Filing Flows › Southwest Gas Holdings (SWX) › Q1 2026 › vs Q4 2025
Southwest Gas Holdings (SWX) Q1 2026 vs Q4 2025 (quarter over quarter)
Southwest Gas Holdings's revenue rose $104M (+22%) from $481M in Q4 2025 to $585M in Q1 2026. Operating margin 37.5% against 33.0% (+4.5 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Operating margin | 37.5% | 33.0% | +4.5 pts |
| Net margin | 23.6% | 21.5% | +2.1 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $585M | $481M | $104M | +22% |
| Operating profit | $219M | $159M | $60.7M | +38% |
| Costs & expenses | $366M | $322M | $43.7M | +14% |
| Pre-tax earnings | $185M | $163M | $21.1M | +13% |
| Other expense, net | $34.8M | −$4.8M | $39.5M | — |
| Net earnings | $138M | $103M | $34.9M | +34% |
| Income tax | $46.2M | $60.0M | −$13.8M | -23% |
| Depreciation & amortization | $99.6M | $89.0M | $10.6M | +12% |
| Share-based compensation | $4.5M | $4.6M | −$168K | -4% |
| Working capital & other | $80.3M | $116M | −$35.3M | -31% |
| Operating cash flow | $162M | $81.6M | $80.6M | +99% |
| Capital expenditures | $209M | $238M | −$28.8M | -12% |
| Negative free cash flow (OCF − capex) | $46.6M | $156M | −$109M | -70% |
Questions
How much did Southwest Gas Holdings's revenue grow quarter over quarter in Q1 2026?
Southwest Gas Holdings's revenue rose $104M (+22%) from $481M in Q4 2025 to $585M in Q1 2026. Operating margin 37.5% against 33.0% (+4.5 pts).