Biggest Powerball Jackpots in History: The Top 15 Ranked

The biggest Powerball jackpot ever won is $2.04 billion, claimed with a single ticket sold in California for the drawing of November 7, 2022. It's also the largest lottery jackpot in the world. Seven more Powerball jackpots have topped $1 billion since 2016, including two in 2025 and one in August 2026.

Below you'll find the 15 largest Powerball jackpots, ranked by advertised annuity value, with their cash values, dates and the states where the winning tickets were sold. After the table, we chart the list, look closely at the billion-dollar winners, explain why the amounts are so large now and why the cash value is always so much smaller, and work through what a winner might actually keep after taxes.

The top 15 Powerball jackpots

Amounts are the advertised (estimated annuity) jackpot and the total lump-sum cash value before taxes. When more than one ticket won, the prize was split between them.

Sources: Powerball's media center top-10 list and jackpot-winners list, plus Powerball and state lottery announcements. Powerball's own top-10 table hadn't yet been updated with the August 2026 Illinois jackpot when we checked. We placed it at No. 8 based on its advertised $1.04 billion value, which matches news reports calling it the eighth-largest in the game's history. These rankings were current as of October 9, 2026.

The chart below plots the same 15 jackpots, with the advertised annuity as bars and the cash value as a line, so you can see how far apart the two figures can be.

Advertised jackpot (annuity)Cash value

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Source: Powerball media center (powerball.com) and state lottery announcements, as of October 9, 2026. Bars are the advertised annuity jackpot; the line is the lump-sum cash value before taxes.

View data table (15 rows)

	Advertised jackpot (annuity)	Cash value
1. Nov 2022 (CA)	$2.04B	$998M
2. Dec 2025 (AR)	$1.82B	$835M
3. Sep 2025 (MO, TX)	$1.79B	$821M
4. Oct 2023 (CA)	$1.76B	$774M
5. Jan 2016 (CA, FL, TN)	$1.59B	$984M
6. Apr 2024 (OR)	$1.33B	$621M
7. Jul 2023 (CA)	$1.08B	$558M
8. Aug 2026 (IL)	$1.04B	$451M
9. Jan 2024 (MI)	$842M	$425M
10. Mar 2019 (WI)	$768M	$477M
11. Aug 2017 (MA)	$759M	$481M
12. Feb 2023 (WA)	$755M	$407M
13. Jan 2021 (MD)	$731M	$547M
14. Oct 2021 (CA)	$700M	$496M
15. Oct 2018 (IA, NY)	$688M	$396M

Chart: TradingView Lightweight Charts™ · Data & analysis: TodayPowerball

Two things stand out. First, there's a clear break after No. 8: the top eight all reached $1 billion, and No. 9 drops to $842.4 million. Second, the cash line doesn't follow the bars neatly. The 2016 jackpot at No. 5 and the 2021 Maryland jackpot at No. 13 both had unusually high cash values for their size, while the most recent jackpots sit far below their bars. The chart shows the size of each prize pool. It says nothing about which numbers or which states are more likely to produce the next big winner; any ticket sold anywhere in the game has the same odds.

Jackpots by year

Counting the table by year shows how recent the giant jackpots are:

Ten of the 15 were won after Monday drawings began in August 2021, and 11 in 2021 or later. Three of the 15 were split between more than one ticket: the 2016, 2018 and September 2025 jackpots.

A closer look at the billion-dollar winners

$2.04 billion — November 7, 2022 (California)

The world-record jackpot came after the prize rolled for months. A delay at one participating lottery held up the drawing, which finally took place the next morning, November 8. A single ticket sold in Altadena, California, matched all six numbers. The cash value was about $997.6 million before taxes.

$1.817 billion — December 24, 2025 (Arkansas)

The Christmas Eve drawing produced the second-largest Powerball jackpot and the second-largest U.S. lottery jackpot ever won. It went to one ticket sold in Arkansas.

