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Report highlights sustainability in action through investments that strengthen safety and reliability, improve customer experience, and support communities

, /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas" or "Company") has released its 2025 Sustainability Report ("2025 Report"), "Fueling Communities. Creating Enduring Value.", highlighting the Company's progress in safety, customer service, environmental stewardship, technology, and community investment.

The 2025 Report reflects Southwest Gas' first full year of sustainability reporting following the separation of Centuri Holdings, Inc., into an independent utility infrastructure company. As a premier, fully regulated natural gas business, Southwest Gas remains focused on delivering safe, reliable and affordable natural gas service that supports economic development and strengthens the communities it serves.

"The past year marked a major milestone for the Company and highlighted not only our operational excellence and financial discipline, but also our commitment to the values that guide us every day: Safety First, Integrity in All That We Do, Relationships Matter, and Sustainability in Action," said Justin Brown, President and Chief Executive Officer of Southwest Gas. "These principles shape how we serve our customers, support our employees, strengthen our communities, and create long-term value for our stakeholders."

Key achievements highlighted in the report are:

Improved employee safety performance, reducing the Total Recordable Incident Rate by 17% and the Days Away, Restricted or Transferred rate by 37% year over year. Achieved record emergency response performance, responding to 79.2% of emergencies within 30 minutes. Ranked No. 1 in customer satisfaction with Residential Natural Gas Service in the West among Large Utilities by J.D. Power for the sixth consecutive year. Strengthened system monitoring and cybersecurity through completion of a major modernization project, improving Southwest Gas' ability to monitor its natural gas system in real time. Captured 3.37 million standard cubic feet of natural gas using vacuum and compression technology, avoiding an estimated 191 metric tons of carbon dioxide equivalent emissions. Met the Company's goal of reducing emissions by 20% by 2025, achieving a 33.7% reduction from its fleet and building facilities compared with the 2015 baseline. Reduced excavation damages by 7.7% since 2021, helping prevent natural gas releases and supporting the safety and reliability of its natural gas system. Invested $2.5 million through the Southwest Gas Foundation in 362 nonprofit and charitable organizations supporting communities across the Company's service territory. Contributed more than 4,500 employee volunteer hours to nonprofits and community initiatives, while employees pledged approximately $2.7 million through the Company's FUEL for LIFE employee giving program. Doubled per-block greenhouse gas emissions offsets in Nevada for participating customers in the Move2Zero program and surpassed 200,000 therms in total program offsets since 2022. Sustainability is embedded throughout Southwest Gas' business strategy and governance framework. Oversight is provided by the Board of Directors and Company leadership, helping ensure accountability while supporting safe operations, customer service excellence, employee development, and long-term community investment.

The complete 2025 Sustainability Report is available at www.swgasholdings.com/esg

About Southwest Gas Holdings, Inc.

Southwest Gas Holdings, Inc., through its primary operating subsidiary, Southwest Gas Corporation, engages in the business of purchasing, distributing, and transporting natural gas for its customers. Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of over two million customers in Arizona, Nevada, and California by providing safe, reliable, and affordable service while pursuing innovative sustainable energy solutions to fuel the growth in its communities.

SOURCE Southwest Gas Holdings, Inc.

Bank of America Corp DE grew its holdings in Southwest Gas Corporation (NYSE: SWX) by 54.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 395,336 shares of the utilities provider's stock after buying an additional 139,872 shares

Southwest Gas (NYSE:SWX) reported second-quarter 2026 adjusted earnings per share from continuing operations of $0.45, up from $0.37 in the prior-year period, as lower parent-level interest expense and regulatory progress supported results. Reported earnings per share from continuing operations were $0.58, including revenue recognized following a California rate-case decision.

President and CEO Justin Brown said the adjusted result excluded the retroactive portion of California revenue that had been deferred in a memorandum account since the first quarter because of the timing of the rate-case approval. He said the company is reaffirming its 2026 and long-term guidance ranges.

“Our regulatory strategy doesn’t depend on any single outcome, giving us multiple credible paths to achieve our objectives regardless of how individual cases unfold,” Brown said.

Interest Savings and Utility Results Jay Ford, senior vice president of financial planning, said the year-over-year earnings improvement was driven primarily by the holding company’s performance, partially offset by slightly lower utility earnings. The holding company benefited from the repayment of all outstanding parent-level debt, reducing interest expense by approximately $8.6 million from the second quarter of 2025. Higher interest income on elevated cash balances also contributed.

Operating margin increased $12.7 million from a year earlier, including $6.7 million of incremental margin from rate relief and $1.4 million from customer growth, Ford said. Debt recovery-related items added $4.9 million to operating margin, though that benefit was offset by comparable depreciation and amortization expense.

Operations and maintenance expense declined $3.7 million, or nearly 3%, reflecting lower outside services, bad debt expense, and lease and rental costs. Depreciation and amortization increased $8.7 million, driven principally by a 7% rise in gas plant and service versus the prior-year quarter.

Other income declined $9.4 million, with Ford citing lower utility interest income, reduced non-service pension gains, weaker corporate-owned life insurance investment performance, the absence of a prior-year gain on sale, and higher charitable contributions. The company ended the quarter with approximately $270 million in cash and nearly $1 billion in available liquidity, Brown said.

Rate Cases Advance in Three States Southwest Gas said its 12-month ended return on equity at the utility was 8.1%, or 8% on an adjusted basis, compared with a weighted-average authorized return of 9.89%. Management said pending rate cases and recovery mechanisms are intended to improve earned returns over time.

In California, a recent commission decision resolved all matters except cost of capital and is expected to provide approximately $40 million of incremental annual revenue. The decision allowed the company to recognize about $9.7 million of incremental second-quarter net income tied to previously deferred memorandum-account margin. A final decision on the cost-of-capital component is expected later in August, according to Brown.

In Nevada, the company updated its general rate-case request to approximately $74 million in annual revenue after filing certification materials incorporating post-test-year plant adjustments through May. Intervening parties have recommended an average revenue increase just under $40 million, or about 52% of the company’s request, and their testimony has converged around a 9.3% return on equity with equity ratios ranging from 50% to 51.35%.

The Nevada hearing was scheduled for later in August, while the company also continued settlement discussions. Management said the case remains on track for an October 2026 effective date.

Arizona’s general rate case is proceeding toward an expected April 2027 effective date, with intervener testimony anticipated in late September. Brown said the company would seek areas of agreement with parties as positions become more defined.

Great Basin Expansion Scope Increases Great Basin made additional progress on its planned 2028 expansion project, executing binding precedent agreements that brought contracted demand to approximately 1 billion cubic feet per day. The company also cited expressions of interest for another 1.8 Bcf of capacity across the region during the 2029-2035 period.

In response to demand, Southwest Gas revised the project design to use a 48-inch pipeline rather than a 42-inch pipeline. The larger design is intended to support up to 1 Bcf per day of incremental transportation capacity beyond currently contracted volumes through future compression additions.

The revised project is now estimated to require about $2.3 billion in capital investment and to generate approximately $270 million to $300 million in annual incremental margin once completed. Brown said the company expects to file for a Federal Energy Regulatory Commission certificate of public convenience and necessity before year-end, target approval in late 2027, and pursue a fourth-quarter 2028 in-service date.

Management said it does not expect the increase in contracted demand to alter the regulatory schedule. Brown added that the company does not anticipate supply-chain issues from changing the pipe design, citing earlier coordination with suppliers on the ability to move to a 48-inch specification.

Financing Plan and Outlook The company expects to issue $400 million of utility-level debt during the remainder of 2026 and said it does not anticipate equity issuance this year outside its dividend reinvestment plan. Ford said Southwest Gas will renew and extend its at-the-market equity program when it updates its shelf registration, characterizing that action as a routine renewal rather than an indication of near-term issuance.

