Filing Flows › Southwest Gas Holdings (SWX) › Q4 2025 › vs Q3 2025
Southwest Gas Holdings (SWX) Q4 2025 vs Q3 2025 (quarter over quarter)
Southwest Gas Holdings's revenue rose $164M (+52%) from $317M in Q3 2025 to $481M in Q4 2025. Operating margin 33.0% against 11.7% (+21.3 pts).
Southwest Gas Holdings, Q4 2025: revenue $481M (-13% year over year), operating margin 33.0%, net earnings $103M, operating cash flow $81.6M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q4 2025 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 33.0% | 11.7% | +21.3 pts |
| Net margin | 21.5% | 82.1% | -60.6 pts |
Every line
| Line | Q4 2025 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $481M | $317M | $164M | +52% |
| Other income, net | $4.8M | $222M | −$218M | -98% |
| Operating profit | $159M | $37.0M | $122M | +329% |
| Costs & expenses | $322M | $280M | $42.2M | +15% |
| Pre-tax earnings | $163M | $259M | −$95.9M | -37% |
| Net earnings | $103M | $260M | −$157M | -60% |
| Income tax | $60.0M | −$803K | $60.8M | — |
| Operating cash sources | $197M | $339M | −$142M | -42% |
| Depreciation & amortization | $89.0M | $79.1M | $9.9M | +13% |
| Share-based compensation | $4.6M | $0 | $4.6M | — |
| Working capital & other | $116M | $282M | −$167M | -59% |
| Operating cash flow | $81.6M | $56.9M | $24.7M | +43% |
| Capital expenditures | $238M | $163M | $74.8M | +46% |
| Negative free cash flow (OCF − capex) | $156M | $106M | $50.1M | +47% |
Questions
How much did Southwest Gas Holdings's revenue grow quarter over quarter in Q4 2025?
Southwest Gas Holdings's revenue rose $164M (+52%) from $317M in Q3 2025 to $481M in Q4 2025. Operating margin 33.0% against 11.7% (+21.3 pts).