$1.787 billion — September 6, 2025 (Missouri and Texas)

Two tickets split this one, one sold in St. Louis, Missouri, and the other in Fredericksburg, Texas. Each winner was entitled to half: an annuity of about $893.5 million or a cash value of about $410.3 million, before taxes. The Texas Lottery said its winner chose the cash option.

$1.765 billion — October 11, 2023 (California)

A ticket sold in Frazier Park, California, won what was then the second-largest jackpot in Powerball history.

$1.586 billion — January 13, 2016 (California, Florida, Tennessee)

This was the first jackpot in U.S. history to cross $1 billion. Three tickets shared it, so each winner received a third. It came just three months after Powerball switched to its current 69/26 number format.

$1.326 billion — April 6, 2024 (Oregon)

A ticket sold in Portland won this one. A delay at another lottery pushed the drawing past midnight. Powerball said the winner could choose between the $1.326 billion annuity and a lump sum of $621 million.

$1.08 billion — July 19, 2023 (California)

Another single-ticket win in California. Counting its share of the 2016 jackpot, California has sold winning tickets for four of the eight billion-dollar Powerball jackpots.

$1.04 billion — August 12, 2026 (Illinois)

The largest Powerball jackpot of 2026 so far went to a single ticket sold in Illinois. The winner could take the annuity or a lump sum of about $450.5 million before taxes.

Why jackpots are bigger than they used to be

Look at the dates in the table. All 15 jackpots were won in 2016 or later. That's no accident.

1. Longer odds since 2015. In October 2015, Powerball moved to its current format: 5 white balls from 1–69 and a red Powerball from 1–26. That made the jackpot odds 1 in 292,201,338. Harder-to-win jackpots go unwon for more drawings, and every rollover makes the prize bigger.
2. Three drawings a week since 2021. Monday drawings began in August 2021. More drawings give the jackpot more chances to grow between wins.
3. Momentum. As a jackpot climbs, more people buy tickets, and higher sales push the estimate up faster. A jackpot can jump by hundreds of millions of dollars in its final weeks.
4. Interest rates. The advertised jackpot is the value of a 30-payment annuity, and that estimate depends on interest rates. When rates are higher, the same pool of cash supports a bigger advertised annuity.

The history of the game shows each of these changes in order. Read the history of Powerball for the full timeline.

Annuity vs. cash: why the numbers differ so much

Every headline jackpot is an estimated annuity: one payment right away, followed by 29 annual payments that grow by 5% each year. The cash value is the money actually in the prize pool if you take everything at once.

The gap between the two depends on interest rates when the jackpot is won. Compare two jackpots from the table:

In 2016, interest rates were very low, so the cash value was a large share of the advertised figure. The chart below shows that share for every jackpot in our top 15, in the order they were won.

Cash value ÷ annuity

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Source: annuity and cash values from Powerball and state lottery announcements; percentages calculated by TodayPowerball. A lower line means the headline jackpot overstates the cash in the prize pool by more.

View data table (15 rows)

	Cash value ÷ annuity
Jan 2016	62%
Aug 2017	63.3%
Oct 2018	57.6%
Mar 2019	62.1%
Jan 2021	74.8%
Oct 2021	70.9%
Nov 2022	48.9%
Feb 2023	54%
Jul 2023	51.7%
Oct 2023	43.9%
Jan 2024	50.5%
Apr 2024	46.8%
Sep 2025	45.9%
Dec 2025	45.9%
Aug 2026	43.3%

Chart: TradingView Lightweight Charts™ · Data & analysis: TodayPowerball

The line peaks in January 2021, when Maryland's $731.1 million jackpot carried a $546.8 million cash value, about 75% of the headline. Since late 2022 the share has stayed near or below half, and the August 2026 Illinois jackpot came in at about 43%. This lines up with the general rise in interest rates over that period, since the annuity estimate is based on what the cash could earn over 29 years. The chart does not mean that recent winners got a worse deal: a winner who picks the annuity still receives the full advertised amount over 30 payments, and the cash option is simply the present value of those payments. That's why the 2016 jackpot's cash value is higher than every jackpot ranked above it except the 2022 record. By 2026, the cash option was well under half of the headline number.

