Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Financial Statements and Financial Statement Schedules

See the Index to Financial Statements and Financial Statement Schedule in Part II, Item 8.

Exhibits Filed

The documents listed below are being filed or have previously been filed on behalf of Pinnacle West or APS and are incorporated herein by reference from the documents indicated and made a part hereof. Exhibits not identified as previously filed are filed herewith.

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
3.1						Pinnacle West						Articles of Incorporation, restated as of May 22, 2025						3.1 to Pinnacle West/APS June 30, 2025 Form 10-Q Report						8/6/2025
3.2						Pinnacle West						Pinnacle West Capital Corporation Bylaws, amended as of February 19, 2020						3.1 to Pinnacle West/APS February 25, 2020 Form 8-K Report						2/25/2020
3.3						APS						APS Articles of Incorporation, restated as of May 16, 2012						3.3 to Pinnacle West/APS June 30, 2025 Form 10-Q Report						8/6/1993
3.4						APS						APS Bylaws, amended as of December 16, 2008						3.4 to Pinnacle West/APS 2008 Form 10-K Report						2/20/2009
4.1						Pinnacle West						Specimen Certificate of Pinnacle West Capital Corporation Common Stock, no par value						4.1 to Pinnacle West June 20, 2017 Form 8-K Report						6/20/2017
4.2						Pinnacle West						Indenture dated as of December 1, 2000 between the Company and The Bank of New York, as Trustee, relating to Senior Unsecured Debt Securities						4.1 to Pinnacle West’s Registration Statement No. 333-52476						12/21/2000
4.2(a)						Pinnacle West						Fifth Supplemental Indenture dated as of June 10, 2024						4.1 to Pinnacle West June 5, 2024 Form 8-K Report						6/10/2024
4.2(b)						Pinnacle West						Sixth Supplemental Indenture dated as of May 15, 2025						4.1 to Pinnacle West May 15, 2025 Form 8-K Report						5/15/2025
4.3						Pinnacle West APS						Indenture dated as of January 15, 1998 between APS and The Bank of New York Mellon Trust Company N.A. (successor to JPMorgan Chase Bank, N.A., formerly known as The Chase Manhattan Bank), as Trustee						4.10 to APS’s Registration Statement Nos. 333-15379 and 333-27551 by means of APS January 13, 1998 Form 8-K Report						1/16/1998
4.3(a)						Pinnacle West APS						Seventh Supplemental Indenture dated as of May 1, 2003						4.1 to APS’s Registration Statement No. 333-90824 by means of APS May 7, 2003 Form 8-K Report						5/9/2003
4.3(b)						Pinnacle West APS						Ninth Supplemental Indenture dated as of August 15, 2005						4.1 to APS’s Registration Statements Nos. 333-106772 and 333-121512 by means of APS August 17, 2005 Form 8-K Report						8/22/2005
4.3(c)						APS						Tenth Supplemental Indenture dated as of August 1, 2006						4.1 to APS July 31, 2006 Form 8-K Report						8/3/2006

