Pinnacle West Capital Corporation (PNW) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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PNW Revenue Growth
Revenue Breakdown (FY 2025)
PNW's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
PNW Revenue Analysis (2014–2025)
As of May 8, 2026, Pinnacle West Capital Corporation (PNW) generated trailing twelve-month (TTM) revenue of $5.46 billion, reflecting strong growth of +11.4% year-over-year. The most recent quarter (Q1 2026) recorded $1.15 billion in revenue, up 1.9% sequentially.
Looking at the longer-term picture, PNW's 5-year compound annual growth rate (CAGR) stands at +8.3%, indicating steady revenue expansion. The company achieved its highest annual revenue of $5.34 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows PNW's business is primarily driven by Electric Service (91%), Electric and Transmission Service (5%), and Wholesale Energy (4%). With over half of revenue concentrated in Electric Service, the company maintains significant focus in this area while developing other growth vectors.
When compared to Utilities sector peers including AEE (+12.3% YoY), WEC (+11.2% YoY), and EVRG (+2.4% YoY), PNW has underperformed the peer group in terms of revenue growth. Compare PNW vs AEE →
PNW Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| PNWCurrent | $5.5B | +11.4% | +8.3% | 20.9% | |
 AEE | $8.8B | +12.3% | +8.7% | 23.0% | |
 WEC | $9.8B | +11.2% | +6.2% | 24.2% | |
 EVRG | $5.9B | +2.4% | +3.8% | 25.2% | |
 NWE | $1.6B | +9.1% | +6.1% | 20.2% | |
 IDA | $1.8B | -1.5% | +6.1% | 21.9% |
PNW Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $5.34B | +4.2% | $1.36B | 25.4% | $1.12B | 20.9% |
| 2024 | $5.12B | +9.1% | $2.14B | 41.7% | $1.01B | 19.7% |
| 2023 | $4.70B | +8.6% | $1.84B | 39.3% | $824.6M | 17.6% |
| 2022 | $4.32B | +13.7% | $1.71B | 39.5% | $731.9M | 16.9% |
| 2021 | $3.80B | +6.0% | $1.70B | 44.6% | $805.3M | 21.2% |
| 2020 | $3.59B | +3.3% | $1.63B | 45.6% | $788.2M | 22.0% |
| 2019 | $3.47B | -6.0% | $1.49B | 42.8% | $672.0M | 19.4% |
| 2018 | $3.69B | +3.5% | $1.58B | 42.8% | $773.7M | 21.0% |
| 2017 | $3.57B | +1.9% | $1.63B | 45.9% | $909.8M | 25.5% |
| 2016 | $3.50B | +0.1% | $1.49B | 42.6% | $835.6M | 23.9% |
Full PNW Stock Analysis
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Start ComparisonPNW — Frequently Asked Questions
Quick answers to the most common questions about buying PNW stock.
Is PNW's revenue growth accelerating or slowing?
PNW maintains +11.4% revenue growth, in line with its 5-year CAGR of +8.3%. TTM revenue stands at $5.5B. Growth rate remains consistent with historical average.
What is PNW's long-term revenue growth rate?
Pinnacle West Capital Corporation's 5-year revenue CAGR of +8.3% reflects the sustained expansion pattern. Current YoY growth of +11.4% is near this long-term average.
How is PNW's revenue distributed by segment?
PNW reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.