Southwest Gas Holdings, Inc 10-Q for FY2026 Q1

Southwest Gas Holdings, Inc. (SWX)

10-Q 2026-05-05 For: 2026-03-31

Added on May 05, 2026

About this 10-Q

Southwest Gas Holdings, Inc filed this 10-Q on May 5, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $585.12M; down 21.6% from $746.42M a year earlier
Net income: $138.37M; up 21.5% from net income of $113.87M a year earlier
Diluted EPS: $1.91; up 20.9% from $1.58 a year earlier

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Commission File Number	Exact name of registrant as specified in its charter and principal office address and telephone number			State of Incorporation	I.R.S. Employer Identification No.
001-37976	Southwest Gas Holdings, Inc.			Delaware	81-3881866
	8360 S. Durango Drive
	Las Vegas,	Nevada	89113
	(702)	876-7237

1-7850	Southwest Gas Corporation			California	88-0085720
	8360 S. Durango Drive
	Las Vegas,	Nevada	89113
	(702)	876-7237


SOUTHWEST GAS HOLDINGS, INC.						Form 10-Q
SOUTHWEST GAS CORPORATION						March 31, 2026


SOUTHWEST GAS HOLDINGS, INC.						Form 10-Q
SOUTHWEST GAS CORPORATION						March 31, 2026


Abbreviation or Acronym	Definition	Abbreviation or Acronym	Definition
ACC	Arizona Corporation Commission	Great Basin	Great Basin Gas Transmission Company
AFUDC	Allowance for Funds Used During Construction	MD&A	Management’s Discussion and Analysis
AOCI	Accumulated Other Comprehensive Income (Loss)	PBOP	Postretirement Benefits Other than Pensions
ARA	Annual Rate Adjustment	PGA	Purchased Gas Adjustment
ASU	Accounting Standards Update	PUCN	Public Utilities Commission of Nevada
ATM Program	At-the-market equity offering program	QRP	Qualified Retirement Plan
Board	Board of Directors of Southwest Gas Holdings, Inc.	RAM	Rate Adjustment Mechanism
Centuri, or Utility Infrastructure Services	Centuri Group Inc, for periods prior to April 22, 2024, or subsequently, Centuri Holdings, Inc.	Reform Act	Private Securities Litigation Reform Act of 1995
Centuri IPO	Centuri Initial Public Offering	RNG	Renewable Natural Gas
CODM	Chief operating decision maker	SB	Senate Bill
COLI	Company-owned life insurance	SEC	U.S. Securities and Exchange Commission
Company	Southwest Gas Holdings, Inc. (together with its subsidiaries)	Separation Agreement	That certain Separation Agreement, dated as of April 11, 2024, by and between the Company and Centuri
COYL	Customer-Owned Yard Line	SERP	Supplemental Executive Retirement Plan
CPUC	California Public Utilities Commission	SIM	System Integrity Mechanism
DCA	Delivery Charge Adjustment	Southwest Gas, or Natural Gas Distribution	Southwest Gas Corporation and its subsidiaries
DEAA	Deferred Energy Accounting Adjustment	Southwest Gas Holdings	Southwest Gas Holdings, Inc. (standalone)
Deadband	A specified range, approved by the ACC, around an authorized return on equity within which a utility’s earnings are allowed to fluctuate without triggering an annual rate adjustment.	SOFR	Secured Overnight Financing Rate
EADIT	Excess accumulated deferred income taxes	Tax Assets	Unutilized tax assets
EPS	Earnings per share	TEAM	Tax Expense Adjustor Mechanism
Exchange Act	Securities Exchange Act of 1934, as amended	U.S.	United States
FASB	Financial Accounting Standards Board
FERC	Federal Energy Regulatory Commission
GAAP	Accounting principles generally accepted in the United States
GCBA	Gas Cost Balancing Account
GRA	General Revenues Adjustment


SOUTHWEST GAS HOLDINGS, INC.						Form 10-Q
SOUTHWEST GAS CORPORATION						March 31, 2026


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	March 31, 2026		December 31, 2025
ASSETS
Regulated operations plant:
Gas plant	$	11,659,807	$	11,517,031
Less: accumulated depreciation	(3,113,118)		(3,063,363)
Construction work in progress	259,867		236,871
Net regulated operations plant	8,806,556		8,690,539
Other property and investments, net	177,632		178,826
Current assets:
Cash and cash equivalents	484,752		576,645
Accounts receivable, net of allowances	168,790		170,601
Accrued utility revenue	65,900		101,600
Income taxes receivable, net	6,317		9,611
Deferred purchased gas costs	—		5,214
Materials, supplies, and gas inventories	93,656		93,823
Prepaid and other current assets	238,259		234,598
Total current assets	1,057,674		1,192,092
Noncurrent assets:
Goodwill	11,155		11,155

