Southwest Gas Holdings, Inc.
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| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Regulated Operating Revenue Gas | 585,119 | 746,416 | -21.6% |
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| Southwest Gas Corporation | 585,119 | 746,416 | -21.6% |
| Regulated And Unregulated Operating Revenue | 585,119 | 746,416 | -21.6% |
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| Southwest Gas Corporation | 585,119 | 748,516 | -21.8% |
| Utilities Operating Expense Gas And Petroleum Purchased | 108,154 | 284,579 | -62.0% |
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| Southwest Gas Corporation | 108,154 | 284,579 | -62.0% |
| Utilities Operating Expense Maintenance And Operations | 133,001 | 130,667 | +1.8% |
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| Southwest Gas Corporation | 131,503 | 129,407 | +1.6% |
| Depreciation And Amortization | 99,603 | 93,690 | +6.3% |
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| Southwest Gas Corporation | 99,603 | 93,690 | +6.3% |
| Taxes Excluding Income And Excise Taxes | 25,015 | 23,761 | +5.3% |
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| Southwest Gas Corporation | 25,015 | 23,761 | +5.3% |
| Total Costs & Expenses | 365,773 | 532,697 | -31.3% |
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| Southwest Gas Corporation | 364,275 | 531,437 | -31.5% |
| Operating Income | 219,346 | 213,719 | +2.6% |
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| Southwest Gas Corporation | 220,844 | 217,079 | +1.7% |
| Interest Income Expense Nonoperating Net | -45,743 | -54,419 | +15.9% |
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| Southwest Gas Corporation | -45,680 | -44,631 | -2.4% |
| Other Non-Operating Income (Expense) | 10,991 | 9,195 | +19.5% |
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| Southwest Gas Corporation | 5,715 | 9,302 | -38.6% |
| Non-Operating Income (Expense) | -34,752 | -45,224 | +23.2% |
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| Southwest Gas Corporation | -39,965 | -35,329 | -13.1% |
| Income Before Taxes | 184,594 | 168,495 | +9.6% |
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| Southwest Gas Corporation | 180,879 | 181,750 | -0.5% |
| Income Tax Expense (Benefit) | 46,220 | 34,207 | +35.1% |
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| Southwest Gas Corporation | 43,108 | 39,155 | +10.1% |
| Net Income | 138,374 | 113,870 | +21.5% |
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| Southwest Gas Corporation | 137,771 | 142,595 | -3.4% |
| Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest | 138,374 | 134,288 | +3.0% |
| Net Income | 138,374 | 109,187 | +26.7% |
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| Southwest Gas Corporation | 137,771 | 142,595 | -3.4% |
| Income Loss From Continuing Operations Per Basic Share | 1.91 | 1.86 | +2.7% |
| EPS (Basic) | 1.91 | 1.58 | +20.9% |
| Income Loss From Continuing Operations Per Diluted Share | 1.91 | 1.86 | +2.7% |
| EPS (Diluted) | 1.91 | 1.58 | +20.9% |
| Wtd Avg Shares (Basic) | 72,441 | 72,012 | +0.6% |
| Wtd Avg Shares (Diluted) | 72,566 | 72,138 | +0.6% |
| Revenue (Q) | — | — | — |
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| Southwest Gas Corporation | 543,038 | 756,757 | -28.2% |
| Southwest Gas Corporation · Industrial/other | 10,310 | 13,472 | -23.5% |
| Southwest Gas Corporation · Large commercial | 15,152 | 21,715 | -30.2% |
| Southwest Gas Corporation · Residential | 398,304 | 561,639 | -29.1% |
| Southwest Gas Corporation · Small commercial | 88,707 | 130,365 | -32.0% |
| Southwest Gas Corporation · Transportation | 30,565 | 29,566 | +3.4% |
| Comprehensive Income | 138,820 | 114,222 | +21.5% |
| Income Loss From Equity Method Investments | 1,194 | — | — |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 484,752 | 406,295 | +19.3% |
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| Southwest Gas Corporation | 60,265 | 386,409 | -84.4% |
| Accounts Receivable | 168,790 | — | — |
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| Southwest Gas Corporation · Nonrelated Party | 168,781 | — | — |
| Southwest Gas Corporation · Related Party | 49,084 | — | — |
| Accrued Utility Revenue | 65,900 | 61,900 | +6.5% |
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| Southwest Gas Corporation | 65,900 | 61,900 | +6.5% |
| Income Taxes Receivable | 6,317 | — | — |
| Materials Supplies And Other | 93,656 | — | — |
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| Southwest Gas Corporation | 93,656 | — | — |
| Prepaid Expenses & Other Current Assets | 238,259 | 256,822 | -7.2% |
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| Southwest Gas Corporation | 237,638 | 231,015 | +2.9% |
| Total Current Assets | 1,057,674 | 1,431,881 | -26.1% |
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| Southwest Gas Corporation | 675,324 | 900,388 | -25.0% |
| Non-Current Assets | |||
| Goodwill | 11,155 | — | — |
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| Southwest Gas Corporation | 11,155 | — | — |
| Other Non-Current Assets | 353,629 | 477,690 | -26.0% |
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| Southwest Gas Corporation | 351,149 | 397,056 | -11.6% |
| Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment | 364,784 | 1,258,977 | -71.0% |
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| Southwest Gas Corporation | 362,304 | 408,211 | -11.2% |