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
4.3(d)						Pinnacle West APS						Twelfth Supplemental Indenture dated as of August 25, 2011						4.6f to Pinnacle West/APS 2014 Form 10-K Report						2/20/2015
4.3(e)						Pinnacle West APS						Thirteenth Supplemental Indenture dated as of January 13, 2012						4.6g to Pinnacle West/APS 2014 Form 10-K Report						2/20/2015
4.3(f)						Pinnacle West APS						Fourteenth Supplemental Indenture dated as of January 10, 2014						4.6h to Pinnacle West/APS 2014 Form 10-K Report						2/20/2015
4.3(g)						Pinnacle West APS						Eighteenth Supplemental Indenture dated as of November 6, 2015						4.1 to Pinnacle West/APS November 3, 2015 Form 8-K Report						11/6/2015
4.3(h)						Pinnacle West APS						Nineteenth Supplemental Indenture dated as of May 6, 2016						4.1 to Pinnacle West/APS May 3, 2016 Form 8-K Report						5/6/2016
4.3(i)						Pinnacle West APS						Twentieth Supplemental Indenture dated as of September 20, 2016						4.1 to Pinnacle West/APS September 15, 2016 Form 8-K Report						9/20/2016
4.3(j)						Pinnacle West APS						Twenty-First Supplemental Indenture dated as of September 11, 2017						4.1 to Pinnacle West/APS September 11, 2017 Form 8-K Report						9/11/2017
4.3(k)						Pinnacle West APS						Twenty-Second Supplemental Indenture dated as of August 9, 2018						4.1 to Pinnacle West/APS August 9, 2018 Form 8-K Report						8/9/2018
4.3(l)						Pinnacle West APS						Twenty-Third Supplemental Indenture dated as of February 28, 2019						4.1 to Pinnacle West/APS February 28, 2019 Form 8-K Report						2/28/2019
4.3(m)						Pinnacle West APS						Twenty-Fourth Supplemental Indenture dated as of August 19, 2019						4.1 to Pinnacle West/APS August 16, 2019 Form 8-K Report						8/16/2019
4.3(n)						Pinnacle West APS						Twenty-Fifth Supplemental Indenture dated as of November 20, 2019						4.1 to Pinnacle West/APS November 20, 2019 Form 8-K Report						11/20/2019
4.3(o)						Pinnacle West APS						Twenty-Sixth Supplemental Indenture dated as of May 22, 2020						4.1 to Pinnacle West/APS May 22, 2020 Form 8-K Report						5/22/2020
4.3(p)						Pinnacle West APS						Twenty-Seventh Supplemental Indenture dated as of September 11, 2020						4.1 to Pinnacle West/APS September 11, 2020 Form 8-K Report						9/11/2020
4.3(q)						Pinnacle West APS						Twenty-Eighth Supplemental Indenture dated as of August 16, 2021						4.1 to Pinnacle West/APS August 16, 2021 Form 8-K Report						8/16/2021
4.3(r)						Pinnacle West APS						Twenty-Ninth Supplemental Indenture dated as of November 8, 2022						4.1 to Pinnacle West/APS November 8, 2022 Form 8-K Report						11/8/2022
4.3(s)						Pinnacle West APS						Thirtieth Supplemental Indenture dated as of June 30, 2023						4.1 to Pinnacle West/APS June 30, 2023 Form 8-K Report						6/30/2023
4.3(t)						Pinnacle West APS						Thirty-First Supplemental Indenture dated as of May 9, 2024						4.1 to Pinnacle West/APS May 9, 2024 Form 8-K Report						5/9/2024
4.3(u)						Pinnacle West APS						Thirty-Second Supplemental Indenture Dated as of August 15, 2025						4.2 to Pinnacle West/APS August 15, 2025 Form 8-K Report						8/15/2025
4.4						Pinnacle West						Third Amended and Restated Pinnacle West Capital Corporation Investors Advantage Plan dated as of November 25, 2008						4.1 to Pinnacle West’s Form S-3 Registration Statement No. 333-155641						11/25/2008
4.5						Pinnacle West APS						Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934
4.6						Pinnacle West						Indenture, dated as of June 6, 2024, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee						4.1 to Pinnacle West June 6, 2024 Form 8-K Report						6/6/2024

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
10.1						Pinnacle West APS						Two separate Decommissioning Trust Agreements (relating to PVGS Units 1 and 3, respectively), each dated July 1, 1991, between APS and Mellon Bank, N.A., as Decommissioning Trustee						10.2 to APS September 30, 1991 Form 10-Q Report						11/14/1991
10.1(a)						Pinnacle West APS						Amendment No. 1 to Decommissioning Trust Agreement (PVGS Unit 1), dated as of December 1, 1994						10.1 to APS 1994 Form 10-K Report						3/30/1995
10.1(b)						Pinnacle West APS						Amendment No. 1 to Decommissioning Trust Agreement (PVGS Unit 3), dated as of December 1, 1994						10.2 to APS 1994 Form 10-K Report						3/30/1995
10.1(c)						Pinnacle West APS						Amendment No. 2 to APS Decommissioning Trust Agreement (PVGS Unit 1) dated as of July 1, 1991						10.4 to APS 1996 Form 10-K Report						3/28/1997
10.1(d)						Pinnacle West APS						Amendment No. 2 to APS Decommissioning Trust Agreement (PVGS Unit 3) dated as of July 1, 1991						10.6 to APS 1996 Form 10-K Report						3/28/1997
10.1(e)						Pinnacle West APS						Amendment No. 3 to the Decommissioning Trust Agreement (PVGS Unit 1), dated as of March 18, 2002						10.2 to Pinnacle West March 31, 2002 Form 10-Q Report						5/15/2002
10.1(f)						Pinnacle West APS						Amendment No. 3 to the Decommissioning Trust Agreement (PVGS Unit 3), dated as of March 18, 2002						10.4 to Pinnacle West March 31, 2002 Form 10-Q Report						5/15/2002
10.1(g)						Pinnacle West APS						Amendment No. 4 to the Decommissioning Trust Agreement (PVGS Unit 1), dated as of December 19, 2003						10.3 to Pinnacle West 2003 Form 10-K Report						3/15/2004
10.1(h)						Pinnacle West APS						Amendment No. 4 to the Decommissioning Trust Agreement (PVGS Unit 3), dated as of December 19, 2003						10.5 to Pinnacle West 2003 Form 10-K Report						3/15/2004
10.1(i)						Pinnacle West APS						Amendment No. 5 to the Decommissioning Trust Agreement (PVGS Unit 1), dated as of May 1, 2007						10.1 to Pinnacle West/APS March 31, 2007 Form 10-Q Report						5/9/2007
10.1(j)						Pinnacle West APS						Amendment No. 5 to the Decommissioning Trust Agreement (PVGS Unit 3), dated as of May 1, 2007						10.2 to Pinnacle West/APS March 31, 2007 Form 10-Q Report						5/9/2007

