What is Southwest Gas' operating income?

Southwest Gas' total operating income in 2025 was $473.89 million, based on the following breakdown: Total Gross Profit: $898.68 million Total Operating Expenses: $424.79 million

Southwest Gas (SWX) Financials

$88.98 -2.32 (-2.54%)

As of 08/21/2026 03:58 PM Eastern

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Annual Income Statements for Southwest Gas

This table shows Southwest Gas' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	278	152	194	182	214	232	201	-203	151	199	440
Consolidated Net Income / (Loss)	279	153	194	182	217	239	207	-198	156	205	435
Net Income / (Loss) Continuing Operations	0.00	153	194	182	217	239	207	-198	140	221	235
Total Pre-Tax Income	219	232	259	243	273	305	247	-273	169	254	331
Total Operating Income	288	315	343	357	372	423	370	-24	293	406	474
Total Gross Profit	608	657	652	667	737	818	821	995	748	799	899
Total Revenue	2,464	2,460	2,549	2,880	3,120	3,299	3,680	4,960	2,535	2,475	1,940
Operating Revenue	2,464	2,460	2,549	2,880	3,120	3,299	3,680	4,960	2,535	2,475	1,940
Total Cost of Revenue	1,856	1,804	1,897	2,213	2,383	2,480	2,860	3,965	1,786	1,677	1,042
Operating Cost of Revenue	1,856	1,804	1,897	2,213	2,383	2,480	2,860	3,965	1,786	1,677	1,042
Total Operating Expenses	320	342	309	309	366	395	451	1,019	455	392	425
Depreciation Expense	270	289	251	249	303	332	371	470	295	303	331
Other Operating Expenses / (Income)	49	52	58	60	62	63	80	93	89	89	94
Impairment Charge	-	-	-	-	-	0.00	0.00	455	71	0.00	0.00
Total Other Income / (Expense), net	-69	-84	-84	-114	-99	-118	-123	-249	-124	-152	-143
Interest & Investment Income	-	-	-	-	-	-	-	-	-195	-207	-203
Other Income / (Expense), net	2.88	-10	-6.03	-17	10	-6.79	-3.50	-6.19	71	54	60
Income Tax Expense	80	78	65	62	56	66	40	-76	29	33	96
Net Income / (Loss) Discontinued Operations	0.00	-	-	-	-	-	-	-	16	-16	200
Net Income / (Loss) Attributable to Noncontrolling Interest	1.11	1.01	0.10	-0.63	2.71	6.66	6.42	5.61	4.63	6.02	-4.65
Basic Earnings per Share	$2.94	$3.20	$4.04	$3.69	$3.94	$4.15	$3.39	($3.10)	$2.13	$2.77	$6.09
Weighted Average Basic Shares Outstanding	46.99M	47.47M	47.97M	49.42M	54.25M	56.00M	59.15M	65.56M	70.79M	71.84M	72.16M
Diluted Earnings per Share	$2.92	$3.18	$4.04	$3.68	$3.94	$4.14	$3.39	($3.10)	$2.13	$2.76	$6.08
Weighted Average Diluted Shares Outstanding	47.38M	47.81M	47.99M	49.48M	54.31M	56.08M	59.26M	65.56M	70.99M	72.03M	72.34M
Weighted Average Basic & Diluted Shares Outstanding	47M	47.20M	48M	49.40M	55.06M	57.23M	60.45M	67.15M	71.60M	71.82M	72.27M
Cash Dividends to Common per Share	$1.62	$1.80	$1,980.00	$2,080.00	$2,180.00	$2,280.00	$2,380.00	$2.48	$2.48	$2.48	$2.48

This table shows Southwest Gas' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	73	88	18	0.29	92	114	-40	270	68	138	42
Consolidated Net Income / (Loss)	74	88	20	2.66	94	109	-38	268	68	138	42
Net Income / (Loss) Continuing Operations	74	88	20	-9.23	94	134	-0.73	4.18	132	138	42
Total Pre-Tax Income	83	105	24	-17	112	168	29	3.37	148	185	52
Total Operating Income	138	158	83	20	181	214	64	37	141	219	84
Total Gross Profit	271	300	201	117	319	331	157	139	185	344	186
Total Revenue	1,368	1,581	1,182	359	1,270	746	396	317	-793	585	358
Operating Revenue	1,368	1,581	1,182	359	1,270	746	396	317	-793	585	358
Total Cost of Revenue	1,096	1,281	982	243	951	415	240	177	-979	241	172
Operating Cost of Revenue	1,096	1,281	982	243	951	415	240	177	-979	241	172
Total Operating Expenses	133	142	117	96	138	117	92	102	44	125	102
Depreciation Expense	111	119	96	74	116	94	69	79	21	100	78
Other Operating Expenses / (Income)	22	23	21	22	23	24	23	23	24	25	24
Total Other Income / (Expense), net	-55	-53	-59	-37	-69	-45	-35	-34	7.38	-35	-33
Interest & Investment Income	-	-	-	-54	-	-54	-53	-49	-	-46	-44
Other Income / (Expense), net	19	18	15	17	4.75	9.20	18	15	18	11	11
Income Tax Expense	9.66	17	4.18	-7.86	17	34	30	-0.80	17	46	9.45
Net Income / (Loss) Discontinued Operations	-	-	-	12	-	-25	-37	264	-	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.77	-0.18	1.88	2.37	1.95	-4.68	2.55	-2.52	-	0.00	0.00
Basic Earnings per Share	$1.01	$1.22	$0.26	$0.00	$1.29	$1.58	($0.56)	$3.75	$0.94	$1.91	$0.58
Weighted Average Basic Shares Outstanding	70.79M	71.73M	71.84M	71.88M	71.84M	72.01M	72.09M	72.21M	72.16M	72.44M	72.52M
Diluted Earnings per Share	$1.02	$1.22	$0.25	$0.00	$1.29	$1.58	($0.56)	$3.74	$0.94	$1.91	$0.58
Weighted Average Diluted Shares Outstanding	70.99M	71.88M	72.02M	72.09M	72.03M	72.14M	72.09M	72.41M	72.34M	72.57M	72.67M
Weighted Average Basic & Diluted Shares Outstanding	71.60M	71.67M	71.71M	71.74M	71.82M	71.91M	71.98M	72.18M	72.27M	72.37M	72.45M

