What is the current annual operating margin of PNW?

As of today, PNW annual operating margin is 20.94%

What is 1-year change in PNW annual operating margin?

PNW annual operating margin is down -2.51% year-over-year

What is 3-year change in PNW annual operating margin?

PNW annual operating margin is up +113.24% over the past 3 years

How far is PNW annual operating margin from its all-time high?

PNW annual operating margin is currently -57.28% below its historical high of 49.02% set on December 31, 1988

How does PNW annual operating margin rank versus sector peers?

PNW annual operating margin is higher than 52.43% of companies in Utilities sector

When is PNW next annual earnings release?

The next annual earnings release for PNW is on February 25, 2027

What is the current quarterly operating margin of PNW?

As of today, PNW quarterly operating margin is 32.96%

What is PNW quarterly operating margin most recent change?

PNW quarterly operating margin was up +42.56% on September 30, 2026

What is 1-year change in PNW quarterly operating margin?

PNW quarterly operating margin is down -7.57% year-over-year

How far is PNW quarterly operating margin from its all-time high?

PNW quarterly operating margin is currently -29.44% below its historical high of 46.71% set on September 30, 1995

How does PNW quarterly operating margin rank versus sector peers?

PNW quarterly operating margin is higher than 82.35% of companies in Utilities sector

When is PNW next earnings release?

The next earnings release for PNW is on February 25, 2027

PNW Operating Margin History & Chart Since 1980

Annual Operating Margin

20.94%0.54%-2.51%

December 31, 2025

Summary

Current Value: As of today, PNW annual operating margin is 20.94%, down -2.51% on December 31, 2025
Historical Performance: PNW annual operating margin is up +113.24% over the past 3 years, down -5.16% over the past 5 years
All-Time High Comparison: PNW annual operating margin is currently -57.28% below its historical high of 49.02% set on December 31, 1988
3-Year Low Comparison: PNW annual operating margin is +113.24% above its 3-year low of 9.82% reached on an earlier date
Sector Comparison: PNW annual operating margin is higher than 52.43% of companies in Utilities sector

Operating Margin Chart

beforeafter

Performance

PNW Performance
Metric	Date	Value	1Y	3Y	5Y	15Y
Annual Operating Margin	Dec 31, 25	20.94%	-2.5%	+113.2%	-5.2%	-28.6%
Quarterly Operating Margin	Sep 30, 26	32.96%	-7.6%	-1.6%	-25.3%	-27.1%
Price	Nov 10, 26	$105.96	+20.8%	+50.4%	+64.2%	+130.6%
PE Ratio	Nov 10, 26	19.92	+10.6%	+18.6%	+55.9%	+27.9%
Annual Revenue	Dec 31, 25	$5.34B	+4.2%	+23.5%	+48.9%	+63.7%
Annual Operating Profit	Dec 31, 25	$1.12B	+1.6%	+163.3%	+41.2%	+16.9%
Annual Gross Margin	Dec 31, 25	25.41%	-2.1%	+69.7%	-11.0%	-28.4%
Annual Net Margin	Dec 31, 25	11.83%	-3.2%	+2.2%	-25.6%	+10.1%

Operating Margin Highs

PNW Annual Operating Margin Highs Comparison
Period	High	Date	Current
3Y	25.44%	Dec 31, 23	-17.7%
5Y	25.44%	Dec 31, 23	-17.7%
All	49.02%	Dec 31, 88	-57.3%

Operating Margin Lows

PNW Annual Operating Margin Lows Comparison
Period	Low	Date	Current
3Y	9.82%	N/A	+113.2%
5Y	9.82%	Dec 31, 22	+113.2%
All	9.82%	Dec 31, 22	+113.2%

