Southwest Gas Holdings, Inc.
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| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Regulated Operating Revenue Gas | 1,940,380 | 2,475,216 | -21.6% |
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| Southwest Gas Corporation | 1,940,380 | 2,475,216 | -21.6% |
| Regulated And Unregulated Operating Revenue | 1,940,380 | 2,475,216 | -21.6% |
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| Southwest Gas Corporation | 1,942,480 | 2,482,990 | -21.8% |
| Utilities Operating Expense Gas And Petroleum Purchased | 497,636 | 1,150,005 | -56.7% |
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| Southwest Gas Corporation | 497,636 | 1,157,364 | -57.0% |
| Utilities Operating Expense Maintenance And Operations | 544,064 | 526,679 | +3.3% |
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| Southwest Gas Corporation | 537,644 | 520,820 | +3.2% |
| Depreciation And Amortization | 330,724 | 303,095 | +9.1% |
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| Southwest Gas Corporation | 330,724 | 303,095 | +9.1% |
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| Natural Gas Processing Plant | 295,661 | 274,556 | +7.7% |
| Taxes Excluding Income And Excise Taxes | 94,070 | 88,965 | +5.7% |
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| Southwest Gas Corporation | 94,070 | 88,965 | +5.7% |
| Total Costs & Expenses | 1,466,494 | 2,068,744 | -29.1% |
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| Southwest Gas Corporation | 1,460,074 | 2,070,244 | -29.5% |
| Operating Income | 473,886 | 406,472 | +16.6% |
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| Southwest Gas Corporation | 482,406 | 412,746 | +16.9% |
| Interest Income Expense Nonoperating Net | -203,081 | -206,528 | +1.7% |
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| Southwest Gas Corporation | -181,677 | -162,257 | -12.0% |
| Other Non-Operating Income (Expense) | 60,068 | 54,192 | +10.8% |
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| Southwest Gas Corporation | 52,402 | 54,276 | -3.5% |
| Non-Operating Income (Expense) | -143,013 | -152,336 | +6.1% |
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| Southwest Gas Corporation | -129,275 | -107,981 | -19.7% |
| Income Before Taxes | 330,873 | 254,136 | +30.2% |
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| Southwest Gas Corporation | 353,131 | 304,765 | +15.9% |
| Income Tax Expense (Benefit) | 96,037 | 33,157 | +189.6% |
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| Southwest Gas Corporation | 52,823 | 42,669 | +23.8% |
| Net Income | 439,826 | 198,815 | +121.2% |
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| Southwest Gas Corporation | 300,308 | 262,096 | +14.6% |
| Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest | 234,836 | 220,979 | +6.3% |
| Income Loss From Discontinued Operations Net Of Tax | 200,344 | -16,143 | +1341.1% |
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| Discontinued Operations Disposed Of By Sale · Centuri Holdings, Inc. | 200,344 | -16,143 | +1341.1% |
| Net Income | 435,180 | 204,836 | +112.5% |
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| Southwest Gas Corporation | 300,308 | 262,096 | +14.6% |
| Net Income Loss Attributable To Noncontrolling Interest | -4,646 | 6,021 | -177.2% |
| Income Loss From Continuing Operations Per Basic Share | 3.25 | 3.08 | +5.5% |
| Income Loss From Discontinued Operations Net Of Tax Per Basic Share | 2.84 | -0.31 | +1016.1% |
| EPS (Basic) | 6.09 | 2.77 | +119.9% |
| Income Loss From Continuing Operations Per Diluted Share | 3.25 | 3.07 | +5.9% |
| Income Loss From Discontinued Operations Net Of Tax Per Diluted Share | 2.83 | -0.31 | +1012.9% |
| EPS (Diluted) | 6.08 | 2.76 | +120.3% |
| Wtd Avg Shares (Basic) | 72,162 | 71,841 | +0.4% |
| Wtd Avg Shares (Diluted) | 72,337 | 72,032 | +0.4% |
| Revenue (FY) | — | — | — |
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| Southwest Gas Corporation | 1,843,972 | 2,438,523 | -24.4% |
| Southwest Gas Corporation · Industrial and other | 44,941 | 62,997 | -28.7% |