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
10.2						Pinnacle West APS						Amended and Restated Decommissioning Trust Agreement (PVGS Unit 2) dated as of January 31, 1992, among APS, Mellon Bank, N.A., as Decommissioning Trustee, and State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Owner Trustee under two separate Trust Agreements, each with a separate Equity Participant, and as Lessor under two separate Facility Leases, each relating to an undivided interest in PVGS Unit 2						10.1 to Pinnacle West’s 1991 Form 10-K Report						3/26/1992
10.2(a)						Pinnacle West APS						First Amendment to Amended and Restated Decommissioning Trust Agreement (PVGS Unit 2), dated as of November 1, 1992						10.2 to APS 1992 Form 10-K Report						3/30/1993
10.2(b)						Pinnacle West APS						Amendment No. 2 to Amended and Restated Decommissioning Trust Agreement (PVGS Unit 2), dated as of November 1, 1994						10.3 to APS 1994 Form 10-K Report						3/30/1995
10.2(c)						Pinnacle West APS						Amendment No. 3 to Amended and Restated Decommissioning Trust Agreement (PVGS Unit 2), dated as of June 20, 1996						10.1 to APS June 30, 1996 Form 10-Q Report						8/9/1996
10.2(d)						Pinnacle West APS						Amendment No. 4 to Amended and Restated Decommissioning Trust Agreement (PVGS Unit 2) dated as of December 16, 1996						APS 10.5 to APS 1996 Form 10-K Report						3/28/1997
10.2(e)						Pinnacle West APS						Amendment No. 5 to the Amended and Restated Decommissioning Trust Agreement (PVGS Unit 2), dated as of June 30, 2000						10.1 to Pinnacle West March 31, 2002 Form 10-Q Report						5/15/2002
10.2(f)						Pinnacle West APS						Amendment No. 6 to the Amended and Restated Decommissioning Trust Agreement (PVGS Unit 2), dated as of March 18, 2002						10.3 to Pinnacle West March 31, 2002 Form 10-Q Report						5/15/2002
10.2(g)						Pinnacle West APS						Amendment No. 7 to the Amended and Restated Decommissioning Trust Agreement (PVGS Unit 2), dated as of December 19, 2003						10.4 to Pinnacle West 2003 Form 10-K Report						3/15/2004
10.2(h)						Pinnacle West APS						Amendment No. 8 to the Amended and Restated Decommissioning Trust Agreement (PVGS Unit 2), dated as of April 1, 2007						10.1.2h to Pinnacle West 2007 Form 10-K Report						2/27/2008
10.3a						Pinnacle West APS						Arizona Public Service Company Directors’ Deferred Compensation Plan, as restated, effective January 1, 1986						10.1 to APS June 30, 1986 Form 10-Q Report						8/13/1986
10.3(a)a						Pinnacle West APS						Second Amendment to the Arizona Public Service Company Directors’ Deferred Compensation Plan, effective as of January 1, 1993						10.2A to APS 1993 Form 10-K Report						3/30/1994