Operating Margin History

Year	Value	Change
2025	20.94%	-2.5%
2024	21.48%	-15.6%
2023	25.44%	+159.1%
2022	9.82%	-36.5%
2021	15.47%	-29.9%
2020	22.08%	+1.1%
2019	21.85%	+2.0%
2018	21.42%	-23.8%
2017	28.11%	+18.0%
2016	23.83%	-14.1%
2015	27.73%	+7.7%
2014	25.74%	-1.4%
2013	26.10%	-9.4%
2012	28.80%	+1.7%
2011	28.31%	-3.5%
2010	29.33%	+24.9%
2009	23.48%	+48.5%
2008	15.81%	-12.5%
2007	18.06%	-1.6%
2006	18.36%	+9.1%
2005	16.83%	-8.1%
2004	18.31%	+7.0%
2003	17.11%	-24.7%

Year	Value	Change
2002	22.71%	+53.2%
2001	14.82%	-19.1%
2000	18.32%	-23.3%
1999	23.88%	-10.3%
1998	26.62%	-4.7%
1997	27.94%	-6.6%
1996	29.92%	-11.2%
1995	33.68%	+6.3%
1994	31.67%	+2.2%
1993	30.99%	-4.4%
1992	32.40%	+40.9%
1991	22.99%	-20.1%
1990	28.77%	-9.8%
1989	31.88%	-35.0%
1988	49.02%	+55.5%
1987	31.53%	-11.4%
1986	35.59%	-11.3%
1985	40.13%	-12.1%
1984	45.67%	+38.8%
1983	32.90%	-2.7%
1982	33.80%	+9.1%
1981	30.98%	+25.5%
1980	24.68%	-

FAQ

What is the current annual operating margin of PNW?: As of today, PNW annual operating margin is 20.94%
What is 1-year change in PNW annual operating margin?: PNW annual operating margin is down -2.51% year-over-year
What is 3-year change in PNW annual operating margin?: PNW annual operating margin is up +113.24% over the past 3 years
How far is PNW annual operating margin from its all-time high?: PNW annual operating margin is currently -57.28% below its historical high of 49.02% set on December 31, 1988
How does PNW annual operating margin rank versus sector peers?: PNW annual operating margin is higher than 52.43% of companies in Utilities sector
When is PNW next annual earnings release?: The next annual earnings release for PNW is on February 25, 2027

Operating Margin Formula

Operating Profit Margin = Operating Income

Revenue × 100%

Quarterly Operating Margin

32.96%9.84%+42.56%

September 30, 2026

Summary

Current Value: As of today, PNW quarterly operating margin is 32.96%, up +42.56% on September 30, 2026
Historical Performance: PNW quarterly operating margin is down -7.57% year-over-year, down -1.55% over the past 3 years
All-Time High Comparison: PNW quarterly operating margin is currently -29.44% below its historical high of 46.71% set on September 30, 1995
3-Year Low Comparison: PNW quarterly operating margin is +672.22% above its 3-year low of -5.76% reached on March 31, 2025
Sector Comparison: PNW quarterly operating margin is higher than 82.35% of companies in Utilities sector

Performance

PNW Performance
Metric	Date	Value	3M	1Y	3Y	5Y
Quarterly Operating Margin	Sep 30, 26	32.96%	+42.6%	-7.6%	-1.6%	-25.3%
Annual Operating Margin	Dec 31, 25	20.94%	–	-2.5%	+113.2%	-5.2%
Price	Nov 10, 26	$105.96	+6.8%	+20.8%	+50.4%	+64.2%
PE Ratio	Nov 10, 26	19.92	+4.7%	+10.6%	+18.6%	+55.9%
Quarterly Revenue	Sep 30, 26	$1.97B	+35.5%	+8.3%	+20.4%	+50.8%
Quarterly Operating Profit	Sep 30, 26	$650.23M	+93.2%	+0.2%	+18.6%	+12.7%
Quarterly Gross Margin	Sep 30, 26	35.84%	+29.9%	-7.8%	-2.5%	-25.9%
Quarterly Net Margin	Sep 30, 26	22.12%	+78.1%	-3.5%	-10.0%	-15.9%

