Pinnacle West Capital Corporation (PNW) Income Statement

30Y historyFree accessUpdated daily

Revenue rose 8.3% year over year to $2.0B in 2026Q3, but operating margin ranged from 5.5% to 35.7% across the period, underscoring how sharply reported profitability swings with weather and fuel-recovery timing.

Annual statement

PNW Income Statement

Pinnacle West Capital Corporation (PNW) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Revenue	5.71B	5.34B	5.12B	4.7B	4.32B	3.8B	3.59B	3.47B	3.69B	3.57B	3.5B	3.5B	3.49B	3.45B	3.3B	3.24B	3.26B	3.3B	3.37B	3.52B	3.4B	2.99B	2.9B	2.82B	2.64B	4.55B	3.69B	2.42B	2.13B	2B	1.82B
Revenue Growth %	7.52%	4.2%	9.13%	8.59%	13.68%	6.05%	3.34%	-5.96%	3.53%	1.9%	0.09%	0.11%	1.07%	4.63%	1.86%	-0.68%	-1.01%	-2.08%	-4.44%	3.58%	13.85%	3.04%	2.91%	6.85%	-42.06%	23.34%	52.27%	13.74%	6.79%	9.75%	8.86%
Cost of Revenue	2.71B	3.98B	2.99B	2.85B	2.62B	2.11B	1.95B	1.98B	2.11B	1.93B	2.01B	1.97B	2.09B	2.02B	1.88B	1.91B	1.92B	1.18B	1.43B	1.44B	1.25B	888.23M	888.1M	862.18M	531.9M	735.84M	1.93B	796.1M	537.5M	436.6M	325.5M
Gross Profit	3B	1.36B	2.14B	1.84B	1.71B	1.7B	1.63B	1.49B	1.58B	1.63B	1.49B	1.53B	1.4B	1.43B	1.42B	1.33B	1.27B	1.98B	1.88B	2.09B	2.15B	2.1B	1.94B	1.9B	1.87B	1.9B	1.76B	1.63B	1.59B	1.56B	1.49B
Gross Margin %	52.5%	25.41%	41.7%	39.28%	39.5%	44.62%	45.57%	42.85%	42.76%	45.86%	42.63%	43.65%	40.2%	41.52%	43.07%	40.96%	38.98%	59.9%	55.86%	59.27%	63.22%	70.27%	66.93%	67.31%	71.03%	41.72%	47.57%	67.15%	74.77%	78.12%	82.09%
Gross Profit Growth %	-	-36.52%	15.86%	8%	0.63%	3.83%	9.9%	-5.77%	-3.46%	9.62%	-2.25%	8.69%	-2.12%	0.84%	7.13%	4.36%	-35.59%	5.01%	-9.94%	-2.88%	2.42%	8.18%	2.33%	1.24%	-1.35%	8.18%	7.87%	2.14%	2.22%	4.44%	6.59%
Operating Expenses	1.52B	238.48M	1.13B	1.02B	976.06M	891.91M	846.5M	815.4M	804.7M	725.13M	655.87M	671.17M	592.54M	587.87M	570.49M	581.12M	557.32M	1.36B	1.38B	1.47B	1.53B	1.58B	1.42B	1.42B	1.32B	1.22B	1.08B	1.05B	1.03B	1B	948.4M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	2.45B	2.09B	1.97B	1.68B	1.55B	1.52B	1.47B	1.34B	1.42B	1.52B	1.4B	1.43B	1.31B	1.34B	1.33B	1.24B	1.19B	1.07B	929.18M	1.02B	1.27B	896.89M	950.13M	937.15M	1.01B	1.13B	1.1B	995.75M	979.8M	2B	1.82B
EBITDA Margin %	42.99%	39.1%	38.41%	35.75%	35.84%	40.08%	41.1%	38.49%	38.6%	42.64%	40.03%	40.8%	37.45%	38.75%	40.37%	38.26%	36.39%	32.36%	27.6%	29.04%	37.36%	30.02%	32.77%	33.26%	38.15%	24.88%	29.82%	41.09%	45.99%	99.99%	100%
