Southwest Gas Holdings Inc. (SWX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.44	$0.45	+2.3%	—	—	—
Q4 26	$2.07	$1.91	-7.7%	—	—	—
Q3 26	$1.38	$1.36	-1.4%	—	—	—
Q2 26	$0.04	$0.06	+50.0%	—	—	—
Q1 26	$0.47	$0.53	+12.8%	—	—	—
Q4 25	$1.49	$1.65	+10.7%	—	—	—
Q3 25	$1.23	$1.39	+13.0%	—	—	—
Q2 25	$0.16	$0.09	-43.8%	—	—	—
Q1 25	$0.48	$0.31	-35.4%	—	—	—
Q4 24	$1.42	$1.37	-3.5%	—	—	—
Q3 24	$1	$1.13	+13.0%	—	—	—
Q2 24	$0.03	$0.1	+233.3%	—	—	—
Q1 24	$0.36	$0.47	+30.6%	—	—	—
Q4 23	$1.53	$1.69	+10.5%	—	—	—
Q3 23	$1.58	$1.16	-26.6%	—	—	—
Q2 23	$0.34	-$0.05	-114.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.09	—	—	$1.9B	—
FY24	—	$2.77	—	—	$5.1B	—
FY23	—	$2.13	—	—	$5.4B	—
FY22	—	-$3.1	—	—	$5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.5B	$2.5B	$2.9B	$3.1B	$3.3B	$3.7B	$5B	$5.4B	$5.1B	$1.9B
YoY change	-0.13%	+3.59%	+13%	+8.33%	+5.74%	+11.6%	+34.8%	+9.56%	-5.92%	-62%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.5B	2.5B	2.9B	3.1B	3.3B	3.7B	5B	5.4B	5.1B	1.9B
Cost of revenue	1.8B	1.9B	2.2B	2.4B	2.5B	2.9B	4B	4.4B	4.1B	1B
Gross profit	657M	652M	666.5M	737.4M	818.5M	820.9M	994.9M	1B	1B	898.7M
Gross margin	26.7%	25.6%	23.1%	23.6%	24.8%	22.3%	20.1%	18.8%	19.8%	46.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	0	-13K	-52K	-102K	-8K	7K	263K	-151K	84K	-7.7M
Operating expenses	0	-13K	-52K	-102K	-8K	7K	263K	-151K	84K	-7.7M
Operating income	315.5M	343.1M	357.5M	371.9M	423M	369.5M	430.8M	489.7M	483.7M	481.6M
Operating margin	12.8%	13.5%	12.4%	11.9%	12.8%	10%	8.68%	9.01%	9.46%	24.8%
Non-operating income, net	-12.1M	-8.8M	-23.6M	3.6M	-10.8M	-8.6M	-477.5M	-50.8M	21.1M	31.5M
Pretax income	231.5M	259M	243.3M	272.7M	304.7M	246.8M	-273.3M	197.3M	241.3M	330.9M
Income tax	78.5M	65.1M	61.7M	56M	65.8M	39.6M	-75.7M	41.8M	36.5M	96M
Net income	153.1M	193.9M	181.7M	216.6M	239M	207.2M	-197.7M	155.5M	204.8M	435.2M
Net margin	6.22%	7.61%	6.31%	6.94%	7.24%	5.63%	-3.99%	2.86%	4.01%	22.4%
EBITDA	592M	586.5M	585.8M	680.4M	743.5M	737.1M	893.9M	1B	970.2M	858.9M
EPS	3.2	4.04	3.69	3.94	4.15	3.39	-3.1	2.13	2.77	6.09
Diluted EPS	3.18	4.04	3.68	3.94	4.14	3.39	-3.1	2.13	2.76	6.08

