Filing Flows › Southwest Gas Holdings (SWX) › Operating margin
Southwest Gas Holdings (SWX) operating margin by quarter
Southwest Gas Holdings' operating margin was 37.5% in Q1 2026 (first quarter 2026), +4.5 pts from Q4 2025. Over the last 4 quarters it ranged from 11.7% (Q3 2025) to 37.5% (Q1 2026).
| Quarter | Operating margin | Q/Q | Y/Y |
|---|---|---|---|
| Q1 2026 | 37.5% | +4.5 pts | — |
| Q4 2025 | 33.0% | +21.3 pts | +18.8 pts |
| Q3 2025 | 11.7% | -2.6 pts | — |
| Q4 2024 | 14.2% | — | — |
Q1 2026 at a glance
Southwest Gas Holdings, Q1 2026: revenue $585M (-22% year over year), operating margin 37.5%, net earnings $138M, operating cash flow $162M. The chart follows the revenue to costs, profit and cash.
Questions
What is Southwest Gas Holdings' operating margin?
Southwest Gas Holdings' operating margin was 37.5% in Q1 2026 (first quarter 2026), +4.5 pts from Q4 2025.
How has Southwest Gas Holdings' operating margin changed?
Over the last 4 quarters it ranged from 11.7% (Q3 2025) to 37.5% (Q1 2026).
Q1 2026 results → · How Southwest Gas Holdings makes money →