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Friday 6 November 2026 Export PNW’s income statement to Excel — free account

Pinnacle West Capital Corporation

PNW Utilities Utilities Regulated Electric

Pinnacle West Capital Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 4.20% from fiscal 2024.

Revenue
+8.35%
EPS
+4.27%
Free cash flow
−24.9%
Total debt
+9.05%

Quarter to September 2026, against a year earlier

102.54 1.29 −1.24%
Market cap
$12.6B
P/E
19.0×
Fwd P/E
22.0×
Dividend yield
3.52%
F-score
3/9
Altman Z
0.69
Beneish M
−2.46
Dividend safety
40/100
Overview Business Profile Earnings & Analysis
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Pinnacle West Capital Corporation (PNW) Operating margin

Alert me on Operating margin

Pinnacle West Capital Corporation's operating margin over the twelve months to 30 September 2026 was 20.7%, up 0.7 percentage points from fiscal 2025 (20.0%). Over the past ten years it has ranged from 16.9% (fiscal 2022) to 25.5% (fiscal 2017); the current reading is higher than 45% of that period. That is in line with the Utilities Regulated Electric industry median of 21.7% and above the Utilities sector median of 18.7%.

Operating margin, annual

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Annual newest first

Period Operating margin Change (points)
FY2025 20.0% 0.24
FY2024 19.8% 2.19
FY2023 17.6% 0.63
FY2022 16.9% (4.24)
FY2021 21.2% (0.80)
FY2020 22.0% 2.61
FY2019 19.4% (1.60)
FY2018 21.0% (4.56)
FY2017 25.5% 1.64
FY2016 23.9% (0.57)

Quarterly newest first

Period Operating margin Change (points)
Sep 2026 31.5% 10.47
Jun 2026 21.0% 9.59
Mar 2026 11.4% 0.68
Dec 2025 10.7% (21.23)
43 more quarters

Against its own ten years

Low 16.9% High 25.5%
Ten-year median 21.0%
Current reading's percentile 47

Operating margin against peers

Company Operating margin
EIX Edison International compare 31.8%
EVRG Evergy Inc. compare 27.4%
OGE OGE Energy Corporation compare 25.8%
TXNM TXNM Energy, Inc. compare 24.4%
IDA IDACORP, Inc. compare 23.5%
LNT Alliant Energy Corporation compare 22.6%
PNW Pinnacle West Capital Corporation 20.7%
CMS CMS Energy Corporation compare 13.8%
KEP Korea Electric Power Corporation compare 13.5%
Utilities Regulated Electric industry median 21.7%
Utilities sector median 18.7%
Market median 0.00%

What Operating margin is

EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.

EBIT ÷ Revenue

The full definition of Operating margin →

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