This table details how cash moves in and out of Southwest Gas' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-3.57	-7.93	15	36	-36	34	139	-76	-40	257	213
Net Cash From Operating Activities	273	601	370	911	500	626	111	407	509	1,356	556
Net Cash From Continuing Operating Activities	552	601	370	911	500	626	111	407	351	1,205	594
Net Income / (Loss) Continuing Operations	0.00	153	194	320	217	239	207	-198	140	221	235
Consolidated Net Income / (Loss)	-	153	194	320	217	239	207	-198	156	205	435
Net Income / (Loss) Discontinued Operations	0.00	-	-	-	-	-	-	-	16	-16	200
Depreciation Expense	270	289	251	441	303	332	371	470	295	303	331
Non-Cash Adjustments To Reconcile Net Income	139	-1.69	6.69	12	1.42	5.27	2.39	457	77	11	13
Changes in Operating Assets and Liabilities, net	143	160	-82	138	-21	50	-469	-322	-162	670	16
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	159	150	-38
Net Cash From Investing Activities	-470	-526	-701	-1,669	-952	-802	-3,036	-839	151	-922	-25
Net Cash From Continuing Investing Activities	-470	-526	-701	-1,669	-952	-802	-3,036	-839	246	-832	-801
Purchase of Property, Plant & Equipment	-488	-530	-624	-1,449	-938	-825	-716	-859	-766	-847	-808
Sale of Property, Plant & Equipment	-	-	-	-	-	-	-	0.00	0.00	21	5.31
Divestitures	-	-	-	-	-	-	0.00	0.00	1,022	0.00	0.00
Other Investing Activities, net	27	21	17	31	34	23	34	39	-11	-6.98	1.07
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-	-95	-89	777
Net Cash From Financing Activities	-84	-83	346	793	415	210	3,063	356	-701	-176	-318
Net Cash From Continuing Financing Activities	-84	-83	346	793	415	210	3,063	356	-597	-124	-847
Repayment of Debt	-189	-421	-343	-344	-156	-464	-521	-970	-1,971	48	-685
Payment of Dividends	-74	-84	-92	-187	-116	-126	-138	-161	-175	-178	-179
Issuance of Debt	149	424	767	863	532	662	3,511	1,068	1,298	0.00	0.00
Issuance of Common Equity	35	0.47	41	354	158	139	214	462	252	8.88	20
Other Financing Activities, net	-4.91	-2.12	-3.18	107	-1.86	-2.74	-1.26	-2.66	-1.78	-2.68	-3.06
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-	-103	-53	528
Other Net Changes in Cash	-	-0.19	-	-0.21	0.16	0.23	0.16	-0.85	0.27	-0.62	-0.13
Cash Interest Paid	67	67	72	160	102	105	104	220	283	279	240

This table details how cash moves in and out of Southwest Gas' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	1.60	351	142	-143	-93	43	-51	423	-202	-92	-214
Net Cash From Operating Activities	311	544	307	304	201	291	126	57	82	162	146
Net Cash From Continuing Operating Activities	311	544	307	304	201	275	126	92	85	162	146
Net Income / (Loss) Continuing Operations	74	88	20	2.66	94	134	-10	66	70	138	42
Consolidated Net Income / (Loss)	74	88	20	2.66	94	109	-10	268	68	138	42
Depreciation Expense	111	119	96	107	116	94	103	11	89	100	78
Non-Cash Adjustments To Reconcile Net Income	-2.07	0.02	-30	2.57	3.90	4.75	-32	-0.43	4.64	4.47	2.41
Changes in Operating Assets and Liabilities, net	128	337	220	191	-13	42	65	15	-78	-80	24
Net Cash From Investing Activities	-206	-200	-226	-261	-234	-187	-209	611	-240	-204	-318
Net Cash From Continuing Investing Activities	-206	-200	-226	-261	-234	-163	-209	-165	-240	-204	-318
Purchase of Property, Plant & Equipment	-208	-221	-223	-265	-236	-163	-220	-163	-238	-209	-320
Other Investing Activities, net	1.83	0.03	-2.79	3.88	1.86	-0.30	5.45	-2.75	-2.49	5.10	2.44
Net Cash From Financing Activities	-103	7.69	61	-186	-60	-62	32	-245	-44	-50	-42
Net Cash From Continuing Financing Activities	-103	7.69	61	-186	-60	-35	32	-773	-43	-50	-42
Repayment of Debt	-62	-4.18	-315	-184	-90	9.96	-448	-180	-0.40	-2.89	2.72
Payment of Dividends	-44	-44	-137	48	-44	-45	-45	-45	-45	-45	-47
Issuance of Common Equity	2.52	2.37	333	-0.50	1.90	2.30	2.22	13	2.05	2.15	2.07
Other Financing Activities, net	-0.25	-1.97	-0.48	-0.02	-0.64	-2.61	449	-448	-0.45	-4.85	-0.45
Cash Interest Paid	86	65	74	65	75	70	68	54	48	83	4.67
Cash Income Taxes Paid	3.41	1.83	3.94	2.34	1.80	2.42	11	16	-	-0.36	0.87

This table presents Southwest Gas' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,359	5,581	6,237	7,358	8,170	8,736	12,765	13,197	11,870	12,073	10,429
Total Current Assets	558	533	657	840	860	871	1,615	3,708	1,881	1,464	1,192
Cash & Equivalents	36	28	44	85	50	83	223	123	107	315	577
Accounts Receivable	315	361	426	491	553	605	792	954	980	300	272
Inventories, net	-	-	-	-	-	-	-	-	-	94	94
Prepaid Expenses	95	137	165	244	181	170	292	434	219	141	235
Current Deferred & Refundable Income Taxes	34	4.46	7.96	15	32	11	17	8.74	1.94	0.00	9.61
Other Current Assets	78	2.61	15	4.93	44	2.05	291	2,188	574	14	5.21
Plant, Property, & Equipment, net	3,891	4,132	4,524	5,093	5,685	834	7,594	7,025	7,518	8,109	8,691
Plant, Property & Equipment, gross	5,975	6,305	6,755	7,327	7,998	8,595	10,992	9,699	10,341	11,024	11,754
Accumulated Depreciation	2,084	2,173	2,231	2,234	2,313	2,419	3,398	2,674	2,823	2,914	3,063
Total Noncurrent Assets	909	916	1,056	1,425	1,625	854	3,556	2,464	2,471	2,499	547
Goodwill	126	140	179	359	343	345	1,781	787	790	11	11
Other Noncurrent Operating Assets	783	775	876	1,064	1,281	509	1,775	1,677	1,680	561	536
Total Liabilities & Shareholders' Equity	5,359	5,581	6,237	7,358	8,170	8,736	12,765	13,197	11,870	12,073	10,429
Total Liabilities	3,750	3,897	4,425	5,024	5,580	8,134	9,615	9,979	8,455	8,384	6,468
Total Current Liabilities	535	628	816	939	1,080	912	3,112	3,423	1,685	1,832	930
Short-Term Debt	37	50	240	185	375	147	2,206	1,587	671	680	75
Accounts Payable	165	185	228	249	239	231	353	662	347	191	226
Customer Deposits	73	72	70	68	69	68	59	51	48	64	67
Dividends Payable	-	-	-	-	-	-	-	-	-	45	45
Current Deferred Revenue	46	90	6.84	80	61	55	5.74	-	0.00	255	310
Other Taxes Payable	47	43	44	44	48	49	53	67	58	59	54
Other Current Liabilities	150	168	203	291	266	329	396	370	523	119	117
Other Current Nonoperating Liabilities	16	18	18	21	21	21	31	683	37	419	35
Total Noncurrent Liabilities	3,215	3,269	3,609	4,086	4,500	7,234	6,503	6,556	6,770	6,552	5,538
Long-Term Debt	1,551	1,550	1,799	2,107	2,300	2,732	4,116	4,403	4,610	3,504	3,433
Noncurrent Deferred Revenue	592	570	1,018	1,066	1,204	1,200	1,138	1,025	950	701	632
Noncurrent Deferred & Payable Income Tax Liabilities	769	841	477	529	600	647	769	682	753	858	977
Other Noncurrent Operating Liabilities	303	308	315	383	395	2,655	481	445	458	472	496
Total Equity & Noncontrolling Interests	1,592	1,661	1,812	2,252	2,506	2,675	2,954	3,059	3,310	3,681	3,961
Total Preferred & Common Equity	1,594	1,663	1,815	2,252	2,506	2,675	2,954	3,059	3,310	3,504	3,961
Total Common Equity	1,594	1,663	1,815	2,252	2,506	2,675	2,954	3,059	3,310	3,504	3,961
Common Stock	945	952	1,005	1,360	1,524	1,668	1,886	2,356	2,615	2,795	2,973
Retained Earnings	699	759	857	944	1,039	1,068	1,114	747	739	759	1,023
Accumulated Other Comprehensive Income / (Loss)	-50	-48	-48	-53	-57	-61	-47	-44	-44	-49	-35

