Filing Flows › Southwest Gas Holdings (SWX) › Q3 2025
Southwest Gas Holdings (SWX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Southwest Gas Holdings (SWX) reported revenue of $317M for the third quarter 2025 (Q3 2025), -71% from a year earlier and -72% from the quarter before. Operating margin was 11.7%, net earnings $263M (82.9% of revenue).
Southwest Gas Holdings, Q3 2025: revenue $317M (-71% year over year), operating margin 11.7%, net earnings $263M, operating cash flow $56.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $317M | -72% | -71% |
| Operating profit | $37.0M | -61% | +84% |
| Net earnings | $263M | — | 909× |
| Operating cash flow | $56.9M | -55% | -81% |
What changed
Revenue was $316.9M in Q3 2025, down 71% year over year and down 72% from the previous quarter.
Operating profit was $37.0M, a 11.7% margin (up 9.8 points year over year). Total costs fell 74% while revenue fell 71%. Net earnings were $262.6M, up 90777% year over year ($260.1M including minority interests, which bore $2.5M of losses). The effective tax rate was -0.3%. Non-operating items added $222.3M, 86% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $56.9M (down 81% year over year), 22% of net earnings. Non-cash charges added back $79.1M of depreciation and amortization. Working capital and other items used $282.3M. Capital expenditures of $162.7M exceeded it, leaving free cash flow of −$105.8M.
Questions
What was Southwest Gas Holdings' revenue in the third quarter 2025?
Southwest Gas Holdings (SWX) reported revenue of $317M for the third quarter 2025 (Q3 2025), -71% from a year earlier and -72% from the quarter before.
Was Southwest Gas Holdings profitable in the third quarter 2025?
Operating profit was $37.0M (11.7% of revenue) and net earnings $263M.