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Southwest Gas Holdings, Inc. (SWX)

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Southwest Gas Holdings, Inc. (SWX) reported revenue of $358 million for Q2 FY2026, the quarter ended 30 June 2026, down 9.6% on the same quarter a year earlier. Net income was $42 million, and diluted earnings per share $0.58. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$358 milliondown 9.6%
Net income$42 million
Diluted EPS$0.58
QuarterQ2 FY2026ended 30 June 2026

Southwest Gas Holdings (SWX) in brief

Southwest Gas Holdings (SWX) reported revenue of $1.9 billion for fiscal 2025, the year ended 31 December 2025, down 21.6% on the year before.
Read moreNet income was $440 million and diluted earnings per share $6.08. Revenue was $2.5 billion in fiscal 2024, $2.5 billion in fiscal 2023, $5.0 billion in fiscal 2022 and $3.7 billion in fiscal 2021. Net income in the same years was $199 million, $151 million, a loss of $203 million and $201 million. Revenue fell 10.1% a year, compounded, over the five years to fiscal 2025. Southwest Gas Holdings declared $2.48 a share in dividends over the last four quarters and had 72 million shares outstanding at the latest filed count. At the close of 8 October 2026 the market cap of Southwest Gas Holdings was $6.0 billion.

Ratios

From the filings

ROEn/a
ROCEn/a
Operating marginn/a
Net marginn/a
FCF marginn/a
Interest covern/a
Debt to equity0.83
Cash conversionn/a
Share count, 1 year0.6%
Sales CAGR, 3 years-26.9%
Profit CAGR, 3 yearsn/a
EPS, TTMn/a

At the close of 8 October 2026

Price$83.51
Market cap$6.0 billion
Stock P/En/a
Price to book1.47
EV / EBITDAn/a
Dividend yield3.0%
Market cap / salesn/a
52-week high$94.05
52-week low$77.23
Price, 1 year5.2%
Price CAGR, 3 years12.2%
Price CAGR, 5 years5.4%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on long-term debt as Southwest Gas Holdings, Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
SWXgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on SWX

Filings21 in twelve months: 13 current reports (8-K), about 5 results of operations; 5 officer or director change; 3 regulation fd disclosure; 2 material agreement; 1 shareholder vote
Planned insider sales3 Form 144 notices in twelve months, $1.2 million; latest 28 September 2026
Options tapeput/call 0.5 by open interest at the 8 October 2026 close; the straddle prices a 2.9% move to 16 October 2026
13F holders7 of the followed funds hold it; largest FMR LLC; 4 Schedule 13D or 13G filings in twelve months
Insider trading2 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest2.2 million shares short, 3.73 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024 †Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,1691,3681,5811,1821,0791,270746396317n/a585358
Cost of revenue6866125166056456505290.0n/an/an/an/a
Gross profit4847551,065578434620218396n/an/an/an/a
Gross margin41%55%67%49%40%49%29%100%n/an/an/an/a
Operating income60.213815883.220.118121464.537.0n/a21984.3
Operating margin5%10%10%7%2%14%29%16%12%n/a37%24%
Interest expense72.073.671.673.877.773.972.371.649.0n/an/an/a
Pre-tax income2.783.310524.4-17.111216829.23.4n/a18551.6
Tax rate-47%12%16%17%n/a16%20%103%-24%n/a25%18%
Net income3.272.987.718.30.392.5114-12.9270n/a13842.1
Net margin0%5%6%2%0%7%15%-3%85%n/a24%12%
Diluted EPS$0.04$1.01$1.22$0.25$0.00$1.28$1.58-$0.18$3.74n/a$1.91$0.58
Operating cash flow18631154430730420129112656.9n/a162146
Capital expenditure226208221223265236163199163n/a209320
Free cash flow-39.610332383.338.7-34.7128-73.0-106n/a-46.6-174
Dividends paid44.344.344.444.444.544.544.544.644.7n/a44.846.7
Shares outstanding72m72m72m72m72m72m72m72m72m72m72m72m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A fourth quarter left blank is one the arithmetic cannot give yet: the annual report changed the basis of the year (a business sold or spun off, a line regrouped), so the year less the three quarters as first filed would not be a quarter of anything. It fills in once the three quarters have been refiled on the new basis. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 11 fiscal years and the trailing twelve months

FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023 †FY2024 †FY2025TTM
Revenue2,4642,4602,5492,8803,1203,2993,6804,9602,5352,4751,940n/a
Cost of revenuen/a1,0241,1491,3881,5731,7291,9552,5292,6172,415n/an/a
Gross profitn/a1,4361,4001,4921,5471,5691,7252,431n/an/an/an/a
Gross marginn/a58.4%54.9%51.8%49.6%47.6%46.9%49.0%n/an/an/an/a
Operating income288315343357372423370-24.4293406474n/a
Operating margin11.7%12.8%13.5%12.4%11.9%12.8%10.0%-0.5%11.6%16.4%24.4%n/a
Interest expense71.973.778.196.7109111119243292297n/an/a
Pre-tax income219232259243273305247-273169254331n/a
Income tax79.978.565.161.756.065.839.6-75.729.433.296.0n/a
Effective tax rate36.4%33.9%25.1%25.3%20.5%21.6%16.1%n/a17.4%13.0%29.0%n/a
Net income138152194182214232201-203151199440n/a
Net margin5.6%6.2%7.6%6.3%6.9%7.0%5.5%-4.1%6.0%8.0%22.7%n/a
Diluted EPS$2.92$3.18$4.04$3.68$3.94$4.14$3.39-$3.10$2.13$2.76$6.08n/a
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023Share
latest year
Natural Gas Distribution2,53698.6%
Pipeline And Storage35.11.4%
Natural Gas DistributionPipeline And Storage
2,571FY2023

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023 †FY2024 †FY2025TTM
Operating cash flow5526013705295006261114075091,356556n/a
Capital expenditure488530624766938825716859766847808n/a
Free cash flow64.171.0-254-237-438-199-604-452-257509-252n/a
Free cash flow margin2.6%2.9%-10.0%-8.2%-14.0%-6.0%-16.4%-9.1%-10.1%20.6%-13.0%n/a
Cash from investingn/a-526-701-999-952-802-3,036-839151-922-24.8n/a
Cash from financingn/a-82.73465134152103,063356-701-176-318n/a
Depreciation and amortisation270289251249303332371470295303331n/a
Share-based compensation2.95.510.96.16.97.19.39.46.211.414.6n/a
Dividends paid74.283.392.1100116126138161175178179n/a
Dividend per share$1.62$1.80$1.98$2.08n/an/a$2.38$2.48$2.48$2.48$2.48n/a
Diluted shares, weighted47m48m48m49m54m56m59m66m71m72m72m73m
Shares outstanding at period endn/a47m48m53m55m57m60m67m72m72m72m72m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023 †FY2024 †FY2025TTM
Funded by
Shareholders' equity1,5921,6631,8152,2522,5062,6752,9543,0593,3103,5043,9614,125
Non-controlling interestn/a-2.2-2.4-0.50.0n/an/an/a0.01770.0n/a
Redeemable equity16.122.60.081.884.51661971591057.70.0n/a
Short-term borrowingsn/an/a2141522111071,9091,5436286800.0n/a
Debtn/a1,5501,7992,1072,3002,7324,1164,4034,6103,5043,4333,410
Finance lease liabilitiesn/an/an/an/a0.4n/an/an/an/an/an/an/a
Other liabilitiesn/a2,3472,4122,7653,0683,0563,5904,0326244,1993,0352,940
Total liabilities and equityn/a5,5816,2377,3588,1708,73612,76513,1979,27712,07310,42910,475
Owned
Goodwilln/a1401793593433451,78178779011.211.211.2
Cash and equivalents36.028.143.685.449.583.4223123107315577271
Receivablesn/a285347414474522707866887203171119
Other assets5,3235,1285,6676,4997,3037,78510,05411,4207,49411,5449,67110,075
Total assets5,3595,5816,2377,3588,1708,73612,76513,1979,27712,07310,42910,475
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded-2.4%-10.1%-26.9%n/a
Profit growth, compounded12.3%13.6%n/an/a
Return on equity, average6.7%4.3%7.1%11.1%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Utilities

