Filing Flows › Pinnacle West Capital (PNW) › Q3 2025
Pinnacle West Capital (PNW) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Pinnacle West Capital (PNW) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +34% from the quarter before. Operating margin was 32.0%, net earnings $413M (22.7% of revenue).
Pinnacle West Capital, Q3 2025: revenue $1.8B (+3% year over year), operating margin 32.0%, net earnings $413M, operating cash flow $665M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | +34% | +3% |
| Operating profit | $582M | +89% | +6% |
| Net earnings | $413M | +115% | +5% |
| Operating cash flow | $665M | +154% | +5% |
| Free cash flow | $42.0M | — | — |
What changed
Revenue was $1.8B in Q3 2025, up 3% year over year and up 34% from the previous quarter.
Operating profit was $0.58B, a 32.0% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 67% reached operating profit, above the 31% margin then. Total costs grew 1% against revenue growth of 3%. Net earnings were $0.41B, up 5% year over year. The effective tax rate was 15.7%.
Operating cash flow was $0.66B (up 5% year over year), 159% of net earnings. Non-cash charges added back $0.24B of depreciation and amortization and $0.01B of share-based compensation. Capital expenditures of $0.62B left free cash flow of $0.04B.
Questions
What was Pinnacle West Capital's revenue in the third quarter 2025?
Pinnacle West Capital (PNW) reported revenue of $1.8B for the third quarter 2025 (Q3 2025), +3% from a year earlier and +34% from the quarter before.
Was Pinnacle West Capital profitable in the third quarter 2025?
Operating profit was $582M (32.0% of revenue) and net earnings $413M.