| Southwest Gas Corporation · Large commercial | 72,367 | 111,350 | -35.0% |
| Southwest Gas Corporation · Residential | 1,276,677 | 1,654,685 | -22.8% |
| Southwest Gas Corporation · Small commercial | 333,408 | 493,709 | -32.5% |
| Southwest Gas Corporation · Transportation | 116,579 | 115,782 | +0.7% |
| Comprehensive Income | 448,545 | 192,180 | +133.4% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 576,645 | 314,770 | +83.2% |
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| Southwest Gas Corporation | 56,408 | 311,073 | -81.9% |
| Accounts Receivable | 170,601 | 203,012 | -16.0% |
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| Southwest Gas Corporation · Nonrelated Party | 170,524 | 200,847 | -15.1% |
| Southwest Gas Corporation · Related Party | 105,550 | — | — |
| Accrued Utility Revenue | 101,600 | 96,600 | +5.2% |
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| Southwest Gas Corporation | 101,600 | 96,600 | +5.2% |
| Income Taxes Receivable | 9,611 | — | — |
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| Southwest Gas Corporation | 1,007 | — | — |
| Deferred Gas Cost | 5,214 | 13,807 | -62.2% |
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| Southwest Gas Corporation | 5,214 | 13,807 | -62.2% |
| Materials Supplies And Other | 93,823 | 93,755 | +0.1% |
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| Southwest Gas Corporation | 93,823 | 93,755 | +0.1% |
| Prepaid Expenses & Other Current Assets | 234,598 | 141,017 | +66.4% |
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| Southwest Gas Corporation | 234,003 | 140,873 | +66.1% |
| Total Current Assets | 1,192,092 | 1,464,345 | -18.6% |
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| Southwest Gas Corporation | 768,129 | 856,955 | -10.4% |
| Non-Current Assets | |||
| Goodwill | 11,155 | 11,155 | 0.0% |
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| Southwest Gas Corporation | 11,155 | 11,155 | 0.0% |
| Other Non-Current Assets | 356,865 | 395,747 | -9.8% |
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| Southwest Gas Corporation | 354,221 | 394,852 | -10.3% |
| Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment | 368,020 | 2,334,028 | -84.2% |
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| Southwest Gas Corporation | 365,376 | 406,007 | -10.0% |
| Total Assets | 10,429,477 | 12,072,906 | -13.6% |
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| Southwest Gas Corporation | 9,993,991 | 9,531,725 | +4.8% |
| Other Assets | |||
| Public Utilities Property Plantand Equipment Gas Plant | 11,517,031 | 10,844,895 | +6.2% |
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| Southwest Gas Corporation | 11,517,031 | 10,844,895 | +6.2% |
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| Computer Software Intangible Asset | 354,567 | 328,769 | +7.8% |
| Gas Distribution | 9,940,646 | 9,343,955 | +6.4% |
| Gas Transmission | 461,260 | 447,719 | +3.0% |
| General | 623,303 | 587,423 | +6.1% |
| Other Plant In Service | 14,712 | 15,212 | -3.3% |
| Storage | 122,543 | 121,817 | +0.6% |
| Public Utilities Property Plant And Equipment Accumulated Depreciation | -3,063,363 | -2,914,457 | -5.1% |
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| Southwest Gas Corporation | -3,063,363 | -2,914,457 | -5.1% |
| Public Utilities Property Plant And Equipment Construction Work In Progress | 236,871 | 178,647 | +32.6% |
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| Southwest Gas Corporation | 236,871 | 178,647 | +32.6% |
| Public Utilities Property Plant And Equipment Net | 8,690,539 | 8,109,085 | +7.2% |
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| Southwest Gas Corporation | 8,690,539 | 8,109,085 | +7.2% |
| Other Property And Investments | 178,826 | 165,448 | +8.1% |
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| Southwest Gas Corporation | 169,947 | 159,678 | +6.4% |
| Current Liabilities | |||
| Current Portion of Long-Term Debt | 75,000 | — | — |
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| Southwest Gas Corporation | 75,000 | — | — |
