SWX · Southwest Gas Holdings, Inc.
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AI Brief
Q2 FY26 earnings call · Aug 5, 2026TL;DR. Southwest Gas Holdings reaffirmed its 2026 EPS guidance of $4.17–$4.32 and reaffirmed full-year and long-term outlook, while raising Great Basin's 2028 expansion project capital estimate to approximately $2.3 billion and annual margin to $270–$300 million with ~1 Bcf/day of binding precedent agreements. The company awaits the California cost-of-capital decision later this month, with Nevada progressing toward an October 2026 effective date and Arizona on track for April 2027.
- + Great Basin 2028 expansion contracted demand reached approximately 1 Bcf/day of binding precedent agreements with an estimated $2.3 billion of capital investment and $270–$300 million of incremental annual margin.
- + Constructive California rate case decision delivered approximately $40 million of incremental annual revenue, including ~$9.7 million of incremental Q2 net income from previously deferred margin.
- + Holdco earnings improved significantly from prior year following 2025 payoff of all parent-level debt, reducing interest expense by approximately $8.6 million versus the prior-year quarter.
- + Strong balance sheet with $270.5 million of cash and nearly $1.0 billion of available liquidity and no outstanding holdco debt, supporting the capital program.
- + Reaffirmed 2026 EPS guidance of $4.17–$4.32 along with reaffirmed long-term EPS CAGR of 12.0%–14.0% and rate-base CAGR of 9.5%–11.5% through 2030.
- − Nevada general rate case parties recommend just under $40 million versus the company's ~$74 million request (~52% of request), with parties converging on 9.3% ROE.
- − Updated Great Basin 2028 scope adds approximately $600 million of capital beyond the $1.7 billion already in long-term guidance and is not yet incorporated into the outlook.
- − Final California cost-of-capital decision remains pending and is expected later this month, leaving full outcome unresolved.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Utilities - Regulated Gas — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
SWX
this stock
Southwest Gas Holdings, Inc.
|
$6.24B | +7.6% | +9.6% | 11.4 | 2.6% |
|
ATO
Atmos Energy Corp
|
$27.58B | -2.6% | +12.9% | 19.5 | 2.6% |
|
NI
Nisource Inc.
|
$19.86B | -0.8% | +8.5% | 22.0 | 3.1% |
|
UGI
Ugi Corp /Pa/
|
$8.15B | +1.5% | +1.1% | — | 4.9% |
|
BKH
Black Hills Corp /Sd/
|
$5.44B | +2.7% | +8.6% | 18.0 | 13.6% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| SWX | -2.9% | -6.5% | +3.0% | -2.5% | +7.6% |
| SPY | -1.2% | -1.8% | +17.8% | -0.4% | +12.1% |
| vs SPY | -1.8% | -4.7% | -14.8% | -2.2% | -4.5% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.