Filing Flows › Pinnacle West Capital (PNW) › Q2 2025
Pinnacle West Capital (PNW) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Pinnacle West Capital (PNW) reported revenue of $1.4B for the second quarter 2025 (Q2 2025), +4% from a year earlier and +32% from the quarter before. Operating margin was 22.6%, net earnings $193M (14.2% of revenue).
Pinnacle West Capital, Q2 2025: revenue $1.4B (+4% year over year), operating margin 22.6%, net earnings $193M, operating cash flow $261M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +32% | +4% |
| Operating profit | $308M | +437% | -2% |
| Net earnings | $193M | — | -6% |
| Operating cash flow | $261M | -35% | +38% |
What changed
Revenue was $1.4B in Q2 2025, up 4% year over year and up 32% from the previous quarter. Electric and Transmission Service was the largest line at 99% of revenue. Electric and Transmission Service added $0.04B year over year (up 3%), 84% of the total change.
Operating profit was $0.31B, a 22.6% margin (down 1.3 points year over year). Operating profit fell $0.01B even though revenue rose $0.05B versus a year earlier, so costs grew faster than sales. Total costs grew 6% against revenue growth of 4%. Net earnings were $0.19B, down 6% year over year. The effective tax rate was 15.1%.
Operating cash flow was $0.26B (up 38% year over year), 133% of net income including minority interests. Non-cash charges added back $0.24B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.18B. Capital expenditures of $0.71B exceeded it, leaving free cash flow of −$0.45B.
Questions
What was Pinnacle West Capital's revenue in the second quarter 2025?
Pinnacle West Capital (PNW) reported revenue of $1.4B for the second quarter 2025 (Q2 2025), +4% from a year earlier and +32% from the quarter before.
Was Pinnacle West Capital profitable in the second quarter 2025?
Operating profit was $308M (22.6% of revenue) and net earnings $193M.