SWX earnings analysis
What we found in SWX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Southwest Gas Holdings reported Q1 2026 results with revenue of $585.1 million, a decline of 21.6% from $746.4 million in Q1 2025, and EPS of $1.91, slightly up from $1.86 YoY. The company experienced improved operating income, attributed to higher operating margins despite a significant decrease in gas revenues.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Operating Margin Improvement
- Operating margin increased to $476.965 million in Q1 2026 from $461.837 million in Q1 2025, reflecting improved cost structure.
- Net Income Growth
- Net income attributable to Southwest Gas Holdings rose to $138.374 million in Q1 2026 from $113.870 million in Q1 2025.
- Cash Position Resilience
- Cash and cash equivalents stood at $484.752 million, down from $576.645 million at the end of 2025.
- Operating Income Steady
- Operating income slightly improved from $214.979 million in Q1 2025 to $220.844 million in Q1 2026.
- Continued Dividends
- The quarterly dividend was increased by 4% to $0.645, showcasing commitment to returning value to shareholders.
- Regulatory Filings Enhance Revenue
- New rate cases filed seeking incremental increases of approximately $101.0 million in AZ and $71.3 million in NV, reflecting proactive revenue management.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Decline
- Revenue fell by 21.6% YoY from $746.4 million to $585.1 million, challenging financial stability.
- Operational Costs Rise
- Operating and maintenance expenses increased to $131.503 million in Q1 2026 from $129.407 million in Q1 2025, impacting profitability.
- Interest Expense Increase
- Net interest deductions rose to $45.680 million from $44.631 million YoY, signaling tightening financial conditions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.91
- Segment
- Natural Gas Distribution
What they said about what is next.
Affirmed full-year 2026 EPS guidance remains unchanged at $4.17 - $4.32.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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