Management expects only modest equity needs for the expanded Great Basin project and said holding-company leverage capacity could absorb much of the utility’s anticipated equity requirements. At quarter-end, consolidated net debt was approximately $3.4 billion after considering purchased-gas-adjustment balances payable to customers.

Southwest Gas reiterated plans to invest approximately $1.25 billion in capital expenditures during 2026. Its existing five-year plan, based on year-end 2025 rate base of $6.7 billion, supports projected rate-base growth of 9.5% to 11.5% annually through 2030. The additional approximately $600 million of expected capital spending for the Great Basin expansion has not yet been incorporated into current long-term guidance and is expected to be addressed in the company’s five-year planning update next February.

About Southwest Gas (NYSE:SWX) Southwest Gas Corporation (NYSE: SWX) is a publicly traded natural gas utility that provides regulated gas distribution services to residential, commercial, industrial and electric generation customers. The company’s core activities include the transportation, distribution and sale of natural gas through an extensive network of pipelines, service lines and metering facilities. Southwest Gas also offers related services such as system maintenance, pipeline safety inspections, emergency response and line extensions to support customer growth and ensure reliable gas delivery.

Founded in 1931 in southern Nevada, Southwest Gas has grown through strategic acquisitions and organic expansion to become one of the nation’s larger natural gas utilities by customer count.

Posted by Defense World Staff on Aug 6th, 2026

California State Teachers Retirement System increased its holdings in shares of Southwest Gas Corporation (NYSE:SWX – Free Report) by 30.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 76,336 shares of the utilities provider’s stock after acquiring an additional 17,811 shares during the period. California State Teachers Retirement System owned approximately 0.11% of Southwest Gas worth $6,634,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in Southwest Gas during the fourth quarter worth approximately $66,930,000. BROOKFIELD Corp ON grew its holdings in Southwest Gas by 106.9% in the first quarter. BROOKFIELD Corp ON now owns 699,626 shares of the utilities provider’s stock valued at $60,797,000 after purchasing an additional 361,556 shares during the period. Renaissance Technologies LLC increased its position in shares of Southwest Gas by 281.2% in the first quarter. Renaissance Technologies LLC now owns 459,000 shares of the utilities provider’s stock valued at $39,887,000 after buying an additional 338,600 shares in the last quarter. BROOKFIELD Corp ON purchased a new stake in shares of Southwest Gas in the fourth quarter valued at approximately $27,052,000. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Southwest Gas by 16.1% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 1,648,496 shares of the utilities provider’s stock worth $131,913,000 after buying an additional 228,496 shares during the period. Hedge funds and other institutional investors own 92.77% of the company’s stock.

Southwest Gas Price Performance SWX stock opened at $90.62 on Thursday. Southwest Gas Corporation has a 1 year low of $75.75 and a 1 year high of $94.46. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.45 and a quick ratio of 1.32. The firm has a market capitalization of $6.56 billion, a PE ratio of 13.13, a price-to-earnings-growth ratio of 2.11 and a beta of 0.57. The business has a 50 day simple moving average of $89.66 and a 200-day simple moving average of $88.43.

Southwest Gas (NYSE:SWX – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The utilities provider reported $0.45 EPS for the quarter, hitting analysts’ consensus estimates of $0.45. The firm had revenue of $358.15 million for the quarter, compared to the consensus estimate of $416.20 million. Southwest Gas had a return on equity of 6.95% and a net margin of 19.95%.The firm’s revenue was down 9.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.18) earnings per share. Southwest Gas has set its FY 2026 guidance at 4.170-4.320 EPS. Equities research analysts anticipate that Southwest Gas Corporation will post 4.27 earnings per share for the current fiscal year.

Southwest Gas Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be paid a $0.645 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $2.58 dividend on an annualized basis and a dividend yield of 2.8%. Southwest Gas’s dividend payout ratio (DPR) is 37.39%.

Trending Headlines about Southwest Gas Here are the key news stories impacting Southwest Gas this week:

Positive Sentiment: Full-year guidance reaffirmed: Southwest Gas maintained its 2026 continuing-operations EPS outlook of $4.17 to $4.32, broadly in line with the $4.22 consensus estimate. Southwest Gas second-quarter financial results Positive Sentiment: Great Basin expansion gains momentum: Binding commitments for the 2028 expansion reached approximately 1 billion cubic feet per day. Southwest Gas raised expected project capital investment to about $2.3 billion and estimated potential annual incremental margin of $270 million to $300 million once operational. Positive Sentiment: Regulatory developments improved the outlook: A California regulatory decision is expected to provide approximately $40 million in incremental annual revenue, while the final decision in a broader California rate case is anticipated in August. The company also reported an 8.1% trailing-12-month utility return on equity. Neutral Sentiment: Quarterly profitability improved year over year: Net income attributable to Southwest Gas was $42.1 million, versus a $40.2 million loss in the prior-year quarter. Reported EPS was $0.45, meeting some consensus estimates, though other estimates placed expectations at $0.47. Negative Sentiment: Revenue and earnings comparisons were weak: Quarterly operating revenue fell 9.6% year over year to $358.2 million. Zacks characterized EPS as a miss against its $0.47 estimate, and reported EPS declined from $0.53 a year earlier under that comparison, despite lower costs helping operating income. Analysts Set New Price Targets A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. upgraded Southwest Gas from a “neutral” rating to an “overweight” rating and set a $100.00 target price on the stock in a research report on Thursday, May 7th. UBS Group set a $100.00 price target on shares of Southwest Gas in a report on Thursday, May 7th. Wall Street Zen upgraded shares of Southwest Gas from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Weiss Ratings reaffirmed a “buy (a-)” rating on shares of Southwest Gas in a report on Monday. Finally, Citigroup lifted their target price on shares of Southwest Gas from $99.00 to $106.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $98.00.

View Our Latest Analysis on SWX

Southwest Gas Profile (Free Report)

Southwest Gas Corporation (NYSE: SWX) is a publicly traded natural gas utility that provides regulated gas distribution services to residential, commercial, industrial and electric generation customers. The company’s core activities include the transportation, distribution and sale of natural gas through an extensive network of pipelines, service lines and metering facilities. Southwest Gas also offers related services such as system maintenance, pipeline safety inspections, emergency response and line extensions to support customer growth and ensure reliable gas delivery.

Founded in 1931 in southern Nevada, Southwest Gas has grown through strategic acquisitions and organic expansion to become one of the nation’s larger natural gas utilities by customer count.

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Southwest Gas Holdings, Inc. (SWX) Q2 2026 Earnings Call Transcript

Delivered 8.1% Twelve-month-ended Utility ROE

Great Basin Demand Raises 2028 Expansion Project CapEx and Margin Expectations

Constructive CA Rate Case Decision on Items Before Cost of Capital; Final Decision Expected in August

, /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas Holdings" or "Company") today reported results for its second quarter and six-months ended June 30, 2026. This earnings press release should be read in conjunction with the Form 10-Q and earnings slides, which are concurrently being posted at www.swgasholdings.com.

"We're encouraged by the progress our team made this quarter, advancing rate cases in all three states and securing binding commitments for our Great Basin 2028 expansion project," said Justin Brown, President and Chief Executive Officer of Southwest Gas Holdings. "The California Public Utilities Commission's recent decision on the non-cost-of-capital components of our rate case is a constructive step and reflects the kind of collaborative engagement we're working to enhance with regulators to better align cost recovery with the timing of our investments to ensure safe and reliable service to our customers across all three states. We remain focused on executing our growth and regulatory priorities while delivering long-term value creation for all stakeholders."