This table presents Southwest Gas' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	11,810	11,951	11,836	11,888	11,985	11,875	12,076	12,214	10,329	10,407	10,475
Total Current Assets	2,258	2,240	1,998	1,780	1,732	1,455	1,432	1,425	1,243	1,058	868
Cash & Equivalents	82	221	105	458	600	457	406	356	779	485	271
Accounts Receivable	960	979	948	902	843	721	756	756	162	235	170
Inventories, net	-	-	-	-	-	-	-	91	91	94	96
Prepaid Expenses	210	220	230	215	240	261	257	217	211	238	319
Current Deferred & Refundable Income Taxes	8.14	6.80	4.27	7.17	9.66	7.40	6.03	6.22	-	6.32	13
Other Current Assets	970	786	712	199	40	9.27	7.00	0.00	0.10	0.00	0.00
Plant, Property, & Equipment, net	7,122	7,253	7,385	7,634	7,788	7,958	8,213	8,349	8,496	8,807	9,064
Plant, Property & Equipment, gross	9,835	9,997	10,166	10,498	10,685	10,896	11,166	11,333	11,521	11,920	12,219
Accumulated Depreciation	2,712	2,744	2,780	2,864	2,897	2,937	2,953	2,984	3,025	3,113	3,155
Total Noncurrent Assets	2,430	2,458	2,453	2,474	2,465	2,461	2,431	2,440	589	542	543
Goodwill	787	790	787	787	786	788	781	787	11	11	11
Other Noncurrent Operating Assets	1,642	1,668	1,665	1,685	1,677	1,671	1,650	1,653	578	531	532
Total Liabilities & Shareholders' Equity	11,810	11,951	11,836	11,888	11,985	11,875	12,076	12,214	10,329	10,407	10,475
Total Liabilities	8,387	8,530	8,452	8,524	8,311	8,235	8,317	8,090	6,400	6,305	6,350
Total Current Liabilities	1,610	1,057	1,053	1,719	1,096	1,703	1,807	1,415	805	730	777
Short-Term Debt	509	58	100	687	142	693	719	288	0.00	75	100
Accounts Payable	311	274	255	265	264	227	253	255	119	122	116
Customer Deposits	50	48	47	53	57	61	66	67	67	68	67
Dividends Payable	-	-	-	-	-	-	-	-	45	0.00	0.00
Current Deferred Revenue	-	-	-	-	121	189	289	349	356	248	287
Other Taxes Payable	102	63	76	97	64	64	87	51	59	79	52
Other Current Liabilities	592	575	527	577	408	422	347	361	113	100	121
Other Current Nonoperating Liabilities	46	39	47	40	37	45	39	40	46	38	35
Total Noncurrent Liabilities	6,777	7,473	7,400	6,805	7,215	6,532	6,510	6,676	5,595	5,575	5,573
Long-Term Debt	4,578	5,285	5,236	4,649	5,064	4,382	4,328	4,397	3,507	3,434	3,410
Noncurrent Deferred Revenue	1,016	995	968	915	896	894	866	866	692	615	610
Noncurrent Deferred & Payable Income Tax Liabilities	733	741	742	784	792	791	838	927	906	1,023	1,040
Other Noncurrent Operating Liabilities	450	452	454	457	463	465	479	486	490	504	513
Total Equity & Noncontrolling Interests	3,296	3,263	3,239	3,356	3,667	3,632	3,751	4,116	3,929	4,102	4,125
Total Preferred & Common Equity	3,296	3,263	3,239	3,356	3,493	3,455	3,579	3,675	3,929	4,102	4,125
Total Common Equity	3,296	3,263	3,239	3,356	3,493	3,455	3,579	3,675	3,929	4,102	4,125
Common Stock	2,598	2,607	2,613	2,621	2,783	2,788	2,800	2,946	2,967	2,975	2,980
Retained Earnings	743	697	669	782	755	711	827	770	999	1,160	1,156
Accumulated Other Comprehensive Income / (Loss)	-44	-41	-44	-46	-46	-44	-49	-41	-38	-34	-9.93

