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How Southwest Gas Holdings (SWX) makes money
Southwest Gas Holdings (SWX) made $585M of revenue in the first quarter 2026 (Q1 2026), -22% from a year earlier. Of every dollar of revenue, 37¢ was left as operating profit, 24¢ was left as net earnings.
Drawing the Sankey…
Where each dollar of revenue goes
| Line | Q1 2026 | % of revenue |
|---|---|---|
| Revenue | $585M | 100.0% |
| Operating profit | $219M | 37.5% |
| Income tax | $46.2M | 7.9% |
| Net earnings | $138M | 23.6% |
| Operating cash flow | $162M | 27.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q1 2026 | $585M | -22% |
| Q4 2025 | $481M | -13% |
| Q3 2025 | $317M | -71% |
| Q2 2025 | $1.1B | -5% |
| Q4 2024 | $1.3B | -7% |
From Southwest Gas Holdings' 10-Q filed May 5, 2026 (on EDGAR).
Questions
How does Southwest Gas Holdings make money?
Southwest Gas Holdings (SWX) made $585M of revenue in the first quarter 2026 (Q1 2026), -22% from a year earlier. Of every dollar of revenue, 37¢ was left as operating profit, 24¢ was left as net earnings.
What is Southwest Gas Holdings' profit margin?
Net earnings were $138M, 23.6% of revenue, in the first quarter 2026; the operating margin was 37.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.