• Pinnacle West Capital average ebitda margin for 2023 was 43.29%, a 3.44% increase from 2022.
• Pinnacle West Capital average ebitda margin for 2022 was 41.85%, a 2.57% increase from 2021.
• Pinnacle West Capital average ebitda margin for 2021 was 40.8%, a 0.17% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.