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| Carrying Reported Amount Fair Value Disclosure | 75,000 | — | — |
| Accounts Payable | 225,732 | 190,918 | +18.2% |
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| Southwest Gas Corporation · Nonrelated Party | 225,337 | 192,609 | +17.0% |
| Deferred Revenue (Current) | 67,249 | 63,876 | +5.3% |
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| Southwest Gas Corporation | 67,249 | 63,876 | +5.3% |
| Accrual For Taxes Other Than Income Taxes Current | 54,384 | 59,353 | -8.4% |
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| Southwest Gas Corporation | 54,384 | 59,353 | -8.4% |
| Interest Payable Current | 35,319 | 35,668 | -1.0% |
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| Southwest Gas Corporation | 35,319 | 35,460 | -0.4% |
| Deferred Gas Purchases Current | 310,085 | 255,398 | +21.4% |
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| Southwest Gas Corporation | 310,085 | 253,401 | +22.4% |
| Dividends Payable Current | 44,779 | 44,505 | +0.6% |
| Other Liabilities Current | 117,350 | 119,357 | -1.7% |
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| Southwest Gas Corporation | 117,350 | 119,357 | -1.7% |
| Total Current Liabilities | 929,898 | 1,831,967 | -49.2% |
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| Southwest Gas Corporation | 884,724 | 769,026 | +15.0% |
| Non-Current Liabilities | |||
| Long-Term Debt | 3,433,012 | 3,504,477 | -2.0% |
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| Southwest Gas Corporation | 3,433,012 | 3,504,477 | -2.0% |
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| Carrying Reported Amount Fair Value Disclosure | 3,433,012 | 3,504,477 | -2.0% |
| Other Accrued Liabilities Noncurrent | 496,000 | 472,000 | +5.1% |
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| Southwest Gas Corporation | 496,000 | 472,000 | +5.1% |
| Deferred Credits And Other Liabilities Noncurrent | 632,136 | 700,672 | -9.8% |
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| Southwest Gas Corporation | 627,368 | 696,487 | -9.9% |
| Other Non-Current Liabilities | 2,105,448 | 3,047,380 | -30.9% |
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| Southwest Gas Corporation | 2,151,289 | 2,022,736 | +6.4% |
| Long-Term Debt (Q) | — | — | — |
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| Carrying Reported Amount Fair Value Disclosure · Debentures | 3,309,293 | 3,306,023 | +0.1% |
| Carrying Reported Amount Fair Value Disclosure · Industrial development revenue bonds | 198,719 | 198,454 | +0.1% |
| Other Liabilities | |||
| Deferred Income Taxes And Unamortized Investment Tax Credits | 977,312 | 857,982 | +13.9% |
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| Southwest Gas Corporation | 1,027,921 | 854,249 | +20.3% |
| Stockholders' Equity | |||
| Common Stock | 73,854 | 73,413 | +0.6% |
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| Southwest Gas Corporation | 49,112 | 49,112 | 0.0% |
| Additional Paid In Capital Common Stock | 2,898,965 | 2,721,343 | +6.5% |
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| Southwest Gas Corporation | 2,195,489 | 2,165,002 | +1.4% |
| Accumulated Other Comprehensive Income | -34,546 | -49,218 | +29.8% |
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| Southwest Gas Corporation | -34,546 | -38,401 | +10.0% |
| Retained Earnings | 1,022,846 | 758,649 | +34.8% |
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| Southwest Gas Corporation | 1,314,911 | 1,059,773 | +24.1% |
| Total Stockholders' Equity | 3,961,119 | 3,504,187 | +13.0% |
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| Southwest Gas Corporation | 3,524,966 | 3,235,486 | +8.9% |
| Capitalization Longterm Debt And Equity | 7,394,131 | 7,193,559 | +2.8% |
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| Southwest Gas Corporation | 6,957,978 | 6,739,963 | +3.2% |
| Total Liabilities & Equity | 10,429,477 | 12,072,906 | -13.6% |