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
10.3(b)a						Pinnacle West APS						Third Amendment to the Arizona Public Service Company Directors’ Deferred Compensation Plan, effective as of May 1, 1993						10.1 to APS September 30, 1994 Form 10-Q Report						11/10/1994
10.3(c)a						Pinnacle West APS						Fourth Amendment to the Arizona Public Service Company Directors Deferred Compensation Plan, effective as of January 1, 1999						10.8A to Pinnacle West 1999 Form 10-K Report						3/30/2000
10.4a						Pinnacle West APS						Deferred Compensation Plan of 2005 for Employees of Pinnacle West Capital Corporation and Affiliates (as amended and restated effective January 1, 2016)						10.2.5 to Pinnacle West/APS 2015 Form 10-K Report						2/19/2016
10.5a						Pinnacle West APS						Pinnacle West Capital Corporation Supplemental Excess Benefit Retirement Plan of 2005 (as amended and restated effective January 1, 2016)						10.3.2 to Pinnacle West/APS 2015 Form 10-K Report						2/19/2016
10.5(a)a						Pinnacle West APS						First Amendment to the Pinnacle West Capital Corporation Supplemental Excess Benefit Retirement Plan of 2005 (as amended and restated effective January 1, 2016)						10.3.2a to Pinnacle West/APS 2016 Form 10-K Report						2/24/2017
10.5(b)a						Pinnacle West APS						Second Amendment to the Pinnacle West Capital Corporation Supplemental Excess Benefit Retirement Plan of 2005 (as amended and restated effective January 1, 2016)						10.3.2b to Pinnacle West/APS 2017 Form 10-K Report						2/23/2018
10.6a						Pinnacle West APS						Offer of Employment Letter dated May 19, 2022 between APS and Adam Heflin						10.4(8) to Pinnacle West/APS 2022 Form 10-K Report						2/27/2023
10.7ab						Pinnacle West APS						Form of Key Executive Employment and Severance Agreement between Pinnacle West and certain officers of Pinnacle West and its subsidiaries						10.4 to Pinnacle West/APS June 30, 2021 Form 10-Q Report						8/5/2021
10.8a						Pinnacle West						Pinnacle West Capital Corporation 2007 Long-Term Incentive Plan						Appendix B to the Proxy Statement for Pinnacle West’s 2007 Annual Meeting of Shareholders						4/20/2007
10.8(a)a						Pinnacle West						First Amendment to the Pinnacle West Capital Corporation 2007 Long-Term Incentive Plan						10.2 to Pinnacle West/APS April 18, 2007 Form 8-K Report						4/20/2007
10.8(b)ab						Pinnacle West						Form of Restricted Stock Unit Agreement under the Pinnacle West Capital Corporation 2007 Long-Term Incentive Plan (Supplemental 2010 Award)						10.6 to Pinnacle West/APS March 31, 2011 Form 10-Q Report						4/29/2011
10.9a						Pinnacle West APS						Pinnacle West Capital Corporation 2012 Long-Term Incentive Plan						Appendix A to the Proxy Statement for Pinnacle West’s 2012 Annual Meeting of Shareholders						3/29/2012
10.9(a)a						Pinnacle West						First Amendment to the Pinnacle West Capital Corporation 2012 Long-Term Incentive Plan						Appendix A to the Proxy Statement for Pinnacle West’s 2017 Annual Meeting of Shareholders						3/31/2017

