SWX · Southwest Gas Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | $1.08B | $1.18B | $1.58B | - |
| Cost of Revenue | - | - | - | $657.67M | $528.57M | - | $644.93M | $604.54M | $515.64M | - |
| Gross Profit | - | - | - | - | - | - | $434.26M | $577.62M | $1.07B | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $365.77M | - | $279.90M | $1.02B | $1.10B | - | $1.02B | $1.10B | $1.42B | - |
| D&A | $99.60M | - | $79.07M | $103.16M | $127.91M | - | $107.36M | $96.07M | $119.14M | - |
| Operating Income | $219.35M | - | $37.01M | $95.46M | $200.42M | - | $61.48M | $83.22M | $158.13M | - |
| Interest Expense | - | - | $49.00M | $71.61M | $71.61M | - | $72.00M | $69.35M | $71.61M | - |
| Income Tax | $46.22M | - | ($803.0K) | $52.59M | $27.67M | - | ($2.15M) | $4.18M | $17.08M | - |
| Net Income | $138.37M | - | $270.48M | ($12.88M) | $113.87M | - | $289.0K | $18.33M | $87.74M | - |
| EPS - Basic | $1.91 | - | $3.75 | ($0.18) | $1.58 | - | $0.00 | $0.26 | $1.22 | - |
| EPS - Diluted | $1.91 | - | $3.74 | ($0.18) | $1.58 | - | $0.00 | $0.25 | $1.22 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $484.75M | $576.64M | $778.63M | $355.63M | $406.30M | $363.79M | $456.64M | $599.64M | $457.95M | $106.54M |
| Accounts Receivable | $168.79M | $170.60M | $110.58M | $705.31M | $693.83M | $722.62M | $673.22M | $796.24M | $843.13M | $886.55M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $122.01M | $225.73M | $118.93M | $254.57M | $253.32M | $331.81M | $226.96M | $264.29M | $264.62M | $346.91M |
| Current Assets | $1.06B | $1.19B | $1.24B | $1.43B | $1.43B | $1.46B | $1.46B | $1.73B | $1.78B | $1.88B |
| Total Assets | $10.41B | $10.43B | $10.33B | $12.21B | $12.08B | $12.02B | $11.87B | $11.99B | $11.89B | $11.87B |
| Current Liabilities | $729.96M | $929.90M | $804.70M | $1.41B | $1.81B | $1.83B | $1.70B | $1.10B | $1.72B | $1.68B |
| Long-term Debt | $3.43B | $3.43B | $3.51B | $4.40B | $4.33B | $4.35B | $4.38B | $5.06B | $4.65B | $4.61B |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $4.10B | $3.96B | $3.93B | $3.67B | $3.58B | $3.50B | $3.46B | $3.49B | $3.36B | $3.31B |
| Retained Earnings | $1.16B | $1.02B | $999.40M | $769.72M | $827.45M | $758.65M | $710.94M | $755.37M | $781.68M | $738.84M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $162.13M | - | - | - | $291.27M | - | - | - | $543.71M | - |
| Investing Cash Flow | ($203.63M) | - | - | - | ($186.65M) | - | - | - | ($199.79M) | - |
| Financing Cash Flow | ($50.40M) | - | - | - | ($62.13M) | - | - | - | $7.69M | - |
| CapEx | $208.72M | - | - | - | $187.50M | - | - | - | $221.20M | - |
| Free Cash Flow | ($46.59M) | - | - | - | $103.77M | - | - | - | $322.51M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | 40.2% | 48.9% | 67.4% | - |
| Operating margin | - | - | - | - | - | - | 5.7% | 7.0% | 10.0% | - |
| EBITDA margin | - | - | - | - | - | - | 15.6% | 15.2% | 17.5% | - |
| Net margin | - | - | - | - | - | - | 0.0% | 1.6% | 5.5% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | 20.4% | - |
| FCF / Net income | -0.34 | - | - | - | 0.91 | - | - | - | 3.68 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 25.0% | - | -0.3% | 132.4% | 19.5% | - | - | 18.6% | 16.3% | - |
| Return on assets | 1.3% | - | 2.6% | -0.1% | 0.9% | - | 0.0% | 0.2% | 0.7% | - |
| Return on equity | 3.4% | - | 6.9% | -0.4% | 3.2% | - | 0.0% | 0.5% | 2.6% | - |