This table displays calculated financial ratios and metrics derived from Southwest Gas' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.12%	-0.13%	3.59%	13.00%	8.33%	5.74%	11.57%	34.77%	9.56%	-5.92%	-21.61%
EBITDA Growth	3.07%	5.88%	-1.06%	32.82%	-12.28%	9.21%	-1.49%	-40.32%	111.55%	4.97%	13.21%
EBIT Growth	-0.13%	4.80%	10.46%	0.86%	12.32%	8.99%	-12.05%	-108.36%	1,700.79%	9.95%	15.91%
NOPAT Growth	0.21%	13.78%	23.18%	3.86%	10.72%	12.29%	-6.49%	-105.51%	2,030.23%	24.58%	-4.84%
Net Income Growth	-2.01%	10.66%	26.71%	-6.34%	19.26%	10.31%	-13.30%	-195.41%	178.67%	31.71%	112.45%
EPS Growth	-2.99%	8.90%	27.04%	-8.91%	7.07%	5.08%	-18.12%	-191.45%	168.71%	29.58%	120.29%
Operating Cash Flow Growth	-21.83%	121.77%	-38.39%	146.34%	-45.10%	25.12%	-82.21%	265.82%	24.97%	166.25%	-58.98%
Free Cash Flow Firm Growth	183.70%	-25.81%	-362.76%	-59.62%	19.29%	2,295.44%	-240.87%	95.70%	391.72%	-58.42%	-105.11%
Invested Capital Growth	1.03%	3.04%	16.84%	19.26%	14.79%	-152.66%	436.55%	5.25%	-11.70%	-2.34%	7.10%
Revenue Q/Q Growth	2.40%	-1.75%	4.04%	-13.46%	95.66%	-2.23%	-15.17%	7.28%	-0.97%	-1.87%	-58.92%
EBITDA Q/Q Growth	1.89%	0.20%	0.87%	6.11%	-2.93%	3.12%	-3.50%	-46.94%	89.65%	3.55%	-18.59%
EBIT Q/Q Growth	2.51%	-0.32%	4.52%	-30.37%	67.91%	3.89%	-10.52%	-108.09%	1,186.85%	5.65%	-11.39%
NOPAT Q/Q Growth	3.37%	7.40%	12.15%	-32.60%	75.43%	3.91%	-5.71%	-105.22%	5,782.17%	7.69%	-9.75%
Net Income Q/Q Growth	5.08%	0.40%	-15.28%	-21.15%	112.57%	5.12%	-14.21%	-230.89%	179.48%	11.28%	-5.65%
EPS Q/Q Growth	5.04%	-0.93%	19.17%	-15.01%	8.24%	4.28%	-17.32%	-228.10%	164.74%	10.84%	-5.44%
Operating Cash Flow Q/Q Growth	-45.51%	994.19%	-37.98%	90.62%	-43.30%	2.69%	-41.31%	12.18%	68.31%	-7.46%	-17.73%
Free Cash Flow Firm Q/Q Growth	413.09%	28.62%	-185.99%	-212.89%	51.41%	5,344.89%	-848.49%	77.81%	43.96%	-17.18%	-106.55%
Invested Capital Q/Q Growth	2.14%	1.74%	7.76%	11.38%	3.80%	-149.93%	30.93%	0.81%	-0.41%	1.46%	3.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.67%	26.70%	25.58%	23.14%	23.63%	24.81%	22.31%	20.06%	18.76%	19.78%	46.31%
EBITDA Margin	22.78%	24.15%	23.07%	27.12%	21.96%	22.68%	20.03%	8.87%	17.12%	19.11%	44.56%
Operating Margin	11.70%	12.82%	13.46%	12.41%	11.92%	12.82%	10.04%	-0.49%	7.70%	9.46%	24.42%
EBIT Margin	11.82%	12.40%	13.23%	11.81%	12.24%	12.62%	9.95%	-0.62%	9.01%	10.53%	27.52%
Profit (Net Income) Margin	5.61%	6.22%	7.61%	6.31%	6.94%	7.24%	5.63%	-3.99%	2.86%	4.01%	22.43%
Tax Burden Percent	63.06%	66.11%	74.87%	74.65%	79.45%	78.42%	83.94%	72.32%	78.80%	84.89%	131.52%
Interest Burden Percent	75.32%	75.86%	76.84%	71.57%	71.40%	73.22%	67.44%	893.64%	40.31%	44.82%	61.97%
Effective Tax Rate	36.43%	33.89%	25.13%	25.35%	20.55%	21.58%	16.06%	0.00%	21.20%	15.11%	29.03%
Return on Invested Capital (ROIC)	5.80%	6.47%	7.24%	6.36%	6.03%	26.77%	9.51%	-0.18%	3.58%	4.82%	4.99%
ROIC Less NNEP Spread (ROIC-NNEP)	2.99%	2.95%	3.74%	2.35%	2.80%	33.42%	-20.01%	-3.03%	0.62%	0.68%	8.38%
Return on Net Nonoperating Assets (RNNOA)	3.08%	2.83%	3.86%	2.40%	2.77%	-17.69%	-2.40%	-6.03%	1.11%	0.95%	6.39%
Return on Equity (ROE)	8.88%	9.30%	11.09%	8.76%	8.80%	9.08%	7.11%	-6.21%	4.69%	5.77%	11.38%
Cash Return on Invested Capital (CROIC)	4.78%	3.47%	-8.29%	-11.20%	-7.74%	0.00%	-126.37%	-5.30%	16.01%	7.18%	-1.87%
Operating Return on Assets (OROA)	5.51%	5.58%	5.70%	5.00%	4.92%	4.92%	3.40%	-0.24%	3.91%	4.51%	4.75%
Return on Assets (ROA)	2.62%	2.80%	3.28%	2.67%	2.79%	2.83%	1.93%	-1.52%	1.24%	1.71%	3.87%
Return on Common Equity (ROCE)	8.79%	9.20%	11.04%	8.60%	8.50%	8.93%	6.87%	-5.86%	4.50%	5.53%	11.10%
Return on Equity Simple (ROE_SIMPLE)	-	-	10.69%	8.07%	8.65%	8.93%	7.01%	-6.46%	4.70%	5.85%	0.00%
Net Operating Profit after Tax (NOPAT)	183	209	257	267	295	332	310	-17	330	411	336
NOPAT Margin	7.44%	8.48%	10.08%	9.26%	9.47%	10.06%	8.43%	-0.34%	6.07%	8.03%	17.33%
Net Nonoperating Expense Percent (NNEP)	2.80%	3.51%	3.50%	4.02%	3.23%	-6.66%	29.52%	2.85%	2.96%	4.14%	-3.39%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-0.19%	3.84%	4.70%	4.50%
Cost of Revenue to Revenue	75.33%	73.30%	74.42%	76.86%	76.37%	75.19%	77.69%	79.94%	81.24%	80.22%	53.69%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.97%	13.88%	12.12%	10.73%	11.72%	11.99%	12.26%	20.55%	11.06%	10.32%	21.89%
Earnings before Interest and Taxes (EBIT)	291	305	337	340	382	416	366	-31	490	538	534
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	561	594	588	781	685	748	737	440	931	977	865
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.53	2.05	1.70	1.38	1.40	1.12	1.29	1.25	1.31	1.44	1.45
Price to Tangible Book Value (P/TBV)	1.66	2.24	1.88	1.65	1.62	1.29	3.26	1.68	1.72	1.85	1.45
Price to Revenue (P/Rev)	0.99	1.39	1.21	1.08	1.13	0.91	1.04	0.77	0.80	0.98	2.96
Price to Earnings (P/E)	17.74	22.44	15.89	17.10	16.42	12.89	19.04	0.00	28.74	25.31	13.04
Dividend Yield	3.79%	3.03%	3.00%	3.26%	3.35%	4.25%	3.72%	4.32%	4.09%	3.54%	3.12%
Earnings Yield	5.64%	4.46%	6.29%	5.85%	6.09%	7.76%	5.25%	0.00%	3.48%	3.95%	7.67%
Enterprise Value to Invested Capital (EV/IC)	1.26	1.53	1.33	1.18	1.19	0.00	1.09	1.01	1.11	1.18	1.24
Enterprise Value to Revenue (EV/Rev)	1.62	2.03	1.99	1.88	1.99	1.76	2.75	1.98	1.77	1.94	4.47
Enterprise Value to EBITDA (EV/EBITDA)	7.13	8.42	8.63	6.92	9.08	7.74	13.73	22.37	10.33	10.15	10.02
Enterprise Value to EBIT (EV/EBIT)	13.74	16.40	15.05	15.90	16.29	13.91	27.64	0.00	19.64	18.41	16.23
Enterprise Value to NOPAT (EV/NOPAT)	21.83	24.00	19.75	20.26	21.06	17.46	32.62	0.00	29.17	24.14	25.77
Enterprise Value to Operating Cash Flow (EV/OCF)	14.78	8.33	13.71	5.93	12.43	9.25	90.84	24.15	18.88	7.31	15.59
Enterprise Value to Free Cash Flow (EV/FCFF)	26.50	44.68	0.00	0.00	0.00	0.70	0.00	0.00	6.53	16.19	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.99	0.95	1.12	0.98	1.03	1.08	2.01	1.86	1.55	1.37	0.89
Long-Term Debt to Equity	0.96	0.92	0.99	0.90	0.89	1.02	1.31	1.37	1.35	1.18	0.87
Financial Leverage	1.03	0.96	1.03	1.02	0.99	-0.53	0.12	1.99	1.77	1.40	0.76
Leverage Ratio	3.39	3.32	3.38	3.28	3.15	3.21	3.69	4.08	3.78	3.36	2.94
Compound Leverage Factor	2.56	2.52	2.60	2.35	2.25	2.35	2.49	36.43	1.52	1.51	1.82
