Southwest Gas Holdings (SWX) Q4 FY2025 earnings: the quarter the year does not yet give

Southwest Gas Holdings, Inc. (SWX) files the full year and not its fourth quarter on its own, and for Q4 FY2025, the quarter ended 31 December 2025, the year less the first three quarters would not be a quarter of anything: the annual report changed the basis of the year (a business sold or spun off, a line regrouped). The figures fill in once the three quarters are refiled on the new basis. The year itself is on the company's page, from the 10-K filed with the SEC on 25 February 2026.

Revenue

Net income

Diluted EPSn/a

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	n/a	317	1,270	n/a
Cost of revenue	n/a	n/a	650	n/a
Gross profit	n/a	n/a	620	n/a
Gross margin	n/a	n/a	48.8%
Operating income	n/a	37.0	181	n/a
Operating margin	n/a	11.7%	14.2%
Interest expense	n/a	49.0	73.9	n/a
Pre-tax income	n/a	3.4	112	n/a
Income tax	n/a	-0.8	17.4	n/a
Effective tax rate	n/a	-23.8%	15.5%
Net income	n/a	270	92.5	n/a
Net margin	n/a	85.3%	7.3%
Diluted EPS	n/a	$3.74	$1.28	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	n/a	56.9	201	n/a
Capital expenditure	n/a	163	236	n/a
Free cash flow	n/a	-106	-34.7	n/a
Free cash flow margin	n/a	-33.4%	-2.7%
Cash from investing	n/a	611	-234	n/a
Cash from financing	n/a	-245	-59.6	n/a
Depreciation and amortisation	n/a	79.1	116	n/a
Share-based compensation	n/a	-1.0	4.9	n/a
Dividends paid	n/a	44.7	44.5	n/a
Dividend per share	n/a	$0.62	n/a	n/a
Diluted shares, weighted	72m	72m	72m	+0.3%
Shares outstanding at period end	72m	72m	72m	+0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	3,961	3,929	3,504	+13.0%
Non-controlling interest	0.0	0.0	177	n/a
Redeemable equity	0.0	0.0	7.7	n/a
Short-term borrowings	0.0	0.0	680	n/a
Debt	3,433	3,507	4,348	-21.1%
Other liabilities	3,035	2,893	3,306	-8.2%
Total liabilities and equity	10,429	10,329	12,024	-13.3%
Goodwill	11.2	11.2	781	-98.6%
Cash and equivalents	577	779	364	+58.5%
Receivables	171	111	723	-76.4%
Other assets	9,671	9,428	10,156	-4.8%
Total assets	10,429	10,329	12,024	-13.3%

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,169	1,368	1,581	1,182	1,079	1,270	746	396	317	n/a	585	358
Cost of revenue	686	612	516	605	645	650	529	0.0	n/a	n/a	n/a	n/a
Gross profit	484	755	1,065	578	434	620	218	396	n/a	n/a	n/a	n/a
Gross margin	41%	55%	67%	49%	40%	49%	29%	100%	n/a	n/a	n/a	n/a
Operating income	60.2	138	158	83.2	20.1	181	214	64.5	37.0	n/a	219	84.3
Operating margin	5%	10%	10%	7%	2%	14%	29%	16%	12%	n/a	37%	24%
Interest expense	72.0	73.6	71.6	73.8	77.7	73.9	72.3	71.6	49.0	n/a	n/a	n/a
Pre-tax income	2.7	83.3	105	24.4	-17.1	112	168	29.2	3.4	n/a	185	51.6
Tax rate	-47%	12%	16%	17%	n/a	16%	20%	103%	-24%	n/a	25%	18%
Net income	3.2	72.9	87.7	18.3	0.3	92.5	114	-12.9	270	n/a	138	42.1
Net margin	0%	5%	6%	2%	0%	7%	15%	-3%	85%	n/a	24%	12%
Diluted EPS	$0.04	$1.01	$1.22	$0.25	$0.00	$1.28	$1.58	-$0.18	$3.74	n/a	$1.91	$0.58
Operating cash flow	186	311	544	307	304	201	291	126	56.9	n/a	162	146
Capital expenditure	226	208	221	223	265	236	163	199	163	n/a	209	320
Free cash flow	-39.6	103	323	83.3	38.7	-34.7	128	-73.0	-106	n/a	-46.6	-174
Dividends paid	44.3	44.3	44.4	44.4	44.5	44.5	44.5	44.6	44.7	n/a	44.8	46.7
Shares outstanding	72m	72m	72m	72m	72m	72m	72m	72m	72m	72m	72m	72m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

Source

10-K for the period ended 31 December 2025, filed 25 February 2026, accession 0001692115-26-000062: the filing on EDGAR. All of Southwest Gas Holdings, Inc.'s filings: EDGAR company page.

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