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
10.10a						Pinnacle West						Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan (as amended by the First Amendment)						Appendix A to the Proxy Statement for Pinnacle West’s 2022 Annual Meeting of Shareholders						5/19/2023
10.10(a)ab						Pinnacle West						Form of Restricted Stock Unit Award Agreement under the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan						10.6.5n to Pinnacle West/APS 2020 Form 10-K Report						2/25/2022
10.10(b)ab						Pinnacle West						Form of Restricted Stock Unit Award Agreement under the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan						10.6.5o to Pinnacle West/APS 2020 Form 10-K Report						2/25/2022
10.10(c)ab						Pinnacle West						Form of Performance Share Award Agreement under the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan						10.6.5p to Pinnacle West/APS 2020 Form 10-K Report						2/25/2022
10.10(d)ab						Pinnacle West						Form of Performance Share Award Agreement under the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan						10.6.5q to Pinnacle West/APS 2020 Form 10-K Report						2/25/2022
10.10(e)ab						Pinnacle West						Form of Performance Share Award Agreement under the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan						10.6.5r to Pinnacle West/APS 2020 Form 10-K Report						2/25/2022
10.10(f)ab						Pinnacle West						Form of Performance Share Award Agreement under the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan						10.6.5s to Pinnacle West/APS 2020 Form 10-K Report						2/25/2022
10.10(g)ab						Pinnacle West						Form of Restricted Stock Unit Award Agreement under the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan
10.10(h)ab						Pinnacle West						Form of Performance Share Award Agreement under the Pinnacle West Capital Corporation 2021 Long-Term Incentive Plan
10.11a						Pinnacle West APS						Summary of 2026 Variable Incentive Plan and Officer Variable Incentive Plan
10.12						Pinnacle West APS						Indenture of Lease with Navajo Tribe of Indians, Four Corners Plant						5.01 to APS’s Form S-7 Registration Statement, File No. 2-59644						9/1/1977
10.12(a)						Pinnacle West APS						Supplemental and Additional Indenture of Lease, including amendments and supplements to original lease with Navajo Tribe of Indians, Four Corners Plant						5.02 to APS’s Form S-7 Registration Statement, File No. 2-59644						9/1/1977
10.12(b)						Pinnacle West APS						Amendment and Supplement No. 1 to Supplemental and Additional Indenture of Lease Four Corners, dated April 25, 1985						10.36 to Pinnacle West’s Registration Statement on Form 8-B Report, File No. 1-8962						7/25/1985
10.12(c)						Pinnacle West APS						Amendment and Supplement No. 2 to Supplemental and Additional Indenture of Lease with the Navajo Nation dated March 7, 2011						10.1 to Pinnacle West/APS March 31, 2011 Form 10-Q Report						4/29/2011

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
10.12(d)						Pinnacle West APS						Amendment and Supplement No. 3 to Supplemental and Additional Indenture of Lease with the Navajo Nation dated March 7, 2011						10.2 to Pinnacle West/APS March 31, 2011 Form 10-Q Report						4/29/2011
10.13						Pinnacle West APS						Application and Grant of multi-party rights-of-way and easements, Four Corners Plant Site						5.04 to APS’s Form S-7 Registration Statement, File No. 2-59644						9/1/1977
10.13(a)						Pinnacle West APS						Application and Amendment No. 1 to Grant of multi-party rights-of-way and easements, Four Corners Site dated April 25, 1985						10.37 to Pinnacle West’s Registration Statement on Form 8-B, File No. 1-8962						7/25/1985
10.14						Pinnacle West APS						Application and Grant of APS rights- of-way and easements, Four Corners Site						5.05 to APS’s Form S-7 Registration Statement, File No. 2-59644						9/1/1977
10.14(a)						Pinnacle West APS						Application and Amendment No. 1 to Grant of APS rights-of-way and easements, Four Corners Site dated April 25, 1985						10.38 to Pinnacle West’s Registration Statement on Form 8-B, File No. 1-8962						7/25/1985
10.15						Pinnacle West APS						Four Corners Project Co-Tenancy Agreement, conformed copy up through and including Amendment No. 13, dated June 25, 2021, among APS, Public Service Company of New Mexico, SRP, Tucson Electric Power Company and Navajo						10.5 to Pinnacle West/APS June 30, 2021 Form 10-Q Report						8/5/2021
10.15(a)						Pinnacle West APS						Four Corners Project Co-Tenancy Agreement, Amendment to Amendment No. 13, dated July 1, 2024, among APS, Public Service Company of New Mexico, SRP, Tucson Electric Power Company and Navajo
10.16						Pinnacle West APS						Arizona Nuclear Power Project (“ANPP”) Participation Agreement, dated August 23, 1973, among APS, SRP, SCE, Public Service Company of New Mexico, El Paso Electric Company, Southern California Public Power Authority, and Department of Water and Power of the City of Los Angeles, and amendments 1-12 thereto						10.1 to APS 1988 Form 10-K Report						3/8/1989
10.16(a)						Pinnacle West APS						Amendment No. 13, dated as of April 22, 1991, to ANPP Participation Agreement, dated August 23, 1973, among APS, SRP, SCE, Public Service Company of New Mexico, El Paso Electric Company, Southern California Public Power Authority, and Department of Water and Power of the City of Los Angeles						10.1 to APS March 31, 1991 Form 10-Q Report						5/15/1991

