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Southwest Gas Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$174M in Q2 2026 · −$528M over twelve months

Operating cash flow$146M
Capital spending−$320M
Free cash flow−$174M
Cash / net income3.5×

Analysis

In Q2 2026, Southwest Gas Holdings generated $146M of operating cash flow and spent $320M on capital projects, leaving free cash flow of −$174M. That is $101M less than in Q2 2025 (−$73.0M).

Over the twelve months to Jun 30, 2026, operating cash flow was $447M; the largest uses were capital spending ($975M), net borrowing (+) / repaid (−) ($260M), dividends ($181M); besides operations, cash came from other investing ($824M), other financing ($46.2M); the cash balance fell by $85.1M.

Operating cash flow was $146M against net income of $42.1M — 3.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$77.8M, receivables +$50.2M, income taxes payable −$30.1M.

Free cash flow

Southwest Gas Holdings: free cash flow by quarterSouthwest Gas Holdings: free cash flow by quarter$105MQ3 2024−$1.4MQ4 2024$128MQ1 2025−$73.0MQ2 2025−$151MQ3 2025−$156MQ4 2025−$46.6MQ1 2026−$174MQ2 2026
Operating cash flow less capital spending.
Southwest Gas Holdings: operating cash flow against capital spendingSouthwest Gas Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$304M$199MQ3 2024$201M$203MQ4 2024$291M$163MQ1 2025$126M$199MQ2 2025$56.9M$208MQ3 2025$81.6M$238MQ4 2025$162M$209MQ1 2026$146M$320MQ2 2026
Latest (Q2 2026): Operating cash flow $146M, Capital spending $320M.

Capital allocation, year by year

Southwest Gas Holdings: where the cash came from (up) and went (down), by fiscal yearSouthwest Gas Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $111MFY2021: Net borrowing $3.1BFY2021: Shares issued $214MFY2021: Capital spending −$716MFY2021: Acquisitions −$2.4BFY2021: Dividends −$138M$3.4BFY2021FY2022: Operating cash flow $407MFY2022: Net borrowing $202MFY2022: Shares issued $462MFY2022: Capital spending −$859MFY2022: Acquisitions −$18.8MFY2022: Dividends −$161M$1.1BFY2022FY2023: Operating cash flow $509MFY2023: Net borrowing −$867MFY2023: Shares issued $252MFY2023: Asset sales $1.0BFY2023: Capital spending −$766MFY2023: Dividends −$175M$1.8BFY2023FY2024: Operating cash flow $1.4BFY2024: Net borrowing −$578MFY2024: Shares issued $8.9MFY2024: Asset sales $21.4MFY2024: Capital spending −$847MFY2024: Dividends −$178M$1.4BFY2024FY2025: Operating cash flow $556MFY2025: Net borrowing −$680MFY2025: Shares issued $19.7MFY2025: Asset sales $5.3MFY2025: Capital spending −$808MFY2025: Dividends −$179M$581MFY2025
Over these 5 years operating cash flow totalled $2.9B; the largest uses were capital spending ($4.0B) and acquisitions ($2.4B). Cash-flow statements as filed.

Where the cash came from and went

Southwest Gas Holdings: sources (+) and uses (−) of cash, Q2 2026Southwest Gas Holdings: sources (+) and uses (−) of cash, Q2 2026Capital spending−$320MCash drawn (+) / kept (−)$214MOperating cash flow$146MDividends−$46.7MOther financing$2.7MOther investing$2.4MShares issued$2.1MTaxes on employees’ shares−$451K
Southwest Gas Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Southwest Gas Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$975MOther investing$824MOperating cash flow$447MNet borrowing (+) / repaid (−)−$260MDividends−$181MCash drawn (+) / kept (−)$85.1MOther financing$46.2MShares issued$19.4MTaxes on employees’ shares−$5.8MNot reconciled−$377K

From profit to cash

Southwest Gas Holdings: net income to operating cash flow, Q2 2026Southwest Gas Holdings: net income to operating cash flow, Q2 2026Net income$42.1MDepreciation & amortization$77.8MStock-based pay$2.4MReceivables$50.2MPayables−$10.9MPrepaid and other assets$21.4MOther liabilities−$3.5MIncome taxes payable−$30.1MOperating cash flow$146M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 202554—3816
Q4 202473—3043
Q3 202463—3528

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$146M−$320M−$46.7M—$2.1M$214M−$174M
Q1 2026$162M−$209M−$44.8M—$2.1M$91.9M−$46.6M
Q4 2025$81.6M−$238M−$44.7M—$2.0M$202M−$156M
Q3 2025$56.9M−$208M−$44.7M−$260M$13.2M−$423M−$151M
Q2 2025$126M−$199M−$44.6M−$81.3M$2.2M$50.7M−$73.0M
Q1 2025$291M−$163M−$44.5M−$13.7M$2.3M−$42.5M$128M
Q4 2024$201M−$203M−$44.3M−$367M$2.2M$92.9M−$1.4M
Q3 2024$304M−$199M−$44.5M−$135M$1.9M$143M$105M

Southwest Gas Holdings: income statement and cash flow

Southwest Gas Holdings, Q1 2026: revenue $585M (-22% year over year), operating margin 37.5%. The chart follows the revenue to costs, profit and cash.

Southwest Gas Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.