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Southwest Gas earnings and revenue breakdown
Latest: Q1 2026 · 10-Q filed May 5, 2026
Q1 2026 Revenue down 22% year over year to $585M · 24¢ of every $1 of revenue kept as net profit · operating margin 37.5%
Southwest Gas made $585M in Q1 2026 (-22% Y/Y). Operating margin 37.5%, net earnings $138M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed May 5, 2026.
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What changed this quarter
Revenue was $585.1M in Q1 2026, down 22% year over year.
Operating profit was $219.3M, a 37.5% margin (up 8.9 points year over year). Total costs fell 31% while revenue fell 22%. Net earnings were $138.4M, up 22% year over year. The effective tax rate was 25.0%.
Operating cash flow was $162.1M (down 44% year over year), 117% of net earnings. Non-cash charges added back $99.6M of depreciation and amortization and $4.5M of share-based compensation. Working capital and other items used $80.3M. Capital expenditures of $208.7M exceeded it, leaving free cash flow of −$46.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 2026 | 10-Q | May 5, 2026 | $585M | -22% | 37.5% | $138M | $162M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $317M | -12% | 11.7% | $263M | $56.9M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $1.1B | -5% | 8.5% | −$10.3M | $126M |
| Q1 2025 | 10-Q | May 12, 2025 | $1.3B | -18% | 15.5% | $114M | $291M |
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🌏Named in Asian annual reportsinteractive
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About Southwest Gas
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.
In its own words, from its 8-K, filed Aug 5, 2026.
Southwest Gas against its Natural Gas Transmisison & Distribution peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -22% against the peers' median +9%. Operating margin: 37.5% against the peers' median 24.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Southwest Gas | Q1 2026 | $585M | -22% | 37.5% |
| OKE ONEOK | Q3 2026 | $12.5B | +44% | 12.6% |
| CTRI Centuri Holdings | Q3 2026 | $1.2B | +40% | 5.1% |
| SWX Southwest Gas Holdings | Q1 2026 | $585M | -22% | 37.5% |
| CPK Chesapeake Utilities | Q3 2026 | $196M | +9% | 24.8% |
| RGCO RGC Resources | Q3 FY26 | $17.1M | -0.9% | 6.9% |
Source: Southwest Gas 10-Q on SEC EDGAR · CIK 92416 · Natural Gas Transmisison & Distribution