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Southwest Gas Holdings Inc (SWX) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

UTILITIES · UTILITIES - REGULATED GAS · DATA UPDATED 2026-08-15

Southwest Gas Holdings Inc (SWX) operates in the UTILITIES - REGULATED GAS industry and is headquartered in Las Vegas, United States with about 2,453 employees. Its market capitalization is roughly $6 billion. In the fiscal year ended 2025-12-31, SWX reported $1.9B in revenue and $440M in net income.

Southwest Gas Holdings, Inc., through its subsidiary, Southwest Gas Corporation, purchases, distributes, and transports natural gas for residential, commercial, and industrial customers in Arizona, Nevada, and California in the United States. The company offers tariff sales and transportation services.

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SWX Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2016-09-30	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Total Revenue	$1.7B	$1.9B	$5.1B	$5.4B	$5.0B	$3.7B	$3.3B	$3.1B	$2.9B	$2.5B	$2.5B	$2.5B	$2.5B	$2.1B	$2.0B	$1.9B	$1.9B	$1.8B	$1.9B	$2.1B	$2.2B
Gross Profit	$985M	$568M	$1.0B	$1.0B	$995M	$821M	$818M	$737M	$667M	$633M	$637M	—	$608M	$585M	$557M	$537M	$850M	$816M	$785M	$2.1B	$2.2B
Gross Margin %	56.6%	29.3%	19.8%	18.8%	20.1%	22.3%	24.8%	23.6%	23.1%	24.8%	25.9%	—	24.7%	27.6%	28.5%	27.8%	45.0%	44.6%	41.4%	100.0%	100.0%
Operating Income (EBIT)	$499M	$474M	$484M	$418M	($24M)	$370M	$423M	$372M	$357M	$324M	$296M	$2.5B	$288M	$284M	$274M	$272M	$250M	$232M	$208M	$208M	$221M
Operating Margin %	28.7%	24.4%	9.5%	7.7%	-0.5%	10.0%	12.8%	11.9%	12.4%	12.7%	12.0%	100.0%	11.7%	13.4%	14.1%	14.1%	13.2%	12.7%	11.0%	9.7%	10.2%
Net Income	$519M	$440M	$199M	$151M	($203M)	$201M	$232M	$214M	$182M	$194M	$152M	$153M	$138M	$141M	$145M	$133M	$112M	$104M	$87M	$61M	$83M
Net Margin %	29.8%	22.7%	3.9%	2.8%	-4.1%	5.5%	7.0%	6.9%	6.3%	7.6%	6.2%	6.1%	5.6%	6.7%	7.4%	6.9%	5.9%	5.7%	4.6%	2.8%	3.9%
EBITDA	$877M	$865M	$977M	$931M	$440M	$737M	$748M	$685M	$592M	$577M	$585M	—	$558M	$543M	$515M	$499M	$445M	$426M	$405M	$415M	$396M
Earnings Per Share (EPS)	$7.16	$6.08	$2.76	$2.13	$-3.10	$3.39	$4.14	$3.94	$3.68	$4.04	$3.18	—	$2.92	$3.01	$3.11	$2.86	$2.43	$2.27	$1.94	$1.39	$1.95
Shares Outstanding (M)	73M	72M	72M	71M	66M	59M	56M	54M	49M	48M	48M	—	47M	47M	47M	47M	46M	46M	45M	44M	43M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SWX Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$358M	$585M	$481M	$317M	$1.1B	$1.3B	$1.3B	$359M
Gross Profit	$320M	$344M	$182M	$139M	$222M	$352M	$319M	$117M
Gross Margin %	89.3%	58.8%	37.9%	44.0%	19.8%	27.2%	25.1%	32.5%
Operating Income (EBIT)	$84M	$219M	$159M	$37M	$95M	$200M	$181M	$20M
Operating Margin %	23.5%	37.5%	33.0%	11.7%	8.5%	15.5%	14.2%	5.6%
Net Income	$42M	$138M	$68M	$270M	($13M)	$114M	$92M	$0M
Net Margin %	11.8%	23.6%	14.2%	85.4%	-1.1%	8.8%	7.3%	0.1%
EBITDA	$151M	$330M	$265M	$131M	$217M	$337M	$302M	$111M
Earnings Per Share (EPS)	$0.58	$1.91	$0.94	$3.74	$-0.18	$1.58	$1.28	$0.00
Shares Outstanding (M)	73M	73M	73M	72M	72M	72M	72M	72M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SWX Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Cash from Operations (CFO)	$458M	$556M	$1.4B	$509M	$407M	$111M	$626M	$500M	$529M	$370M	$598M	$547M	$346M	$346M	$386M	$252M	$371M	$406M	$300M	$348M
Capital Expenditures (CapEx)	$1.3B	$808M	$946M	$873M	$859M	$716M	$825M	$938M	$766M	$624M	$530M	$488M	$397M	$364M	$396M	$381M	$215M	$217M	$300M	$341M
Free Cash Flow (FCF)	($829M)	($252M)	$410M	($363M)	($452M)	($604M)	($199M)	($438M)	($237M)	($254M)	$69M	$59M	($50M)	($18M)	($9M)	($129M)	$156M	$189M	$0M	$7M
FCF Margin %	-47.6%	-13.0%	8.0%	-6.7%	-9.1%	-16.4%	-6.0%	-14.0%	-8.2%	-10.0%	2.8%	2.4%	-2.4%	-0.9%	-0.5%	-6.8%	8.5%	10.0%	-0.0%	0.3%
Dividends Paid	$181M	$179M	$178M	$175M	$161M	$138M	$126M	$116M	$100M	$92M	$83M	$74M	$66M	$60M	$53M	$48M	$45M	$42M	$39M	$36M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SWX Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$146M	$162M	$92M	$57M	$126M	$291M	$201M	$304M
Capital Expenditures (CapEx)	$320M	$209M	$595M	$163M	$220M	$187M	$236M	$265M
Free Cash Flow (FCF)	($174M)	($47M)	($503M)	($106M)	($94M)	$104M	($35M)	$39M
FCF Margin %	-48.7%	-8.0%	-104.6%	-33.4%	-8.4%	8.0%	-2.7%	10.8%
Dividends Paid	$47M	$45M	$45M	$45M	$45M	$45M	$44M	$44M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