Debt to Total Capital	49.69%	48.72%	52.93%	49.56%	50.80%	51.84%	66.74%	65.05%	60.73%	57.83%	46.97%
Short-Term Debt to Total Capital	1.17%	1.53%	6.23%	4.00%	7.11%	2.65%	23.29%	17.24%	7.72%	8.12%	1.00%
Long-Term Debt to Total Capital	48.52%	47.20%	46.71%	45.56%	43.69%	49.19%	43.45%	47.82%	53.01%	49.71%	45.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.44%	0.62%	-0.06%	1.76%	1.61%	0.00%	2.08%	1.73%	1.20%	2.11%	0.00%
Common Equity to Total Capital	49.87%	50.66%	47.13%	48.69%	47.59%	48.16%	31.18%	33.22%	38.07%	40.06%	53.03%
Debt to EBITDA	2.83	2.69	3.47	2.94	3.90	3.85	8.58	13.62	5.68	5.18	4.06
Net Debt to EBITDA	2.77	2.65	3.39	2.83	3.83	3.74	8.27	13.34	5.56	4.81	3.39
Long-Term Debt to EBITDA	2.76	2.61	3.06	2.70	3.36	3.65	5.58	10.01	4.95	4.45	3.97
Debt to NOPAT	8.67	7.67	7.93	8.59	9.05	8.68	20.38	-350.77	16.02	12.32	10.43
Net Debt to NOPAT	8.47	7.54	7.76	8.27	8.89	8.43	19.66	-343.56	15.70	11.43	8.72
Long-Term Debt to NOPAT	8.46	7.43	7.00	7.90	7.79	8.24	13.27	-257.83	13.98	10.59	10.21
Altman Z-Score	1.22	1.32	1.17	1.08	1.06	0.92	0.60	0.70	1.01	0.99	1.05
Noncontrolling Interest Sharing Ratio	1.02%	1.04%	0.52%	1.91%	3.37%	1.61%	3.38%	5.59%	3.98%	4.08%	2.42%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.04	0.85	0.81	0.89	0.80	0.96	0.52	1.08	1.12	0.80	1.28
Quick Ratio	0.79	0.62	0.58	0.61	0.56	0.75	0.33	0.31	0.64	0.65	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	151	112	-294	-470	-379	8,326	-11,728	-505	1,472	612	-126
Operating Cash Flow to CapEx	0.00%	113.40%	59.32%	62.91%	53.34%	75.88%	15.56%	47.41%	58.36%	146.64%	69.29%
Free Cash Flow to Firm to Interest Expense	2.10	1.52	-3.77	-4.86	-3.47	74.69	-98.39	-2.08	5.04	2.06	0.00
Operating Cash Flow to Interest Expense	3.77	8.15	4.74	9.43	4.58	5.62	0.93	1.68	1.74	4.56	0.00
Operating Cash Flow Less CapEx to Interest Expense	10.56	0.96	-3.25	-5.56	-4.01	-1.79	-5.07	-1.86	-1.24	1.45	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.47	0.45	0.43	0.42	0.40	0.39	0.34	0.38	0.43	0.43	0.17
Accounts Receivable Turnover	6.61	6.56	6.48	6.28	5.98	5.70	5.27	5.68	5.62	5.68	6.79
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.11
Fixed Asset Turnover	0.65	0.61	0.59	0.60	0.58	1.01	0.87	0.68	0.75	0.65	0.23
Accounts Payable Turnover	11.15	10.32	9.19	9.27	9.77	10.55	9.78	7.81	8.75	12.09	5.00
Days Sales Outstanding (DSO)	55.18	55.67	56.35	58.09	61.09	64.05	69.25	64.26	64.95	64.21	53.78
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	32.86
Days Payable Outstanding (DPO)	32.73	35.37	39.74	39.35	37.37	34.60	37.31	46.74	41.71	30.20	72.99
Cash Conversion Cycle (CCC)	22.45	20.30	16.61	18.74	23.71	29.45	31.94	17.52	23.24	34.01	13.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,177	3,274	3,825	4,562	5,236	-2,758	9,281	9,768	8,626	8,424	6,973
Invested Capital Turnover	0.78	0.76	0.72	0.69	0.64	2.66	1.13	0.52	0.59	0.60	0.29
Increase / (Decrease) in Invested Capital	32	97	551	737	675	-7,994	12,038	488	-1,143	-202	463
Enterprise Value (EV)	4,001	5,005	5,073	5,405	6,222	5,791	10,118	9,842	9,616	9,912	8,667
Market Capitalization	2,435	3,413	3,081	3,117	3,512	2,995	3,822	3,815	4,337	5,032	5,735
Book Value per Share	$33.65	$34.79	$38.02	$45.56	$45.87	$47.37	$48.92	$45.61	$46.28	$48.84	$54.88
Tangible Book Value per Share	$30.99	$31.86	$34.26	$38.30	$39.59	$41.26	$19.42	$33.87	$35.24	$37.95	$54.72
Total Capital	3,197	3,284	3,851	4,626	5,265	5,555	9,473	9,209	8,696	8,747	7,469
Total Debt	1,589	1,600	2,038	2,292	2,675	2,880	6,322	5,991	5,281	5,058	3,508
Total Long-Term Debt	1,551	1,550	1,799	2,107	2,300	2,732	4,116	4,403	4,610	4,348	3,433
Net Debt	1,553	1,572	1,995	2,207	2,625	2,796	6,099	5,868	5,174	4,695	2,931
Capital Expenditures (CapEx)	-488	530	624	1,449	938	825	716	859	873	925	803
Debt-free, Cash-free Net Working Capital (DFCFNWC)	25	-73	37	0.82	105	23	486	1,749	761	-21	-239
Debt-free Net Working Capital (DFNWC)	61	-45	81	86	155	106	709	1,872	867	342	337
Net Working Capital (NWC)	23	-95	-159	-99	-220	-41	-1,497	285	196	-368	262
Net Nonoperating Expense (NNE)	45	55	63	85	79	93	103	181	174	206	-99
Net Nonoperating Obligations (NNO)	1,569	1,590	2,013	2,228	2,646	-5,433	6,130	6,550	5,211	4,735	3,011
Total Depreciation and Amortization (D&A)	270	289	251	441	303	332	371	470	441	438	331
Debt-free, Cash-free Net Working Capital to Revenue	1.00%	-2.97%	1.47%	0.03%	3.36%	0.70%	13.21%	35.26%	14.00%	-0.42%	-12.34%
Debt-free Net Working Capital to Revenue	2.46%	-1.83%	3.18%	2.99%	4.95%	3.23%	19.27%	37.74%	15.96%	6.70%	17.38%
Net Working Capital to Revenue	0.94%	-3.86%	-6.23%	-3.43%	-7.05%	-1.24%	-40.68%	5.74%	3.61%	-7.19%	13.51%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.94	$3.20	$4.04	$3.69	$3.94	$4.15	$3.39	($3.10)	$2.13	$2.77	$6.09
Adjusted Weighted Average Basic Shares Outstanding	46.99M	47.47M	47.97M	49.42M	54.25M	56.00M	59.15M	65.56M	70.79M	71.84M	72.16M
Adjusted Diluted Earnings per Share	$2.92	$3.18	$4.04	$3.68	$3.94	$4.14	$3.39	($3.10)	$2.13	$2.76	$6.08
Adjusted Weighted Average Diluted Shares Outstanding	47.38M	47.81M	47.99M	49.48M	54.31M	56.08M	59.26M	65.56M	70.99M	72.03M	72.34M
Adjusted Basic & Diluted Earnings per Share	$2.94	$3.20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	46.70M	47.50M	48.16M	53.08M	55.06M	57.23M	60.45M	67.15M	71.60M	71.82M	72.27M
Normalized Net Operating Profit after Tax (NOPAT)	183	209	257	267	295	332	310	302	386	411	336
Normalized NOPAT Margin	7.44%	8.48%	10.08%	9.26%	9.47%	10.06%	8.43%	6.08%	7.10%	8.03%	17.33%
Pre Tax Income Margin	8.90%	9.41%	10.16%	8.45%	8.74%	9.24%	6.71%	-5.51%	3.63%	4.72%	17.05%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.05	4.14	4.32	3.52	3.50	3.73	3.07	-0.13	1.68	1.81	0.00
NOPAT to Interest Expense	2.55	2.83	3.29	2.76	2.70	2.98	2.60	-0.07	1.13	1.38	0.00
EBIT Less CapEx to Interest Expense	10.84	-3.05	-3.67	-11.47	-5.09	-3.67	-2.93	-3.67	-1.31	-1.30	0.00
NOPAT Less CapEx to Interest Expense	9.34	-4.36	-4.70	-12.23	-5.88	-4.43	-3.40	-3.61	-1.86	-1.73	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-53.75%	54.72%	47.61%	103.08%	53.60%	52.52%	66.71%	-81.22%	112.25%	86.79%	41.02%
Augmented Payout Ratio	-53.75%	54.72%	59.47%	103.08%	53.60%	52.52%	66.71%	-101.28%	137.91%	132.15%	41.02%

