Pinnacle West Capital (PNW) financials
Pinnacle West Capital revenue and earnings by year
Pinnacle West Capital's revenue was $5.34 billion in the fiscal year to December 31, 2025, up 4.2% from the year before. Net income was $617 million, 11.5% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 4.8% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 5.34 | 5.12 | 4.70 | 4.32 | 3.80 | 3.59 | 3.47 | 3.69 | 3.57 | 3.50 |
| Revenue growth | 4.2% | 9.1% | 8.6% | 13.7% | 6.0% | 3.3% | -6.0% | 3.5% | 1.9% | — |
| Gross profit | 1.99 | 1.91 | 1.62 | 1.49 | 1.46 | 1.41 | 1.27 | 1.37 | 1.45 | 1.32 |
| Gross margin | 37.2% | 37.3% | 34.5% | 34.4% | 38.5% | 39.3% | 36.6% | 37.0% | 40.7% | 37.9% |
| Operating income | 1.07 | 1.01 | 0.82 | 0.73 | 0.81 | 0.79 | 0.67 | 0.77 | 0.91 | 0.84 |
| Operating margin | 20.0% | 19.7% | 17.6% | 16.9% | 21.2% | 22.0% | 19.4% | 21.0% | 25.5% | 23.9% |
| Net income | 0.62 | 0.61 | 0.50 | 0.48 | 0.62 | 0.55 | 0.54 | 0.51 | 0.49 | 0.44 |
| Net margin | 11.5% | 11.9% | 10.7% | 11.2% | 16.3% | 15.3% | 15.5% | 13.8% | 13.7% | 12.6% |
| Diluted EPS | $5.05 | $5.24 | $4.41 | $4.26 | $5.47 | $4.87 | $4.78 | $4.54 | $4.35 | $3.94 |
| Free cash flow | -0.51 | -0.33 | -0.46 | -0.33 | -0.51 | -0.30 | -0.16 | 0.13 | -0.27 | -0.17 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open PNW in Markets.
See also: PNW valuation and P/E history · PNW returns
No forecast, no recommendation. This page describes Pinnacle West Capital from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.