"We remain optimistic about the opportunity and progress we're seeing on our Great Basin expansion," added Brown. "Contracted demand for the 2028 expansion has grown to roughly 1 billion cubic feet per day, and the project continues to see strong commercial interest, including an additional 1.8 Bcf of expressions of interest which could lead to binding agreements for future phases during the 2029 to 2035 period. That growing interest points to increased capital investment opportunities and enhanced revenue potential for the initial phase of the project. Based on the contracted demand, we now estimate annual margin of $270 to $300 million once in service and a corresponding capital investment for the project of approximately $2.3 billion," added Brown.

SOUTHWEST GAS HOLDINGS, INC. SUMMARY OPERATING RESULTS

Summary Financial Results

Three Months Ended
June 30,

Six Months Ended
June 30,

(In thousands, except per share items)

2026

2025

2026

2025

Results of Consolidated Operations

Contribution to net income - natural gas distribution

$    40,757

$    45,646

$  178,528

$  188,588

Contribution to net income - corporate and administrative

1,365

(46,377)

1,968

(55,031)

Income (loss) from continuing operations, net of taxes

42,122

(731)

180,496

133,557

Loss from discontinued operations, net of taxes(1)

—

(39,423)

—

(59,841)

Net income (loss) attributable to Southwest Gas Holdings

$    42,122

$  (40,154)

$  180,496

$    73,716

Non-GAAP adjustments to net income - natural gas distribution(2)     

$     (9,723)

$   (11,969)

$           —

$   (11,969)

Adjusted net income - natural gas distribution

$    31,034

$    33,677

$  178,528

$  176,619

Non-GAAP adjustments to net income - continuing operations(2)

(9,723)

27,271

—

27,271

Adjusted net income - continuing operations

$    32,399

$    26,540

$  180,496

$  160,828

Consolidated earnings (loss) per diluted share

$        0.58

$      (0.56)

$        2.49

$        1.02

Consolidated earnings (loss) per diluted share from continuing
operations

$        0.58

$      (0.01)

$        2.49

$        1.85

Non-GAAP adjustments - continuing operations(2)

(0.13)

0.38

—

0.38

Adj. consolidated earnings per diluted share from continuing
operations

$        0.45

$        0.37

$        2.49

$        2.23

Weighted average diluted shares

72,665

72,088

72,617

72,195

(1) 

Including the impacts of noncontrolling interests. All items related to the disposition of Centuri Holdings, Inc. are included in discontinued operations.

(2) 

For a reconciliation of non-GAAP financial measures to their comparable GAAP measures, see the tables later in this press release.

Recent Operational and Financial Highlights 

Delivered significant quarter-over-quarter growth in earnings per share from continuing operations compared with the prior-year period, reflecting constructive regulatory outcomes, continued infrastructure investment recovery, and disciplined operational execution; Maintained a strong balance sheet and financial flexibility, ending the quarter with $270.5 million of cash and cash equivalents and nearly $1.0 billion in available liquidity to support, among other items, organic growth initiatives and infrastructure investment programs; Southwest Gas Corporation ("Southwest Gas", "Utility", "Natural Gas Distribution" segment) delivered Utility return on period-end equity of 8.1% and adjusted Utility return on period-end equity of 8.0% over the 12 months ended June 30, 2026; Achieved a constructive California regulatory outcome providing approximately $40 million of incremental annual revenue, reinforcing regulatory support for infrastructure investments and enhancing earnings visibility. The decision also resulted in the recognition of approximately $9.7 million of incremental net income in the second quarter related to previously deferred first quarter revenue, which had been tracked in a previously authorized memorandum account pending the regulatory decision; remaining cost-of-capital component is proceeding with a final decision expected in August; Southwest Gas' Arizona System Integrity Mechanism rates became effective on April 1, 2026, supporting more timely recovery of eligible safety and reliability investments, subject to an annual capital investment cap of $50 million; Southwest Gas filed Nevada certification materials for the Nevada general rate case, including post-test-year plant adjustments through May 2026, supporting timely recovery of ongoing infrastructure investments and system improvements and increased Southwest Gas' requested annual revenue increase to ~$74 million; Secured approval of the Nevada Triennial Resource Plan, including prudency pre-determinations for approximately $186 million of capital investments, providing enhanced visibility into possible future rate base growth and supporting long-term natural gas infrastructure planning to serve growing customer demand and reliability needs; Continued commercial momentum for the Great Basin 2028 Expansion Project, with binding precedent agreements ("BPAs") now totaling approximately 1 Bcf per day, demonstrating strong customer demand and supporting one of the Company's most significant long-term infrastructure growth opportunities. Invested $520.0 million in infrastructure modernization and expansion during the first six months of 2026 (on an accrual basis), including approximately $115 million toward the Great Basin 2028 Expansion Project, advancing a robust capital investment program designed to drive long-term rate base growth, system reliability, and shareholder value creation; and Southwest Gas achieved gross margin of $158.4 million and operating margin of $319.7 million for the three months ended June 30, 2026. Great Basin 2028 Expansion Project Updates

During the second quarter, Great Basin executed additional BPAs now totaling approximately 1 Bcf per day of currently contracted demand for its 2028 Expansion Project. Efforts to execute additional BPAs are ongoing to convert expressions of interest of an additional ~1.8 Bcf for requested in-service dates ranging from 2029 through 2035. All additional expressions of interest remain subject to the successful negotiation of BPAs and the posting of required surety.

Based on current engineering and design assumptions, the 2028 Expansion Project is now projected to result in:

Approximately 1 Bcf per day of incremental demand; 48" designed pipe size to serve contracted demand and accommodate additional capacity demand with future compression additions; Approximately $2.3 billion of estimated capital investment. Following project in-service, potential annual incremental margin of approximately $270 million to $300 million. The Company plans to incorporate these expected increases into its long-term capital expenditure, rate base, and earnings guidance expectations in conjunction with its annual five-year planning refresh cycle that typically concludes in February. The Company does not expect 2026 capital expenditures guidance to be materially impacted by the above project estimates.

Preparations for the Federal Energy Regulatory Commission (FERC) certificate (CPCN) application, expected to be filed later in 2026, are progressing as planned, including field surveys, public outreach, and engineering and design development. The current FERC filing schedule is not expected to be impacted by the incremental demand received. Project shippers who executed BPAs are required post surety and execute minimum twenty-year Transportation Service Agreements upon FERC approval of the CPCN to maintain the planned project schedule and associated regulatory timeline.

Future demand beyond the 2028 Expansion Project, may support additional expansion opportunities with their own regulatory approvals and construction schedules.

Earnings Reconciliation Table

The table below provides a reconciliation of net income attributable to Southwest Gas Holdings for the three and six months ended June 30, 2026, from the same period in 2025 (items are in millions and are before related income tax impact unless otherwise noted):

Three Months

Six Months

Net income (loss) attributable to Southwest Gas Holdings – June 30, 2025

$  (40.2)

$   73.7

Increase (decrease) in Southwest Gas net income:

Operating Margin(1)

25.5

40.7

Operations and maintenance expenses

3.7

1.6

Depreciation and amortization

(8.7)

(14.7)

Other income and deductions, net

(9.4)

(13.0)

Interest expense, net

0.8

(0.3)

Other (includes taxes other than income taxes)

(0.6)

(1.8)

Income tax expense

(16.2)

(22.6)

Total decrease in Southwest Gas net income

(4.9)

(10.1)

Improvement in corporate and administrative results(2)

47.8

57.1

Increase in income from continuing operations

42.9

47.0

Decrease in loss from discontinued operations(3)

39.4

59.8

Net income attributable to Southwest Gas Holdings – June 30, 2026

$   42.1

$ 180.5

Non-GAAP Adjustments - continuing operations(1)

(9.7)

—

Adjusted net income attributable to Southwest Gas Holdings from continuing     
operations – June 30, 2026

$   32.4

$ 180.5

(1)

For a reconciliation of non-GAAP financial measures to their comparable GAAP measures, see the tables later in this press release. Non-GAAP adjustments to three months ended June 30, 2026 adjust for the retroactive impact of California rates that would have been recorded in the first quarter of 2026 had the decision not been delayed.