This table displays calculated financial ratios and metrics derived from Southwest Gas' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	72,269,125.00	72,374,873.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	72,269,125.00	72,374,873.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.91	0.58
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.76%	-1.39%	-8.62%	-7.72%	-7.12%	-17.99%	-5.23%	-11.76%	-22.62%	-21.61%	-9.63%
EBITDA Growth	256.02%	10.97%	-10.11%	2.99%	12.49%	14.10%	11.74%	49.40%	6.73%	4.21%	14.50%
EBIT Growth	153.25%	14.70%	-5.95%	4.75%	18.35%	18.66%	16.01%	42.63%	6.04%	3.33%	15.82%
NOPAT Growth	160.47%	56.76%	-5.84%	261.67%	25.17%	20.85%	-133.83%	225.31%	0.31%	-3.47%	4,365.23%
Net Income Growth	126.53%	83.76%	-33.21%	-32.87%	28.19%	24.70%	-151.11%	9,962.30%	-27.58%	26.73%	212.03%
EPS Growth	123.18%	82.09%	-37.50%	-100.00%	26.47%	29.51%	-172.00%	0.00%	-27.13%	20.89%	203.57%
Operating Cash Flow Growth	198.52%	392.72%	54.89%	63.25%	-35.18%	-46.43%	-58.79%	-81.29%	-59.51%	-44.33%	15.63%
Free Cash Flow Firm Growth	283.43%	103.27%	-70.04%	-39.28%	-71.98%	-99.16%	-165.15%	330.27%	-115.05%	11,042.94%	755.64%
Invested Capital Growth	-11.70%	-1.95%	-2.76%	-4.13%	-2.34%	1.90%	2.11%	-18.73%	7.10%	-15.11%	-12.87%
Revenue Q/Q Growth	16.93%	15.61%	-25.22%	-8.71%	17.69%	2.08%	-13.58%	-71.71%	-350.35%	173.75%	-38.79%
EBITDA Q/Q Growth	48.75%	10.19%	-34.25%	-4.44%	62.47%	11.77%	-35.61%	-70.97%	292.98%	33.26%	-47.42%
EBIT Q/Q Growth	110.06%	12.33%	-44.31%	-20.29%	137.33%	12.63%	-45.55%	-54.01%	202.75%	45.26%	-58.49%
NOPAT Q/Q Growth	37.84%	8.36%	-47.89%	364.67%	-52.30%	4.62%	-114.59%	296.42%	173.34%	31.28%	-58.11%
Net Income Q/Q Growth	1,756.34%	18.90%	-76.92%	-86.82%	3,444.91%	15.66%	-109.46%	2,694.24%	-74.49%	102.41%	-69.56%
EPS Q/Q Growth	2,450.00%	19.61%	-79.51%	-100.00%	0.00%	22.48%	-111.39%	2,177.78%	-74.87%	103.19%	-69.63%
Operating Cash Flow Q/Q Growth	66.86%	74.95%	-43.61%	-0.82%	-33.75%	44.59%	-56.62%	-54.97%	43.36%	98.77%	-9.90%
Free Cash Flow Firm Q/Q Growth	13.22%	-76.49%	2.70%	122.09%	-47.75%	-99.30%	-8,099.55%	904.43%	-121.07%	526.76%	-19.25%
Invested Capital Q/Q Growth	-0.41%	-3.99%	0.43%	-0.17%	1.46%	0.18%	0.64%	-20.54%	3.32%	2.75%	3.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.82%	18.99%	16.96%	17.71%	25.14%	27.16%	19.80%	44.00%	0.00%	58.79%	51.91%
EBITDA Margin	19.60%	18.68%	16.43%	17.20%	23.74%	26.00%	19.37%	19.88%	0.00%	56.39%	48.43%
Operating Margin	10.10%	10.00%	7.04%	5.70%	14.25%	15.46%	8.52%	11.68%	0.00%	37.49%	23.54%
EBIT Margin	11.47%	11.15%	8.30%	7.25%	14.62%	16.13%	10.16%	16.53%	0.00%	39.37%	26.70%
Profit (Net Income) Margin	5.39%	5.54%	1.71%	0.25%	7.43%	8.42%	-0.92%	84.55%	0.00%	23.65%	11.76%
Tax Burden Percent	88.41%	83.68%	82.86%	521.14%	84.47%	79.78%	-24.44%	7,946.59%	46.07%	74.96%	81.68%
Interest Burden Percent	53.09%	59.37%	24.85%	0.65%	60.18%	65.44%	37.11%	6.44%	93.58%	80.14%	53.93%
Effective Tax Rate	11.59%	16.32%	17.14%	-421.14%	15.53%	20.22%	124.44%	-23.81%	11.17%	25.04%	18.32%
Return on Invested Capital (ROIC)	5.28%	5.42%	3.66%	18.24%	7.22%	7.12%	-1.18%	9.08%	0.00%	6.41%	4.21%
ROIC Less NNEP Spread (ROIC-NNEP)	4.45%	4.51%	2.67%	11.84%	6.04%	6.07%	-0.89%	15.01%	0.00%	5.74%	3.51%
Return on Net Nonoperating Assets (RNNOA)	7.89%	6.61%	3.68%	16.76%	8.46%	8.17%	-1.03%	14.84%	0.00%	5.65%	3.26%
Return on Equity (ROE)	13.17%	12.03%	7.34%	35.00%	15.68%	15.30%	-2.21%	23.92%	0.00%	12.06%	7.47%
Cash Return on Invested Capital (CROIC)	16.01%	6.54%	7.30%	8.72%	7.18%	3.33%	2.22%	25.61%	-1.87%	20.57%	18.55%
Operating Return on Assets (OROA)	4.97%	5.09%	3.68%	3.19%	6.26%	6.50%	4.00%	7.03%	0.00%	6.23%	4.10%
Return on Assets (ROA)	2.33%	2.53%	0.76%	0.11%	3.18%	3.39%	-0.36%	35.98%	0.00%	3.74%	1.80%
Return on Common Equity (ROCE)	12.65%	11.79%	6.99%	33.35%	15.04%	14.89%	-2.03%	23.34%	0.00%	11.78%	7.06%
Return on Equity Simple (ROE_SIMPLE)	0.00%	5.82%	5.31%	5.33%	0.00%	6.33%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	122	132	69	320	153	160	-23	46	125	164	69
NOPAT Margin	8.93%	8.37%	5.83%	29.69%	12.03%	12.33%	-2.08%	14.46%	0.00%	28.10%	19.23%
Net Nonoperating Expense Percent (NNEP)	0.82%	0.90%	1.00%	6.39%	1.18%	1.06%	-0.29%	-5.94%	1.95%	0.67%	0.70%
Return On Investment Capital (ROIC_SIMPLE)	1.42%	-	-	-	1.75%	1.82%	-0.27%	0.62%	1.68%	2.16%	0.90%
Cost of Revenue to Revenue	80.18%	81.01%	83.04%	82.29%	74.86%	72.84%	80.20%	56.00%	0.00%	41.21%	48.09%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.72%	8.98%	9.92%	12.01%	10.90%	11.70%	11.28%	32.32%	0.00%	21.30%	28.37%
Earnings before Interest and Taxes (EBIT)	157	176	98	78	186	209	114	52	159	230	96
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	268	295	194	186	302	337	217	63	248	330	173
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.31	1.60	1.43	1.53	1.44	1.44	1.46	1.44	1.45	1.53	1.56
Price to Tangible Book Value (P/TBV)	1.72	2.08	1.85	1.98	1.85	1.84	1.85	1.44	1.45	1.54	1.56
Price to Revenue (P/Rev)	0.80	0.99	0.94	1.02	0.98	1.07	1.12	1.19	2.96	3.53	3.69
Price to Earnings (P/E)	28.74	27.78	27.45	29.51	25.31	22.92	27.61	12.15	13.04	13.53	11.74
Dividend Yield	4.09%	3.31%	3.55%	3.36%	3.54%	3.45%	3.33%	3.17%	3.12%	2.85%	2.82%
Earnings Yield	3.48%	3.60%	3.64%	3.39%	3.95%	4.36%	3.62%	8.23%	7.67%	7.39%	8.52%
Enterprise Value to Invested Capital (EV/IC)	1.11	1.24	1.18	1.22	1.18	1.18	1.19	1.24	1.24	1.30	1.31
Enterprise Value to Revenue (EV/Rev)	1.77	1.89	1.85	1.94	1.94	2.07	2.12	1.77	4.47	5.23	5.55
Enterprise Value to EBITDA (EV/EBITDA)	10.33	10.67	10.44	10.70	10.15	9.80	9.73	7.88	10.02	10.60	10.73
Enterprise Value to EBIT (EV/EBIT)	19.64	19.99	19.34	19.81	18.41	17.47	17.26	13.89	16.23	17.19	17.42
Enterprise Value to NOPAT (EV/NOPAT)	29.17	26.79	25.82	26.47	24.14	22.91	27.98	22.45	25.77	28.18	25.35
Enterprise Value to Operating Cash Flow (EV/OCF)	18.88	8.27	7.27	6.89	7.31	9.04	10.97	12.38	15.59	21.79	21.62
Enterprise Value to Free Cash Flow (EV/FCFF)	6.53	18.71	15.90	13.65	16.19	35.87	54.37	4.34	0.00	5.80	6.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.55	1.59	1.42	1.39	1.37	1.34	1.14	0.89	0.89	0.86	0.85
Long-Term Debt to Equity	1.35	1.38	1.38	1.20	1.18	1.15	1.07	0.89	0.87	0.84	0.83
Financial Leverage	1.77	1.46	1.38	1.42	1.40	1.35	1.16	0.99	0.76	0.98	0.93
