Logo

SWX

Southwest Gas Holdings, Inc.

SWX

Southwest Gas Holdings, Inc. • NYSE
$83.05 ▲ 0.78% (+0.64)
Market Cap $5.98 B
52w High $83.11
52w Low $64.69
Dividend Yield 2.48%
P/E 26.2
Volume 195.96K
Outstanding Shares 72.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $316.911M ▼ $102.441M ▼ $270.476M ▲ 85.348% ▲ $3.75 ▲ $15.605M ▼
Q2-2025 $1.12B ▼ $126.413M ▼ $-12.883M ▼ -1.15% ▼ $-0.18 ▼ $217.04M ▼
Q1-2025 $1.296B ▲ $151.674M ▲ $113.87M ▲ 8.783% ▲ $1.58 ▲ $337.05M ▲
Q4-2024 $1.27B ▲ $138.416M ▲ $92.456M ▲ 7.279% ▲ $1.29 ▲ $301.556M ▲
Q3-2024 $1.079B $129.644M $289K 0.027% $0.004 $185.603M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $778.631M ▲ $10.329B ▼ $6.4B ▼ $3.929B ▲
Q2-2025 $355.627M ▼ $12.214B ▲ $8.09B ▼ $3.675B ▲
Q1-2025 $406.295M ▲ $12.076B ▲ $8.317B ▼ $3.579B ▲
Q4-2024 $363.789M ▼ $12.024B ▲ $8.335B ▲ $3.504B ▲
Q3-2024 $456.643M $11.875B $8.235B $3.455B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $66.145M ▲ $56.897M ▼ $611.201M ▲ $-244.717M ▼ $423.004M ▲ $-105.835M ▼
Q2-2025 $-10.329M ▼ $126.343M ▼ $-209.37M ▼ $32.12M ▲ $-50.668M ▼ $-93.78M ▼
Q1-2025 $109.187M ▲ $291.268M ▲ $-186.645M ▲ $-62.128M ▼ $42.506M ▲ $103.772M ▲
Q4-2024 $94.401M ▲ $201.444M ▼ $-234.246M ▲ $-59.57M ▲ $-92.854M ▲ $-34.666M ▼
Q3-2024 $2.663M $304.051M $-261.435M $-185.709M $-142.996M $38.74M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Natural Gas Distribution Segment
Natural Gas Distribution Segment
 $0 ▲$0 ▲$0 ▲$320.00M ▲
Electric Power Infrastructure Services
Electric Power Infrastructure Services
 $330.00M ▲$310.00M ▼$330.00M ▲$0 ▼
Gas Infrastructure Services
Gas Infrastructure Services
 $400.00M ▲$240.00M ▼$390.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the past few years but has recently leveled off, which is common for a mature regulated utility. Profitability has been bumpy: there was a very large loss a few years ago, likely tied to one‑time charges or restructuring, but earnings have since recovered to steady, modest profits. Underlying operating performance looks more stable than the net income swings suggest, with core earnings before interest and non‑cash items improving. Overall, the income statement now reflects a more typical, regulated‑utility profile after a disruptive period.

Balance Sheet

Balance Sheet The company runs with a sizable debt load, which is normal for utilities but still an important risk to watch. Debt climbed meaningfully during the past several years and has only recently started to edge down, while shareholders’ equity has been slowly building. The result is a balance sheet that appears stronger than it was at the peak of borrowing, but still clearly leveraged. The asset base is large and relatively steady, reflecting long‑lived infrastructure that supports regulated returns but limits flexibility if conditions change.

Cash Flow

Cash Flow Cash generation from the core business has improved notably, moving from thin levels to a healthier cushion in the most recent year. Free cash flow was negative for several years because of heavy investment in infrastructure, which is typical for a growing utility, but has recently turned positive as cash earnings improved. Capital spending remains high, reflecting ongoing pipeline upgrades, safety work, and growth projects. The overall picture is a business that now better funds its investments from internal cash, but is still in an investment‑heavy phase that ties up a lot of cash in long‑term projects.

Competitive Edge

Competitive Edge Southwest Gas operates as a regulated natural gas distributor in fast‑growing Western states, giving it a protected local monopoly in its service territories and relatively predictable revenue. Regulation creates both strength and constraint: it supports stable returns but limits pricing flexibility and ties results to regulatory decisions. The move to become a pure‑play regulated utility, after separating its services arm, simplifies the story and tightens the company’s focus on its core gas business. However, long‑term pressures from decarbonization policies, electrification, and potential limits on new gas connections remain important strategic risks, even with a supportive regulatory environment today.

Innovation and R&D

Innovation and R&D The company is unusually active on the innovation front for a gas utility, with real‑world projects in renewable natural gas, hydrogen blending, and advanced leak detection. Its renewable gas projects with dairies and wastewater facilities help turn waste emissions into usable fuel, positioning Southwest Gas as a lower‑carbon gas provider. Hydrogen pilots with universities test how far existing pipes and appliances can go in a future with cleaner fuels, while technology investments aim to improve safety, reliability, and emissions detection. These efforts could strengthen the company’s role in a low‑carbon energy system, but many are still in pilot or early‑scale stages and depend on policy support and cost recovery through rates.

Summary

Southwest Gas today looks like a more focused, traditional regulated gas utility emerging from a period of restructuring and one‑time hits to earnings. Profitability and operating cash flow have improved, though they sit on top of a balance sheet that still carries considerable debt from prior expansion and investment. The company continues to spend heavily on infrastructure, which supports long‑term rate base growth but weighs on free cash flow and keeps capital needs high. Its competitive position is supported by regulation and an established customer base in growing Western markets, while its push into renewable gas, hydrogen, and advanced grid technologies aims to keep natural gas relevant in a decarbonizing world. The main watchpoints are regulatory outcomes, pace of policy change around gas usage, and management’s discipline in balancing large capital plans against leverage and financial flexibility.

NEWS

November 26, 2025 · 4:10 PM UTC

Southwest Gas Names Justin S. Forsberg Chief Financial Officer

Read more

November 19, 2025 · 4:30 PM UTC

Southwest Gas Holdings Declares First Quarter 2026 Dividend

Read more

November 7, 2025 · 6:30 AM UTC

Algonquin Power & Utilities Corp. Announces Appointment of Robert Stefani as Chief Financial Officer

Read more

November 5, 2025 · 8:02 AM UTC

Southwest Gas Initiates CFO Transition

Read more

November 5, 2025 · 8:00 AM UTC

Southwest Gas Holdings, Inc. Reports Third Quarter 2025 Financial Results, Southwest Gas 2025 Net Income Expected Toward Top End of Guidance Range

Read more