← Who reports today · Utilities
PNW · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 7.1% y/y to $1.46B, operating margin 21.0% vs 22.6%, net income $179M (−7.3% y/y).
Net Income Attributable to Common Shareholders
$179M
down 7.3% y/y
Operating revenues
$1,456M
up 7.1% y/y
Operating income
$306M
down 0.6% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Operating revenues | $1,456 · +7.1% |
| Fuel and purchased power | $558 · +17.1% |
| Operations and maintenance | $283 · −1.1% |
| Depreciation and amortization | $243 · +6.3% |
| Taxes other than income taxes | $61.7 · +7.0% |
| Other expense | $3.3 · +215% |
| Operating income | $306 · −0.6% · 21.0% margin |
| Allowance for equity funds used during construction | $17.1 · +15.5% |
| Pension and other postretirement non-service credits, net | $5 · +35.9% |
| Other income | $13.1 · +8.2% |
| Other expense | $6.6 · +54.3% |
| Interest charges | $134 · +17.7% |
| Allowance for borrowed funds used during construction | $11.4 · −1.4% |
| Income Before Income Taxes | $212 · −8.5% |
| Income taxes | $31.3 · −10.6% · 14.8% effective rate |
| Less: Net income attributable to noncontrolling interests | $2.2 · −49.1% |
| Net Income Attributable to Common Shareholders | $179 · −7.3% · $1.43/sh · 12.3% margin |
Verdict: revenue grew 7.1% y/y to $1.46B, operating margin 21.0% vs 22.6%, net income $179M (−7.3% y/y).
Source and notation
Source: Pinnacle West Capital Form 10-Q filed 08/04/2026 (SEC EDGAR); results date from the 8-K of 08/04/2026. The press release has no income statement, so every figure was matched against the income statement in the 10-Q and checked against SEC XBRL.
Open as an image: PNW, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Cite / embed this chart
Free to use in articles, research and social posts with credit to Who Reports Today and a link — licensed under CC BY 4.0 (terms).
Chart: “PNW Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/pnw/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/pnw/q2-2026"><img src="https://whoreportstoday.com/t/pnw/q2-2026/sankey.png" alt="PNW Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/pnw/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
https://whoreportstoday.com/t/pnw/q2-2026/sankey.png
<a href="https://whoreportstoday.com/t/pnw/q2-2026">PNW Q2 2026 earnings chart (Who Reports Today)</a>
This is an archived report: the image at this link won’t change. If you change the chart (crop, translate), say so in the credit. Company logos and trademarks are not covered by the license.
- Operating income was $306M, a 21.0% margin vs 22.6% a year earlier.
- The effective tax rate was 14.8% vs 15.1% a year earlier.
- Diluted EPS was $1.43 vs $1.58 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
PNW — a Phoenix-based electric utility holding company that earns essentially all of its revenue through its subsidiary Arizona Public Service, which generates, transmits and distributes electricity to homes and businesses in most of Arizona's counties.
It reports one segment: regulated electricity. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 7% y/y in Q2 2026
Net income for Q2 2026: $179M, −7% y/y. In the report's figures: costs grew faster than revenue: fuel and purchased power +17% y/y, interest charges +18% y/y, other expense +215% y/y. Based on the Q2 2026 report.
The company's report ↗More reports: PPL · Q2 2026 · SO · Q2 2026 · SRE · Q2 2026 · VST · Q2 2026 · WEC · Q3 2026 · XEL · Q3 2026 · AEE · Q2 2026 · AEP · Q3 2026 · AES · Q2 2026 · ATO · Q3 FY2026 · all reports