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Pinnacle West Capital (PNW) Q2 2026 earnings results (second quarter 2026)

10-Q filed Aug 4, 2026

Pinnacle West Capital (PNW) reported revenue of $1.5B for the second quarter 2026 (Q2 2026), +7% from a year earlier and +27% from the quarter before. Operating margin was 21.0%, net earnings $179M (12.3% of revenue).

Revenue$1.5B
Year over year+7%
Quarter over quarter+27%
Operating margin21.0%
Net earnings$179M

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 follows the revenue to costs, profit and cash.

Q2 2026AmountQ/QY/Y
Revenue$1.5B+27%+7%
Operating profit$306M+133%-0.6%
Net earnings$179M+442%-7%
Operating cash flow$394M+67%+51%

What changed

Revenue was $1.5B in Q2 2026, up 7% year over year and up 27% from the previous quarter. Electric and Transmission Service was the largest line at 100% of revenue. Electric and Transmission Service added $0.11B year over year (up 8%), 109% of the total change.

Operating profit was $0.31B, a 21.0% margin (down 1.6 points year over year). Operating profit fell $1.9M even though revenue rose $0.10B versus Q2 2025, so costs grew faster than sales. Total costs grew 9% against revenue growth of 7%. The fastest-growing cost line was Cost of revenue (+17%). Net earnings were $0.18B, down 7% year over year. The effective tax rate was 14.8%.

Operating cash flow was $0.39B (up 51% year over year), 218% of net earnings. Non-cash charges added back $0.26B of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $0.05B. Capital expenditures of $0.73B exceeded it, leaving free cash flow of −$0.33B.

Questions

What was Pinnacle West Capital's revenue in the second quarter 2026?

Pinnacle West Capital (PNW) reported revenue of $1.5B for the second quarter 2026 (Q2 2026), +7% from a year earlier and +27% from the quarter before.

Was Pinnacle West Capital profitable in the second quarter 2026?

Operating profit was $306M (21.0% of revenue) and net earnings $179M.

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Source: Pinnacle West Capital 10-Q on SEC EDGAR.