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Financials · SWX

Southwest Gas Holdings Inc. (SWX) financials

For the twelve months ended Mar 31, 2026, Southwest Gas Holdings Inc. reported $1.78B of revenue and $464.33M of net income.

Revenue, TTM
$1.78B
Revenue growth, YoY
-37.4%
Net income, TTM
$464.33M
Net margin
26.1%
Free cash flow, TTM
-$426.49M
EPS, diluted, TTM
$6.41
Cash
$270.52M
Total debt
$3.51B
P/E
14.43
P/S
3.77
Market cap
$6.70B
Annual revenue$1.94B
FY2016FY2025
Annual net income$439.83M
FY2016FY2025
Annual free cash flow-$251.79M
FY2016FY2025

SWX revenue and earnings growth

SWX revenueQ1 2026$585.12M

Quarter YoY
-21.6%
QoQ
+21.7%
FY YoY
-21.6%
5Y CAGR
-10.1%
10Y CAGR
-2.4%

SWX revenue was $585.12M in fiscal Q1 2026 (ended Mar 31, 2026), down 21.6% from a year earlier and up 21.7% from the prior quarter. For the full fiscal 2025 it was $1.94B, down 21.6% from fiscal 2024. Compound annual growth was -10.1% over 5 years and -2.4% over 10 years. It rose in 6 of the last 10 fiscal years.

SWX net incomeQ2 2026$42.12M

QoQ
-69.6%
FY YoY
+121.2%
5Y CAGR
+13.6%
10Y CAGR
+12.3%

SWX net income was $42.12M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$40.15M a year earlier and down 69.6% from the prior quarter. For the full fiscal 2025 it was $439.83M, up 121.2% from fiscal 2024. Compound annual growth was +13.6% over 5 years and +12.3% over 10 years. Fiscal 2025 is the highest of the 11 fiscal years on file.

SWX EPSQ2 2026$0.58

QoQ
-69.6%
FY YoY
+120.3%
5Y CAGR
+8.0%
10Y CAGR
+7.6%

SWX diluted EPS was $0.58 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.56 a year earlier and down 69.6% from the prior quarter. For the full fiscal 2025 it was $6.08, up 120.3% from fiscal 2024. Compound annual growth was +8.0% over 5 years and +7.6% over 10 years.

SWX free cash flowQ2 2026-$174.31M

SWX free cash flow was -$174.31M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$72.96M a year earlier. For the full fiscal 2025 it was -$251.79M, compared with $509.19M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$1.94B$2.48B$2.53B$4.96B$3.68B$3.30B$3.12B$2.88B$2.55B$2.46B
Cost of revenue-$2.42B$2.62B$2.53B$1.96B$1.73B$1.57B$1.39B$1.15B$1.02B
Gross profit-$60.12M-$82.71M$2.43B$1.72B$1.57B$1.55B$1.49B$1.40B$1.44B
Operating income$473.89M$406.47M$292.98M-$24.40M$369.55M$423.00M$371.81M$357.43M$343.12M$315.47M
Interest expense-$297.04M$194.81M$242.75M$119.20M$111.48M$109.23M$96.67M$78.06M$73.66M
Pre-tax income$330.87M$254.14M$169.40M-$273.34M$246.85M$304.74M$272.67M$243.34M$259.03M$231.52M
Income tax$96.04M$33.16M$29.41M-$75.65M$39.65M$65.75M$56.02M$61.68M$65.09M$78.47M
Net income$439.83M$198.81M$150.89M-$203.29M$200.78M$232.32M$213.94M$182.28M$193.84M$152.04M
EPS, basic$6.09$2.77$2.13-$3.10$3.39$4.15$3.94$3.69$4.04$3.20
EPS, diluted$6.08$2.76$2.13-$3.10$3.39$4.14$3.94$3.68$4.04$3.18
Diluted shares72.3M72.0M71.0M65.6M59.3M56.1M54.3M49.5M48.0M47.8M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$576.64M$314.77M$106.54M$123.08M$222.70M$83.35M$49.54M$85.36M$43.62M$28.07M
Receivables$170.60M$203.01M$886.55M$866.25M$707.13M$522.17M$474.10M$413.93M$347.38M$285.14M
Current assets$1.19B$1.46B$1.88B$3.71B$1.61B$871.01M$859.86M$839.77M$657.03M$533.31M
Goodwill$11.15M$11.15M$789.73M$787.25M$1.78B$345.18M$343.02M$359.05M$179.31M$139.98M
Total assets$10.43B$12.07B$9.28B$13.20B$12.77B$8.74B$8.17B$7.36B$6.24B$5.58B
Current liabilities$929.90M$1.83B$1.68B$3.42B$3.11B$911.97M$1.08B$938.64M$815.88M$628.38M
Short-term debt$75.00M$0$42.55M$44.56M$297.32M$40.43M$163.51M$33.06M$25.35M$50.10M
Long-term debt$3.43B$3.50B$4.61B$4.40B$4.12B$2.73B$2.30B$2.11B$1.80B$1.55B
Total debt$3.51B$3.50B$4.65B$4.45B$4.41B$2.77B$2.46B$2.14B$1.82B$1.60B
Total liabilities$6.47B$8.39B$8.56B$10.14B$9.81B$6.06B$5.66B$5.11B$4.42B$3.92B
Shareholders' equity$3.96B$3.68B$3.31B$3.06B$2.95B$2.67B$2.51B$2.25B$1.81B$1.66B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$556.08M$1.36B$509.21M$407.46M$111.38M$626.08M$500.37M$528.86M$369.95M$600.51M
Capital expenditures$807.87M$846.59M$765.87M$859.42M$715.63M$825.11M$938.15M$765.91M$623.65M$529.53M
Free cash flow-$251.79M$509.19M-$256.66M-$451.96M-$604.24M-$199.03M-$437.78M-$237.06M-$253.69M$70.98M
Investing cash flow-$24.81M-$921.57M$150.97M-$838.90M-$3.04B-$802.07M-$951.63M-$999.48M-$700.88M-$525.59M
Financing cash flow-$318.28M-$176.34M-$700.79M$356.48M$3.06B$209.57M$415.28M$512.57M$346.19M-$82.65M
Dividends paid$178.51M$177.63M$174.57M$160.56M$138.22M$125.50M$116.13M$100.24M$92.13M$83.32M
Stock-based compensation$14.63M$11.37M$6.23M$9.45M$9.29M$7.11M$6.90M$6.11M$10.89M$5.46M
Depreciation and amortization$330.72M$303.10M$295.46M$470.45M$371.04M$332.03M$303.24M$249.21M$250.95M$289.13M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-21.6%-2.3%-48.9%34.8%11.6%5.7%8.3%13.0%3.6%-0.1%
Net income growth, YoY121.2%31.8%---13.6%8.6%17.4%-6.0%27.5%9.9%
EPS growth, YoY120.3%29.6%---18.1%5.1%7.1%-8.9%27.0%8.9%
Gross margin-2.4%-3.3%49.0%46.9%47.6%49.6%51.8%54.9%58.4%
Operating margin24.4%16.4%11.6%-0.5%10.0%12.8%11.9%12.4%13.5%12.8%
Net margin22.7%8.0%6.0%-4.1%5.5%7.0%6.9%6.3%7.6%6.2%
Free cash flow margin-13.0%20.6%-10.1%-9.1%-16.4%-6.0%-14.0%-8.2%-10.0%2.9%
Return on equity11.1%5.4%4.6%-6.6%6.8%8.7%8.5%8.1%10.7%9.2%
Return on assets4.2%1.6%1.6%-1.5%1.6%2.7%2.6%2.5%3.1%2.7%
Current ratio1.280.801.121.080.520.960.800.890.810.85
Debt to equity0.890.951.411.451.491.040.980.951.010.96

