Southwest Gas Holdings (SWX) FY2025 results: revenue $1.9 billion, down 21.6% on the year
Southwest Gas Holdings, Inc. (SWX) reported revenue of $1.9 billion for fiscal 2025, the year ended 31 December 2025, down 21.6% on the year before. Net income was $440 million, up 121.2%, and diluted earnings per share $6.08. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
- Full-year adjusted EPS reached $3.65: Continuing operations earned $3.25 diluted EPS for 2025, or $3.65 adjusted. Net income attributable to the company was $439.8 million, including $205.0 million from discontinued operations.
- Operating margin rose $119.6 million: Rate updates in Arizona and other territories added about $95.2 million of incremental margin, and customer growth added $11.5 million. Operating margin was $1.44 billion for 2025.
- Arizona revenue increase of $80.2 million: The Arizona Corporation Commission approved the increase in March 2025, with a 9.84% allowed return on equity on a 48.5% equity layer.
- 2026 EPS guidance initiated at $4.17-$4.32: The company initiated 2026 EPS from continuing operations of $4.17 to $4.32 and capital expenditures of about $1.25 billion, with growth ranges running through 2030.
- Great Basin precedent agreements signed: In December 2025 Great Basin Gas Transmission Company executed binding precedent agreements for a potential 2028 expansion, with an estimated $1.7 billion of potential incremental capital.
From this 10-K
Southwest Gas Holdings is a holding company headquartered in Las Vegas, Nevada, that owns Southwest Gas, a regulated natural gas utility serving parts of Arizona, Nevada and California. The holding company is incorporated in Delaware and Southwest Gas in California. As of December 31, 2025 Southwest Gas bought and distributed or transported natural gas to approximately 2,281,000 residential, commercial and industrial customers, and it added 37,000 first-time meter sets in 2025.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 1,940 | 2,475 | 2,535 | -21.6% | |
| Cost of revenue | n/a | 2,415 | 2,617 | ||
| Operating income | 474 | 406 | 293 | +16.6% | |
| Operating margin | 24.4% | 16.4% | 11.6% | ||
| Interest expense | 203 | 297 | 292 | -31.6% | |
| Pre-tax income | 331 | 254 | 169 | +30.2% | |
| Income tax | 96.0 | 33.2 | 29.4 | +189.6% | |
| Effective tax rate | 29.0% | 13.0% | 17.4% | ||
| Net income | 440 | 199 | 151 | +121.2% | |
| Net margin | 22.7% | 8.0% | 6.0% | ||
| Diluted EPS | $6.08 | $2.76 | $2.13 | +120.3% |
Read more
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
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 556 | 1,356 | 509 | -59.0% | |
| Capital expenditure | 808 | 847 | 766 | -4.6% | |
| Free cash flow | -252 | 509 | -257 | ||
| Free cash flow margin | -13.0% | 20.6% | -10.1% | ||
| Cash from investing | -24.8 | -922 | 151 | ||
| Cash from financing | -318 | -176 | -701 | ||
| Depreciation and amortisation | 331 | 303 | 295 | +9.1% | |
| Share-based compensation | 14.6 | 11.4 | 6.2 | +28.7% | |
| Dividends paid | 179 | 178 | 175 | +0.4% | |
| Dividend per share | $2.48 | $2.48 | $2.48 | 0.0% | |
| Diluted shares, weighted | 72m | 72m | 71m | +0.4% | |
| Shares outstanding at period end | 72m | 72m | 72m | +0.6% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 3,961 | 3,504 | 3,310 | +13.0% | |
| Non-controlling interest | 0.0 | 177 | 0.0 | ||
| Redeemable equity | 0.0 | 7.7 | 105 | ||
| Short-term borrowings | 0.0 | n/a | 628 | ||
| Debt | 3,508 | 4,184 | 4,652 | -16.2% | |
| Other liabilities | 2,960 | 4,199 | 582 | -29.5% | |
| Total liabilities and equity | 10,429 | 12,073 | 9,277 | -13.6% | |
| Goodwill | 11.2 | 11.2 | 790 | 0.0% | |
| Cash and equivalents | 577 | 315 | 107 | +83.2% | |
| Receivables | 171 | 203 | 887 | -16.0% | |
| Other assets | 9,671 | 11,544 | 7,494 | -16.2% | |
| Total assets | 10,429 | 12,073 | 9,277 | -13.6% |
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.