Filing Flows › Southwest Gas Holdings (SWX) › Q4 2025 › vs Q4 2024
Southwest Gas Holdings (SWX) Q4 2025 vs Q4 2024 (year over year)
Southwest Gas Holdings's revenue fell $72.3M (-13%) from $553M in Q4 2024 to $481M in Q4 2025. Operating margin 33.0% against 27.2% (+5.8 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 Q4 2024, the increases inside each band.
Margins
| Q4 2025 | Q4 2024 | Change | |
|---|---|---|---|
| Operating margin | 33.0% | 27.2% | +5.8 pts |
| Net margin | 21.5% | 17.1% | +4.5 pts |
Every line
| Line | Q4 2025 | Q4 2024 | Change | % |
|---|---|---|---|---|
| Revenue | $481M | $553M | −$72.3M | -13% |
| Other income, net | $4.8M | −$41.2M | $46.0M | — |
| Operating profit | $159M | $151M | $8.1M | +5% |
| Costs & expenses | $322M | $403M | −$80.5M | -20% |
| Pre-tax earnings | $163M | $109M | $54.2M | +50% |
| Net earnings | $103M | $94.4M | $9.1M | +10% |
| Income tax | $60.0M | $14.9M | $45.1M | +303% |
| Operating cash sources | $197M | $180M | $17.0M | +9% |
| Depreciation & amortization | $89.0M | $82.4M | $6.6M | +8% |
| Share-based compensation | $4.6M | $3.4M | $1.3M | +38% |
| Working capital & other | $116M | −$21.3M | $137M | — |
| Operating cash flow | $81.6M | $201M | −$120M | -60% |
| Capital expenditures | $238M | $203M | $34.6M | +17% |
| Negative free cash flow (OCF − capex) | $156M | $1.4M | $155M | 109× |
Questions
How much did Southwest Gas Holdings's revenue grow year over year in Q4 2025?
Southwest Gas Holdings's revenue fell $72.3M (-13%) from $553M in Q4 2024 to $481M in Q4 2025. Operating margin 33.0% against 27.2% (+5.8 pts).