EBITDA Growth %	18.25%	6.07%	17.24%	8.33%	1.66%	3.39%	10.35%	-6.21%	-6.3%	8.55%	-1.8%	9.06%	-2.31%	0.42%	7.48%	4.43%	11.31%	14.83%	-9.18%	-19.5%	41.71%	-5.6%	1.38%	-6.84%	-11.15%	2.89%	10.52%	1.63%	-50.89%	9.75%	116.71%
Depreciation & Amortization	980.51M	969.62M	956.18M	854.14M	817.81M	719.14M	686.25M	664.14M	650.96M	610.63M	565.01M	571.66M	496.49M	492.32M	481.26M	493.78M	472.81M	450.86M	423.97M	403.9M	652.1M	381.6M	432.16M	463.9M	455.27M	456.26M	424.49M	417M	0	0	0
D&A / Revenue %	17.18%	18.16%	18.66%	18.19%	18.91%	18.91%	19.13%	19.13%	17.64%	17.13%	16.15%	16.35%	14.22%	14.25%	14.58%	15.23%	14.49%	13.67%	12.59%	11.46%	19.17%	12.77%	14.9%	16.46%	17.26%	10.02%	11.5%	17.21%	0%	0%	0%
Operating Income (EBIT)	1.47B	1.12B	1.01B	824.64M	731.91M	805.31M	788.15M	671.96M	773.69M	909.76M	835.61M	854.6M	811.24M	846.32M	851.75M	746.51M	714.88M	616.13M	505.21M	619.25M	618.87M	515.29M	517.97M	473.25M	550.74M	676.02M	675.97M	578.75M	567.2M	557.7M	543.9M
Operating Margin %	25.81%	20.94%	19.75%	17.56%	16.93%	21.17%	21.97%	19.36%	20.96%	25.52%	23.88%	24.45%	23.23%	24.5%	25.8%	23.03%	21.9%	18.69%	15%	17.57%	18.19%	17.25%	17.86%	16.79%	20.88%	14.85%	18.32%	23.88%	26.62%	27.95%	29.92%
Operating Income Growth %	-	10.49%	22.73%	12.67%	-9.11%	2.18%	17.29%	-13.15%	-14.96%	8.87%	-2.22%	5.34%	-4.15%	-0.64%	14.1%	4.42%	16.03%	21.96%	-18.42%	0.06%	20.1%	-0.52%	9.45%	-14.07%	-18.53%	0.01%	16.8%	2.04%	1.7%	2.54%	-3.31%
Interest Expense	4M	421.97M	377.47M	331.32M	255.54M	233.26M	228.97M	216.72M	218.28M	197.68M	185.75M	178.71M	185.49M	187.03M	199.65M	223.64M	227.63M	223.11M	197.47M	212.62M	196.83M	185.09M	195.86M	204.59M	0	0	0	0	0	0	0
Interest Coverage	-	2.75x	2.95x	2.80x	3.25x	4.20x	3.83x	3.50x	4.04x	4.88x	4.76x	4.88x	4.47x	4.59x	4.29x	3.41x	3.22x	2.79x	2.56x	2.91x	3.14x	2.78x	2.64x	2.31x	-	-	-	-	-	-	-
Interest / Revenue %	0.07%	7.9%	7.37%	7.06%	5.91%	6.13%	6.38%	6.24%	5.91%	5.54%	5.31%	5.11%	5.31%	5.41%	6.05%	6.9%	6.97%	6.77%	5.86%	6.03%	5.79%	6.19%	6.75%	7.26%	0%	0%	0%	0%	0%	0%	0%
Non-Operating Income	-4M	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income	782.74M	738.37M	736.56M	595.69M	575.65M	746.03M	648.23M	542.04M	664.44M	766.22M	697.94M	693.91M	644.4M	670.56M	656.31M	539.24M	514.92M	105.06M	278.96M	449.7M	473.56M	350.06M	364.07M	336.14M	353.25M	540.9M	526.18M	437.9M	407.5M	386.2M	339.6M
