Southwest Gas Holdings, Inc.

Southwest Gas Holdings, Inc.

SWX
Southwest Gas Holdings, Inc.US flagNew York Stock Exchange
88.87
USD
-2.43
- -
6.43BMarket Cap
2014 Y
2015 Y
2016 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
45.63
52.43
- -
51.83
52.91
58.28
57.52
58.91
62.23
75.66
35.81
34.45
26.89
24.05
Basic EPS, GAAP
3.04
2.94
- -
3.2
4.02
3.69
3.94
4.15
3.39
-3.1
2.13
2.77
6.09
7.18
Free Cash Flow per Basic Share
-1.09
1.36
- -
1.5
-5.27
-4.8
-8.07
-3.55
-10.22
-6.89
7.19
18.87
7.71
6.17
Dividend per Share
1.43
1.58
- -
1.76
1.91
2.03
2.14
2.24
2.34
2.45
2.47
2.47
2.47
2.5
Book Value per Share
32
33.65
- -
35.03
37.74
42.47
45.56
46.77
48.89
45.57
46.25
48.82
54.84
56.94
Tangible Book Value per Share
27.88
30.21
- -
31.29
34.01
35.7
39.32
40.74
19.4
33.84
35.22
48.66
54.69
56.79
Basic Weighted Avg Shares
46
47
47
47
48
49
54
56
59
66
71
72
72
72
Sales/Revenue/Turnover
2,122
2,464
- -
2,460
2,549
2,880
3,120
3,299
3,680
4,960
2,535
2,475
1,940
1,741
Operating Margin (%)
13.41
11.7
- -
12.82
13.46
12.41
11.92
12.82
10.04
8.68
14.37
16.42
24.82
29.11
Depreciation Expense
253
270
- -
289
251
249
303
332
371
470
295
303
331
346
Net Income, GAAP
141
138
- -
152
194
182
214
232
201
-203
151
199
440
519
Effective Tax Rate (%)
35.7
36.43
- -
33.89
25.13
25.35
20.55
21.58
16.06
- -
17.36
13.05
29.03
31.09
Profit Margin (%)
6.65
5.61
- -
6.18
7.61
6.33
6.86
7.04
5.46
-4.1
5.95
8.03
22.67
29.83
Working Capital
136
23
- -
-95
-159
-99
-220
-41
-1,497
285
196
-368
262
91
LT Debt
1,631
1,551
- -
1,550
1,799
2,107
2,300
2,732
4,116
4,403
4,610
3,504
3,433
3,410
Total Equity
1,506
1,608
- -
1,684
1,812
2,333
2,590
2,841
3,151
3,218
3,415
3,689
3,961
4,125
Return on Invested Capital (%)
6.05
5.68
- -
12.53
7.11
6.23
5.92
5.98
4.05
- -
3.34
4.24
4.43
4.22
Return on Capital (%)
6.28
5.75
- -
12.16
7.07
6.02
6.03
5.7
3.88
- -
3.43
4.49
7.67
7.9
Return on Common Equity (%)
9.72
8.97
- -
18.28
11.15
8.96
8.99
8.97
7.13
-6.76
4.74
5.84
11.78
13.32

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
75
75
100
LT Borrowings
3,433
3,434
3,410
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
72
72
72
Market Capitalization
5,779
6,289
6,424

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,192
1,058
868
Cash, Cash Equivalents & STI
577
485
271
Accounts Receivable, Net
171
169
119
Inventories
94
94
96
Total Current Liabilities
930
730
777
Payables & Accruals
360
239
203
ST Debt
75
75
100
Deferred Revenue
67
68
67

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
6.91%
7.37%
Free Cash Flow
- -
14.6%
-58.98%
Net Income, GAAP
- -
-47.21%
121.22%
Sales/Revenue/Turnover
- -
-5.3%
-21.61%
Total Cash Common Dividend
- -
7.45%
0.5%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,581
1,182
359
1,270
2,475
2025
746
396
317
481
1,940
2026
585
358
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.22
0.26
- -
1.29
2.77
2025
1.58
-0.56
3.75
0.95
6.09
2026
1.91
0.58
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.62
0.62
0.62
0.62
2.47
2025
0.62
0.62
0.62
0.62
2.47
2026
0.62
0.64
- -
- -
- -

Company Description

CEO
Justin L. Brown
Full Time Employees
2,453
Sector
Utilities
Industry
Regulated Gas
Address
8360 South Durango Drive Las Vegas NV United States of America 89113
IPO Date
Jun 1, 1972
Business
Southwest Gas Holdings, Inc. (NYSE: SWX) operates as a holding company that, through its subsidiaries, purchases, distributes, and transports natural gas to over 2 million residential, commercial, and industrial customers in Arizona, Nevada, and California. The company conducts its activities primarily through the Natural Gas Distribution segment, which provides regulated tariff sales and transportation services via an extensive pipeline network; and the Utility Infrastructure Services segment, which offers installation, replacement, repair, maintenance of energy distribution systems, and gas construction works across North America. Founded in 1931 and headquartered in Las Vegas, Nevada, Southwest Gas Holdings serves fast-growing markets in the American Southwest, focusing on reliable energy delivery, infrastructure upgrades, and customer growth supported by ongoing capital investments. In recent developments, the company completed its full separation from former subsidiary Centuri Holdings, Inc. (NYSE: CTRI) in September 2025 through multiple follow-on offerings and private placements, generating approximately $1.62 billion in gross proceeds used to reduce debt by over $700 million and strengthen its balance sheet as a pure-play regulated natural gas utility. Additional 2025 changes include a $880 million capital expenditure plan for system improvements, pipe replacements, and a new LNG storage facility in Arizona; pending rate cases in Arizona, California, and Nevada expected to add up to $360 million in annual revenue; extension of credit facilities for enhanced liquidity; and the appointment of Justin S. Forsberg as Chief Financial Officer in November 2025.

Company News

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  • Southwest Gas Holdings, Inc. (SWX) Q2 2026 Earnings Call Transcript

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  • Southwest Gas (SWX) Lags Q2 Earnings and Revenue Estimates

  • Southwest Gas Holdings, Inc. Reports Second Quarter 2026 Financial Results, Reaffirms Full-Year 2026 Guidance

  • Arrowstreet Capital Limited Partnership Makes New $3.80 Million Investment in Southwest Gas Corporation $SWX

  • Southwest Gas (SWX) Projected to Release Quarterly Earnings on Wednesday

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  • 5 Utility Stocks Poised to Outperform Q2 Earnings Estimates

  • Southwest Gas Holdings, Inc. to Report Second Quarter 2026 Results on August 5, 2026

  • Southwest Gas Holdings Declares Third Quarter 2026 Dividend

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  • Southwest Gas Gains From Regulated Structure & Strategic Investment