| Return on invested capital | 2.2% | - | 0.5% | 0.6% | 2.0% | - | 0.6% | 0.8% | 1.7% | - |
| Liquidity | ||||||||||
| Current ratio | 1.45 | 1.28 | 1.55 | 1.01 | 0.79 | 0.80 | 0.85 | 1.58 | 1.04 | 1.12 |
| Quick ratio | 1.45 | 1.28 | 1.55 | 1.01 | 0.79 | 0.80 | 0.85 | 1.58 | 1.04 | 1.12 |
| Cash ratio | 0.66 | 0.62 | 0.97 | 0.25 | 0.22 | 0.20 | 0.27 | 0.55 | 0.27 | 0.06 |
| Leverage | ||||||||||
| Debt / Equity | 0.84 | 0.87 | 0.89 | 1.20 | 1.21 | 1.24 | 1.27 | 1.45 | 1.39 | 1.39 |
| Debt / Assets | 0.33 | 0.33 | 0.34 | 0.36 | 0.36 | 0.36 | 0.37 | 0.42 | 0.39 | 0.39 |
| Debt / EBITDA | 10.77 | - | 30.21 | 22.14 | 13.18 | - | 25.95 | 28.24 | 16.77 | - |
| Interest coverage | - | - | 0.8x | 1.3x | 2.8x | - | 0.9x | 1.2x | 2.2x | - |
| Equity multiplier | 2.54 | 2.63 | 2.63 | 3.32 | 3.37 | 3.43 | 3.44 | 3.43 | 3.54 | 3.59 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | 0.09 | 0.10 | 0.13 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | 228d | 246d | 195d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | 141d | 175d | - | 128d | 160d | 187d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 45.5x | - | 20.9x | - | 45.4x | - | - | 281.5x | 62.4x | - |
| P / B | 1.5x | - | 1.4x | 1.5x | 1.4x | - | 1.5x | 1.5x | 1.6x | - |
| P / S | - | - | - | - | - | - | 4.9x | 4.3x | 3.5x | - |
| EV / EBITDA | 29.0x | - | 72.4x | 47.3x | 27.7x | - | 54.7x | 53.2x | 34.9x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | -7.7% | -8.6% | -1.4% | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | 6.7% | 12.9% | 21.3% | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | 8.3% | 10.6% | 13.7% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | -10.2% | -0.1% | 6.6% | - |
| Operating income growth (YoY) | 9.4% | - | -39.8% | 14.7% | 26.7% | - | 2.1% | -1.8% | 17.0% | - |
| Net income growth (YoY) | 21.5% | - | 93490.3% | - | 29.8% | - | -91.1% | -36.5% | 91.1% | - |
| EPS growth (YoY) | 20.9% | - | - | - | 29.5% | - | - | -37.5% | 82.1% | - |
| EPS CAGR (3y) | 41.8% | - | - | - | 0.0% | - | - | -16.5% | -15.6% | - |
| EPS CAGR (5y) | -1.2% | - | 63.5% | - | 3.8% | - | - | -9.4% | -7.2% | - |
| FCF growth (YoY) | - | - | - | - | -67.8% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | 11.2% | - | - | - | - | - |
| Book value growth (YoY) | 14.6% | 13.0% | 13.7% | 5.2% | 6.6% | 5.9% | 6.7% | 7.0% | 1.8% | 8.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2024-12-31.
Product / service
$2.64B totalGas Infrastructure Services$1.46B · 55.3%
Electric Power Infrastructure Services$1.18B · 44.7%
Peer comparison
Same SIC group: Natural Gas Transmisison & Distribution
Comparing Southwest Gas Holdings against the 5 most active filers in the same SIC group.
Dividends
$2.51/share trailing 12 months · +1.0% YoY
| Ex-date | Per share |
|---|---|
| May 15, 2026 | $0.6450 |
| Feb 17, 2026 | $0.6200 |
| Nov 17, 2025 | $0.6200 |
| Aug 15, 2025 | $0.6200 |
| May 15, 2025 | $0.6200 |
| Feb 18, 2025 | $0.6200 |
| Nov 15, 2024 | $0.6200 |
| Aug 15, 2024 | $0.6200 |
| May 14, 2024 | $0.6200 |
| Feb 14, 2024 | $0.6200 |
| Nov 14, 2023 | $0.6200 |
| Aug 14, 2023 | $0.6200 |
| May 12, 2023 | $0.6200 |
| Feb 14, 2023 | $0.6200 |
| Nov 14, 2022 | $0.6200 |
| Aug 12, 2022 | $0.6200 |
| May 13, 2022 | $0.6200 |
| Feb 14, 2022 | $0.5950 |
| Nov 12, 2021 | $0.5950 |
| Aug 13, 2021 | $0.5950 |
| May 14, 2021 | $0.5950 |
| Feb 12, 2021 | $0.5700 |
| Nov 13, 2020 | $0.5700 |
| Aug 14, 2020 | $0.5700 |