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Pinnacle West Capital (PNW) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Pinnacle West Capital (PNW) Q3 2026 earnings results →
Q3 2026 Revenue up 8% year over year to $2.0B · 22¢ of every $1 of revenue kept as net profit · operating margin 31.5%
Pinnacle West Capital made $2.0B in Q3 2026 (+8% Y/Y). Operating margin 31.5%, net earnings $434M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $2.0B in Q3 2026, up 8% year over year and up 36% from the previous quarter.
Operating profit was $0.62B, a 31.5% margin (down 0.5 points year over year). Of the extra revenue versus Q3 2025, 26% reached operating profit, below the 32% margin then. Total costs grew 9% against revenue growth of 8%. The fastest-growing cost line was Cost of revenue (+16%). Net earnings were $0.43B, up 5% year over year. The effective tax rate was 15.6%.
Operating cash flow was $0.72B (up 9% year over year), 166% of net earnings. Non-cash charges added back $0.26B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.73B exceeded it, leaving free cash flow of −$0.01B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $2.0B | +8% | 31.5% | $434M | $723M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $1.5B | +7% | 21.0% | $179M | $394M |
| Q1 2026 | 10-Q | May 4, 2026 | $1.1B | +11% | 11.4% | $32.9M | $235M |
| Q3 2025 | 10-Q | Nov 3, 2025 | $1.8B | +3% | 32.0% | $413M | $665M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $1.4B | +4% | 22.6% | $193M | $261M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Pinnacle West Capital
with consolidated assets of approximately $30 billion. We derive essentially all of our revenues and earnings from our principal subsidiary, APS. Since 1886, APS and its affiliates have provided energy and energy-related products to people and businesses throughout Arizona. APS is Arizona’s largest and longest-serving electric company and generates safe, affordable electricity in 11 of Arizona’s 15 counties. Our other active subsidiaries are El Dorado and PNW Power. Our reportable business segment is our regulated electricity segment, which consists of traditional regulated retail and wholesale electricity businesses (primarily electric service to Native Load customers) and related activities, and includes electricity generation, transmission, and distribution. Our reportable business segment activities are conducted primarily through our wholly-owned subsidiary, APS.
In its own words, from its 10-K, filed Feb 25, 2026.
Pinnacle West Capital against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +13%. Operating margin: 31.5% against the peers' median 29.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PNW Pinnacle West Capital | Q3 2026 | $2.0B | +8% | 31.5% |
| Southern Power | Q3 2026 | $8.8B | +13% | 33.9% |
| NEE NextEra Energy | Q3 2026 | $8.1B | +2% | 32.4% |
| Florida Power & Light | Q2 2026 | $7.5B | +12% | 29.7% |
| CEG Constellation Energy | Q2 2026 | $7.5B | +23% | 7.7% |
| NRG NRG Energy | Q2 2026 | $7.5B | +11% | 13.0% |
| AEP Texas | Q3 2026 | $6.8B | +14% | 26.5% |
| VST Vistra | Q3 2026 | $6.3B | +28% | 26.9% |
| D Dominion Energy | Q3 2026 | $5.6B | +24% | 32.8% |
Source: Pinnacle West Capital 10-Q on SEC EDGAR · CIK 764622 · Electric Services
Guidance and outlook
13F: who owns PNW and who is buying
More on PNW
- How Pinnacle West Capital makes money: revenue by segment
- Pinnacle West Capital next earnings date and what analysts expect
- Pinnacle West Capital stock forecast, price target and fair value
- Who owns Pinnacle West Capital stock: holders, funds and Congress trades
- Pinnacle West Capital guidance and outlook
- Is Pinnacle West Capital a takeover target? LBO and rumors
- Pinnacle West Capital recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q3 2025 results · Q2 2025 results