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
10.16(b)						Pinnacle West APS						Amendment No. 14 to ANPP Participation Agreement, dated August 23, 1973, among APS, SRP, SCE, Public Service Company of New Mexico, El Paso Electric Company, Southern California Public Power Authority, and Department of Water and Power of the City of Los Angeles						99.1 to Pinnacle West June 30, 2000 Form 10-Q Report						8/14/2000
10.16(c)						Pinnacle West APS						Amendment No. 15, dated November 29, 2010, to ANPP Participation Agreement, dated August 23, 1973, among APS, SRP, SCE, Public Service Company of New Mexico, El Paso Electric Company, Southern California Public Power Authority, and Department of Water and Power of the City of Los Angeles						10.9.1c to Pinnacle West/APS 2010 Form 10-K Report						2/18/2011
10.16(d)						Pinnacle West APS						Amendment No. 16, dated April 28, 2014, to ANPP Participation Agreement, dated August 23, 1973, among APS, SRP, SCE, Public Service Company of New Mexico, El Paso Electric Company, Southern California Public Power Authority, and Department of Water and Power of the City of Los Angeles						10.2 to Pinnacle West/APS March 31, 2014 Form 10-Q Report						5/2/2014
10.17						Pinnacle West APS						Asset Purchase and Power Exchange Agreement dated September 21, 1990 between APS and PacifiCorp, as amended as of October 11, 1990 and as of July 18, 1991						10.1 to APS June 30, 1991 Form 10-Q Report						8/8/1991
10.18						Pinnacle West APS						Long-Term Power Transaction Agreement dated September 21, 1990 between APS and PacifiCorp, as amended as of October 11, 1990, and as of July 8, 1991						10.2 to APS June 30, 1991 Form 10-Q Report						8/8/1991
10.18(a)						Pinnacle West APS						Amendment No. 1 dated April 5, 1995 to the Long-Term Power Transaction Agreement and Asset Purchase and Power Exchange Agreement between PacifiCorp and APS						10.3 to APS 1995 Form 10-K Report						3/29/1996
10.19						Pinnacle West APS						Restated Transmission Agreement between PacifiCorp and APS dated April 5, 1995						10.4 to APS 1995 Form 10-K Report						3/29/1996
10.20						Pinnacle West APS						Reciprocal Transmission Service Agreement between APS and PacifiCorp dated as of March 2, 1994						10.6 to APS 1995 Form 10-K Report						3/29/1996
10.21						Pinnacle West						Third Amended and Restated Five-Year Credit Agreements dated as of February 18, 2026, among Pinnacle West, as Borrower, Barclays Bank PLC, as Agent and Issuing Bank, and the lenders and other parties thereto						10.1 to Pinnacle West/APS February 17, 2026 Form 8-K Report						2/19/2026

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
10.22						Pinnacle West APS						Amended and Restated Five-Year Credit Agreement dated as of February 18, 2026, among APS, as Borrower, Barclays Bank PLC, as Agent and Issuing Bank, and the lenders and other parties thereto						10.2 to Pinnacle West/APS February 17, 2026 Form 8-K Report						2/19/2026
10.23						Pinnacle West APS						Facility Lease, dated as of August 1, 1986, between U.S. Bank National Association, successor to State Street Bank and Trust Company, as successor to The First National Bank of Boston, in its capacity as Owner Trustee, as Lessor, and APS, as Lessee						4.3 to APS Form 18 Registration Statement, File No. 33-9480						10/24/1986
10.23(a)						Pinnacle West APS						Amendment No. 1, dated as of November 1, 1986, to Facility Lease, dated as of August 1, 1986, between U.S. Bank National Association, successor to State Street Bank and Trust Company, as successor to The First National Bank of Boston, in its capacity as Owner Trustee, as Lessor, and APS, as Lessee						10.5 to APS September 30, 1986 Form 10-Q Report by means of Amendment No. 1 on December 3, 1986 Form 8						12/4/1986
10.23(b)						Pinnacle West APS						Amendment No. 2 dated as of June 1, 1987 to Facility Lease dated as of August 1, 1986 between U.S. Bank National Association, successor to State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Lessor, and APS, as Lessee						10.3 to APS 1988 Form 10-K Report						3/8/1989
10.23(c)						Pinnacle West APS						Amendment No. 3, dated as of March 17, 1993, to Facility Lease, dated as of August 1, 1986, between U.S. Bank National Association, successor to State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Lessor, and APS, as Lessee						10.3 to APS 1992 Form 10-K Report						3/30/1993
10.23(d)						Pinnacle West APS						Amendment No. 4, dated as of September 30, 2015, to Facility Lease, dated as of August 1, 1986, between U.S. Bank National Association, successor to State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Owner Trustee under a Trust Agreement with Emerson Finance LLC, as Lessor, and APS, as Lessee						10.2 to Pinnacle West/APS September 30, 2015 Form 10-Q Report						10/30/2015
10.24						Pinnacle West APS						Agreement for the Transfer and Use of Wastewater and Effluent by and between APS, SRP and PWE dated June 1, 2001						10.103 to Pinnacle West/APS 2004 Form 10-K Report						3/16/2005
10.25						Pinnacle West APS						Agreement for the Sale and Purchase of Wastewater Effluent dated November 13, 2000, by and between the City of Tolleson, Arizona, APS and SRP						10.104 to Pinnacle West/APS 2004 Form 10-K Report						3/16/2005

