Southwest Gas Holdings, Inc.SWXEarnings & Financial Report
Southwest Gas Holdings, Inc. is an investor-owned utility based in Las Vegas, Nevada, United States.
Revenue
$1.3B
Gross Profit
$767.9M
Operating Profit
$200.4M
Net Profit
$113.9M
Gross Margin
59.2%
Operating Margin
15.5%
Net Margin
8.8%
YoY Growth
-18.0%
EPS
$1.58
Southwest Gas Holdings, Inc. Q1 FY2025 Financial Summary
Southwest Gas Holdings, Inc. reported revenue of $1.3B (down 18.0% YoY) for Q1 FY2025, with a net profit of $113.9M (up 29.8% YoY) (8.8% margin). Cost of goods sold was $528.6M, operating expenses totaled $567.5M.
Key Financial Metrics
| Total Revenue | $1.3B |
|---|---|
| Net Profit | $113.9M |
| Gross Margin | 59.2% |
| Operating Margin | 15.5% |
| Report Period | Q1 FY2025 |
Revenue Breakdown
Southwest Gas Holdings, Inc. Q1 FY2025 revenue of $1.3B breaks down across 7 segments, led by Natural Gas Distribution Segment at $746.4M (57.6% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Natural Gas Distribution Segment | $746.4M | 57.6% |
| Electric Power Infrastructure Services | $312.6M | 24.1% |
| Small Commercial | $130.4M | 10.1% |
| CA | $39.8M | 3.1% |
| Transportation | $29.6M | 2.3% |
| Large Commercial | $21.7M | 1.7% |
| Industrial Or Other | $13.5M | 1.0% |
Southwest Gas Holdings, Inc. Revenue by Segment — Quarterly Trend
Southwest Gas Holdings, Inc. revenue by segment across the last 4 reported quarters, showing how each business line (such as Natural Gas Distribution Segment and Electric Power Infrastructure Services) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Natural Gas Distribution Segment | — | — | — | $746.4M |
| Electric Power Infrastructure Services | — | — | $332.1M | $312.6M |
| Small Commercial | — | $50.6M | $72.0M | $130.4M |
| CA | — | — | $55.1M | $39.8M |
| Transportation | — | $28.2M | $29.4M | $29.6M |
Southwest Gas Holdings, Inc. Annual Revenue by Year
Southwest Gas Holdings, Inc. annual revenue history includes year-by-year totals (for example, 2025 revenue was $1.9B).
| Year | Annual Revenue |
|---|---|
| 2025 | $1.9B |
| 2024 | $5.1B |
| 2023 | $5.4B |
| 2022 | $5.0B |
Southwest Gas Holdings, Inc. Quarterly Revenue & Net Profit History
Southwest Gas Holdings, Inc. results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $-793.4M | -162.5% | $68.4M | -8.6% |
| Q3 FY2025 | $316.9M | -70.6% | $270.5M | 85.3% |
| Q2 FY2025 | $1.1B | -5.2% | $-12.9M | -1.1% |
| Q1 FY2025 | $1.3B | -18.0% | $113.9M | 8.8% |
| Q4 FY2024 | $1.3B | -7.1% | $92.5M | 7.3% |
| Q3 FY2024 | $1.1B | -7.7% | $289.0K | 0.0% |
| Q2 FY2024 | $1.2B | -8.6% | $18.3M | 1.6% |
| Q1 FY2024 | $1.6B | -1.4% | $87.7M | 5.5% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.58B | $1.18B | $1.08B | $1.27B | $1.30B | $1.12B | $316.9M | $-793.4M |
| YoY Growth | -1.4% | -8.6% | -7.7% | -7.1% | -18.0% | -5.2% | -70.6% | -162.5% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $11.89B | $11.99B | $11.87B | $12.02B | $12.08B | $12.21B | $10.33B | $10.43B |
| Liabilities | $8.53B | $8.49B | $8.42B | $8.52B | $8.50B | $8.54B | $6.40B | $6.47B |
| Equity | $3.36B | $3.49B | $3.46B | $3.50B | $3.58B | $3.67B | $3.93B | $3.96B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $543.7M | $306.6M | $304.1M | $201.4M | $291.3M | $126.3M | $56.9M | $81.6M |