SWX Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$10.5B	$10.4B	$12.0B	$11.9B	$13.2B	$12.8B	$8.7B	$8.2B	$7.4B	$6.2B	$5.6B	$5.4B	$5.2B	$4.6B	$4.5B	$4.3B	$4.0B	$3.9B	$3.8B	$3.7B	$3.5B
Cash & Cash Equivalents	$271M	$577M	$364M	$107M	$123M	$223M	$83M	$50M	$85M	$44M	$28M	$36M	$40M	$41M	$26M	$22M	$116M	$65M	$26M	$32M	$19M
Total Liabilities	$6.3B	$6.5B	$8.3B	$8.5B	$10.0B	$9.6B	$5.9B	$5.6B	$5.0B	$4.4B	$3.9B	$3.8B	$3.7B	$3.2B	$3.2B	$3.1B	$2.8B	$2.8B	$2.8B	$2.7B	$2.6B
Total Debt (Short + Long-Term)	$3.5B	$3.5B	$5.1B	$5.3B	$6.0B	$6.3B	$2.9B	$2.7B	$2.3B	$2.0B	$1.6B	$1.6B	$1.7B	$1.4B	$1.3B	$1.3B	$1.2B	$1.3B	$1.3B	$1.4B	$1.4B
Total Shareholders' Equity	$4.1B	$4.0B	$3.5B	$3.3B	$3.2B	$3.0B	$2.7B	$2.6B	$2.3B	$1.8B	$1.7B	$1.6B	$1.5B	$1.4B	$1.3B	$1.2B	$1.2B	$1.1B	$1.0B	$984M	$901M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive SWX viewer.

Other Companies in UTILITIES - REGULATED GAS

UGI · UGI Corporation — $8 billion
NJR · NewJersey Resources Corporation — $5 billion
BKH · Black Hills Corporation — $5 billion
OGS · One Gas Inc — $5 billion
SR · Spire Inc — $5 billion
MDU · MDU Resources Group Inc — $4 billion
CPK · Chesapeake Utilities Corporation — $3 billion
NWN · Northwest Natural Gas Co — $2 billion

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