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| Southwest Gas Corporation | 9,993,991 | 9,531,725 | +4.8% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 3,961,119 | 3,681,422 | +7.6% |
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| Accumulated Other Comprehensive Income | -34,546 | -49,218 | +29.8% |
| Accumulated Other Comprehensive Income · Southwest Gas Corporation | -34,546 | -38,401 | +10.0% |
| Additional Paid In Capital | 2,898,965 | 2,721,343 | +6.5% |
| Additional Paid In Capital · Southwest Gas Corporation | 2,195,489 | 2,165,002 | +1.4% |
| Common Stock | 73,854 | 73,413 | +0.6% |
| Common Stock · Southwest Gas Corporation | 49,112 | 49,112 | 0.0% |
| Parent | 3,961,119 | 3,504,187 | +13.0% |
| Retained Earnings | 1,022,846 | 758,649 | +34.8% |
| Retained Earnings · Southwest Gas Corporation | 1,314,911 | 1,059,773 | +24.1% |
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| Southwest Gas Corporation | 3,524,966 | 3,235,486 | +8.9% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Net Cash Provided By Used In Operating Activities Continuing Operations | 594,161 | 1,205,332 | -50.7% |
| Cash Provided By Used In Operating Activities Discontinued Operations | -38,085 | 150,448 | -125.3% |
| Increase Decrease In Deferred Income Taxes | 118,112 | 57,730 | +104.6% |
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| Southwest Gas Corporation | 172,454 | 68,954 | +150.1% |
| Gain Loss On Sale Of Property Plant Equipment | -1,604 | — | — |
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| Southwest Gas Corporation | -1,604 | — | — |
| Stock-Based Compensation | 14,631 | 11,372 | +28.7% |
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| Southwest Gas Corporation | 12,989 | 10,022 | +29.6% |
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| Performance Shares · Omnibus Incentive Plan | 6.2 | 5.2 | +19.2% |
| Increase Decrease In Allowance For Equity Funds Used During Construction | -5,809 | -6,597 | +11.9% |
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| Southwest Gas Corporation | -5,809 | -6,597 | +11.9% |
| Change in Accounts Receivable | 32,411 | 66,275 | -51.1% |
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| Southwest Gas Corporation · Nonrelated Party | 30,322 | 68,348 | -55.6% |
| Southwest Gas Corporation · Related Party | -105,550 | — | — |
| Increase Decrease In Accrued Utility Revenue | -5,000 | -3,600 | -38.9% |
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| Southwest Gas Corporation | -5,000 | -3,600 | -38.9% |
| Increase Decrease In Deferred Gas Cost | 63,280 | 706,896 | -91.0% |
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| Southwest Gas Corporation | 65,277 | 714,958 | -90.9% |
| Change in Accounts Payable | 13,172 | -20,006 | +165.8% |
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| Southwest Gas Corporation | 11,086 | -19,735 | +156.2% |
| Increase Decrease In Accrued Taxes Payable | -20,460 | 2,152 | -1050.7% |
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| Southwest Gas Corporation | -6,043 | 1,393 | -533.8% |
| Increase Decrease In Other Current Assets And Liabilities Net | -97,689 | -57,160 | -70.9% |
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| Southwest Gas Corporation | -97,340 | -67,791 | -43.6% |
| Increase Decrease In Other Operating Assets | -62,028 | -47,914 | -29.5% |
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| Southwest Gas Corporation | -62,003 | -50,216 | -23.5% |
| Increase Decrease In Other Operating Liabilities | -20,415 | -27,890 | +26.8% |
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| Southwest Gas Corporation | -20,996 | -27,945 | +24.9% |
| Net Cash from Operations | 556,076 | 1,355,780 | -59.0% |
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| Southwest Gas Corporation | 618,815 | 1,252,982 | -50.6% |
| Deferred Income Taxes | 94,284 | 31,298 | +201.2% |
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| Southwest Gas Corporation | 157,891 | 42,576 | +270.8% |
| Investing Activities | |||
| Net Cash Provided By Used In Investing Activities Continuing Operations | -801,492 | -832,193 | +3.7% |
