Southwest Gas Holdings, Inc. (SWX) Financial Statements
Industry: Natural Gas Transmisison & Distribution
In fiscal 2025, Southwest Gas reported revenue of $1.94B, down 62.0% from $5.11B the year before. Net income was $439.8M (a 22.7% net margin), or $6.08 per diluted share. Gross margin was 24.4% and operating margin was 24.4%. Operating activities generated $556.1M of cash, leaving -$251.8M of free cash flow. At fiscal year end, Southwest Gas held $10.43B in total assets against $6.47B in total liabilities, including $576.6M of cash and equivalents.
Open the full interactive Southwest Gas financials → Quarterly statements, key ratios, valuation history and price charts.
Southwest Gas Key Stats
| Share Price | $85.91 |
|---|---|
| Market Cap | $6.24B |
| P/E Ratio | 14.1 |
| Revenue YoY Growth | -62.1% |
| 52-Week Range | $75.03 – $92.72 |
| Shares Outstanding | 72.5 million (basic, 2026 Q2) |
Southwest Gas Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $3.30B | $3.68B | $4.96B | $5.43B | $5.11B | $1.94B |
| Cost of Goods Sold | $1.73B | $1.96B | $2.53B | $2.62B | $2.42B | $1.47B |
| Gross Profit | $1.57B | $1.72B | $2.43B | $2.82B | $2.70B | $473.9M |
| Operating Income | $423.0M | $369.5M | -$24.4M | $418.3M | $483.8M | $473.9M |
| Pre-Tax Income | $304.7M | $246.8M | -$273.3M | $197.3M | $241.3M | $330.9M |
| Income Tax | $65.8M | $39.6M | -$75.7M | $41.8M | $36.5M | $96.0M |
| Net Income | $232.3M | $200.8M | -$203.3M | $150.9M | $198.8M | $439.8M |
| Diluted EPS | $4.14 | $3.39 | -$3.10 | $2.13 | $2.76 | $6.08 |
Southwest Gas Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $316.9M | — | $585.1M | $0 |
| Net Income | $270.5M | $68.4M | $138.4M | $42.1M |
| Diluted EPS | $3.74 | $0.95 | $1.91 | $0.58 |
Southwest Gas Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.4M | $222.7M | $123.1M | $106.5M | $363.8M | $576.6M |
| Current Assets | $871.0M | $1.61B | $3.71B | $1.88B | $1.46B | $1.19B |
| Total Assets | $8.74B | $12.77B | $13.20B | $11.87B | $12.02B | $10.43B |
| Current Liabilities | $912.0M | $3.11B | $3.42B | $1.68B | $1.83B | $929.9M |
| Total Long-Term Debt | $2.77B | $4.41B | $4.45B | $4.65B | $4.38B | $3.51B |
| Total Liabilities | $6.06B | $9.81B | $10.14B | $8.56B | $8.52B | $6.47B |
| Shareholders' Equity | $2.67B | $2.95B | $3.06B | $3.31B | $3.50B | $3.96B |
Southwest Gas Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $626.1M | $111.4M | $407.5M | $509.2M | $1.36B | $556.1M |
| Cash From Investing | -$802.1M | -$3.04B | -$838.9M | $151.0M | -$921.6M | -$24.8M |
| Cash From Financing | $209.6M | $3.06B | $356.5M | -$700.8M | -$176.3M | -$318.3M |
| Free Cash Flow | -$199.0M | -$604.2M | -$452.0M | -$363.3M | $409.9M | -$251.8M |
Figures from Southwest Gas' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Southwest Gas financials page for every line item.
Southwest Gas Company Profile
| Ticker | SWX |
|---|---|
| Exchange | NYSE |
| Industry | Natural Gas Transmisison & Distribution |
| Headquarters | Las Vegas, Nevada |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001692115 |
Frequently Asked Questions
What was Southwest Gas' revenue in fiscal 2025?
Southwest Gas (SWX) reported revenue of $1.94B for fiscal 2025.
What is Southwest Gas' annual revenue history?
Southwest Gas' annual revenue by fiscal year: 2020: $3.30B; 2021: $3.68B; 2022: $4.96B; 2023: $5.43B; 2024: $5.11B; 2025: $1.94B.
What was Southwest Gas' net income in fiscal 2025?
Southwest Gas reported net income of $439.8M for fiscal 2025.
What was Southwest Gas' earnings per share (EPS) in fiscal 2025?
Southwest Gas' diluted EPS was $6.08 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Southwest Gas generate in fiscal 2025?
Southwest Gas generated -$251.8M of free cash flow in fiscal 2025.
What was Southwest Gas' revenue last quarter?
In its most recent reported quarter (2026 Q2), Southwest Gas reported revenue of $0.
How much debt does Southwest Gas have?
Southwest Gas reported $3.51B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Southwest Gas are outstanding?
Southwest Gas reported a weighted average of 72.5 million basic shares outstanding in 2026 Q2.
What is Southwest Gas' market cap?
Based on its latest closing price, Southwest Gas (SWX) has a market capitalization of about $6.24B.
When does Southwest Gas' fiscal year end?
Southwest Gas' fiscal year end, as registered with the SEC, is December 31.
Where is Southwest Gas headquartered?
Southwest Gas lists its business address in Las Vegas, Nevada in its SEC filings.
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