(2) 

Corporate and Administrative improved from a net loss in the three months ended June 30, 2025 to net income in the three months ended June 30, 2026.

(3) 

Including the impacts of noncontrolling interests. All items related to the disposition of Centuri are included in discontinued operations.

Southwest Gas Holdings' net income from continuing operations was $42.1 million for the three months ended June 30, 2026, and adjusted net income from continuing operations was $32.4 million for the three months ended June 30, 2026, representing a $42.9 million increase in net income from continuing operations when compared to the three months ended June 30, 2025 and a $5.9 million increase in adjusted net income from continuing operations when compared to the three months ended June 30, 2025.

Southwest Gas Holdings' net income from continuing operations was $180.5 million for the six months ended June 30, 2026, and adjusted net income from continuing operations was $180.5 million for the six months ended June 30, 2026, representing a $47.0 million increase in net income from continuing operations when compared to the six months ended June 30, 2025 and a $19.7 million increase in adjusted net income from continuing operations when compared to the six months ended June 30, 2025.

Southwest Gas / Natural Gas Distribution - Second Quarter 2026

In the three months ended June 30, 2026 compared to the same period in 2025, the decrease in net income of $4.9 million was primarily due to:

$16.2 million higher Income tax expense primarily due to a $12.0 million state income tax benefit recognized in the prior year's quarter related to a change in state apportionment rates that did not reoccur in the current quarter. The increase was also driven by higher pre-tax income differences and lower amortization of excess accumulated deferred income taxes in the current quarter. $9.4 million lower Other income, which is net of other deductions, primarily driven by lower interest income earned on money market accounts of $2.7 million, lower net periodic benefit gain related to pension non-service components of $2.2 million, lower COLI policies gains of $1.9 million largely driven by lower market performance compared to the prior year's quarter, and the absence of a prior year gain on the sale of certain miscellaneous assets of $1.6 million. Additionally, contributions to the Southwest Gas Foundation were $1.6 million higher in the current period, primarily due to timing of the contributions. These decreases were partially offset by an increase in Equity AFUDC of $0.9 million related to the commencement of the Great Basin 2028 Expansion Project. $8.7 million, or 13%, higher Depreciation and amortization expense reflecting a $726.7 million, or 7%, increase in gas plant in service since the corresponding second quarter of 2025, in addition to $4.9 million in higher amortization related to regulatory account balances noted below. The increase in plant was attributable to pipeline capacity reinforcement work, franchise requirements, scheduled pipe replacement activities, and new infrastructure. Partially offset by:

$25.5 million higher Operating margin primarily driven by updated rates that better align with Southwest Gas' cost of service and capital investments across California adding approximately $19.5 million of incremental margin, the majority of which was attributable to the revenue recognized in connection with final approval of the All-Party Settlement, before adjustments to cost of capital, associated with the California general rate case, and $1.4 million attributable to customer growth for all territories. Also contributing to the increase was $4.9 million related to the combined impacts of increases in recovery/return, offset by a comparable increase in depreciation and amortization expense in regulatory account balances noted above. $3.7 million lower Operations and maintenance expense primarily due to lower net insurance cost of $2.5 million, outside services costs of $1.7 million, and bad debt expenses. These decreases were partially offset by increases in employee-related labor costs and leak survey and line locating expense. Southwest Gas / Natural Gas Distribution - Year-To-Date 2026

In the six months ended June 30, 2026 compared to the same period in 2025, the decrease in net income of $10.1 million was primarily due to:

$22.6 million higher Income tax expense due to a $12.0 million state income tax benefit recognized in the prior year's period related to a change in state apportionment rates that did not reoccur in the current period. The increase was also driven by higher pre-tax income differences, lower amortization of excess accumulated deferred income taxes, and lower nondeductible executive compensation in the current period when compared to the prior year's period. $14.7 million, or 9%, higher Depreciation and amortization expense reflecting a $726.7 million, or 7%, increase in gas plant in service since the corresponding period of 2025, in addition to $6.0 million in higher amortization related to regulatory account balances noted below. The increase in plant was attributable to pipeline capacity reinforcement work, franchise requirements, scheduled pipe replacement activities, and new infrastructure. $13.0 million lower Other income, which is net of other deductions, primarily driven by lower interest income earned on money market accounts of $5.9 million, lower net periodic benefit gain related to pension non-service components of $4.3 million, the absence of a prior year gain on the sale of certain miscellaneous assets of $1.6 million, and higher contributions to the Southwest Gas Foundation of $1.9 million primarily due to timing differences. These decreases were partially offset by an increase in Equity AFUDC of $1.6 million related to the commencement of the Great Basin 2028 expansion project. $1.8 million higher Taxes other than income taxes due primarily to increase in property taxes across all of Southwest Gas' jurisdictions. Partially offset by:

$40.7 million higher Operating margin primarily driven by updated rates that better align with Southwest Gas' cost of service and capital investments across all territories adding approximately $32.7 million of incremental margin, approximately $20.2 million of which was attributable to the revenue recognized in connection with final approval of the All-Party Settlement, before adjustments to cost of capital, associated with the California general rate case, and $4.5 million attributable to customer growth for all territories, which is reflective of 1% net customer growth during the twelve months ended June 30, 2026. Also contributing to the increase were $4.9 million attributable to nondecoupled billed margin across Arizona and Nevada and $6.0 million related to the combined impacts of increases in recovery/return, offset by a comparable increase in depreciation and amortization expense in regulatory account balances noted above. Partially offsetting the increase is $4.7 million attributable to the absence of recovery in the current period, as recovery under the Vintage Steel Pipeline Program was concluded during the first quarter of 2025. $1.6 million lower Operations and maintenance expense primarily due to lower net insurance cost and bad debt expense. These decreases were partially offset by increases in employee-related labor costs, including incentive compensation costs and leak survey and line locating expense. Corporate and Administrative - Second Quarter 2026

In the three months ended June 30, 2026, net income improved by $47.7 million compared to a net loss in the same period in 2025; the improvement was primarily due to:

$36.7 million lower Income tax expense due to a $39.2 million state income tax expense recognized in the prior year's quarter related to a change in state apportionment rates that did not reoccur in the current quarter. The decrease was partially offset by higher pre-tax income differences in the current quarter when compared to the prior year's quarter and changes to state net operating losses to reflect expected utilization. $8.6 million lower Net interest deductions primarily driven by the repayment of the $550.0 million term loan in the summer of 2025 as well as the decrease in the balance that was previously outstanding on the revolving credit facility. $2.6 million higher Other income, which is net of other deductions, primarily driven by an increase in interest income earned on money market accounts. Corporate and Administrative - Year-To-Date 2026

In the six months ended June 30, 2026, net income improved by $57.0 million compared to a net loss in the same period in 2025; the improvement was primarily due to:

$31.1 million lower Income tax expense due to a $39.2 million state income tax expense recognized in the prior year's period related to a change in state apportionment rates that did not recur in the current period. The decrease was partially offset by higher pre-tax income differences in the current period when compared to the prior year's period and changes to state net operating losses to reflect expected utilization; $18.3 million lower Net interest deductions primarily driven by the repayment of the $550.0 million term loan in the summer of 2025 as well as the decrease in the balance that was previously outstanding on the revolving credit facility; and $8.0 million higher Other income, which is net of other deductions, primarily driven by an increase in interest income earned on money market accounts. Discontinued Operations - Second Quarter 2026

In the three months ended June 30, 2026 compared to the same period in 2025, the decrease in net loss of $39.4 million reflects the absence of Centuri's operating results in the current period following the completion of its disposition, compared to a full quarter of Centuri's results included in the prior year period.