Leverage Ratio	3.78	3.49	3.37	3.38	3.36	3.36	3.10	2.93	2.94	2.86	2.75
Compound Leverage Factor	2.01	2.07	0.84	0.02	2.02	2.20	1.15	0.19	2.75	2.29	1.48
Debt to Total Capital	60.73%	61.33%	58.62%	58.24%	57.83%	57.31%	53.19%	47.17%	46.97%	46.11%	45.97%
Short-Term Debt to Total Capital	7.72%	7.89%	1.60%	7.95%	8.12%	8.16%	3.27%	0.00%	1.00%	0.99%	1.31%
Long-Term Debt to Total Capital	53.01%	53.44%	57.02%	50.28%	49.71%	49.15%	49.92%	47.17%	45.96%	45.12%	44.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.20%	0.09%	2.05%	2.12%	2.11%	2.05%	5.10%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	38.07%	38.58%	39.33%	39.65%	40.06%	40.64%	41.72%	52.83%	53.03%	53.89%	54.03%
Debt to EBITDA	5.68	5.56	5.55	5.38	5.18	4.96	4.50	3.30	4.06	4.00	3.90
Net Debt to EBITDA	5.56	5.08	4.91	4.90	4.81	4.56	4.16	2.57	3.39	3.44	3.60
Long-Term Debt to EBITDA	4.95	4.84	5.40	4.65	4.45	4.25	4.22	3.30	3.97	3.91	3.79
Debt to NOPAT	16.02	13.96	13.73	13.31	12.32	11.59	12.94	9.41	10.43	10.63	9.21
Net Debt to NOPAT	15.70	12.76	12.15	12.11	11.43	10.65	11.96	7.32	8.72	9.16	8.50
Long-Term Debt to NOPAT	13.98	12.17	13.36	11.49	10.59	9.94	12.15	9.41	10.21	10.40	8.95
Altman Z-Score	0.92	0.98	0.98	0.90	0.89	0.89	0.91	1.19	0.94	1.04	0.97
Noncontrolling Interest Sharing Ratio	3.98%	1.98%	4.79%	4.69%	4.08%	2.64%	8.09%	2.44%	0.00%	2.29%	5.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.12	1.04	1.58	0.85	0.80	0.79	1.01	1.55	1.28	1.45	1.12
Quick Ratio	0.64	0.79	1.32	0.69	0.65	0.64	0.79	1.17	0.91	0.99	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,265	297	305	678	354	2.49	-199	1,601	-337	1,439	1,162
Operating Cash Flow to CapEx	149.46%	272.10%	137.29%	114.60%	85.32%	155.35%	58.81%	34.96%	34.34%	77.68%	45.60%
Free Cash Flow to Firm to Interest Expense	17.19	4.15	4.14	8.73	4.79	0.03	-2.78	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	4.22	7.59	4.16	3.91	2.72	4.03	1.76	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.40	4.80	1.13	0.50	-0.47	1.44	-1.24	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.43	0.46	0.44	0.44	0.43	0.40	0.39	0.43	0.17	0.16	0.15
Accounts Receivable Turnover	5.62	5.81	5.82	6.24	5.68	5.83	5.96	10.70	6.79	3.59	3.76
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.11	0.00	8.59
Fixed Asset Turnover	0.75	0.73	0.70	0.68	0.65	0.61	0.59	0.57	0.23	0.21	0.20
Accounts Payable Turnover	8.75	15.42	16.13	17.61	12.09	14.54	14.19	20.91	5.00	4.62	4.32
Days Sales Outstanding (DSO)	64.95	62.79	62.74	58.46	64.21	62.65	61.21	34.12	53.78	101.60	97.09
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	32.86	0.00	42.52
Days Payable Outstanding (DPO)	41.71	23.67	22.63	20.72	30.20	25.11	25.72	17.45	72.99	78.95	84.44
Cash Conversion Cycle (CCC)	23.24	39.11	40.11	37.74	34.01	37.54	35.49	16.67	13.65	22.65	55.17
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,626	8,282	8,317	8,303	8,424	8,439	8,493	6,748	6,973	7,164	7,400
Invested Capital Turnover	0.59	0.65	0.63	0.61	0.60	0.58	0.57	0.63	0.29	0.23	0.22
Increase / (Decrease) in Invested Capital	-1,143	-165	-236	-358	-202	157	176	-1,555	463	-1,275	-1,093
Enterprise Value (EV)	9,616	10,239	9,789	10,093	9,912	9,978	10,128	8,367	8,667	9,304	9,658
Market Capitalization	4,337	5,354	5,001	5,289	5,032	5,157	5,350	5,639	5,735	6,280	6,418
Book Value per Share	$46.28	$46.79	$48.73	$48.18	$48.84	$49.83	$51.10	$54.58	$54.88	$56.76	$57.00
Tangible Book Value per Share	$35.24	$35.82	$37.77	$37.20	$37.95	$38.95	$40.16	$54.43	$54.72	$56.60	$56.84
Total Capital	8,696	8,700	8,880	8,715	8,747	8,806	8,808	7,436	7,469	7,611	7,635
Total Debt	5,281	5,336	5,206	5,075	5,058	5,047	4,685	3,507	3,508	3,509	3,510
Total Long-Term Debt	4,610	4,649	5,064	4,382	4,348	4,328	4,397	3,507	3,433	3,434	3,410
Net Debt	5,174	4,878	4,606	4,619	4,695	4,641	4,329	2,728	2,931	3,024	3,239
Capital Expenditures (CapEx)	208	200	223	265	236	187	215	163	238	209	320
Debt-free, Cash-free Net Working Capital (DFCFNWC)	761	290	178	-11	-21	-62	-57	-340	-239	-82	-80
Debt-free Net Working Capital (DFNWC)	867	748	778	446	342	344	299	439	337	403	191
Net Working Capital (NWC)	196	61	635	-247	-368	-375	11	439	262	328	91
Net Nonoperating Expense (NNE)	48	45	49	318	58	51	-13	-222	57	26	27
Net Nonoperating Obligations (NNO)	5,211	4,918	4,643	4,663	4,735	4,680	4,369	2,820	3,011	3,063	3,274
Total Depreciation and Amortization (D&A)	111	119	96	107	116	128	103	11	89	100	78
Debt-free, Cash-free Net Working Capital to Revenue	14.00%	5.36%	3.36%	-0.21%	-0.42%	-1.28%	-1.19%	-7.19%	-12.34%	-4.61%	-4.60%
Debt-free Net Working Capital to Revenue	15.96%	13.82%	14.67%	8.56%	6.70%	7.13%	6.27%	9.29%	17.38%	22.64%	10.94%
Net Working Capital to Revenue	3.61%	1.13%	11.99%	-4.75%	-7.19%	-7.76%	0.22%	9.29%	13.51%	18.42%	5.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.01	$1.22	$0.26	$0.00	$1.29	$1.58	($0.18)	$3.75	$0.94	$1.91	$0.58
Adjusted Weighted Average Basic Shares Outstanding	70.79M	71.73M	71.84M	71.88M	71.84M	72.01M	72.09M	72.21M	72.16M	72.44M	72.52M
Adjusted Diluted Earnings per Share	$1.02	$1.22	$0.25	$0.00	$1.29	$1.58	($0.18)	$3.74	$0.94	$1.91	$0.58
Adjusted Weighted Average Diluted Shares Outstanding	70.99M	71.88M	72.02M	72.09M	72.03M	72.14M	72.09M	72.41M	72.34M	72.57M	72.67M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	71.60M	71.67M	71.71M	71.74M	71.82M	71.91M	71.98M	72.18M	72.27M	72.37M	72.45M
Normalized Net Operating Profit after Tax (NOPAT)	122	132	69	43	153	160	67	26	125	164	69
Normalized NOPAT Margin	8.93%	8.37%	5.83%	3.99%	12.03%	12.33%	5.96%	8.17%	0.00%	28.10%	19.23%
Pre Tax Income Margin	6.09%	6.62%	2.06%	0.05%	8.80%	10.56%	3.77%	1.06%	0.00%	31.55%	14.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.13	2.46	1.33	1.01	2.51	2.89	1.59	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	1.66	1.85	0.93	4.12	2.07	2.21	-0.33	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-0.69	-0.33	-1.70	-2.41	-0.68	0.30	-1.41	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-1.17	-0.94	-2.09	0.71	-1.13	-0.38	-3.33	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	112.25%	111.17%	145.82%	118.17%	86.79%	78.56%	90.89%	38.67%	41.02%	38.50%	33.25%
Augmented Payout Ratio	137.91%	111.17%	145.82%	118.17%	132.15%	119.57%	90.93%	38.67%	41.02%	38.50%	33.25%

