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Southwest Gas Holdings (SWX) earnings and revenue breakdown
Latest: Q1 2026 · 10-Q filed May 5, 2026 · Southwest Gas Holdings (SWX) Q1 2026 earnings results →
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 Holdings 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.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $585.1M in Q1 2026, down 22% year over year and up 22% from the previous quarter.
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 |
| Q4 2025 | 10-K | Feb 25, 2026 | $481M | -13% | 33.0% | $103M | $81.6M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $317M | -71% | 11.7% | $263M | $56.9M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $1.1B | -5% | 8.5% | −$10.3M | $126M |
| Q4 2024 | 10-K | Feb 26, 2025 | $1.3B | -7% | 14.2% | $92.5M | $201M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Buys from
About Southwest Gas Holdings
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 Nov 4, 2026.
Southwest Gas Holdings 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 |
|---|---|---|---|---|
| SWX Southwest Gas Holdings | 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% |
| Southwest Gas | 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 Holdings 10-Q on SEC EDGAR · CIK 1692115 · Natural Gas Transmisison & Distribution
Guidance and outlook
13F: who owns SWX and who is buying
More on SWX
- How Southwest Gas Holdings makes money: revenue by segment
- Southwest Gas Holdings next earnings date and what analysts expect
- Southwest Gas Holdings stock forecast, price target and fair value
- Who owns Southwest Gas Holdings stock: holders, funds and Congress trades
- Southwest Gas Holdings guidance and outlook
History
Every quarter: Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q4 2024 results