Discontinued Operations - Year-To-Date 2026

In the six months ended June 30, 2026 compared to the same period in 2025, the decrease in net loss of $59.8 million reflects the absence of Centuri's operating results in the current period following the completion of its disposition, compared to a full six months of Centuri's results included in the prior year period.

Southwest Gas Holdings Guidance and Outlook:

The Company reaffirms the following 2026 and forward-looking guidance ranges, as follows:

(in millions, except percentages)

Reaffirmed Estimates3

2026 Earnings per share from continuing operations

$4.17 - $4.32 / share

2026 Capital expenditures(1)

~$1.25 billion

2026 - 2030 Adjusted Earnings per share from continuing operations CAGR(2)     

12.0% - 14.0%

2026- 2030 Capital expenditures(1)

$6.3 billion

2026 - 2030 Rate base CAGR(2)

9.5% - 11.5%

(1)

Includes approximately $30 million and $190 million for 2026 and 2026-2030, respectively, that would be recorded in Deferred charges and other assets.

(2)

2025 compound annual growth rate ("CAGR") base year: adjusted 2025 earnings per share from continuing operations of $3.65 per share and 2025 rate base of $6.7 billion

(3)

Long-term guidance metrics are based on $1.7 billion of incremental capital related to the Great Basin 2028 Expansion Project over the five-year period and do not reflect the updated $2.3 billion capital estimate

Conference Call and Webcast

Southwest Gas Holdings will host a conference call on Tuesday, August 5, 2026, at 11:00 a.m. ET to discuss its second quarter 2026 results. The associated press release and presentation slides are available at https://investors.swgasholdings.com.

The call will be webcast live on the Company's website at www.swgasholdings.com. The telephone dial-in numbers in the U.S. and Canada are toll free: (800) 836-8184 or international (646) 357-8785. The webcast will be archived on the Southwest Gas Holdings website.

About Southwest Gas Holdings

Southwest Gas Holdings, Inc., through its primary operating subsidiary Southwest Gas Corporation, engages in the business of purchasing, distributing and transporting natural gas. Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of over 2 million customers throughout Arizona, Nevada, and California by providing safe, reliable, and affordable service while innovating sustainable energy solutions to fuel the growth in its communities.

Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding Southwest Gas Holdings and Southwest Gas and their expectations or intentions regarding the future and underlying assumptions. These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "potential", "could", "target", "project", "intend", "plan", "seek", "pursue", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding expectations of continuing growth in 2026 and the future, 2026 guidance and outlook, the expected timing, impact and outcome of recent and ongoing general rate cases or other regulatory proceedings, earnings per share, capital expenditure and rate base CAGR guidance, and statements regarding the Great Basin  2028 Expansion Project, including projected demand, capacity, capital expenditures, impacts and investment opportunity. In addition, the statements that are not historic constitute forward-looking statements. A number of important factors affecting the business and financial results of the Company and the Utility could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, the timing and amount of rate case filings, approvals and rate relief, changes in rate design, net customer growth rates, the effects of regulation/deregulation, tax reform and similar changes and related regulatory decisions, the potential for, and the impact of, a credit rating downgrade, future earnings trends, inflation, sufficiency of labor markets and similar resources, seasonal patterns, current and future litigation, regulatory approvals for the Great Basin 2028 Expansion Project along with capital construction costs, and the impacts of stock market volatility. In addition, the Company can provide no assurance that its discussions about future earnings per share from continuing operations or operating margin, operating income, COLI earnings, interest expense, and capital expenditures of the Company will occur. Likewise, the Company can provide no assurance regarding segment revenues, margin or growth rates, that projects expected to be undertaken with results as stated will occur, nor that interest expense patterns will transpire as expected. Factors that could cause actual results to differ also include (without limitation) those discussed under the heading "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosure about Market Risk" in Southwest Gas Holdings, Inc.'s most recent Annual Report on Form 10-K and in the Company's, and Southwest Gas Corporation's current and periodic reports, including its Quarterly Reports on Form 10-Q, filed from time to time with the Securities and Exchange Commission. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

Non-GAAP Measures. This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. ("GAAP"). Non-GAAP measures include (i) Southwest Gas Holdings adjusted earnings (loss) per share from continuing operations, (ii) Southwest Gas Holdings adjusted net income (loss) from continuing operations, (iii) Natural Gas Distribution segment adjusted earnings (loss) per share, and (iv) Natural Gas Distribution segment adjusted net income (loss) for the three and six months ended June 30, 2026 and June 30, 2025. Also included in this press release, Natural Gas Distribution segment adjusted ROE for the twelve-months-ended June 30, 2026. Management uses these non-GAAP measures internally to evaluate performance and in making financial and operational decisions. Management believes that its presentation of these measures provides investors greater transparency with respect to its results of operations and that these measures are useful for a period-to-period comparison of results. Management also believes that providing these non-GAAP financial measures helps investors evaluate the Company's operating performance, profitability, and business trends in a way that is consistent with how management evaluates such performance.

Management also uses the non-GAAP measure, operating margin, related to its natural gas distribution operations. Southwest Gas recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers. Gas cost is a tracked cost, which is passed through to customers without markup under purchased gas adjustment mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on Southwest Gas' profitability. Therefore, management routinely uses operating margin, defined by management as regulated operations revenues less the net cost of gas sold, in its analysis of Southwest Gas' financial performance. Operating margin also forms a basis for Southwest Gas' various regulatory decoupling mechanisms. Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest Gas' financial performance in a rate-regulated environment.

The tables included below provide a reconciliation for these non-GAAP measures.

We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure due to our inability to project special charges and certain expenses.

SOUTHWEST GAS HOLDINGS, INC. CONSOLIDATED EARNINGS RESULTS

(In thousands, except per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2026

2025

2026

2025

Consolidated Operating Revenues

$      358,154

$      396,318

$      943,273

$    1,142,734

Net Income (Loss):

Continuing operations

$        42,122

$            (731)

$      180,496

$       133,557

Discontinued operations(1)

—

(39,423)

—

(59,841)

Net income (loss) applicable to Southwest Gas Holdings     

$        42,122

$       (40,154)

$      180,496

$         73,716

Weighted Average Common Shares - Basic

72,516

72,088

72,479

72,050

Weighted Average Common Shares - Diluted

72,665

72,088

72,617

72,195

Basic earnings (loss) per share:

Continuing operations

$            0.58

$           (0.01)

$            2.49

$            1.85

Discontinued operations

—

(0.55)

—

(0.83)

Net earnings (loss)  per share - basic

$            0.58

$           (0.56)

$            2.49

$            1.02

Diluted earnings (loss) per share:

Continuing operations

$            0.58

$           (0.01)

$            2.49

$            1.85

Discontinued operations

—

(0.55)

—

(0.83)

Net earnings (loss) per share - diluted

$            0.58

$           (0.56)

$            2.49

$            1.02

Reconciliation of Gross Margin to Operating Margin
(non-GAAP measure)

Utility Gross Margin

$      158,398

$      140,480

$      457,288

$       427,864

Plus:

Operations and maintenance (excluding Admin &
General) expense

83,629

84,764

162,101

165,527

Depreciation and amortization expense

77,685

68,940

177,288

162,630

Operating Margin

$      319,712

$      294,184

$      796,677

$       756,021

(1) 

Including the impacts of noncontrolling interests. All items related to the disposition of Centuri are included in discontinued operations.