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.2B	1.4B	1.6B	1.2B	1.1B	1.3B	1.3B	1.1B	316.9M	480.7M	585.1M	358.2M
Cost of revenue	982.6M	1.1B	1.3B	981.6M	888.1M	950.8M	944.4M	898.5M	177.5M	209.4M	241.2M	172.2M
Gross profit	186.9M	271.1M	300.2M	200.5M	191.1M	319.4M	352.1M	221.9M	139.4M	271.4M	344M	185.9M
Gross margin	16%	19.8%	19%	17%	17.7%	25.1%	27.2%	19.8%	44%	56.5%	58.8%	51.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	183K	-85K	11K	-20K	66K	27K	107K	-260K	-2.1M	-5.4M	—	—
Operating expenses	183K	-85K	11K	-20K	66K	27K	107K	-260K	-2.1M	-5.4M	—	—
Operating income	60M	138.2M	158.1M	83.2M	61.4M	180.9M	200.3M	95.7M	39.1M	164.1M	219.3M	84.3M
Operating margin	5.13%	10.1%	10%	7.04%	5.69%	14.2%	15.5%	8.54%	12.3%	34.1%	37.5%	23.5%
Non-operating income, net	1.4M	8.2M	8.4M	5.8M	8.1M	-1.2M	3M	12.3M	7.6M	8.4M	4.2M	5.2M
Pretax income	2.7M	83.3M	104.6M	24.4M	511K	111.8M	136.9M	42.3M	3.4M	129.8M	184.6M	51.6M
Income tax	-1.3M	9.7M	17.1M	4.2M	-2.2M	17.4M	27.7M	52.6M	-803K	60M	46.2M	9.4M
Net income	4M	73.6M	87.6M	20.2M	2.7M	94.4M	109.2M	-10.3M	268M	68.4M	138.4M	42.1M
Net margin	0.34%	5.38%	5.54%	1.71%	0.25%	7.43%	8.42%	-0.92%	84.6%	14.2%	23.6%	11.8%
EBITDA	180.2M	266.3M	293.4M	192.5M	183.7M	300.6M	335.7M	249.7M	129.9M	263.7M	327.9M	171M
EPS	0.05	—	1.22	0.26	0	1.29	1.58	-0.18	3.75	1.43	1.91	0.58
Diluted EPS	0.04	—	1.22	0.25	0	1.28	1.58	-0.18	3.74	1.43	1.91	0.58

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.6B	3.9B	3.8B	4.1B	3.4B	4.1B	—	4.5B	5.1B	5.8B	5.9B
Enterprise value	5.2B	5.9B	6B	6.7B	6.2B	10.2B	—	9.7B	9.8B	8.7B	9.2B
Shares outstanding	47.5M	48.2M	49.4M	54.2M	56M	59.1M	65.6M	70.8M	71.8M	72.2M	72.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23.8	20	20.8	19	14.2	20	—	28.8	24.8	13.3	21.2
P/S	1.48	1.52	1.31	1.32	1.03	1.13	—	0.83	0.99	2.98	3.43
P/B	2.16	2.14	1.62	1.59	1.2	1.32	—	1.31	1.38	1.46	1.45
EV/EBITDA	8.8	10	10.2	9.92	8.34	13.9	—	9.66	10.1	10.1	10.7
EV/Sales	2.12	2.3	2.08	2.16	1.88	2.78	—	1.78	1.91	4.49	5.29
Earnings yield	4.21%	5%	4.8%	5.26%	7.03%	5%	—	3.47%	4.03%	7.54%	4.72%
FCF yield	1.95%	-6.54%	-6.27%	-10.6%	-5.85%	-14.6%	—	-8.1%	8.07%	-4.36%	-6.59%
PEG	—	—	—	—	—	—	—	—	—	—	-0.05

