Powerball jackpot reaches near $1 Billion, the biggest of 2026
The Powerball jackpot for Wednesday's drawing is an estimated $975 million, the closest the game has come to $1 billion since Christmas Eve in 2025 and the largest of 2026. The cash option is at $422.3 million.
The jackpot sat at $718.7 million on August 1 and has climbed through five straight drawings without a winner, reaching $929.1 million on Monday before this estimate.
Where $975 million would rank
Eighth in the game's history, if a ticket hits it at the current estimate. Here is a table of the top Powerball winning jackpots:
| Rank | Jackpot | Drawing | Winning tickets |
|---|---|---|---|
| 1 | $2.04 billion | Nov 7, 2022 | 1 |
| 2 | $1.817 billion | Dec 24, 2025 | 1 |
| 3 | $1.787 billion | Sep 6, 2025 | 2 |
| 4 | $1.765 billion | Oct 11, 2023 | 1 |
| 5 | $1.586 billion | Jan 13, 2016 | 3 |
| 6 | $1.326 billion | Apr 6, 2024 | 1 |
| 7 | $1.08 billion | Jul 19, 2023 | 1 |
| 8 | $975 million (current) | Aug 12, 2026 | pending |
| 9 | $842.4 million | Jan 1, 2024 | 1 |
The record still belongs to the $2.04 billion ticket sold in California in November 2022, and it is not close. What the table shows more clearly is how fast the top of this list is being rewritten: two of the four biggest Powerball jackpots ever, the $1.817 billion won in Arkansas and the $1.787 billion split between Missouri and Texas, both occurred in 2025. A jackpot that would have been the third largest in the game a decade ago now struggles to enter the top eight.
What $975 million is actually worth
A good deal less than the headline. Nearly every jackpot winner takes the cash option, which is $422.3 million here, or about 43% of the advertised annuity. Federal tax takes 37% at the top bracket, so a winner in a state with no income tax on lottery prizes keeps roughly $266 million, while a New York winner keeps closer to $220 million before city tax. Our lottery tax calculator runs the exact figure for any state, and the case for taking the annuity instead is in lump sum vs. annuity.
Powerball jackpots odds are 1 in 292.2 million. If you do win, the first thing to do is keep quiet.
Sources
Frequently Asked Questions
How big is the current Powerball jackpot?
An estimated $975 million for the Wednesday, August 12 drawing, with a cash option of $422.3 million. The jackpot has rolled since early August, climbing from $718.7 million on August 1.
Where would $975 million rank in Powerball history?
Eighth. It would sit below the $1.08 billion won in July 2023 and above the $842.4 million won on New Year's Day 2024. The record is the $2.04 billion won in California in November 2022.
What is the biggest Powerball jackpot ever?
$2.04 billion, won by a single ticket in California on November 7, 2022. The next three are $1.817 billion in Arkansas in December 2025, $1.787 billion split by two tickets in September 2025, and $1.765 billion in California in October 2023.
Phil Nageotte is a writer covering scratch-off odds, expected value, prize data, and more. He joined ScratchCheck in 2026 after years of tracking lottery payouts in spreadsheets of his own.
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