Reconciliation of non-GAAP financial measure of Adjusted net income (loss) and Adjusted diluted earnings (loss) per share and their comparable GAAP measure of Net income (loss) and Diluted earnings (loss) per share is presented below. Amounts in thousands, except per share amounts and percentages.

Three Months
Ended
June 30,

Six Months
Ended
June 30,

Twelve
Months Ended
June 30,

2026

2025

2026

2025

2026

Reconciliation of Net income (loss) to non-GAAP measure of
Adjusted net income (loss)

Net income applicable to Natural Gas Distribution (GAAP)

$     40,757

$           45,646

$          178,528

$          188,588

$        290,248

Plus:

State income tax apportionment associated with certain
one-time events(1)

—

(11,969)

—

(11,969)

(4,393)

Retroactive impact of 2025 California General Rate Case

(12,794)

—

—

—

—

Income tax effect of adjustment above

3,071

—

—

—

—

Adjusted net income applicable to Natural Gas Distribution

$     31,034

$           33,677

$          178,528

$          176,619

$        285,855

Natural Gas Distribution Average Equity (GAAP)(2)

$     3,577,180

Natural Gas Distribution Return on Equity (GAAP)

8.1 %

Adjusted Natural Gas Distribution Average Equity(2)

$     3,568,955

Adjusted Natural Gas Distribution Return on Equity

8.0 %

Net loss - Corporate and administrative (GAAP)

$       1,365

$          (46,377)

$              1,968

$           (55,031)

Plus:

State income tax apportionment associated with certain

one-time events(1)

—

39,240

—

39,240

Adjusted net income (loss) applicable to Corporate and
administrative

$       1,365

$            (7,137)

$              1,968

$           (15,791)

Income (loss) from continuing operations, net of taxes (GAAP)     

$     42,122

$               (731)

$          180,496

$          133,557

Plus:

State income tax apportionment associated with certain
one-time events(1)

—

27,271

—

27,271

Retroactive impact of 2025 California General Rate Case

(12,794)

—

—

—

Income tax effect of adjustment above

3,071

—

—

—

Adjusted net income applicable to Southwest Gas Holdings

$     32,399

$           26,540

$          180,496

$          160,828

Weighted average shares - diluted

72,665

72,088

72,617

72,195

Earnings (loss) per share from continuing operations:

Diluted earnings (loss) per share

$         0.58

$              (0.01)

$    2.49

$                1.85

Adjusted consolidated earnings per diluted share

$         0.45

$               0.37

$    2.49

$                2.23

(1) Represents the non-recurring impact of remeasuring state deferred taxes, primarily related to the tax deconsolidation of Centuri and the inclusion of the 2028 Great Basin Expansion Project.

(2) Natural Gas Distribution Equity represents a trailing five quarter average.

FINANCIAL STATISTICS

Market value to book value per share at quarter end

156 %

Twelve months to date return on equity

-- gas segment

8.1 %

Twelve months to date adjusted return on equity(1)     

-- gas segment

8.0 %

Common stock dividend yield at quarter end

2.9 %

Customer to employee ratio at quarter end (gas segment)

942 to 1

(1) 

For a reconciliation of non-GAAP financial measures to their comparable GAAP measures, see the tables earlier in this press release.

GAS DISTRIBUTION SEGMENT 

Authorized Rate Base
(In thousands)

Authorized Rate of
Return

Authorized Return on
Common Equity

Rate Jurisdiction

Arizona(1)

$               3,175,484

7.03 %

9.84 %

Southern Nevada(2)

1,780,757

7.02

9.50

Northern Nevada(3)

227,060

7.01

9.50

Southern California(4)

285,691

8.02

11.16

Northern California(4)

92,983

7.91

11.16

South Lake Tahoe(4)

56,818

7.91

11.16

Great Basin Gas Transmission Company(5)     

190,988

8.17

11.95

Total/Weighted Average

$               5,809,781

7.14 %

9.89 %

(1)

Effective March 2025.

(2)

Effective July 2025.

(3)

Effective April 2024.

(4)

Authorized returns updated effective January 1, 2024, due to an Automatic Rate of Return Trigger Mechanism.

(5)

Estimated amounts based on 2024 rate case settlement.

SYSTEM THROUGHPUT BY CUSTOMER CLASS      

Six Months Ended
June 30,

(In dekatherms)

2026

2025

Residential

40,111,037

49,061,612

Small commercial

17,321,820

19,659,922

Large commercial

5,694,566

5,612,944

Industrial / Other

2,523,963

2,681,767

Transportation

40,402,197

39,595,624

Total system throughput

106,053,583

116,611,869

SOURCE Southwest Gas Holdings, Inc.

Posted by Defense World Staff on Aug 4th, 2026

Arrowstreet Capital Limited Partnership bought a new position in Southwest Gas Corporation (NYSE:SWX – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 43,717 shares of the utilities provider’s stock, valued at approximately $3,799,000. Arrowstreet Capital Limited Partnership owned approximately 0.06% of Southwest Gas as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Millennium Management LLC grew its position in shares of Southwest Gas by 74.7% in the 1st quarter. Millennium Management LLC now owns 209,934 shares of the utilities provider’s stock worth $15,073,000 after buying an additional 89,761 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Southwest Gas by 14.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 190,852 shares of the utilities provider’s stock valued at $13,703,000 after acquiring an additional 24,688 shares during the period. M&T Bank Corp purchased a new position in Southwest Gas during the 2nd quarter valued at about $213,000. Invesco Ltd. boosted its stake in Southwest Gas by 2.6% during the second quarter. Invesco Ltd. now owns 393,080 shares of the utilities provider’s stock worth $29,241,000 after acquiring an additional 10,122 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Southwest Gas by 223.5% during the second quarter. EverSource Wealth Advisors LLC now owns 440 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 304 shares in the last quarter. Hedge funds and other institutional investors own 92.77% of the company’s stock.

Southwest Gas Stock Performance Shares of SWX opened at $89.80 on Tuesday. The business’s fifty day simple moving average is $89.63 and its two-hundred day simple moving average is $88.36. The company has a current ratio of 1.45, a quick ratio of 1.32 and a debt-to-equity ratio of 0.84. Southwest Gas Corporation has a 12 month low of $75.75 and a 12 month high of $94.46. The company has a market cap of $6.50 billion, a price-to-earnings ratio of 13.01, a P/E/G ratio of 2.12 and a beta of 0.57.

Southwest Gas (NYSE:SWX – Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The utilities provider reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.88 by $0.03. Southwest Gas had a return on equity of 6.95% and a net margin of 19.95%.The firm had revenue of $585.12 million during the quarter, compared to analysts’ expectations of $695.52 million. During the same quarter in the previous year, the business earned $1.58 earnings per share. The company’s revenue was down 21.6% on a year-over-year basis. Research analysts anticipate that Southwest Gas Corporation will post 4.27 earnings per share for the current fiscal year.

Southwest Gas Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Monday, August 17th will be given a $0.645 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $2.58 dividend on an annualized basis and a yield of 2.9%. Southwest Gas’s payout ratio is 37.39%.

Analyst Upgrades and Downgrades A number of brokerages have weighed in on SWX. UBS Group set a $100.00 target price on shares of Southwest Gas in a research note on Thursday, May 7th. Wells Fargo & Company assumed coverage on Southwest Gas in a research report on Monday, May 11th. They issued an “overweight” rating and a $105.00 price target on the stock. Weiss Ratings upgraded Southwest Gas from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. raised Southwest Gas from a “neutral” rating to an “overweight” rating and set a $100.00 price objective for the company in a research report on Thursday, May 7th. Finally, Mizuho raised their price objective on Southwest Gas from $96.00 to $98.00 and gave the company an “outperform” rating in a research report on Tuesday, June 9th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $97.29.

