Southwest Gas Holdings, Inc. SWX

Utilities SIC 4923 - Natural Gas Transmisison & Distribution NAICS Utilities › Natural Gas Distribution derived NYSE

The Company, a Delaware corporation, is a holding company headquartered in Las Vegas, Nevada, owning 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. The Company operated two reportable segments until August 2025, the Natural Gas Distribution segment (Southwest Gas) and Utility Infrastructure Services segment (Centuri). After the deconsolidation of Centuri in August 2025, the business is solely comprised of the Natural Gas Distribution segment. The Company is incorporated in Delaware, and Southwest Gas is incorporated in California.

The Company, through its operating wholly-owned subsidiary Southwest Gas, engages in the business of purchasing, distributing, and transporting natural gas for its customers. Southwest Gas is a dynamic energy company committed to exceeding the expectations of its more than two million customers throughout Arizona, Nevada, and California by providing safe and reliable service while innovating sustainable energy solutions to fuel the growth in its communities.

Last close 91.15 2026-10-23
Market cap $6.60B 2026-06-30 share count
52-week range 76.99 - 94.47

Valuation FY2025 figures against the last close

P/S—
P/E15.0x
P/FCF—
EV/EBITDA20.1x
Dividend yield2.7%
Diluted EPS6.08

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue ——$5.43B$4.96B$3.68B$3.30B$1.39B$1.31B$1.26B$1.31B
Cost of revenue —$2.42B$2.62B$2.53B$1.96B$1.73B$1.57B$1.39B$1.15B$1.02B
Gross profit ——$2.82B$2.43B$1.72B$1.57B-$187.9M-$81.7M$113.9M$282.4M
Total operating expenses $1.47B$2.07B$2.24B$4.98B$3.31B$2.88B$2.75B$2.52B$2.21B$2.15B
Operating income $473.9M$406.5M$293.0M-$24.4M$369.5M$423.0M$371.8M$357.4M$343.1M$315.5M
Interest expense —$297.0M$194.8M$242.8M$119.2M$111.5M$109.2M$96.7M$78.1M$73.7M
Pre-tax income $330.9M$254.1M$169.4M-$273.3M$246.8M$304.7M$272.7M$243.3M$259.0M$231.5M
Income tax $96.0M$33.2M$29.4M$75.7M$39.6M$65.8M$56.0M$61.7M$65.1M$78.5M
Net income $439.8M$198.8M$150.9M-$203.3M$200.8M$232.3M$213.9M$182.3M$193.8M$152.0M
EPS, basic 6.092.772.13-3.103.394.153.943.694.043.20
EPS, diluted 6.082.762.13-3.103.394.143.943.684.043.18
Shares, diluted (wtd. avg.) 72.3M72.0M71.0M65.6M59.3M56.1M54.3M49.5M48.0M47.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $576.6M$314.8M$106.5M$123.1M$222.7M$83.4M$49.5M$85.4M$43.6M$28.1M
Receivables $170.6M$203.0M$886.5M$866.2M$707.1M$522.2M$474.1M$413.9M$347.4M$285.1M
Total current assets $1.19B$1.46B$1.88B$3.71B$1.61B$871.0M$859.9M$839.8M$657.0M$533.3M
Goodwill $11.2M$11.2M$789.7M$787.2M$1.78B$345.2M$343.0M$359.0M$179.3M$140.0M
Total assets $10.43B$12.07B$9.28B$13.20B$12.77B$8.74B$8.17B$7.36B$6.24B$5.58B
Accounts payable $225.7M$190.9M$346.9M$662.1M$353.4M$231.3M$238.9M$249.0M$228.3M$184.7M
Short-term debt $75.0M$0$42.6M$44.6M$297.3M$40.4M$163.5M$33.1M$25.3M$50.1M
Total current liabilities $879.7M$1.83B$1.68B$3.42B$3.11B$912.0M$1.08B$938.6M$815.9M$628.4M
Long-term debt $3.43B$3.50B$4.61B$4.40B$4.12B$2.73B$2.30B$2.11B$1.80B$1.55B
Retained earnings $742.5M$758.6M$738.8M$747.1M$1.11B$1.07B$1.04B$944.3M$857.4M$759.3M
Total equity $3.65B$3.50B$3.31B$3.06B$2.95B$2.67B$2.51B$2.25B$1.81B$1.66B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $556.1M$1.36B$509.2M$407.5M$111.4M$626.1M$500.4M$528.9M$370.0M$600.5M
Stock-based compensation $14.6M$11.4M$6.2M$9.4M$9.3M$7.1M$6.9M$6.1M$10.9M$5.5M
Capital expenditure $807.9M$846.6M$765.9M$859.4M$715.6M$825.1M$938.1M$765.9M$623.6M$529.5M
Investing cash flow -$24.8M-$921.6M$151.0M-$838.9M-$3.04B-$802.1M-$951.6M-$999.5M-$700.9M-$525.6M
Financing cash flow -$318.3M-$176.3M-$700.8M$356.5M$3.06B$209.6M$415.3M$512.6M$346.2M-$82.7M
Dividends paid $178.5M$177.6M$174.6M$160.6M$138.2M$125.5M$116.1M$100.2M$92.1M$83.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001692115-26-000062.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 1.3B Gross profit, FY2016: 282.4M Net income, FY2016: 152M Revenue, FY2017: 1.3B Gross profit, FY2017: 113.9M Net income, FY2017: 193.8M Revenue, FY2018: 1.3B Gross profit, FY2018: -81.7M Net income, FY2018: 182.3M Revenue, FY2019: 1.4B Gross profit, FY2019: -187.9M Net income, FY2019: 213.9M Revenue, FY2020: 3.3B Gross profit, FY2020: 1.6B Net income, FY2020: 232.3M Revenue, FY2021: 3.7B Gross profit, FY2021: 1.7B Net income, FY2021: 200.8M Revenue, FY2022: 5B Gross profit, FY2022: 2.4B Net income, FY2022: -203.3M Revenue, FY2023: 5.4B Gross profit, FY2023: 2.8B Net income, FY2023: 150.9M Net income, FY2024: 198.8M Net income, FY2025: 439.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.31B $1.26B $1.31B $1.39B $3.30B $3.68B $4.96B $5.43B — —
Gross profit $282.4M $113.9M -$81.7M -$187.9M $1.57B $1.72B $2.43B $2.82B — —
Net income $152.0M $193.8M $182.3M $213.9M $232.3M $200.8M -$203.3M $150.9M $198.8M $439.8M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced Item 2.02
  • Accounts can no longer be relied on The company is telling investors that figures it has already published are wrong. Rare, and about as direct as a filing gets. Item 4.02
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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