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Side-by-side financial comparison of Pinnacle West Capital (PNW) and Xcel Energy (XEL), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Xcel Energy is the larger business by last-quarter revenue ($3.6B vs $1.1B, roughly 3.2× Pinnacle West Capital). Xcel Energy runs the higher net margin — 1.6% vs 15.9%, a 14.4% gap on every dollar of revenue. On growth, Xcel Energy posted the faster year-over-year revenue change (14.1% vs 3.0%). Pinnacle West Capital produced more free cash flow last quarter ($-192.7M vs $-3.2B). Over the past eight quarters, Pinnacle West Capital's revenue compounded faster (8.9% CAGR vs -1.2%).
Pinnacle West Capital Corporation is an American utility holding company that owns Arizona Public Service (APS). It is publicly traded on the New York Stock exchange and a component of the S&P 500 stock market index. APS is the largest utility company in Arizona and is regulated by the Arizona Corporation Commission (ACC).
Xcel Energy Inc. is a U.S. regulated electric utility and natural gas delivery company based in Minneapolis, Minnesota, serving approximately 3.9 million electricity customers and 2.2 million natural gas customers across parts of eight states as of mid-2025. It consists of four operating subsidiaries: Northern States Power-Minnesota, Northern States Power-Wisconsin, Public Service Company of Colorado, and Southwestern Public Service Co.
PNW vs XEL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $3.6B |
| Net Profit | $17.6M | $567.0M |
| Gross Margin | — | — |
| Operating Margin | 10.7% | 16.3% |
| Net Margin | 1.6% | 15.9% |
| Revenue YoY | 3.0% | 14.1% |
| Net Profit YoY | 798.0% | 22.2% |
| EPS (diluted) | $0.12 | $0.95 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $1.1B | $3.6B | ||
| Q3 25 | $1.8B | $3.9B | ||
| Q2 25 | $1.4B | $3.3B | ||
| Q1 25 | $1.0B | $3.9B | ||
| Q4 24 | $1.1B | $3.1B | ||
| Q3 24 | $1.8B | $3.6B | ||
| Q2 24 | $1.3B | $3.0B | ||
| Q1 24 | $951.7M | $3.6B |
| Q4 25 | $17.6M | $567.0M | ||
| Q3 25 | $417.5M | $524.0M | ||
| Q2 25 | $196.9M | $444.0M | ||
| Q1 25 | $-338.0K | $483.0M | ||
| Q4 24 | $-2.5M | $464.0M | ||
| Q3 24 | $399.3M | $682.0M | ||
| Q2 24 | $208.1M | $302.0M | ||
| Q1 24 | $21.2M | $488.0M |
| Q4 25 | 10.7% | 16.3% | ||
| Q3 25 | 32.0% | 19.1% | ||
| Q2 25 | 22.6% | 17.6% | ||
| Q1 25 | 5.5% | 17.3% | ||
| Q4 24 | 7.7% | 11.1% | ||
| Q3 24 | 30.9% | 25.0% | ||
| Q2 24 | 24.0% | 14.8% | ||
| Q1 24 | 7.0% | 18.6% |
| Q4 25 | 1.6% | 15.9% | ||
| Q3 25 | 22.9% | 13.4% | ||
| Q2 25 | 14.5% | 13.5% | ||
| Q1 25 | -0.0% | 12.4% | ||
| Q4 24 | -0.2% | 14.9% | ||
| Q3 24 | 22.6% | 18.7% | ||
| Q2 24 | 15.9% | 10.0% | ||
| Q1 24 | 2.2% | 13.4% |
| Q4 25 | $0.12 | $0.95 | ||
| Q3 25 | $3.39 | $0.88 | ||
| Q2 25 | $1.58 | $0.75 | ||
| Q1 25 | $-0.04 | $0.84 | ||
| Q4 24 | $-0.04 | $0.81 | ||
| Q3 24 | $3.37 | $1.21 | ||
| Q2 24 | $1.76 | $0.54 | ||
| Q1 24 | $0.15 | $0.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.6M | — |
| Total DebtLower is stronger | — | $31.8B |
| Stockholders' EquityBook value | $7.0B | $23.6B |