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
ONEOK Inc. OKE$56.9 billion15.5715.9%15.5%40.8%1.374.7%
UGI Corp. UGI$7.9 billion12.3512.9%16.2%-0.5%1.284.1%
National Fuel GAS Co. NFG$7.4 billion10.8617.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.209.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion31.975.5%22.2%10.0%1.462.8%
Southwest Gas Holdings, Inc. SWX$6.0 billionn/an/an/an/a0.833.0%
Black Hills Corp. BKH$5.8 billion19.327.6%23.9%2.5%1.013.5%
Ormat Technologies, Inc. ORA$5.5 billion43.664.9%16.6%31.1%0.600.5%
Portland General Electric Co. POR$5.3 billion19.986.2%14.1%1.3%1.204.6%
NEW Jersey Resources Corp. NJR$5.2 billion14.0913.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.6915.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.945.9%18.8%10.7%1.193.5%
All 53 in Utilities
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
NextEra Energy Inc. NEE$161.4 billion17.3916.3%29.8%10.8%1.732.9%
Constellation Energy Corp. CEG$101.2 billion27.7810.8%14.7%26.0%0.600.1%
Southern Co. SO$97.1 billion20.7611.0%24.2%6.4%1.623.4%
Duke Energy Corp. DUK$91.1 billion17.579.6%27.8%6.3%1.503.6%
Williams Companies, Inc. WMB$88.5 billion28.8223.3%38.2%8.7%2.132.8%
National Grid plc NGG *$80.2 billion17.878.2%30.7%-3.8%1.192.7%
Kinder Morgan, Inc. KMI$71.8 billion20.6711.0%29.0%12.5%0.943.6%
American Electric Power Co. Inc. AEP$66.6 billion21.209.8%23.0%10.3%1.583.1%
TC Energy Corporation TRP *$62.4 billion26.1412.9%52.7%10.7%2.204.0%
Targa Resources Corp. TRGP$61.9 billion27.5862.0%22.9%-2.0%5.351.3%
ONEOK Inc. OKE$56.9 billion15.5715.9%15.5%40.8%1.374.7%
Dominion Energy, Inc. D$54.3 billion21.528.8%21.1%19.0%1.624.3%
Vistra Corp. VST$52.5 billion26.3340.5%18.5%3.8%3.570.6%
Sempra SRE$52.4 billion23.217.0%n/a1.6%0.953.2%
Entergy Corp. ETR$46.9 billion26.289.9%22.9%9.5%1.812.4%
Xcel Energy Inc. XEL$45.8 billion20.109.3%19.1%4.7%1.543.1%
Exelon Corp. EXC$43.1 billion15.259.4%20.8%6.6%1.693.8%
Consolidated Edison Inc. ED$39.1 billion17.438.6%18.0%9.5%1.083.1%
Public Service Enterprise Group Inc. PEG$35.8 billion17.8711.6%23.1%12.7%1.363.5%
WEC Energy Group, Inc. WEC$33.8 billion20.0811.6%22.8%8.9%1.323.4%
Ameren Corp. AEE$28.2 billion17.9311.4%24.9%3.8%1.392.8%
Pg&E Corp. PCG$27.9 billion9.189.0%20.0%5.7%1.82n/a
Atmos Energy Corp. ATO$27.1 billion19.179.2%37.0%6.5%0.642.2%
DTE Energy Co. DTE$26.4 billion20.0810.8%13.3%15.9%2.133.5%
Firstenergy Corp. FE$26.0 billion23.868.4%14.6%12.6%2.104.0%
PPL Corp. PPL$25.7 billion20.188.4%24.1%6.7%1.323.2%
American Water Works Company, Inc. AWK$25.5 billion22.219.7%36.9%6.9%1.202.6%
Centerpoint Energy Inc. CNP$25.3 billion22.609.5%23.2%7.1%1.952.3%
Eversource Energy ES$24.7 billion17.028.9%21.5%7.8%1.634.6%
NRG Energy, Inc. NRG$22.4 billion27.6217.5%6.1%12.8%4.821.7%
Edison International EIX$20.9 billion5.6021.4%32.7%10.7%2.336.2%
CMS Energy Corp. CMS$20.5 billion19.6210.5%18.9%9.9%1.863.3%
Nisource Inc. NI$19.4 billion21.569.5%27.0%12.3%1.632.8%
Evergy, Inc. EVRG$18.6 billion20.499.1%26.2%3.6%1.203.4%
Talen Energy Corp. TLN$18.1 billionn/a-11.4%2.6%60.8%5.92n/a
Alliant Energy Corp. LNT$17.0 billion20.7310.9%22.1%6.8%1.413.1%
DT Midstream, Inc. DTM$12.6 billion27.149.8%49.6%18.1%0.702.7%
Pinnacle West Capital Corp. PNW$11.9 billion18.779.1%20.5%5.7%1.393.7%
Essential Utilities, Inc. WTRG$11.0 billion19.767.9%35.1%9.9%1.204.8%
Antero Midstream Corp. AM$9.9 billion24.8220.5%52.8%6.9%1.83n/a
OGE Energy Corp. OGE$9.5 billion20.229.4%24.2%0.6%1.123.7%
UGI Corp. UGI$7.9 billion12.3512.9%16.2%-0.5%1.284.1%
National Fuel GAS Co. NFG$7.4 billion10.8617.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.209.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion31.975.5%22.2%10.0%1.462.8%
Southwest Gas Holdings, Inc. SWX$6.0 billionn/an/an/an/a0.833.0%
Black Hills Corp. BKH$5.8 billion19.327.6%23.9%2.5%1.013.5%
Ormat Technologies, Inc. ORA$5.5 billion43.664.9%16.6%31.1%0.600.5%
Portland General Electric Co. POR$5.3 billion19.986.2%14.1%1.3%1.204.6%
NEW Jersey Resources Corp. NJR$5.2 billion14.0913.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.6915.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.945.9%18.8%10.7%1.193.5%
One Gas, Inc. OGS$4.5 billion15.598.1%20.6%-0.8%0.743.7%
1 company shares its SEC industry code (Natural Gas Transmisison & Distribution); the rest are the names nearest in size in its wider industry, Utilities, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20265 May 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 20255 November 2025EDGAR
10-Q30 June 20256 August 2025EDGAR
10-Q31 March 202512 May 2025EDGAR
10-K31 December 202426 February 2025EDGAR
10-Q30 September 20246 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR
10-Q31 March 20248 May 2024EDGAR

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