Read Our Latest Stock Report on Southwest Gas

About Southwest Gas (Free Report)

Southwest Gas Corporation (NYSE: SWX) is a publicly traded natural gas utility that provides regulated gas distribution services to residential, commercial, industrial and electric generation customers. The company’s core activities include the transportation, distribution and sale of natural gas through an extensive network of pipelines, service lines and metering facilities. Southwest Gas also offers related services such as system maintenance, pipeline safety inspections, emergency response and line extensions to support customer growth and ensure reliable gas delivery.

Founded in 1931 in southern Nevada, Southwest Gas has grown through strategic acquisitions and organic expansion to become one of the nation’s larger natural gas utilities by customer count.

Further Reading Five stocks we like better than Southwest Gas SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Why Rare Earth Processing Could Be the Real 2027 Opportunity The S&P 493 Are Staging a Comeback—This Value ETF Offers Broad Exposure TSMC Insiders Are Buying the Pullback—But Is the Signal as Bullish as It Looks? Want to see what other hedge funds are holding SWX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southwest Gas Corporation (NYSE:SWX – Free Report).

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Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact Company to Host Earnings Conference Call on August 5, 2026

, /PRNewswire/ -- Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas Holdings" or the "Company") will hold its second quarter earnings conference call and webcast on August 5, 2026, at 11:00 AM ET, following its news release to be issued before the markets open that day.

The conference call will be webcast live on the Company's website at www.swgasholdings.com.

Date:

Wednesday, August 5, 2026

Time:

11:00 AM ET

Telephone number:

(800) 836-8184

International number:

(646) 357-8785

If you are unable to participate during the live webcast, the call will also be archived on the Company's website at www.swgasholdings.com. Alternatively, a digital replay of the call can be accessed by dialing (888) 660-6345 or internationally at (646) 517-4150, beginning one hour after the end of the earnings call. The replay code is 48809#. The digital replay of the call will be available until 4:30 PM ET on August 12, 2026. The call will discuss results and may include business, financial or other information not contained in the earnings release.

SOURCE Southwest Gas Holdings, Inc.

Also from this source

The smart money exited, but Wall Street did not follow. Three legendary investors—Stanley Druckenmiller, David Tepper, and Carl Icahn—unloaded positions in Alphabet (NASDAQ: GOOGL | GOOGL Price Prediction), Delta Air Lines (NYSE: DAL), and Southwest Gas (NYSE: SWX) as of Q1 2026 13F disclosures, yet sell-side consensus on all three remains firmly bullish, and the stocks have continued higher since the exit quarter closed.

The Data Behind the Disconnect Let’s start with the analyst view. Alphabet has a consensus target price of $432.83, while Delta’s mean target is $82.97. The target for Southwest Gas is $99.25, and sell-side coverage on all three skews decisively bullish.

Post-exit price action confirms the call. Since the quarter ended March 31, 2026, Alphabet has gained 20.2%, Delta has climbed 36.7%, and Southwest Gas has added 2.9%. Tepper sold his final 475,000 Delta shares near $67, with the stock now changing hands at $90.65. Icahn unloaded his last 6.03 million Southwest Gas shares around $85, with the stock at $88.77. Druckenmiller zeroed out Alphabet (Class C) per Duquesne’s 13F filed May 15, 2026.

Fundamentals back the Street. Alphabet posted a 94.10% Q1 2026 EPS beat with Google Cloud revenue of $20.03 billion (up 63%) and a backlog above $460 billion. Delta’s Q1 2026 adjusted EPS rose 40% year-over-year on $14.20 billion of revenue, with guidance for a $1 billion Q2 pre-tax profit. Southwest Gas reaffirmed 2026 EPS guidance of $4.17 to $4.32 and a 12% to 14% adjusted EPS CAGR through 2030.

Bull Case vs. Bear Case Alphabet

Bull: trades at a forward P/E of 25 with 37.9% profit margins and AI monetization scaling fast. Bear: 2026 capex guidance of $180 billion to $190 billion compresses free cash flow, and Q1 net income was lifted by $36.91 billion in unrealized equity gains. Delta Air

Bull: forward P/E of 16, premium revenue up 14%, and Amex remuneration above $2 billion. Bear: stock now trades above the $82.97 consensus target, fuel costs are projected to rise about $2 billion in Q2, and management is cutting capacity growth. Southwest Gas

Bull: Great Basin open season drew 2.5 Bcf/day of bids against 0.3 Bcf/day offered, and the company is now a pure-play regulated utility with an S&P upgrade to BBB+. Bear: Q1 2026 EPS missed by 2.10%, the trailing P/E of 27 is rich for a utility, and the California rate case decision is delayed. The Verdict for Retail A 13F is a backward-looking snapshot filed roughly 45 days late. It does not disclose motive. Druckenmiller, Tepper, and Icahn likely had position-sizing, risk-management, or fund-level reasons that have nothing to do with whether the underlying business is impaired. Tepper booked a gain after entering Delta in the mid-$40s. Icahn ended a multi-year activist campaign at Southwest Gas that began in 2021. Druckenmiller is famous for rotating concentrated bets.

The gap between insider exits and Street optimism comes down to time horizon. Hedge funds manage drawdown risk on quarterly cycles. Sell-side targets reflect 12-month fundamental views, which on these three names still point higher. Alphabet’s $432.83 target implies meaningful upside. Delta and Southwest Gas both trade near or above their consensus targets, leaving less cushion.

The takeaway is that smart-money exits at these scales reflect portfolio decisions, not signals to dump. Retirement-focused holders of Alphabet have the clearest fundamental runway. Delta and Southwest Gas holders now own stocks priced at or beyond what the Street thinks they are worth, a more relevant warning signal than any 13F filing.

Southwest Gas rides on customer growth, rate gains and a $6.3B investment plan to drive long-term earnings, though pipeline risks and near-term stock lag persist.

Southwest Gas Corporation (NYSE: SWX - Get Free Report) was the target of a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 1,277,877 shares, an increase of 21.3% from the February 26th total of 1,053,173 shares. Currently, 1.8% of the shares of the stock are

Posted by Defense World Staff on Apr 19th, 2026

Bayforest Capital Ltd grew its stake in shares of Southwest Gas Corporation (NYSE:SWX – Free Report) by 177.3% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,103 shares of the utilities provider’s stock after buying an additional 7,099 shares during the quarter. Southwest Gas makes up 0.7% of Bayforest Capital Ltd’s holdings, making the stock its biggest holding. Bayforest Capital Ltd’s holdings in Southwest Gas were worth $888,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Spirit of America Management Corp NY grew its stake in shares of Southwest Gas by 21.7% in the fourth quarter. Spirit of America Management Corp NY now owns 4,200 shares of the utilities provider’s stock worth $336,000 after purchasing an additional 750 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Southwest Gas by 13.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 4,348 shares of the utilities provider’s stock worth $348,000 after purchasing an additional 528 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Southwest Gas by 74.9% in the fourth quarter. SG Americas Securities LLC now owns 9,300 shares of the utilities provider’s stock worth $744,000 after purchasing an additional 3,984 shares during the last quarter. O Keefe Stevens Advisory Inc. grew its stake in shares of Southwest Gas by 7.3% in the fourth quarter. O Keefe Stevens Advisory Inc. now owns 20,048 shares of the utilities provider’s stock worth $1,604,000 after purchasing an additional 1,370 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Southwest Gas by 20.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,745 shares of the utilities provider’s stock worth $627,000 after purchasing an additional 1,314 shares during the last quarter. Institutional investors own 92.77% of the company’s stock.