Quarterly Operating Margin Highs

PNW Quarterly Operating Margin Highs Comparison
Period	High	Date	Current
1Y	35.66%	N/A	-7.6%
3Y	35.66%	Sep 30, 25	-7.6%
5Y	44.11%	N/A	-25.3%
All	46.71%	Sep 30, 95	-29.4%

Quarterly Operating Margin Lows

PNW Quarterly Operating Margin Lows Comparison
Period	Low	Date	Current
1Y	12.85%	Dec 31, 25	+156.5%
3Y	-5.76%	Mar 31, 25	+672.2%
5Y	-21.60%	Mar 31, 22	+252.6%
All	-21.60%	Mar 31, 22	+252.6%

Quarterly Operating Margin History

Month	Value	Change
Sep 2026	32.96%	+42.6%
Jun 2026	23.12%	+69.3%
Mar 2026	13.66%	+6.3%
Dec 2025	12.85%	-64.0%
Sep 2025	35.66%	+109.1%
Jun 2025	17.05%	+396.0%
Mar 2025	-5.76%	-215.0%
Dec 2024	5.01%	-85.4%
Sep 2024	34.29%	+41.8%
Jun 2024	24.18%	+87.4%
Mar 2024	12.90%	-26.2%
Dec 2023	17.48%	-47.8%
Sep 2023	33.48%	+60.9%
Jun 2023	20.81%	-17.9%
Mar 2023	25.36%	+65.5%
Dec 2022	15.32%	-19.2%
Sep 2022	18.96%	+25.4%
Jun 2022	15.12%	+170.0%
Mar 2022	-21.60%	-267.7%
Dec 2021	12.88%	-70.8%
Sep 2021	44.11%	+140.8%
Jun 2021	18.32%	+516.8%
Mar 2021	2.97%	-54.8%
Dec 2020	6.57%	-79.7%
Sep 2020	32.32%	+12.8%
Jun 2020	28.66%	+167.6%
Mar 2020	10.71%	+161.9%
Dec 2019	4.09%	-88.7%
Sep 2019	36.26%	+27.7%
Jun 2019	28.39%	+301.6%
Mar 2019	7.07%	+73.7%
Dec 2018	4.07%	-87.9%
Sep 2018	33.66%	+36.8%
Jun 2018	24.60%	+154.4%
Mar 2018	9.67%	+43.3%
Dec 2017	6.75%	-83.0%
Sep 2017	39.76%	+23.7%
Jun 2017	32.14%	+71.2%
Mar 2017	18.77%	+50.2%
Dec 2016	12.50%	-70.1%
Sep 2016	41.79%	+123.2%
Jun 2016	18.72%	+54.3%
Mar 2016	12.13%	-33.7%
Dec 2015	18.29%	-55.9%
Sep 2015	41.46%	+66.1%
Jun 2015	24.96%	+45.9%
Mar 2015	17.11%	-4.0%
Dec 2014	17.83%	-54.1%
Sep 2014	38.83%	+39.4%
Jun 2014	27.85%	+210.5%
Mar 2014	8.97%	-29.3%
Dec 2013	12.68%	-66.8%
Sep 2013	38.23%	+18.9%
Jun 2013	32.16%	+183.1%
Mar 2013	11.36%	-38.4%
Dec 2012	18.44%	-57.6%
Sep 2012	43.48%	+51.8%
Jun 2012	28.65%	+99.8%
Mar 2012	14.34%	-23.8%
Dec 2011	18.82%	-58.4%
Sep 2011	45.23%	+60.4%
Jun 2011	28.20%	+221.6%
Mar 2011	8.77%	-27.0%
Dec 2010	12.01%	-72.9%