Source: XBRL data Southwest Gas Holdings Inc. files with the SEC, latest filing dated Aug 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

SWX peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
SWX$1.78B-37.4%$464.33M26.1%$6.70B
SHEL$273.73B-5.3%$17.84B6.5%$273.51B
TTE$201.20B-6.2%$13.13B6.5%$192.00B
PBR$89.19B-2.4%$19.63B22.0%$118.25B
CNQC$38.76B+8.7%C$10.82B27.9%$98.26B
E€82.15B-7.5%€2.61B3.2%$87.98B
EOG$29.73B+31.7%$8.19B27.5%$76.96B
OXY$25.75B+36.9%$7.50B29.1%$55.74B
OKE$43.19B+36.8%$4.07B9.4%$54.21B

SWX FAQ

8 questions
  • What is SWX revenue?
    Southwest Gas Holdings Inc. (SWX) reported $1.78B of revenue for the twelve months ended Mar 31, 2026. That is down 37.4% from the year before. Revenue for fiscal 2025 was $1.94B.
  • Is SWX profitable?
    Yes. Southwest Gas Holdings Inc. earned $464.33M in net income for the twelve months ended Mar 31, 2026, a net margin of 26.1%.
  • How much cash and debt does SWX have?
    Southwest Gas Holdings Inc. reported $270.52M in cash and cash equivalents and $3.51B of debt on its most recent balance sheet in SEC filings.
  • How fast is SWX revenue growing?
    Southwest Gas Holdings Inc.'s revenue changed -21.6% in fiscal 2025, to $1.94B. Its compound annual growth rate was -10.1% over 5 years and -2.4% over 10 years.
  • What is SWX free cash flow?
    Southwest Gas Holdings Inc. generated -$426.49M of free cash flow for the twelve months ended Mar 31, 2026, which is operating cash flow of $426.94M less capital expenditures.
  • What is SWX earnings per share?
    Diluted earnings per share were $6.41 for the twelve months ended Mar 31, 2026, from SEC filings, restated for any stock split those filings show.
  • When did SWX last report financial results?
    The latest statements here come from Southwest Gas Holdings Inc.'s 10-Q filed on Aug 5, 2026, covering the period ended Jun 30, 2026.
  • Where does this SWX financial data come from?
    Quantisnow builds these statements from the structured XBRL data Southwest Gas Holdings Inc. files with the SEC. It is provided for information only and is not investment advice.