| Total Assets | 10,406,646 | — | — |
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| Southwest Gas Corporation | 10,011,742 | — | — |
| Other Assets | |||
| Public Utilities Property Plant And Equipment Gas Plant | 11,659,807 | — | — |
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| Southwest Gas Corporation | 11,659,807 | — | — |
| Public Utilities Property Plant And Equipment Accumulated Depreciation | -3,113,118 | -2,952,957 | -5.4% |
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| Southwest Gas Corporation | -3,113,118 | -2,952,957 | -5.4% |
| Public Utilities Property Plant And Equipment Construction Work In Progress | 259,867 | 176,485 | +47.2% |
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| Southwest Gas Corporation | 259,867 | 176,485 | +47.2% |
| Public Utilities Property Plant And Equipment Net | 8,806,556 | 8,212,874 | +7.2% |
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| Southwest Gas Corporation | 8,806,556 | 8,212,874 | +7.2% |
| Other Property And Investments | 177,632 | — | — |
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| Southwest Gas Corporation | 167,558 | — | — |
| 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 | 122,008 | 253,316 | -51.8% |
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| Southwest Gas Corporation · Nonrelated Party | 121,466 | 129,896 | -6.5% |
| Deferred Revenue (Current) | 67,607 | 66,334 | +1.9% |
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| Southwest Gas Corporation | 67,607 | 66,334 | +1.9% |
| Income Taxes Payable (Q) | — | — | — |
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| Southwest Gas Corporation | 4,386 | — | — |
| Accrual For Taxes Other Than Income Taxes Current | 78,907 | 86,748 | -9.0% |
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| Southwest Gas Corporation | 78,907 | 86,748 | -9.0% |
| Interest Payable Current | 38,329 | 39,427 | -2.8% |
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| Southwest Gas Corporation | 38,329 | 38,684 | -0.9% |
| Deferred Gas Purchases Current | 248,112 | 289,187 | -14.2% |
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| Southwest Gas Corporation | 248,112 | 289,187 | -14.2% |
| Other Liabilities Current | 99,995 | 347,069 | -71.2% |
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| Southwest Gas Corporation | 99,995 | 114,936 | -13.0% |
| Total Current Liabilities | 729,958 | 1,806,505 | -59.6% |
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| Southwest Gas Corporation | 733,802 | 732,008 | +0.2% |
| Non-Current Liabilities | |||
| Long-Term Debt | 3,433,929 | 4,327,895 | -20.7% |
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| Southwest Gas Corporation | 3,433,929 | 3,505,352 | -2.0% |
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| Carrying Reported Amount Fair Value Disclosure | 3,433,929 | 4,327,895 | -20.7% |
| Other Accrued Liabilities Noncurrent | 504,000 | 479,000 | +5.2% |
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| Southwest Gas Corporation | 504,000 | 479,000 | +5.2% |
| Deferred Credits And Other Liabilities Noncurrent | 614,547 | 865,702 | -29.0% |
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| Southwest Gas Corporation | 609,254 | 688,249 | -11.5% |
| Other Non-Current Liabilities | 2,141,081 | — | — |
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| Southwest Gas Corporation | 2,181,563 | 2,061,958 | +5.8% |
| Long-Term Debt (Q) | — | — | — |
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| Carrying Reported Amount Fair Value Disclosure · Debentures: | 3,310,133 | — | — |
| Carrying Reported Amount Fair Value Disclosure · Industrial development revenue bonds: | 198,796 | — | — |
| Other Liabilities | |||
| Deferred Income Taxes And Unamortized Investment Tax Credits | 1,022,534 | — | — |
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| Southwest Gas Corporation | 1,068,309 | 894,709 | +19.4% |
| Stockholders' Equity | |||
| Common Stock | 74,003 | 73,541 | +0.6% |
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| Southwest Gas Corporation | 49,112 | 49,112 | 0.0% |
| Additional Paid In Capital Common Stock | 2,901,448 | 2,726,758 | +6.4% |
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| Southwest Gas Corporation | 2,195,556 | 2,167,118 | +1.3% |
| Accumulated Other Comprehensive Income | -34,100 | -48,866 | +30.2% |
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| Southwest Gas Corporation | -34,100 | -38,133 | +10.6% |
| Retained Earnings | 1,160,327 | — | — |
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| Southwest Gas Corporation | 1,451,880 | 1,202,052 | +20.8% |
| Total Stockholders' Equity | 4,101,678 | — | — |
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| Southwest Gas Corporation | 3,662,448 | 3,380,149 | +8.4% |
| Capitalization Longterm Debt And Equity | 7,535,607 | — | — |
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| Southwest Gas Corporation | 7,096,377 | 6,885,501 | +3.1% |
| Total Liabilities & Equity | 10,406,646 | — | — |
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| Southwest Gas Corporation | 10,011,742 | 9,679,467 | +3.4% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Net Cash Provided By Used In Operating Activities Continuing Operations | 162,135 | 275,042 | -41.1% |
| Increase Decrease In Deferred Income Taxes | 45,082 | 35,899 | +25.6% |