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
10.26						Pinnacle West APS						Operating Agreement for the Co-Ownership of Wastewater Effluent dated November 16, 2000 by and between APS and SRP						10.105 to Pinnacle West/APS 2004 Form 10-K Report						3/16/2005
10.27						Pinnacle West APS						Municipal Effluent Purchase and Sale Agreement dated April 29, 2010, by and between City of Phoenix, City of Mesa, City of Tempe, City of Scottsdale, City of Glendale, APS and SRP						10.1 to Pinnacle West/APS March 31, 2010 Form 10-Q Report						5/6/2010
10.28						Pinnacle West APS						Contract, dated July 21, 1984, with DOE providing for the disposal of nuclear fuel and/or high-level radioactive waste, ANPP						10.31 to Pinnacle West’s Form S-14 Registration Statement, File No. 2-96386						3/13/1985
10.29						Pinnacle West APS						Territorial Agreement between APS and SRP						10.1 to APS March 31, 1998 Form 10-Q Report						5/15/1998
10.30						Pinnacle West APS						Power Coordination Agreement between APS and SRP						10.2 to APS March 31, 1998 Form 10-Q Report						5/15/1998
10.31						Pinnacle West APS						Memorandum of Agreement between APS and SRP						10.3 to APS March 31, 1998 Form 10-Q Report						5/15/1998
10.31(a)						Pinnacle West APS						Addendum to Memorandum of Agreement between APS and SRP dated as of May 19, 1998						10.2 to APS May 19, 1998 Form 8-K Report						6/26/1998
10.32						Pinnacle West						Forward Sale Agreement, dated February 28, 2024, between Pinnacle West and Wells Fargo Bank, National Association						10.1 to Pinnacle West February 28, 2024 Form 8-K Report						3/4/2024
10.32(a)						Pinnacle West						Additional Forward Sale Agreement, dated February 28, 2024, between Pinnacle West and Wells Fargo Bank, National Association						10.2 to Pinnacle West February 28, 2024 Form 8-K Report						3/4/2024
10.32(b)						Pinnacle West						Amendment, dated as of August 28, 2025, to Forward Sale Agreement, dated February 28, 2024, and Additional Forward Sale Agreement, dated February 29, 2024, between the Company and Wells Fargo Bank, National Association						10.1 to Pinnacle West September 2, 2025 Form 8-K Report						9/2/2025
19.1						Pinnacle West						Securities Trading Policy of Pinnacle West						19.1 to Pinnacle West/APS 2024 Form 10-K Report						2/25/2025
21.1						Pinnacle West						Subsidiaries of Pinnacle West						21.1 to Pinnacle West/APS 2024 Form 10-K Report						2/25/2025
23.1						Pinnacle West						Consent of Deloitte & Touche LLP
23.2						APS						Consent of Deloitte & Touche LLP
31.1						Pinnacle West						Certificate of Theodore N. Geisler, Chief Executive Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
31.2						Pinnacle West						Certificate of Andrew Cooper, Chief Financial Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
31.3						APS						Certificate of Theodore N. Geisler, Chief Executive Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
31.4						APS						Certificate of Andrew Cooper, Chief Financial Officer, pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended
32.1c						Pinnacle West						Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2c						APS						Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
97						Pinnacle West						Policy Relating to Recovery of Erroneously Awarded Compensation						97 to Pinnacle West/APS 2023 Form 10-K Report						2/27/2024
99.1						Pinnacle West APS						Participation Agreement, dated as of August 1, 1986, among PVGS Funding Corp., Inc., Bank of America National Trust and Savings Association, State Street Bank and Trust Company, as successor to The First National Bank of Boston, in its individual capacity and as Owner Trustee, Chemical Bank, in its individual capacity and as Indenture Trustee, APS, and the Equity Participant named therein						28.1 to APS September 30, 1992 Form 10-Q Report						11/9/1992
99.1(a)						Pinnacle West APS						Amendment No. 1 dated as of November 1, 1986, to Participation Agreement, dated as of August 1, 1986, among PVGS Funding Corp., Inc., Bank of America National Trust and Savings Association, State Street Bank and Trust Company, as successor to The First National Bank of Boston, in its individual capacity and as Owner Trustee, Chemical Bank, in its individual capacity and as Indenture Trustee, APS, and the Equity Participant named therein						10.8 to APS September 30, 1986 Form 10-Q Report by means of Amendment No. 1 on December 3, 1986 Form 8						12/4/1986

