Filing Flows › Southwest Gas Holdings (SWX) › Q1 2026 › vs Q1 2025
Southwest Gas Holdings (SWX) Q1 2026 vs Q1 2025 (year over year)
Southwest Gas Holdings's revenue fell $161M (-22%) from $746M in Q1 2025 to $585M in Q1 2026. Operating margin 37.5% against 28.6% (+8.9 pts).
Southwest Gas Holdings, Q1 2026: revenue $585M (-22% year over year), operating margin 37.5%, net earnings $138M, operating cash flow $162M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Operating margin | 37.5% | 28.6% | +8.9 pts |
| Net margin | 23.6% | 14.6% | +9.0 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $585M | $746M | −$161M | -22% |
| Operating profit | $219M | $214M | $5.6M | +3% |
| Costs & expenses | $366M | $533M | −$167M | -31% |
| Pre-tax earnings | $185M | $143M | $41.2M | +29% |
| Other expense, net | $34.8M | $70.3M | −$35.6M | -51% |
| Net earnings | $138M | $109M | $29.2M | +27% |
| Income tax | $46.2M | $34.2M | $12.0M | +35% |
| Depreciation & amortization | $99.6M | $93.7M | $5.9M | +6% |
| Share-based compensation | $4.5M | $4.7M | −$278K | -6% |
| Working capital & other | $80.3M | −$83.6M | $164M | — |
| Operating cash flow | $162M | $291M | −$129M | -44% |
| Capital expenditures | $209M | $163M | $45.6M | +28% |
| Negative free cash flow (OCF − capex) | $46.6M | −$128M | $175M | — |
Questions
How much did Southwest Gas Holdings's revenue grow year over year in Q1 2026?
Southwest Gas Holdings's revenue fell $161M (-22%) from $746M in Q1 2025 to $585M in Q1 2026. Operating margin 37.5% against 28.6% (+8.9 pts).