| Cash Provided By Used In Investing Activities Discontinued Operations | 776,678 | -89,375 | +969.0% |
| Capital Expenditures | -807,866 | -846,590 | +4.6% |
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| Southwest Gas Corporation | -807,866 | -846,590 | +4.6% |
| Proceeds From Sale Of Property Plant And Equipment | 5,306 | 21,377 | -75.2% |
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| Southwest Gas Corporation | 5,306 | 21,377 | -75.2% |
| Changes In Customer Advances Investing Activities | 2,023 | -5,995 | +133.7% |
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| Southwest Gas Corporation | 2,023 | -5,995 | +133.7% |
| Other Investing Activities | -955 | -985 | +3.0% |
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| Southwest Gas Corporation | 2,199 | 115 | +1812.2% |
| Net Cash from Investing | -24,814 | -921,568 | +97.3% |
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| Southwest Gas Corporation | -798,338 | -831,093 | +3.9% |
| Financing Activities | |||
| Proceeds From Issuance Of Common Stock | 19,727 | 8,884 | +122.1% |
| Proceeds From Repayments Of Lines Of Credit | -130,000 | 51,500 | -352.4% |
| Net Cash Provided By Used In Financing Activities Continuing Operations | -846,523 | -123,577 | -585.0% |
| Cash Provided By Used In Financing Activities Discontinued Operations | 528,244 | -52,758 | +1101.3% |
| Proceeds From Contributions From Parent (FY) | — | — | — |
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| Southwest Gas Corporation | 20,000 | — | — |
| Payments Of Dividends Common Stock | -178,509 | -177,628 | -0.5% |
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| Southwest Gas Corporation | -89,209 | -178,000 | +49.9% |
| Repayments Of Short Term Debt | -550,000 | — | — |
| Tax Withholding for Share Compensation | -3,063 | -2,677 | -14.4% |
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| Southwest Gas Corporation | -3,064 | -2,199 | -39.3% |
| Proceeds From Payments For Other Financing Activities | -4,678 | -3,656 | -28.0% |
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| Southwest Gas Corporation | -2,869 | -1,771 | -62.0% |
| Net Cash from Financing | -318,279 | -176,335 | -80.5% |
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| Southwest Gas Corporation | -75,142 | -181,970 | +58.7% |
| Supplemental | |||
| Interest Paid | 240,175 | 278,888 | -13.9% |
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| Southwest Gas Corporation | 176,958 | 156,998 | +12.7% |
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| Segment Continuing Operations | 196,875 | 200,623 | -1.9% |
| Segment Discontinued Operations | 43,300 | 78,265 | -44.7% |
| Increase Decrease In Capital Expenditures Incurred But Not Yet Paid | 16,614 | -8,705 | +290.9% |
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| Southwest Gas Corporation | 25,800 | -6,100 | +523.0% |
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| Segment Continuing Operations | 25,800 | -6,100 | +523.0% |
| Segment Discontinued Operations | -9,186 | -2,605 | -252.6% |
| Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity | 5,809 | 6,597 | -11.9% |
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| Southwest Gas Corporation | 5,809 | 6,597 | -11.9% |
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| Segment Continuing Operations | 5,809 | 6,597 | -11.9% |
| Income Taxes Paid | 40,488 | 9,905 | +308.8% |
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| Southwest Gas Corporation | 1,006 | — | — |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations | -127 | -624 | +79.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | 576,645 | 363,789 | +58.5% |
| Net Change in Cash | 212,856 | 257,253 | -17.3% |
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| Centuri Holdings, Inc. | 49 | — | — |
| Southwest Gas Corporation | -254,665 | 239,919 | -206.1% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) | — | — | — |
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| Southwest Gas Corporation | 56,408 | 311,073 | -81.9% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.