Filing Flows › Southwest Gas Holdings (SWX) › Q1 2026
Southwest Gas Holdings (SWX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Southwest Gas Holdings (SWX) reported revenue of $585M for the first quarter 2026 (Q1 2026), -22% from a year earlier and +22% from the quarter before. Operating margin was 37.5%, net earnings $138M (23.6% of revenue).
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.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $585M | +22% | -22% |
| Operating profit | $219M | +38% | +3% |
| Net earnings | $138M | +34% | +27% |
| Operating cash flow | $162M | +99% | -44% |
What changed
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.
Questions
What was Southwest Gas Holdings' revenue in the first quarter 2026?
Southwest Gas Holdings (SWX) reported revenue of $585M for the first quarter 2026 (Q1 2026), -22% from a year earlier and +22% from the quarter before.
Was Southwest Gas Holdings profitable in the first quarter 2026?
Operating profit was $219M (37.5% of revenue) and net earnings $138M.