What are the Pros and Cons of Pursuing a PhD after 5+ years in the Industry?
As with most people asking such questions, your approach is exactly backwards.  You shouldn't be thinking about the pros and cons of going for a PhD -- you should be thinking about what your career goals and long term goals are, and whether you need a PhD to reach them or not.

Once you understand the answer to that, all your other questions will then be in context.  For example, If you long term goals are to retire at age 55 with $2M US in a retirement account, now you can actually do the math based on current salaries, starting salaries in a new position, living on a stipend, ....

Without us knowing your goals, because you haven't told them to us, there is zero context for answering this question.  Unless YOU know these goals, you can ask about pros and cons all you like, and not really understand the answers you get.