Pinnacle West Capital Corp (PNW)

Gross profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Gross profit (ttm)	US$ in thousands	1,766,772	1,738,760	1,641,564	1,649,225	1,621,477	1,655,488	1,645,723	1,689,025	1,696,311	1,680,959	1,714,944	1,684,733	1,666,350	2,108,567	2,207,027	2,297,258	2,489,548	2,575,533	2,610,140	2,701,380
Revenue (ttm)	US$ in thousands	4,695,989	4,713,725	4,545,835	4,485,805	4,324,381	4,113,928	3,952,308	3,890,888	3,803,832	3,745,936	3,692,186	3,621,526	3,586,981	3,516,411	3,452,701	3,392,612	3,471,212	3,557,197	3,634,437	3,739,059
Gross profit margin		37.62%	36.89%	36.11%	36.77%	37.50%	40.24%	41.64%	43.41%	44.59%	44.87%	46.45%	46.52%	46.46%	59.96%	63.92%	67.71%	71.72%	72.40%	71.82%	72.25%

December 31, 2023 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $1,766,772K ÷ $4,695,989K
= 37.62%

The gross profit margin for Pinnacle West Capital Corp. has exhibited some fluctuations over the past eight quarters. The margin has ranged from a high of 68.66% in Q1 2022 to a low of 60.09% in Q2 2023. Overall, the trend shows a gradual decline in the gross profit margin from 67.06% in Q2 2022 to 61.83% in Q4 2023, indicating potential challenges in maintaining profitability from sales after deducting the cost of goods sold. Further analysis would be required to understand the specific factors driving these fluctuations and their implications for the company's financial performance and operational efficiency.