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
99.1(b)						Pinnacle West APS						Amendment No. 2, dated as of March 17, 1993, to Participation Agreement, dated as of August 1, 1986, among PVGS Funding Corp., Inc., PVGS II Funding Corp., Inc., State Street Bank and Trust Company, as successor to The First National Bank of Boston, in its individual capacity and as Owner Trustee, Chemical Bank, in its individual capacity and as Indenture Trustee, APS, and the Equity Participant named therein						28.4 to APS 1992 Form 10-K Report						3/30/1993
99.2						Pinnacle West APS						Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease, dated as of August 1, 1986, between State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Owner Trustee, and Chemical Bank, as Indenture Trustee						4.5 to APS Form 18 Registration Statement, File No. 33-9480						10/24/1986
99.2(a)						Pinnacle West APS						Supplemental Indenture No. 1, dated as of November 1, 1986 to Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease, dated as of August 1, 1986, between State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Owner Trustee, and Chemical Bank, as Indenture Trustee						10.6 to APS’s September 30, 1986 Form 10-Q Report by means of Amendment No. 1 on December 3, 1986 Form 8						12/4/1986
99.2(b)						Pinnacle West APS						Supplemental Indenture No. 2 to Trust Indenture, Mortgage, Security Agreement and Assignment of Facility Lease, dated as of August 1, 1986, between State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Owner Trustee, and Chemical Bank, as Lease Indenture Trustee						4.4 to APS 1992 Form 10-K Report						3/30/1993
99.3						Pinnacle West APS						Assignment, Assumption and Further Agreement, dated as of August 1, 1986, between APS and State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Owner Trustee						28.3 to APS Form 18 Registration Statement, File No. 33-9480						10/24/1986
99.3(a)						Pinnacle West APS						Amendment No. 1, dated as of November 1, 1986, to Assignment, Assumption and Further Agreement, dated as of August 1, 1986, between APS and State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Owner Trustee						10.10 to APS September 30, 1986 Form 10-Q Report by means of Amendment No. l on December 3, 1986 Form 8						12/4/1986

Exhibit No.						Registrant(s)						Description						Previously Filed as Exhibit:						Date Filed
99.3(b)						Pinnacle West APS						Amendment No. 2, dated as of March 17, 1993, to Assignment, Assumption and Further Agreement, dated as of August 1, 1986, between APS and State Street Bank and Trust Company, as successor to The First National Bank of Boston, as Owner Trustee						28.6 to APS 1992 Form 10-K Report						3/30/1993
99.4						Pinnacle West APS						Indemnity Agreement dated as of March 17, 1993 by APS						28.3 to APS 1992 Form 10-K Report						3/30/1993
101.SCH						Pinnacle West APS						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Pinnacle West APS						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB						Pinnacle West APS						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Pinnacle West APS						Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF						Pinnacle West APS						Inline XBRL Taxonomy Definition Linkbase Document
104						Pinnacle West APS						The Cover Page Interactive Data File (formatted as Inline iXBRL and contained in Exhibit 101)

(a) Management contract or compensatory plan or arrangement to be filed as an exhibit pursuant to Item 15(b) of Form 10-K.

(b) Additional agreements, substantially identical in all material respects to this Exhibit, have been entered into with additional persons. Although such additional documents may differ in other respects (such as dollar amounts and dates of execution), there are no material details in which such agreements differ from this exhibit.

(c) Furnished herewith.