What a winner might actually keep

Both figures are before taxes. A jackpot winner pays federal income tax, with 24% withheld up front and a top federal rate of 37%, plus state tax depending on where they live and bought the ticket. Here's a rough illustration using three winners from the table who took, or could take, the cash option. Federal figures assume the whole prize is taxed at the top 37% rate, which is close for a prize this large; exact amounts depend on each winner's situation.

Notice the gap between the second and third columns. The 24% withheld when a prize is claimed is only a down payment. A jackpot winner typically owes the difference, about 13 percentage points more, when filing a federal return. In the Illinois example, that's roughly $58.6 million more due at tax time.

The state column shows why "where the ticket was bought" matters. California doesn't tax California Lottery prizes, and Texas has no income tax, while Illinois applies its flat income tax rate. A winner's home state may also tax a prize won in another state. This is an illustration, not tax advice. Our guides to lump sum vs. annuity and Powerball taxes walk through the math in more detail.

What the biggest jackpots don't change

A record jackpot makes headlines, but the odds of winning it are exactly the same as the odds of winning a $20 million starting jackpot: 1 in 292,201,338 per play. Buying a ticket for a bigger jackpot doesn't make you more likely to win, and a larger crowd of players makes it more likely that a winning ticket would be shared. Our article on Powerball odds breaks this down tier by tier.

If you play during a jackpot run, decide in advance how much you're comfortable spending and stick to it. Powerball is meant to be entertainment. If it stops feeling that way, the National Problem Gambling Helpline at 1-800-MY-RESET (1-800-697-3738) offers free, confidential help 24/7 by call or text. Players must be 18 or older, and some states set a higher age.

Frequently asked questions

What is the largest Powerball jackpot ever?

The largest is $2.04 billion, won by a single ticket sold in California for the November 7, 2022 drawing. Its cash value was about $997.6 million. It's also the world's largest lottery jackpot.

How many Powerball jackpots have topped $1 billion?

As of October 2026, eight Powerball jackpots have reached $1 billion or more: in 2016, 2022, 2023 (two), 2024, 2025 (two) and 2026.

Which state has won the most giant Powerball jackpots?

California appears most often in our top 15, with five entries, including a share of the 2016 jackpot. Keep in mind that California is also the most populous state, so more tickets are sold there.

Why is the cash value so much lower than the jackpot?

The advertised jackpot is the total of 30 annuity payments spread over 29 years. The cash value is the money in the prize pool today. When interest rates are higher, the gap is wider, which is why recent cash values have been under half of the headline figure.

Have any of the biggest jackpots been shared?

Yes. Three of the top 15 were split: the $1.586 billion jackpot of 2016 (three tickets), the $687.8 million jackpot of 2018 (two tickets) and the $1.787 billion jackpot of September 2025 (two tickets).

Do big jackpot winners have to reveal their names?

It depends on the state. Some states let winners stay anonymous or claim through a trust, and others require names to be made public. Check the rules of the lottery where the ticket was bought.

What is the current Powerball jackpot?

Jackpots change after every drawing. As of October 9, 2026, Powerball listed an estimated $516 million jackpot for the October 10 drawing. Check our latest results recap and powerball.com for current figures.

The bottom line

The biggest Powerball jackpots have all come since 2016, driven by longer odds, three drawings a week and the momentum of rollovers. The record is still the $2.04 billion jackpot from November 2022, with Arkansas's $1.817 billion and the $1.787 billion Missouri-Texas split from 2025 right behind it. Remember that these are annuity figures. The cash a winner actually receives is much smaller, and taxes take another large share.