Filing Flows › Pinnacle West Capital (PNW) › Q2 2026 › vs Q2 2025
Pinnacle West Capital (PNW) Q2 2026 vs Q2 2025 (year over year)
Pinnacle West Capital's revenue rose $97.0M (+7%) from $1.4B in Q2 2025 to $1.5B in Q2 2026. The biggest changes: Electric and Transmission Service +$106M (+8%); Other Sources +$5.7M (+181%). Operating margin 21.0% against 22.6% (-1.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 21.0% | 22.6% | -1.6 pts |
| Net margin | 12.3% | 14.2% | -1.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Electric and Transmission Service | $1.5B | $1.3B | $106M | +8% |
| Other Sources | $8.9M | $3.2M | $5.7M | +181% |
| Revenue | $1.5B | $1.4B | $97.0M | +7% |
| Operating profit | $306M | $308M | −$1.9M | -0.6% |
| Costs & expenses | $1.2B | $1.1B | $98.9M | +9% |
| Pre-tax earnings | $212M | $232M | −$19.8M | -9% |
| Other expense, net | $93.6M | $75.7M | $17.9M | +24% |
| Cost of revenue | $558M | $477M | $81.5M | +17% |
| Other operating costs | $592M | $574M | $17.4M | +3% |
| Net earnings | $179M | $193M | −$14.0M | -7% |
| Minority interests | $2.2M | $4.3M | −$2.1M | -49% |
| Income tax | $31.3M | $35.0M | −$3.7M | -11% |
| Depreciation & amortization | $257M | $242M | $15.8M | +7% |
| Share-based compensation | $4.6M | $5.2M | −$590K | -11% |
| Working capital & other | $46.6M | $178M | −$131M | -74% |
| Operating cash flow | $394M | $261M | $133M | +51% |
| Capital expenditures | $729M | $710M | $19.2M | +3% |
| Negative free cash flow (OCF − capex) | $335M | $448M | −$113M | -25% |
Questions
How much did Pinnacle West Capital's revenue grow year over year in Q2 2026?
Pinnacle West Capital's revenue rose $97.0M (+7%) from $1.4B in Q2 2025 to $1.5B in Q2 2026.
What drove Pinnacle West Capital's revenue change in Q2 2026?
Electric and Transmission Service +$106M (+8%); Other Sources +$5.7M (+181%).