| Total Assets | $30.0B | $81.4B |
| Debt / EquityLower = less leverage | — | 1.35× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $6.6M | — | ||
| Q3 25 | $30.9M | $1.1B | ||
| Q2 25 | $18.8M | $1.5B | ||
| Q1 25 | $10.0M | $1.1B | ||
| Q4 24 | $3.8M | $179.0M | ||
| Q3 24 | $49.2M | $1.5B | ||
| Q2 24 | $4.0M | $1.6B | ||
| Q1 24 | $9.6M | $501.0M |
| Q4 25 | — | $31.8B | ||
| Q3 25 | — | $32.0B | ||
| Q2 25 | — | $31.1B | ||
| Q1 25 | — | $29.4B | ||
| Q4 24 | — | $27.3B | ||
| Q3 24 | — | $27.5B | ||
| Q2 24 | — | $27.7B | ||
| Q1 24 | — | $26.4B |
| Q4 25 | $7.0B | $23.6B | ||
| Q3 25 | $7.2B | $21.2B | ||
| Q2 25 | $6.7B | $21.0B | ||
| Q1 25 | $6.7B | $19.8B | ||
| Q4 24 | $6.8B | $19.5B | ||
| Q3 24 | $6.6B | $19.4B | ||
| Q2 24 | $6.2B | $18.0B | ||
| Q1 24 | $6.2B | $17.8B |
| Q4 25 | $30.0B | $81.4B | ||
| Q3 25 | $29.9B | $79.2B | ||
| Q2 25 | $29.2B | $75.3B | ||
| Q1 25 | $27.2B | $72.7B | ||
| Q4 24 | $26.1B | $70.0B | ||
| Q3 24 | $26.3B | $69.3B | ||
| Q2 24 | $25.7B | $67.9B | ||
| Q1 24 | $24.8B | $65.6B |
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.48× | ||
| Q1 25 | — | 1.48× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.54× | ||
| Q1 24 | — | 1.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $476.8M | $209.0M |
| Free Cash FlowOCF − Capex | $-192.7M | $-3.2B |
| FCF MarginFCF / Revenue | -17.1% | -90.7% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 59.3% | 96.5% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 27.09× | 0.37× |
| TTM Free Cash FlowTrailing 4 quarters | $-819.5M | $-6.8B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $476.8M | $209.0M | ||
| Q3 25 | $665.0M | $1.8B | ||
| Q2 25 | $261.4M | $1.1B | ||
| Q1 25 | $401.9M | $1.0B | ||
| Q4 24 | $439.5M | $664.0M | ||
| Q3 24 | $633.2M | $1.7B | ||
| Q2 24 | $189.8M | $1.2B | ||
| Q1 24 | $347.4M | $1.1B |
| Q4 25 | $-192.7M | $-3.2B | ||
| Q3 25 | $42.0M | $-1.3B | ||
| Q2 25 | $-448.1M | $-1.3B | ||
| Q1 25 | $-220.7M | $-960.0M | ||
| Q4 24 | $-92.1M | $-1.6B | ||
| Q3 24 | $-32.7M | $-42.0M | ||
| Q2 24 | $-344.2M | $-641.0M | ||
| Q1 24 | $-170.4M | $-487.0M |
| Q4 25 | -17.1% | -90.7% | ||
| Q3 25 | 2.3% | -33.0% | ||
| Q2 25 | -33.0% | -40.9% | ||
| Q1 25 | -21.4% | -24.6% | ||
| Q4 24 | -8.4% | -49.8% | ||
| Q3 24 | -1.8% | -1.2% | ||
| Q2 24 | -26.3% | -21.2% | ||
| Q1 24 | -17.9% | -13.3% |
| Q4 25 | 59.3% | 96.5% | ||
| Q3 25 | 34.2% | 78.0% | ||
| Q2 25 | 52.2% | 73.8% | ||
| Q1 25 | 60.3% | 50.9% | ||
| Q4 24 | 48.5% | 71.1% | ||
| Q3 24 | 37.6% | 48.8% | ||
| Q2 24 | 40.8% | 60.5% | ||
| Q1 24 | 54.4% | 42.1% |
| Q4 25 | 27.09× | 0.37× | ||
| Q3 25 | 1.59× | 3.37× | ||
| Q2 25 | 1.33× | 2.43× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | 1.59× | 2.55× | ||
| Q2 24 | 0.91× | 3.94× | ||
| Q1 24 | 16.41× | 2.15× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
XEL
| Retail Distribution | $2.3B | 64% |
| Regulated Natural Gas Segment | $737.0M | 21% |
| Alternativeand Other | $212.0M | 6% |
| Transmission Services | $164.0M | 5% |
| Wholesale Distribution | $159.0M | 4% |
| Other Services | $8.0M | 0% |