Pretax Margin %	13.72%	13.83%	14.37%	12.69%	13.31%	19.61%	18.07%	15.62%	18%	21.49%	19.95%	19.85%	18.46%	19.41%	19.88%	16.64%	15.78%	3.19%	8.29%	12.76%	13.92%	11.72%	12.56%	11.93%	13.39%	11.88%	14.26%	18.07%	19.13%	19.36%	18.68%
Income Tax	112.83M	106.73M	110.53M	76.91M	74.83M	110.09M	78.17M	-15.77M	133.9M	258.27M	236.41M	237.72M	220.71M	230.59M	237.32M	183.6M	164.32M	37.83M	65.41M	150.92M	156.42M	126.89M	128.86M	105.56M	138.1M	213.53M	223.85M	168.1M	164.6M	150.3M	128.5M
Effective Tax Rate %	14.41%	14.45%	15.01%	12.91%	13%	14.76%	12.06%	-2.91%	20.15%	33.71%	33.87%	34.26%	34.25%	34.39%	36.16%	34.05%	31.91%	36.01%	23.45%	33.56%	33.03%	36.25%	35.39%	31.4%	39.09%	39.48%	42.54%	38.39%	40.39%	38.92%	37.84%
Net Income	661.14M	616.53M	608.81M	501.56M	483.6M	618.72M	550.56M	538.32M	511.05M	488.46M	442.03M	437.26M	397.6M	406.07M	381.54M	339.47M	350.05M	68.33M	242.13M	307.14M	327.25M	176.27M	243.19M	240.58M	149.41M	312.17M	302.33M	167.9M	242.9M	235.9M	181.3M
Net Margin %	11.59%	11.55%	11.88%	10.68%	11.18%	16.27%	15.35%	15.51%	13.84%	13.7%	12.63%	12.51%	11.39%	11.75%	11.56%	10.47%	10.73%	2.07%	7.19%	8.72%	9.62%	5.9%	8.39%	8.54%	5.67%	6.86%	8.19%	6.93%	11.4%	11.82%	9.97%
Net Income Growth %	11.25%	1.27%	21.38%	3.71%	-21.84%	12.38%	2.27%	5.34%	4.63%	10.5%	1.09%	9.98%	-2.09%	6.43%	12.39%	-3.02%	412.3%	-71.78%	-21.17%	-6.15%	85.66%	-27.52%	1.09%	61.02%	-52.14%	3.25%	80.07%	-30.88%	2.97%	30.12%	-3.56%
EPS (Diluted)	5.32	5.05	5.24	4.41	4.26	5.47	4.87	4.77	4.54	4.35	3.95	3.92	3.58	3.66	3.45	3.09	3.27	0.67	2.40	3.05	3.27	1.82	2.66	2.63	1.76	3.68	3.56	1.97	2.85	2.74	2.06
EPS Growth %	9.03%	-3.63%	18.82%	3.52%	-22.12%	12.32%	2.1%	5.07%	4.37%	10.13%	0.77%	9.5%	-2.19%	6.09%	11.65%	-5.5%	388.06%	-72.08%	-21.31%	-6.73%	79.67%	-31.58%	1.14%	49.43%	-52.17%	3.37%	80.71%	-30.88%	4.01%	33.01%	-4.19%
EPS (Basic)	-	5.15	5.35	4.42	4.27	5.48	4.89	4.79	4.56	4.37	3.97	3.94	3.59	3.69	3.48	3.11	3.28	0.68	2.40	3.06	3.29	1.83	2.66	2.64	1.76	3.68	3.57	1.98	2.87	2.76	2.07
Diluted Shares Outstanding	124.34M	121.97M	116.23M	113.8M	113.42M	113.19M	112.94M	112.76M	112.55M	112.37M	112.05M	111.55M	111.18M	110.81M	110.53M	109.86M	107.14M	101.26M	100.97M	100.83M	100.01M	96.85M	91.43M	91.41M	84.96M	84.83M	84.94M	85.01M	85.35M	86.09M	88.01M