Deferred charges and other assets	353,629		356,865
Total noncurrent assets	364,784		368,020
Total assets	$	10,406,646	$	10,429,477
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 72,373,216 and 72,224,593 shares)	$	74,003	$	73,854
Additional paid-in capital	2,901,448		2,898,965
Accumulated other comprehensive loss, net	(34,100)		(34,546)
Retained earnings	1,160,327		1,022,846

Total equity	4,101,678		3,961,119
Long-term debt, less current maturities	3,433,929		3,433,012
Total capitalization	7,535,607		7,394,131
Current liabilities:
Current maturities of long-term debt	75,000		75,000
Accounts payable	122,008		225,732
Customer deposits	67,607		67,249
Accrued general taxes	78,907		54,384
Accrued interest	38,329		35,319
Deferred purchased gas costs	248,112		310,085
Dividends declared	—		44,779
Other current liabilities	99,995		117,350
Total current liabilities	729,958		929,898
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net	1,022,534		977,312
Accumulated removal costs	504,000		496,000
Other deferred credits and other long-term liabilities	614,547		632,136
Total deferred income taxes and other credits	2,141,081		2,105,448
Total capitalization and liabilities	$	10,406,646	$	10,429,477


	Three Months Ended March 31,
	2026		2025
Operating revenues:
Regulated operations revenues	$	585,119	$	746,416

Total operating revenues	585,119		746,416
Operating expenses:
Net cost of gas sold	108,154		284,579
Operations and maintenance	133,001		130,667
Depreciation and amortization	99,603		93,690
Taxes other than income taxes	25,015		23,761

Total operating expenses	365,773		532,697
Operating income	219,346		213,719
Other income and (expenses):
Net interest deductions	(45,743)		(54,419)
Other income	10,991		9,195
Total other (expenses)	(34,752)		(45,224)
Income from continuing operations before income taxes	184,594		168,495
Income tax expense	46,220		34,207
Income from continuing operations	138,374		134,288
Loss from discontinued operations, net of income tax	—		(25,101)
Net income	138,374		109,187
Net loss attributable to noncontrolling interests	—		(4,683)
Net income attributable to Southwest Gas Holdings, Inc.	$	138,374	$	113,870

Basic earnings (loss) per share:
Continuing operations	$	1.91	$	1.86
Discontinued operations	—		(0.28)
Net earnings per share - basic	$	1.91	$	1.58

Diluted earnings (loss) per share:
Continuing operations	$	1.91	$	1.86
Discontinued operations	—		(0.28)
Net earnings per share - diluted	$	1.91	$	1.58

Weighted average shares:
Basic	72,441		72,012
Diluted	72,566		72,138


SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized - continuing operations	$	41,415	$	49,759
Interest paid, net of amounts capitalized - discontinued operations	—		20,216
Interest paid, net of amounts capitalized	$	41,415	$	69,975

Income taxes (benefit) paid, net - continuing operations	$	(179)	$	343
Income taxes paid, net - discontinued operations	—		2,075
Income taxes paid, net	$	(179)	$	2,418

Decrease of capital expenditures in Accounts payable or Other current liabilities- continuing operations	$	(29,800)	$	(10,600)
Decrease of capital expenditures in Accounts payable or Other current liabilities - discontinued operations	—		(8,452)
Decrease of capital expenditures in Accounts payable or Other current liabilities	$	(29,800)	$	(19,052)

Equity AFUDC capitalized in regulated operations plant - continuing operations	$	2,033	$	1,353
Equity AFUDC capitalized in regulated operations plant - discontinued operations	—		—
Equity AFUDC capitalized in regulated operations plant	$	2,033	$	1,353


	Common stock shares
	Number of Shares	Stated Value		Additional Paid-in Capital		AOCI		Retained Earnings		Total Equity
Balance, December 31, 2025	72,224	$	73,854	$	2,898,965	$	(34,546)	$	1,022,846	$	3,961,119
Net income	—	—		—		—		138,374		138,374
Common stock issuances	149	149		2,483		—		—		2,632
Dividends declared ($0.62 per share)	—	—		—		—		(893)		(893)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—		—		446		—		446
Balance, March 31, 2026	72,373	$	74,003	$	2,901,448	$	(34,100)	$	1,160,327	$	4,101,678


