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Earnings analysis · 10-Q

SWX earnings analysis

Filed May 5, 2026 · Our reading of the company's report

The latest report

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…

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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.

Read the original on SEC.gov

Reported figures

Earnings per share
$1.91
Segment
Natural Gas Distribution

What stood out

  • 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.

What to watch

  • 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.

Management's outlook

Affirmed full-year 2026 EPS guidance remains unchanged at $4.17 - $4.32.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.