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MARKETS / NYSE / Utilities / Gas distribution / SWX
NYSE · NATURAL GAS TRANSMISISON & DISTRIBUTION · LARGE CAP

Southwest Gas Holdings, Inc. SWX

11 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.9B
▼ 21.6% YoY
$439.8M
▲ 121.2% YoY
$-251.8M
▼ 149.4% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

The Company engages in the business of purchasing, distributing, and transporting natural gas for its customers through its operating wholly-owned subsidiary Southwest Gas. As of December 31, 2025, Southwest Gas purchased and distributed or transported natural gas to approximately 2,281,000 residential, commercial, and industrial customers across Arizona, Nevada, and California. At December 31, 2025, Southwest Gas had 2,453 regular full-time equivalent employees. The Company operated two reportable segments, Natural Gas Distribution (Southwest Gas) and Utility Infrastructure Services (Centuri), until the deconsolidation of Centuri in August 2025 left the business solely comprised of the Natural Gas Distribution segment. The Company, a Delaware corporation headquartered in Las Vegas, Nevada, owned all of the shares of common stock of Southwest Gas and, until the Centuri IPO on April 22, 2024, all of the shares of common stock of Centuri.

Written from the business description in Southwest Gas Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 25 February 2026. Every sentence was checked against that document before publication.

Growth

USD 1.9B
Revenue, FY2025 · full 11-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.9 · Net income 0.4
2B4B
20152018202120242025
Compound annual growth
−26.9%
−10.1%
−1.9%
+13.6%
+12.3%
+8.0%
+7.6%
+0.0%
−74.5%
+4.4%
+3.6%
+7.3%
+9.2%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −10.1% a year over the five years to FY2025 — but profit grew faster: net income at +13.6%, earnings per share at +8.0%.

The share count rose from 0.06B to 0.07B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

22 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 24.4% · Net 22.4%
10%20%-1%-2%-3%
201520202025
ROE
FY2025 · ROE 11.8%
5%10%-2%-4%-6%
201520202025
Three returns, three denominators.
Gross margin·
Operating margin24.4%
Net margin22.4%
EBITDA·

Each USD of equity produced 12 cents of profit this year.

Cash & shareholders

USD 178.5M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -251.8
200.0M400.0M-250.0M-500.0M
201520202025
Net buybacks $M Dividends $M
FY2025 · Dividends 178.5 · Net buybacks ·
100M200M
201520172019202120232025
Dividends paidUSD 178.5M
Net buybacks·
Share of profit40.6%
Consecutive raises·

USD 178.5M in dividends — 41% of the year's profit went back to shareholders.

Total assetsUSD 10.4B
EquityUSD 4.0B
CashUSD 576.6M
Gross debtUSD 3.5B
Net debtUSD 2.9B
Current ratio1.28×

Net debt stands at 74% of equity.

The 11-year record

11 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
SWX, 11-year financial record
Metric 20252024202320222021202020192018201720162015
Revenue $B1.92.52.55.03.73.33.12.92.52.52.4
Operating income $B0.50.40.3−0.00.40.40.40.40.30.30.3
EBITDA $B◌◌◌◌◌◌◌◌◌◌◌
Income tax $B0.10.00.0−0.10.00.10.10.10.10.10.1
Net income $B0.40.20.2−0.20.20.20.20.20.20.20.1
Free cash flow $B−0.30.5−0.3−0.5−0.6−0.2−0.4−0.2−0.30.10.1
EPS, diluted $6.082.762.13−3.103.394.143.943.684.043.182.92
Dividend / sh $2.482.482.482.482.382280.002180.002080.001980.001.801.62
Payout %4189116−7969545455485554
ROE %11.85.84.7−6.87.19.09.09.011.19.38.7
Shares out B0.070.070.070.070.060.060.060.050.050.05◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

Compare

This company against its peers

Southwest Gas Holdings, Inc.vsOneok Inc.Same industry: Natural Gas Transmisison & DistributionSouthwest Gas Holdings, Inc.vsBrookfield Infrastructure Corp.Same industry: Natural Gas Transmisison & DistributionSouthwest Gas Holdings, Inc.vsCenturi Holdings, Inc.Same industry: Natural Gas Transmisison & DistributionSouthwest Gas Holdings, Inc.vsChesapeake Utilities Corp.Same industry: Natural Gas Transmisison & DistributionSouthwest Gas Holdings, Inc.vsRGC Resources Inc.Same industry: Natural Gas Transmisison & Distribution
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Provenance

Company facts, as filed

How we verify · 0 failures in 42 reconciliationsAUDITED

Reconciled in 11 of the 11 fiscal years we could check. 16 checks were skipped: the balance sheet is not tagged before 2015. Nine checks were skipped: cost of revenue is not tagged before 2016. Eight checks were skipped: EPS is not tagged before 2015.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityNatural Gas Transmisison & Distribution
Listed onNYSE
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2015

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