(Thousands of dollars)	March 31, 2026		December 31, 2025
Net cash surrender value of COLI policies	$	165,284	$	165,551
Other property	2,274		4,396
Total Southwest Gas Corporation	167,558		169,947


Other property and investments	10,074		8,879
Total Southwest Gas Holdings, Inc.	$	177,632	$	178,826


	Three Months Ended March 31,
(Thousands of dollars)	2026		2025
Southwest Gas Corporation:
Change in COLI policies	$	(300)	$	(1,700)
Interest income	2,654		5,810
Equity AFUDC	2,033		1,353
Other components of net periodic benefit cost	2,195		4,369
Miscellaneous income and (expense)	(867)		(530)
Southwest Gas Corporation - total other income (deductions)	5,715		9,302
Southwest Gas Holdings, Inc.:

Interest income	4,130		35
Equity in earnings of unconsolidated investments	1,194		—
Miscellaneous income and (expense)	(48)		(142)
Southwest Gas Holdings, Inc. – total other income (deductions)	$	10,991	$	9,195


	Three Months Ended March 31,
(In thousands)	2026	2025
Weighted average basic shares	72,441	72,012
Effect of dilutive securities:
Restricted stock units (1)(2)	125	126
Weighted average diluted shares	72,566	72,138


	March 31,				December 31,
	2026				2025
(Thousands of dollars)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Southwest Gas Holdings, Inc. and Southwest Gas Corporation:
Debentures:
8% Series, due August 2026	$	75,000	$	75,813	$	75,000	$	76,388
Medium-term notes, 7.92% series, due June 2027	25,000		25,850		25,000		26,058
Medium-term notes, 6.76% series, due September 2027	7,500		7,679		7,500		7,726
Notes, 5.8%, due December 2027	300,000		306,480		300,000		309,090
Notes, 3.7%, due April 2028	300,000		296,370		300,000		297,450
Notes, 5.45%, due February 2028	300,000		305,730		300,000		307,620
Notes, 2.2%, due June 2030	450,000		409,455		450,000		409,365
Notes, 4.05%, due March 2032	600,000		573,000		600,000		579,540
Notes, 6.1%, due February 2041	125,000		128,913		125,000		130,762
Notes, 4.875%, due October 2043	250,000		215,525		250,000		219,350
Notes, 3.8%, due September 2046	300,000		225,000		300,000		228,180
Notes, 4.15%, due June 2049	300,000		230,160		300,000		237,120
Notes, 3.18%, due August 2051	300,000		194,100		300,000		205,710
Unamortized discount and debt issuance costs	(22,367)				(23,207)
	3,310,133				3,309,293

Industrial development revenue bonds:
Tax-exempt Series A, due December 2028	50,000		50,000		50,000		50,000
2003 Series A, due March 2038	50,000		50,000		50,000		50,000
2008 Series A, due March 2038	50,000		50,000		50,000		50,000
2009 Series A, due December 2039	50,000		50,000		50,000		50,000
Unamortized discount and debt issuance costs	(1,204)				(1,281)
	198,796				198,719
Less: current maturities	75,000				75,000
Southwest Gas Holdings, Inc. and Southwest Gas Corporation total long-term debt, less current maturities	$	3,433,929			$	3,433,012


SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	March 31, 2025
	As Reported		Adjustments		As Revised



CAPITALIZATION AND LIABILITIES
Retained earnings	$	1,238,775	$	(36,723)	$	1,202,052
Total equity	3,416,872		(36,723)		3,380,149
Total capitalization	6,922,224		(36,723)		6,885,501


Deferred income taxes and investment tax credits, net	857,986		36,723		894,709
Total deferred income taxes and other credits	2,025,235		36,723		2,061,958
Total capitalization and liabilities	$	9,679,467	$	—	$	9,679,467


SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands)
(Unaudited)

	Three Months Ended March 31, 2025
	As Reported		Adjustments		As Revised
Regulated operations revenues	$	746,416	$	2,100	$	748,516
Operating income	214,979		2,100		217,079
Income before income taxes	179,650		2,100		181,750
Income tax expense	36,708		2,447		39,155
Net income (loss)	$	142,942	$	(347)	$	142,595


SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)

