Filing Flows › Pinnacle West Capital (PNW) › Q2 2026 › vs Q1 2026
Pinnacle West Capital (PNW) Q2 2026 vs Q1 2026 (quarter over quarter)
Pinnacle West Capital's revenue rose $306M (+27%) from $1.1B in Q1 2026 to $1.5B in Q2 2026. The biggest changes: Electric and Transmission Service +$327M (+29%); Other Sources +$1.7M (+24%). Operating margin 21.0% against 11.4% (+9.6 pts).
Pinnacle West Capital, Q2 2026: revenue $1.5B (+7% year over year), operating margin 21.0%, net earnings $179M, operating cash flow $394M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 21.0% | 11.4% | +9.6 pts |
| Net margin | 12.3% | 2.9% | +9.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Electric and Transmission Service | $1.5B | $1.1B | $327M | +29% |
| Other Sources | $8.9M | $7.2M | $1.7M | +24% |
| Revenue | $1.5B | $1.1B | $306M | +27% |
| Operating profit | $306M | $131M | $174M | +133% |
| Costs & expenses | $1.2B | $1.0B | $132M | +13% |
| Pre-tax earnings | $212M | $36.3M | $176M | +484% |
| Other expense, net | $93.6M | $94.9M | −$1.3M | -1% |
| Cost of revenue | $558M | $437M | $122M | +28% |
| Other operating costs | $592M | $582M | $9.9M | +2% |
| Net earnings | $179M | $32.9M | $146M | +442% |
| Minority interests | $2.2M | $2.2M | −$1K | 0% |
| Income tax | $31.3M | $1.2M | $30.1M | 27× |
| Depreciation & amortization | $257M | $260M | −$2.4M | -0.9% |
| Share-based compensation | $4.6M | $8.3M | −$3.6M | -44% |
| Working capital & other | $46.6M | $65.7M | −$19.1M | -29% |
| Operating cash flow | $394M | $235M | $159M | +67% |
| Capital expenditures | $729M | $628M | $100M | +16% |
| Negative free cash flow (OCF − capex) | $335M | $393M | −$58.4M | -15% |
Questions
How much did Pinnacle West Capital's revenue grow quarter over quarter in Q2 2026?
Pinnacle West Capital's revenue rose $306M (+27%) from $1.1B in Q1 2026 to $1.5B in Q2 2026.
What drove Pinnacle West Capital's revenue change in Q2 2026?
Electric and Transmission Service +$327M (+29%); Other Sources +$1.7M (+24%).