Financials Breakdown Chart

Key Financial Trends

Southwest Gas Holdings (NYSE: SWX) has shown a significant turnaround in profitability and cash generation over the last year, but the balance sheet still carries a meaningful debt burden and some quarter-to-quarter volatility tied to working capital and investing activity.

Q1 2026 revenue held at $585.1 million with gross profit of $344.0 million, and the company earned $138.4 million in net income.
Operating cash flow was strong in Q1 2026 at $162.1 million, showing the business continues to convert earnings into cash.
The company posted a much stronger result than the prior year’s Q1 2025, when it earned $113.9 million to common shareholders, but Q1 2026 still reflects solid profitability despite lower revenue.
Common equity increased to $4.10 billion at March 31, 2026, up from $3.93 billion at the end of Q3 2025, helping support the capital base.
Over the past several quarters, SWX has repeatedly generated positive operating cash flow, which is important for a utility-style business with heavy capital needs.
Q1 2026 capital spending remained elevated at $208.7 million, consistent with a company that must keep investing in property, plant and equipment.
Quarterly results can swing materially because of non-operating items, including interest costs, tax effects, and discontinued operations, which can make headline net income look uneven.
Dividend payments remain a regular cash use, with $44.8 million paid in Q1 2026, reflecting the company’s income-oriented profile.
Total liabilities were still high at $6.30 billion in Q1 2026, compared with $4.10 billion of common equity, leaving leverage an important watch item.
Long-term debt stood at $3.43 billion in Q1 2026, while short-term debt was $75.0 million, so interest expense remains a key pressure point.
Cash and equivalents fell sharply to $484.8 million at March 31, 2026 from $778.6 million at Q3 2025, though part of that reflects active capital deployment and financing movements.

Looking at the broader trend, Southwest Gas came through a difficult 2022 and early 2023 period, when earnings were often weak or negative and impairment charges weighed heavily on results. Since then, profitability has improved meaningfully, especially in 2025 and Q1 2026. That said, the business still depends on a balance of operating cash flow, debt management, and ongoing capital spending to support future growth.

Bottom line: SWX looks much healthier than it did two years ago, with improved earnings and strong cash generation. Investors should still monitor debt levels, interest expense, and whether capital spending can be funded without stretching the balance sheet.

08/23/26 05:20 PM ETAI Generated. May Contain Errors.

Southwest Gas Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Southwest Gas' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

In the past 10 years, Southwest Gas' net income has ranged from -$197.68 million in 2022 to $435.18 million in 2025, and is currently $435.18 million as of their latest financial filing in 2025. See where experts think Southwest Gas is headed by visiting Southwest Gas' forecast page.

Southwest Gas' total operating income in 2025 was $473.89 million, based on the following breakdown:

Total Gross Profit: $898.68 million
Total Operating Expenses: $424.79 million

Over the last 10 years, Southwest Gas' total revenue changed from $2.46 billion in 2015 to $1.94 billion in 2025, a change of -21.2%.

Southwest Gas' total liabilities were at $6.47 billion at the end of 2025, a 22.8% decrease from 2024, and a 72.5% increase since 2015.

In the past 10 years, Southwest Gas' cash and equivalents has ranged from $28.07 million in 2016 to $576.65 million in 2025, and is currently $576.65 million as of their latest financial filing in 2025.

Over the last 10 years, Southwest Gas' book value per share changed from 33.65 in 2015 to 54.88 in 2025, a change of 63.1%.

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Financial statements for NYSE:SWX last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Southwest Gas (SWX) Financials

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Southwest Gas (SWX) Financials

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Financials Breakdown Chart

Key Financial Trends

Southwest Gas Financials - Frequently Asked Questions

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How has Southwest Gas' net income changed over the last 10 years?

What is Southwest Gas' operating income?

How has Southwest Gas' revenue changed over the last 10 years?

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How has Southwest Gas' book value per share changed over the last 10 years?

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