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	26.7%	25.6%	23.1%	23.6%	24.8%	22.3%	20.1%	18.8%	19.8%	46.3%	51.9%
Operating margin	12.8%	13.5%	12.4%	11.9%	12.8%	10%	8.68%	9.01%	9.46%	24.8%	24.2%
Net margin	6.22%	7.61%	6.31%	6.94%	7.24%	5.63%	-3.99%	2.86%	4.01%	22.4%	31.4%
ROE	9.09%	10.7%	7.78%	8.36%	8.41%	6.58%	-6.14%	4.55%	5.55%	11%	6.83%
ROA	2.74%	3.11%	2.47%	2.65%	2.74%	1.62%	-1.5%	1.31%	1.7%	4.17%	2.82%
ROIC	6.41%	6.75%	5.88%	5.67%	5.89%	3.35%	4.74%	4.49%	4.9%	4.96%	4.74%
Return on tangible assets	2.93%	3.35%	2.74%	2.89%	2.97%	2.25%	-1.7%	1.51%	1.96%	4.18%	4.94%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.85	0.81	0.89	0.8	0.96	0.52	1.08	1.12	0.8	1.28	1.12
Quick ratio	0.85	0.81	0.89	0.8	0.96	0.52	1.08	1.12	0.8	1.18	0.99
Debt / equity	0.95	1.12	0.98	1.03	1.01	2.01	1.86	1.55	1.37	0.89	0.85
Debt / assets	0.29	0.33	0.31	0.33	0.33	0.5	0.45	0.44	0.42	0.34	0.34
Net debt / EBITDA	2.66	3.4	3.77	3.86	3.76	8.27	6.56	5.17	4.84	3.41	3.63
Interest coverage	4.14	4.32	3.52	3.5	3.73	3.07	-0.13	1.68	1.81	2.63	3
Effective tax rate	33.9%	25.1%	25.3%	20.5%	21.6%	16.1%	0%	21.2%	15.1%	29%	31.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	51.8	52.9	58.3	57.5	58.9	62.2	75.7	76.8	71.2	26.9	24.1
EPS (basic)	3.2	4.04	3.69	3.94	4.15	3.39	-3.1	2.13	2.77	6.09	6.09
EPS (diluted)	3.18	4.04	3.68	3.94	4.14	3.39	-3.1	2.13	2.76	6.08	3.89
Book value per share	35.5	37.6	47.2	47.8	50.7	53.3	49.1	48.2	51.4	54.9	56.9
FCF per share	1.5	-5.27	-4.8	-8.07	-3.55	-10.2	-6.89	-5.13	5.71	-3.49	-7.26
Cash per share	0.59	0.91	1.73	0.91	1.49	3.77	1.88	1.51	5.06	7.99	3.73
Capex per share	11.2	12.9	15.5	17.3	14.7	12.1	13.1	—	0.3	11.2	13.4

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	21.5%	24.5%	26.6%	30.1%	25%	19.4%	17.3%	—	0.42%	41.6%	56%
Capex / operating cash flow	94.1%	165.7%	131.8%	192.3%	134.7%	572.4%	-1.5K%	—	1.57%	145.3%	218.2%
Payout ratio	54.4%	47.5%	55.2%	53.6%	52.5%	66.7%	-81.2%	112.3%	86.8%	41%	64.4%
Dividend yield	2.29%	2.38%	2.65%	2.82%	3.69%	3.34%	—	3.89%	3.5%	3.09%	3.16%

Yield

3.16%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.645

ex-dividend Aug 17, 2026

Payout ratio

64%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.645
May 15, 2026	$0.645
Feb 17, 2026	$0.62