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetStrained

Cash FlowMixed

Top Statement Risk

Regulatory rate case outcomes

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Rate Base Growth Drives Revenue Trajectory

Based on PNW's reported quarterly figures, revenue rose 8.3% year over year to $2.0B in 2026Q3 and 7.1% in 2026Q2, suggesting growth is tied to rate base expansion and load growth rather than pricing power alone.

The top-line acceleration appears consistent with the Phoenix metro's demand expansion and the infrastructure investment needed to serve it. Because revenue in a regulated utility is set largely through rate case outcomes, the sustainability of this trajectory depends on the timing and size of future Arizona Corporation Commission decisions. Investors should monitor whether revenue growth continues to convert into earnings growth, given the uneven EPS trend across recent quarters.

Earned Returns Under Regulatory Pressure

PNW's 2025Q1 and 2024Q4 net margins of -0.4% and -0.6% against a 2026Q3 net margin of 22.0% illustrate how sharply earned returns swing with weather and regulatory timing rather than steady authorized recovery.

The wide dispersion in net margin points to regulatory lag and seasonal cost timing rather than a stable earned-return profile. Reported figures do not include authorized ROE data, so the gap between authorized and earned returns cannot be verified from the supplied data. The current stance of the regulator appears to be a key variable, and this warrants further investigation through the next rate case filing.

Fuel Pass-Through Masks Earnings Volatility

With a reported gross margin of 25.4% and an operating margin of 20.9%, a large share of revenue is absorbed by fuel and purchased power, which may inflate reported revenue without affecting underlying earnings power.

Fuel and purchased power costs are typically recovered through automatic adjustment mechanisms, so their movements likely affect the top line more than sustainable earnings. However, heat-driven market purchases can create temporary working capital strain if recovery lags the cost incurred. The supplied data does not detail the specific recovery mechanism, so the degree of timing risk remains uncertain.

Quarterly EPS Swings Obscure Core Earnings

Based on PNW's reported EPS, the company moved from a $1.58 diluted figure in 2025Q2 to $0.27 in 2026Q1 and $3.49 in 2026Q3, a dispersion that suggests weather and timing effects dominate reported results.

Such large quarter-to-quarter swings make it difficult to isolate the regulated earnings growth rate from seasonal and one-time effects. The Q2 2026 EPS of $1.43 versus a reported $3.14 estimate indicates a meaningful shortfall, which may reflect summer cost timing rather than structural deterioration. Investors should focus on full-year earned ROE rather than individual quarters.

Leverage and Regulatory Friction Could Compress Returns

The reported debt-to-equity ratio of 2.52 and interest coverage near 1.3x in 2026Q1 suggest that a rising-rate environment or an adverse rate case could pressure earnings more than the revenue growth narrative implies.

Elevated leverage may limit financial flexibility if regulatory outcomes fall short of the capital investment plan. The supplied data does not include the full debt schedule or refinancing profile, so the magnitude of this exposure cannot be confirmed. If the Arizona Corporation Commission grants a lower allowed return, the combination of high leverage and reduced recovery could sustain margin compression beyond the current cycle.

PNW — Frequently Asked Questions

Quick answers to the most common questions about buying PNW stock.

What was Pinnacle West Capital Corporation's (PNW) revenue in 2025?

For fiscal year 2025, Pinnacle West Capital Corporation (PNW) reported total revenue of $5.34B. This represents a 193.8% increase compared to $1.82B in 1996.

Is Pinnacle West Capital Corporation (PNW) profitable?

Pinnacle West Capital Corporation (PNW) is profitable, generating $616.5M in net income for the fiscal year ending 2025 with a net profit margin of 11.5%.

What is Pinnacle West Capital Corporation's operating profit margin?

Pinnacle West Capital Corporation (PNW) reported an operating income of $1.12B, resulting in an operating profit margin of 20.9%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Pinnacle West Capital Corporation's gross profit and gross margin?

Pinnacle West Capital Corporation (PNW) generated $1.36B in gross profit for the year, representing a gross profit margin of 25.4%. This demonstrates the company's core pricing power and production efficiency.