Month	Value	Change
Sep 2010	44.33%	+38.6%
Jun 2010	31.98%	+93.5%
Mar 2010	16.53%	+8.8%
Dec 2009	15.19%	-60.1%
Sep 2009	38.06%	+55.8%
Jun 2009	24.43%	+1,227.7%
Mar 2009	1.84%	-75.0%
Dec 2008	7.36%	-73.9%
Sep 2008	28.23%	+58.6%
Jun 2008	17.80%	+238.4%
Mar 2008	5.26%	+8.5%
Dec 2007	4.85%	-83.6%
Sep 2007	29.59%	+54.2%
Jun 2007	19.19%	+111.8%
Mar 2007	9.06%	+10.6%
Dec 2006	8.19%	-71.9%
Sep 2006	29.10%	+38.6%
Jun 2006	20.99%	+145.2%
Mar 2006	8.56%	-27.1%
Dec 2005	11.75%	-29.0%
Sep 2005	16.56%	-29.0%
Jun 2005	23.33%	+48.7%
Mar 2005	15.69%	+27.0%
Dec 2004	12.35%	-48.1%
Sep 2004	23.78%	+41.8%
Jun 2004	16.77%	+15.5%
Mar 2004	14.52%	+30.8%
Dec 2003	11.10%	-47.2%
Sep 2003	21.01%	+20.1%
Jun 2003	17.49%	+52.5%
Mar 2003	11.47%	-26.0%
Dec 2002	15.50%	-36.5%
Sep 2002	24.40%	+1.3%
Jun 2002	24.08%	+20.8%
Mar 2002	19.94%	+46.9%
Dec 2001	13.57%	-29.8%
Sep 2001	19.33%	+76.5%
Jun 2001	10.95%	-25.4%
Mar 2001	14.68%	+0.4%
Dec 2000	14.62%	-8.2%
Sep 2000	15.93%	-40.1%
Jun 2000	26.59%	+6.7%
Mar 2000	24.93%	+16.5%
Dec 1999	21.40%	-20.4%
Sep 1999	26.87%	-1.9%
Jun 1999	27.38%	-0.9%
Mar 1999	27.63%	+31.9%
Dec 1998	20.94%	-36.9%
Sep 1998	33.18%	+27.4%
Jun 1998	26.05%	+18.9%
Mar 1998	21.91%	-28.6%
Jun 1997	30.70%	+48.5%
Mar 1997	20.68%	-49.6%
Sep 1996	41.07%	+22.2%
Jun 1996	33.61%	+13.8%
Mar 1996	29.53%	+39.6%
Dec 1995	21.15%	-54.7%
Sep 1995	46.71%	+44.3%
Jun 1995	32.37%	+16.9%
Mar 1995	27.68%	+21.5%
Dec 1994	22.78%	-48.6%
Sep 1994	44.28%	+55.6%
Jun 1994	28.45%	+14.4%
Mar 1994	24.87%	-

FAQ

What is the current quarterly operating margin of PNW?: As of today, PNW quarterly operating margin is 32.96%
What is PNW quarterly operating margin most recent change?: PNW quarterly operating margin was up +42.56% on September 30, 2026
What is 1-year change in PNW quarterly operating margin?: PNW quarterly operating margin is down -7.57% year-over-year
How far is PNW quarterly operating margin from its all-time high?: PNW quarterly operating margin is currently -29.44% below its historical high of 46.71% set on September 30, 1995
How does PNW quarterly operating margin rank versus sector peers?: PNW quarterly operating margin is higher than 82.35% of companies in Utilities sector
When is PNW next earnings release?: The next earnings release for PNW is on February 25, 2027

Operating Margin Formula

Operating Profit Margin = Operating Income

Revenue × 100%

Data Sources & References

PNW Official Website www.pinnaclewest.com
Most Recent Annual Report (10-K) www.sec.gov/Archives/edgar/data/764622/000076462226000011/0000764622-26-000011-index.htm
PNW Profile on Yahoo Finance finance.yahoo.com/quote/PNW
PNW Profile on NASDAQ.com www.nasdaq.com/market-activity/stocks/pnw