	Three Months Ended March 31, 2025
	As Reported		Adjustments		As Revised
Net income (loss)	$	142,942	$	(347)	$	142,595
Comprehensive income (loss)	$	143,210	$	(347)	$	142,863


SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Three Month Ended March 31, 2025
	As Reported		Adjustments		As Revised
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)	$	142,942	$	(347)	$	142,595
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	37,928		2,447		40,375
Changes in current assets and liabilities:
Accounts receivable, net of allowance	(11,117)		(2,100)		(13,217)
Deferred purchased gas costs	53,865		1,997		55,862
Accounts payable	(44,691)		(1,997)		(46,688)
Net cash provided by operating activities	$	285,832	$	—	$	285,832


SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)

	As Reported		Adjustments		As Revised


Net income (loss), for the three months ended March 31, 2025	$	142,942	$	(347)	$	142,595
Retained earnings, March 31, 2025	1,238,775		(36,723)		1,202,052
Total Equity, March 31, 2025	$	3,416,872	$	(36,723)	$	3,380,149


	Period Ended March 31,
	Three Months
(In thousands, except per share amounts)	2026		2025
Contribution to net income
Natural Gas Distribution	$	137,771	$	142,942
Corporate and administrative (1)	603		(8,654)
Income from continuing operations	138,374		134,288
Loss from discontinued operations, net of taxes	—		(20,418)
Net income attributable to Southwest Gas Holdings	$	138,374	$	113,870

Weighted average common shares	72,441		72,012

Basic earnings (loss) per share
Continuing operations	$	1.91	$	1.86
Discontinued operations	—		(0.28)
Net earnings per share - basic	$	1.91	$	1.58

Natural Gas Distribution Segment
Reconciliation of Gross Margin to Operating Margin (Non-GAAP measure)
Utility Gross Margin	$	298,890	$	287,384
Plus:
Operations and maintenance (excluding Admin. & General) expense	78,472		80,763
Depreciation and amortization expense	99,603		93,690
Operating margin	$	476,965	$	461,837

Southwest Gas Corporation(2)
Reconciliation of Gross Margin to Operating Margin (Non-GAAP measure)
Utility Gross Margin	$	298,890	$	289,484
Plus:
Operations and maintenance (excluding Admin. & General) expense	78,472		80,763
Depreciation and amortization expense	99,603		93,690
Operating margin	$	476,965	$	463,937



Exhibit 31.01#						Section 302 Certifications–Southwest Gas Holdings, Inc.

Exhibit 31.02#						Section 302 Certifications–Southwest Gas Corporation

Exhibit 32.01#						Section 906 Certifications–Southwest Gas Holdings, Inc.

Exhibit 32.02#						Section 906 Certifications–Southwest Gas Corporation

Exhibit 101#						The following materials from the Quarterly Report on Form 10-Q of Southwest Gas Holdings, Inc. and Southwest Gas Corporation for the quarter ended March 31, 2026, were formatted in Inline XBRL (Extensible Business Reporting Language): (1) Southwest Gas Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets, (ii) Southwest Gas Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Income, (iii) Southwest Gas Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income, (iv) Southwest Gas Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows, (v) Southwest Gas Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Equity, (vi) Southwest Gas Corporation and Subsidiaries Condensed Consolidated Balance Sheets, (vii) Southwest Gas Corporation and Subsidiaries Condensed Consolidated Statements of Income, (viii) Southwest Gas Corporation and Subsidiaries Condensed Consolidated Statements of Comprehensive Income, (ix) Southwest Gas Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows, (x) Southwest Gas Corporation and Subsidiaries Condensed Consolidated Statements of Equity. The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

104#						Cover Page Interactive Data File (embedded within the Inline XBRL document).

# Filed herewith.



/s/ FABIO A. PINEDA
Fabio A. Pineda
Vice President/Controller and Chief Accounting Officer


			/s/ KAREN S. HALLER
			Karen S. Haller
			President and Chief Executive Officer
			Southwest Gas Holdings, Inc.


			/s/ JUSTIN S. FORSBERG
			Justin S. Forsberg
			Senior Vice President/Chief Financial Officer
			and Treasurer
			Southwest Gas Holdings, Inc.


			/s/ KAREN S. HALLER
			Karen S. Haller
			Chief Executive Officer
			Southwest Gas Corporation



			/s/ Karen S. Haller
			Karen S. Haller President and Chief Executive Officer



			/s/ Justin S. Forsberg
			Justin S. Forsberg Senior Vice President/Chief Financial Officer and Treasurer Southwest Gas Holdings, Inc.