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.2B	$1.4B	$1.6B	$1.2B	$1.1B	$1.3B	$1.3B	$1.1B	$316.9M	$480.7M	$585.1M	$358.2M
YoY change	+3.9%	-3.76%	-1.39%	-8.62%	-7.72%	-7.12%	-18%	-5.23%	-70.6%	-62.2%	-54.9%	-68%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	28.1M	43.6M	85.4M	49.5M	83.4M	222.7M	123.1M	106.5M	363.8M	576.6M
Receivables	285.1M	347.4M	413.9M	474.1M	522.2M	707.1M	866.2M	886.5M	722.6M	170.6M
Inventory	—	—	—	—	—	—	—	—	—	93.8M
Total current assets	533.3M	657M	839.8M	859.9M	871M	1.6B	3.7B	1.9B	1.5B	1.2B
Property, plant & equipment	-1.8B	-1.7B	-1.4B	-1.3B	-1.4B	-1.9B	-1.1B	-1.4B	-1.5B	-2.6B
Goodwill & intangibles	355.3M	439.3M	718.1M	686M	690.4M	3.6B	1.6B	1.6B	1.6B	22.3M
Total assets	5.6B	6.2B	7.4B	8.2B	8.7B	12.8B	13.2B	11.9B	12B	10.4B
Accounts payable	184.7M	228.3M	249M	238.9M	231.3M	353.4M	662.1M	346.9M	331.8M	225.7M
Short-term debt	50.1M	239.8M	185.1M	374.5M	147.4M	2.2B	1.6B	671.1M	710M	75M
Total current liabilities	628.4M	815.9M	938.6M	1.1B	912M	3.1B	3.4B	1.7B	1.8B	929.9M
Long-term debt	1.5B	1.8B	2.1B	2.3B	2.7B	4.1B	4.4B	4.6B	4.3B	3.4B
Total liabilities	3.9B	4.4B	5B	5.6B	5.9B	9.6B	10B	8.5B	8.3B	6.5B
Shareholders' equity	1.7B	1.8B	2.3B	2.6B	2.8B	3.2B	3.2B	3.4B	3.7B	4B
Total debt	1.6B	2B	2.3B	2.7B	2.9B	6.3B	6B	5.3B	5.1B	3.5B
Net debt	1.6B	2B	2.2B	2.6B	2.8B	6.1B	5.9B	5.2B	4.7B	2.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	104.9M	106.5M	458M	599.6M	456.6M	363.8M	406.3M	355.6M	778.6M	576.6M	484.8M	270.5M
Receivables	903.4M	886.5M	843.1M	796.2M	673.2M	722.6M	693.8M	705.3M	110.6M	170.6M	168.8M	118.6M
Inventory	—	—	—	—	—	—	—	90.8M	91.2M	93.8M	93.7M	95.6M
Total current assets	2B	1.9B	1.8B	1.7B	1.5B	1.5B	1.4B	1.4B	1.2B	1.2B	1.1B	867.8M
Property, plant & equipment	-1.3B	-1.4B	-1.4B	-1.4B	-1.5B	-1.5B	-1.6B	-1.6B	-2.6B	-2.6B	-2.7B	-2.6B
Goodwill & intangibles	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	1.6B	22.3M	22.3M	22.3M	22.3M
Total assets	11.8B	11.9B	11.9B	12B	11.9B	12B	12.1B	12.2B	10.3B	10.4B	10.4B	10.5B
Accounts payable	255.3M	346.9M	264.6M	264.3M	227M	331.8M	253.3M	254.6M	118.9M	225.7M	122M	115.7M
Short-term debt	99.8M	671.1M	686.8M	142.2M	693.3M	710M	718.9M	288.1M	—	75M	75M	100M
Total current liabilities	1.1B	1.7B	1.7B	1.1B	1.7B	1.8B	1.8B	1.4B	804.7M	929.9M	730M	777.3M
Long-term debt	5.2B	4.6B	4.6B	5.1B	4.4B	4.3B	4.3B	4.4B	3.5B	3.4B	3.4B	3.4B
Total liabilities	8.5B	8.5B	8.5B	8.3B	8.2B	8.3B	8.3B	8.1B	6.4B	6.5B	6.3B	6.4B
