 2026).
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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 CorporationCMS EnergyDTE Energy CompanyEdison InternationalEvergy, Inc.Eversource EnergyHawaiian Electric Industries, Inc.NiSource Inc.OGE Energy Corp.PNM Resources, Inc.PPL CorporationSouthern CompanyWEC Energy Group, Inc.Xcel Energy, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
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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