Analyst Upgrades and Downgrades Several analysts recently weighed in on SWX shares. Wall Street Zen cut shares of Southwest Gas from a “hold” rating to a “sell” rating in a research note on Saturday. Citigroup raised shares of Southwest Gas from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $82.00 to $99.00 in a research note on Thursday, January 15th. Mizuho set a $96.00 price objective on shares of Southwest Gas in a research note on Wednesday, February 11th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Southwest Gas in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Southwest Gas presently has a consensus rating of “Moderate Buy” and an average target price of $88.40.

Check Out Our Latest Research Report on Southwest Gas

Southwest Gas Price Performance SWX stock opened at $91.06 on Friday. The firm has a market cap of $6.59 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 2.34 and a beta of 0.60. The company has a quick ratio of 1.18, a current ratio of 1.28 and a debt-to-equity ratio of 0.87. Southwest Gas Corporation has a 12-month low of $66.93 and a 12-month high of $93.44. The company’s fifty day simple moving average is $87.95 and its 200 day simple moving average is $83.36.

Southwest Gas (NYSE:SWX – Get Free Report) last released its earnings results on Wednesday, February 25th. The utilities provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.40 by ($0.04). The firm had revenue of $480.74 million during the quarter, compared to analyst estimates of $587.01 million. Southwest Gas had a net margin of 14.77% and a return on equity of 6.62%. Southwest Gas’s quarterly revenue was down 13.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.39 EPS. Southwest Gas has set its FY 2026 guidance at 4.170-4.320 EPS. On average, analysts expect that Southwest Gas Corporation will post 3.03 earnings per share for the current year.

Southwest Gas Increases Dividend The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be issued a $0.645 dividend. The ex-dividend date is Friday, May 15th. This is a positive change from Southwest Gas’s previous quarterly dividend of $0.62. This represents a $2.58 annualized dividend and a yield of 2.8%. Southwest Gas’s dividend payout ratio (DPR) is presently 37.75%.

Southwest Gas Company Profile (Free Report)

Southwest Gas Corporation (NYSE: SWX) is a publicly traded natural gas utility that provides regulated gas distribution services to residential, commercial, industrial and electric generation customers. The company’s core activities include the transportation, distribution and sale of natural gas through an extensive network of pipelines, service lines and metering facilities. Southwest Gas also offers related services such as system maintenance, pipeline safety inspections, emergency response and line extensions to support customer growth and ensure reliable gas delivery.

Founded in 1931 in southern Nevada, Southwest Gas has grown through strategic acquisitions and organic expansion to become one of the nation’s larger natural gas utilities by customer count.

Featured Stories Five stocks we like better than Southwest Gas Want to see what other hedge funds are holding SWX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Southwest Gas Corporation (NYSE:SWX – Free Report).

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Spire (SR - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on May 6, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis natural gas distributor is expected to post quarterly earnings of $3.78 per share in its upcoming report, which represents a year-over-year change of +5%.

Revenues are expected to be $1.11 billion, up 5.2% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 61.36% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Spire?For Spire, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.59%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Spire will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Spire would post earnings of $1.62 per share when it actually produced earnings of $1.77, delivering a surprise of +9.26%.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Spire doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Utility - Gas Distribution industry, Southwest Gas (SWX - Free Report) , is soon expected to post earnings of $1.88 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +13.9%. Revenues for the quarter are expected to be $737 million, down 43.2% from the year-ago quarter.

Over the last 30 days, the consensus EPS estimate for Southwest Gas has been revised 5.8% up to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Southwest Gas will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Southwest Gas (SWX - Free Report) came out with quarterly earnings of $1.91 per share, beating the Zacks Consensus Estimate of $1.88 per share. This compares to earnings of $1.65 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.60%. A quarter ago, it was expected that this natural gas company would post earnings of $1.4 per share when it actually produced earnings of $1.36, delivering a surprise of -2.86%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Southwest Gas, which belongs to the Zacks Utility - Gas Distribution industry, posted revenues of $585.12 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 20.61%. This compares to year-ago revenues of $1.3 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Southwest Gas shares have added about 16.3% since the beginning of the year versus the S&P 500's gain of 5.2%.

What's Next for Southwest Gas?While Southwest Gas has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Southwest Gas was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.55 on $608.33 million in revenues for the coming quarter and $4.27 on $2.01 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Gas Distribution is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, MDU Resources (MDU - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.

This energy, mining, construction and utilities company is expected to post quarterly earnings of $0.42 per share in its upcoming report, which represents a year-over-year change of +5%. The consensus EPS estimate for the quarter has been revised 5.6% higher over the last 30 days to the current level.

MDU Resources' revenues are expected to be $702.32 million, up 4.1% from the year-ago quarter.

Southwest Gas Holdings, Inc. (SWX) Q1 2026 Earnings Call Transcript

Donates $60,000 to support the unhoused; Southwest Gas employees to prepare 6,000 personal care packages throughout the month to support individuals experiencing homelessness

, /PRNewswire/ -- The Southwest Gas Foundation ("Foundation"), the philanthropic arm of Southwest Gas Corporation ("Southwest Gas" or "Company"), is launching its "Month of Giving" this June in recognition of the Foundation's 60th anniversary, reflecting its long-standing commitment to uplifting and strengthening communities.

Southwest Gas logo During the Month of Giving, the Foundation will contribute $60,000 to provide essential hygiene items for a total of 6,000 care packages that will be distributed to unhoused individuals across Southwest Gas' service territories in Arizona, Nevada, and California through collaboration with local nonprofits. The care packages will be assembled by Southwest Gas employees through the employee volunteer program, BLUE ("Building Lives Up Everywhere"), which encourages employees to be of service to their neighbors and give back to the communities where they live and work. The care packages will be distributed by local nonprofit partners, including: Central Arizona Shelter Services, Northern Nevada Dream Center, Youth on Their Own, HELP of Southern Nevada, and Family Assistance Program.

"Southwest Gas plays a critical role in strengthening our communities, and giving back is core to our culture and mission," said Justin Brown, President and CEO of Southwest Gas. "For 60 years, the Southwest Gas Foundation has cultivated meaningful partnerships with local nonprofits to support our neighbors in need and truly make a difference in our communities. Our Month of Giving highlights these important partnerships and the collective work we do to uplift and enrich the lives of those we serve."

Below are scheduled BLUE events across the Company's service territory for the Month of Giving along with the total number of personal care packages that will be prepared:

June 6 Central Arizona: 2,000 care packages with Central Arizona Shelter Services June 13 Northern Nevada: 500 care packages with Northern Nevada Dream Center June 20 Southern Arizona: 1,000 care packages with Youth on Their Own Southern Nevada: 2,000 care packages with HELP of Southern Nevada Southern California: 500 care packages with Family Assistance Program A legacy of impact
Rooted in a deep commitment to people and the communities the Company serves, the Foundation has spent six decades partnering with 501(c)(3) organizations to open doors of opportunities, provide support in times of need; creating a legacy of impact that benefits generations to come. In 2025, through the Foundation, the Company donated $2.5 million to nonprofit organizations that share its vision of making a positive impact and supporting strong, sustainable communities.

For more information on the Foundation and its commitment to community, visit www.swgas.com/community.

About Southwest Gas
Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of our over two million customers throughout Arizona, California, and Nevada by providing safe, reliable, and affordable service while innovating sustainable energy solutions to fuel our communities' growth. For more information about how Southwest Gas is supporting a sustainable energy future, please visit www.swgas.com. 

About The Southwest Gas Foundation
The Southwest Gas Foundation has spent six decades partnering with 501(c)(3) organizations to open doors of opportunities, provide support in times of need, and create a legacy of impact that benefits generations to come. Funded by shareholders, the Foundation is committed to enriching lives and strengthening communities. For more information, please visit www.swgas.com/community. 

SOURCE Southwest Gas Corporation

SWX gains from rising natural gas demand, customer growth and regulated operations, while infrastructure investments support long-term growth.