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| Southwest Gas Corporation | 40,247 | 40,375 | -0.3% |
| Stock-Based Compensation | 4,471 | 4,749 | -5.9% |
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| Southwest Gas Corporation | 4,126 | 4,412 | -6.5% |
| Increase Decrease In Allowance For Equity Funds Used During Construction | -2,033 | -1,353 | -50.3% |
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| Southwest Gas Corporation | -2,033 | -1,353 | -50.3% |
| Change in Accounts Receivable | 1,811 | -11,122 | +116.3% |
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| Southwest Gas Corporation · Nonrelated Party | 1,743 | -13,217 | +113.2% |
| Southwest Gas Corporation · Related Party | 56,466 | — | — |
| Increase Decrease In Accrued Utility Revenue | 35,700 | 34,700 | +2.9% |
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| Southwest Gas Corporation | 35,700 | 34,700 | +2.9% |
| Increase Decrease In Deferred Gas Cost | -56,759 | 59,157 | -195.9% |
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| Southwest Gas Corporation | -56,759 | 55,862 | -201.6% |
| Change in Accounts Payable | -73,149 | -44,171 | -65.6% |
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| Southwest Gas Corporation | -73,296 | -46,688 | -57.0% |
| Increase Decrease In Accrued Taxes Payable | 27,817 | 32,258 | -13.8% |
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| Southwest Gas Corporation | 29,916 | 33,207 | -9.9% |
| Increase Decrease In Other Current Assets And Liabilities Net | -16,113 | -17,759 | +9.3% |
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| Southwest Gas Corporation | -16,151 | -12,181 | -32.6% |
| Increase Decrease In Other Operating Assets | -22,806 | -24,384 | +6.5% |
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| Southwest Gas Corporation | -23,050 | -24,642 | +6.5% |
| Increase Decrease In Other Operating Liabilities | -19,863 | -20,910 | +5.0% |
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| Southwest Gas Corporation | -20,386 | -20,928 | +2.6% |
| Net Cash from Operations | 162,135 | 291,268 | -44.3% |
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| Southwest Gas Corporation | 213,897 | 285,832 | -25.2% |
| Investing Activities | |||
| Net Cash Provided By Used In Investing Activities Continuing Operations | -203,625 | -163,437 | -24.6% |
| Capital Expenditures | -208,720 | -163,134 | -27.9% |
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| Southwest Gas Corporation | -208,720 | -163,134 | -27.9% |
| Changes In Customer Advances Investing Activities | 6,339 | -199 | +3285.4% |
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| Southwest Gas Corporation | 6,339 | -199 | +3285.4% |
| Other Investing Activities | -1,244 | -104 | -1096.2% |
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| Southwest Gas Corporation | 94 | 61 | +54.1% |
| Net Cash from Investing | -203,625 | -186,645 | -9.1% |
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| Southwest Gas Corporation | -202,287 | -163,272 | -23.9% |
| Financing Activities | |||
| Proceeds From Issuance Of Common Stock | 2,148 | 2,295 | -6.4% |
| Net Cash Provided By Used In Financing Activities Continuing Operations | -50,403 | -34,884 | -44.5% |
| Payments Of Dividends Common Stock | -44,807 | -44,530 | -0.6% |
| Tax Withholding for Share Compensation | -4,852 | -2,612 | -85.8% |
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| Southwest Gas Corporation | -4,861 | -2,613 | -86.0% |
| Proceeds From Payments For Other Financing Activities | -2,892 | -37 | -7716.2% |
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| Southwest Gas Corporation | -2,892 | -11 | -26190.9% |
| Net Cash from Financing | -50,403 | -62,128 | +18.9% |
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| Southwest Gas Corporation | -7,753 | -47,224 | +83.6% |
| Supplemental | |||
| Interest Paid | 41,415 | 69,975 | -40.8% |
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| Southwest Gas Corporation | 41,415 | 40,216 | +3.0% |
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| Segment Continuing Operations | 41,415 | 49,759 | -16.8% |
| Income Taxes Paid | -179 | 2,418 | -107.4% |
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| Segment Continuing Operations | -179 | 343 | -152.2% |
| Increase Decrease In Capital Expenditures Incurred But Not Yet Paid | -29,800 | -19,052 | -56.4% |
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| Southwest Gas Corporation | -29,800 | -10,600 | -181.1% |
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| Segment Continuing Operations | -29,800 | -10,600 | -181.1% |
| Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity | 2,033 | 1,353 | +50.3% |
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| Southwest Gas Corporation | 2,033 | 1,353 | +50.3% |
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| Segment Continuing Operations | 2,033 | 1,353 | +50.3% |
| Other Cash Flow | |||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations | 484,752 | 406,295 | +19.3% |
| Net Change in Cash | -91,893 | 42,506 | -316.2% |
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| Southwest Gas Corporation | 3,857 | 75,336 | -94.9% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) | — | — | — |
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| Southwest Gas Corporation | 60,265 | 386,409 | -84.4% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.