PNWPinnacle West Capital
The financials
Pinnacle West Capital by the numbers
Pinnacle West Capital (PNW) reported revenue of $1.97B in Q3 2026 (quarter ended Sep 30, 2026), up 8.3% from the same quarter a year earlier. That came with a gross margin of 62% and net income of $436M (22% of revenue). For the full year FY2025, revenue was $5.34B (+4.2% year on year) and net income $632M. Its largest product in Q2 2026 (quarter ended Jun 30, 2026) was Electricand Transmission Service at $1.45B, 97% of the disclosed total, well ahead of Transmission Services at 1.9%. The next results filing is expected around Feb 2, 2027, a quarter after the last one.
| Income statement | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | $1.97B | $1.82B | +8.3% |
| Gross profit | $1.21B | $1.16B | +4.3% |
| Operating income | $621M | $582M | +6.7% |
| Net income | $436M | $418M | +4.5% |
| Diluted EPS | $3.49 | $3.39 | +2.9% |
| Product | Revenue | Share |
|---|---|---|
| Electricand Transmission Service | $1.45B | 97% |
| Transmission Services | $29M | 1.9% |
| Wholesale | $14M | 0.9% |
| Other Services | $8.9M | 0.6% |
Over its last three fiscal years Pinnacle West Capital booked income tax of 14.2% of its pretax profit, 18.8% once deferred tax is taken out, below the 21.3% median for US companies in our tax study.
Business segments
Revenue split by product segment, from SEC XBRL filings.
- Electric and Transmission Service$1.45B$1.45Bvs last quarter +29%vs a year ago +7.9%+29%+7.9%
- Transmission Services$29.2M$29.2Mvs last quarter -8.9%vs a year ago -8.8%-8.9%-8.8%
- Wholesale$13.7M$13.7Mvs last quarter -8.5%vs a year ago -23%-8.5%-23%
- Other Services$8.9M$8.9Mvs last quarter +24%vs a year ago +181%+24%+181%
Utilities, Regulated Electric
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