Shareholders' equity	3.4B	3.4B	3.4B	3.7B	3.6B	3.7B	3.8B	4.1B	3.9B	4B	4.1B	4.1B
Total debt	5.3B	5.3B	5.3B	5.2B	5.1B	5.1B	5B	4.7B	3.5B	3.5B	3.5B	3.5B
Net debt	5.2B	5.2B	4.9B	4.6B	4.6B	4.7B	4.6B	4.3B	2.7B	2.9B	3B	3.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	153.1M	193.9M	181.7M	216.6M	239M	207.2M	-197.7M	155.5M	204.8M	234.8M
Depreciation & amortization	289.1M	251M	249.2M	303.2M	332M	371M	470.5M	440.9M	438.4M	330.7M
Stock-based compensation	5.5M	10.9M	6.1M	6.9M	7.1M	9.3M	9.4M	8.1M	14.9M	14.6M
Change in working capital	50.3M	-122.6M	63.9M	-55.1M	83.9M	-436.6M	-258.1M	-127.3M	700.7M	-14.2M
Operating cash flow	562.9M	376.3M	581M	487.8M	612.8M	125M	-58M	445M	1.4B	556.1M
Capital expenditure	-529.5M	-623.6M	-765.9M	-938.1M	-825.1M	-715.6M	-859.4M	—	21.4M	-807.9M
Investing cash flow	-525.6M	-700.9M	-999.5M	-951.6M	-802.1M	-3B	-838.9M	1B	24.4M	-806.8M
Dividends paid	-83.3M	-92.1M	-100.2M	-116.1M	-125.5M	-138.2M	-160.6M	-174.6M	-177.8M	-178.5M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-82.7M	346.2M	512.6M	415.3M	105.6M	3B	-89.7M	-2.7B	-176.3M	-1.5B
Net change in cash	-45.4M	21.6M	94.1M	-48.5M	-83.7M	84.8M	-986.6M	-1.2B	1.2B	-1.8B
Free cash flow	71M	-253.7M	-237.1M	-437.8M	-199M	-604.2M	-452M	-363.3M	409.9M	-251.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	4M	73.6M	87.6M	20.2M	2.7M	94.4M	109.2M	-35.4M	31.4M	69.8M	138.4M	42.1M
Depreciation & amortization	105.5M	111.2M	119.1M	96.1M	107.4M	115.9M	127.9M	137.4M	79.1M	89M	99.6M	77.8M
Stock-based compensation	2.9M	-478K	961K	5.8M	3.2M	4.9M	6.3M	6.3M	2.7M	4.6M	4.5M	2.4M
Change in working capital	64.2M	166.3M	316.2M	210.4M	195.3M	-21.2M	8.1M	26.8M	-7.4M	-107.3M	-128.4M	17.7M
Operating cash flow	172.9M	327.4M	511.3M	341.5M	302.4M	202.6M	263.9M	126.3M	56.9M	81.6M	162.1M	146.1M
Capital expenditure	0	—	21.4M	0	0	0	0	-244.5M	-207.9M	-237.5M	-208.7M	-320.4M
Investing cash flow	-24.5M	1.8M	21.4M	-2.8M	3.9M	1.9M	851K	-237.9M	-208.1M	-240M	-203.6M	-318M
Dividends paid	-44.3M	-44.3M	-44.4M	-44.4M	-44.5M	-44.5M	-44.5M	-44.6M	-44.7M	-44.7M	-44.8M	-46.7M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-10.1M	-132.3M	7.7M	61.3M	-185.7M	-59.6M	-62.1M	-391.5M	-551.7M	-43.5M	-50.4M	-42.4M
Net change in cash	138.3M	196.9M	540.4M	400M	120.6M	144.9M	202.6M	-503M	-702.9M	-201.9M	-91.9M	-214.2M
Free cash flow	-39.6M	102.8M	322.5M	83.3M	38.7M	-34.7M	103.8M	-118.1M	-151M	-155.9M	-46.6M	-174.3M

Southwest Gas Holdings Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement