Filing Flows › Southwest Gas Holdings (SWX) › Q4 2025
Southwest Gas Holdings (SWX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Southwest Gas Holdings (SWX) reported revenue of $481M for the fourth quarter 2025 (Q4 2025), -13% from a year earlier and +52% from the quarter before. Operating margin was 33.0%, net earnings $103M (21.5% of revenue).
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 follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $481M | +52% | -13% |
| Operating profit | $159M | +329% | +5% |
| Net earnings | $103M | -60% | +10% |
| Operating cash flow | $81.6M | +43% | -60% |
What changed
Revenue was $480.7M in Q4 2025, down 13% year over year and up 52% from the previous quarter.
Operating profit was $158.7M, a 33.0% margin (up 5.8 points year over year). Total costs fell 20% while revenue fell 13%. Net earnings were $103.5M, up 12% year over year. The effective tax rate was 36.7%.
Operating cash flow was $81.6M (down 60% year over year), 79% of net earnings. Non-cash charges added back $89.0M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $115.6M. Capital expenditures of $237.5M exceeded it, leaving free cash flow of −$155.9M.
Questions
What was Southwest Gas Holdings' revenue in the fourth quarter 2025?
Southwest Gas Holdings (SWX) reported revenue of $481M for the fourth quarter 2025 (Q4 2025), -13% from a year earlier and +52% from the quarter before.
Was Southwest Gas Holdings profitable in the fourth quarter 2025?
Operating profit was $159M (33.0% of revenue) and net earnings $103M.