Southwest Gas Holdings, Inc 10-Q for FY2026 Q2

Southwest Gas Holdings, Inc. (SWX)

10-Q 2026-08-05 For: 2026-06-30

Added on August 05, 2026

About this 10-Q

Southwest Gas Holdings, Inc filed this 10-Q on August 5, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net income: $42.12M; compared with a net loss of $40.15M a year earlier
Diluted EPS: $0.58; compared with -$0.56 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						June 30, 2026


SOUTHWEST GAS HOLDINGS, INC.						Form 10-Q
SOUTHWEST GAS CORPORATION						June 30, 2026


Abbreviation or Acronym	Definition	Abbreviation or Acronym	Definition
ACC	Arizona Corporation Commission	GAAP	Accounting principles generally accepted in the United States
AFUDC	Allowance for Funds Used During Construction	GCBA	Gas Cost Balancing Account
All-Party Settlement	Filed in September 2025 agreeing to a revenue increase, before consideration of the litigated capital structure and cost of capital.	GRA	General Revenues Adjustment
AOCI	Accumulated Other Comprehensive Income (Loss)	Great Basin	Great Basin Gas Transmission Company
ARA	Annual Rate Adjustment	mcf	million cubic feet
ASU	Accounting Standards Update	MD&A	Management’s Discussion and Analysis
ATM program	At-the-market equity offering program	PBOP	Postretirement Benefits Other than Pensions
Board	Board of Directors of Southwest Gas Holdings, Inc.	PGA	Purchased Gas Adjustment
CEO	Chief Executive Officer	PUCN	Public Utilities Commission of Nevada
Centuri, or Utility Infrastructure Services	Centuri Group Inc, for periods prior to April 22, 2024, or subsequently, Centuri Holdings, Inc.	QRP	Qualified Retirement Plan
CODM	Chief operating decision maker	RAM	Rate Adjustment Mechanism
COLI	Company-owned life insurance	Reform Act	Private Securities Litigation Reform Act of 1995
Company	Southwest Gas Holdings, Inc. (together with its subsidiaries)	RNG	Renewable Natural Gas
COYL	Customer-Owned Yard Line	SB	Senate Bill
CPUC	California Public Utilities Commission	SEC	U.S. Securities and Exchange Commission
DCA	Delivery Charge Adjustment	SERP	Supplemental Executive Retirement Plan
DEAA	Deferred Energy Accounting Adjustment	SIM	System Integrity Mechanism
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.	Southwest Gas, or Natural Gas Distribution	Southwest Gas Corporation and its subsidiaries
EADIT	Excess Accumulated Deferred Income Taxes	Southwest Gas Holdings	Southwest Gas Holdings, Inc. (standalone)
EPS	Earnings Per Share	SOFR	Secured Overnight Financing Rate
Exchange Act	Securities Exchange Act of 1934, as amended	TEAM	Tax Expense Adjustor Mechanism
FASB	Financial Accounting Standards Board	U.S.	United States
FERC	Federal Energy Regulatory Commission


SOUTHWEST GAS HOLDINGS, INC.						Form 10-Q
SOUTHWEST GAS CORPORATION						June 30, 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


	June 30, 2026		December 31, 2025
ASSETS
Regulated operations plant:
Gas plant	$	11,858,821	$	11,517,031
Less: accumulated depreciation	(3,154,856)		(3,063,363)
Construction work in progress	360,198		236,871
Net regulated operations plant	9,064,163		8,690,539
Other property and investments, net	181,406		178,826
Current assets:
Cash and cash equivalents	270,518		576,645
Accounts receivable, net of allowances	118,579		170,601
Accrued utility revenue	51,800		101,600
Income taxes receivable, net	12,582		9,611
Deferred purchased gas costs	—		5,214
Materials, supplies, and gas inventories	95,642		93,823
Prepaid and other current assets	318,680		234,598
Total current assets	867,801		1,192,092
Noncurrent assets:
Goodwill	11,155		11,155

Deferred charges and other assets	350,910		356,865
Total noncurrent assets	362,065		368,020
Total assets	$	10,475,435	$	10,429,477
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 72,443,899 and 72,224,593 shares)	$	74,074	$	73,854
Additional paid-in capital	2,905,518		2,898,965
Accumulated other comprehensive loss, net	(9,931)		(34,546)
Retained earnings	1,155,629		1,022,846
Total equity	4,125,290		3,961,119
Long-term debt, less current maturities	3,409,859		3,433,012
Total capitalization	7,535,149		7,394,131
Current liabilities:
Current maturities of long-term debt	100,000		75,000
Accounts payable	115,672		225,732
Customer deposits	66,738		67,249
Accrued general taxes	52,073		54,384
Accrued interest	34,963		35,319
Deferred purchased gas costs	286,815		310,085
Dividends declared	—		44,779
Other current liabilities	121,023		117,350
Total current liabilities	777,284		929,898
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net	1,039,812		977,312
Accumulated removal costs	513,000		496,000
Other deferred credits and other long-term liabilities	610,190		632,136
Total deferred income taxes and other credits	2,163,002		2,105,448
Total capitalization and liabilities	$	10,475,435	$	10,429,477


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Regulated operations revenues	$	358,154	$	396,318	$	943,273	$	1,142,734
Operating expenses:
Net cost of gas sold	38,442		102,134		146,596		386,713
Operations and maintenance	133,792		137,501		266,793		268,168
Depreciation and amortization	77,846		68,940		177,449		162,630
Taxes other than income taxes	23,747		23,250		48,762		47,011
Total operating expenses	273,827		331,825		639,600		864,522
Operating income	84,327		64,493		303,673		278,212
Other income and (expenses):
Net interest deductions	(44,052)		(53,367)		(89,795)		(107,786)
Other income	11,295		18,068		22,286		27,263
Total other (expenses)	(32,757)		(35,299)		(67,509)		(80,523)
Income from continuing operations before income taxes	51,570		29,194		236,164		197,689
Income tax expense	9,448		29,925		55,668		64,132
Income (loss) from continuing operations	42,122		(731)		180,496		133,557
Loss from discontinued operations, net of income tax	—		(36,869)		—		(61,970)
Net income (loss)	42,122		(37,600)		180,496		71,587
Net income (loss) attributable to noncontrolling interests	—		2,554		—		(2,129)
Net income (loss) attributable to Southwest Gas Holdings, Inc.	$	42,122	$	(40,154)	$	180,496	$	73,716

Basic earnings (loss) per share:
Continuing operations	$	0.58	$	(0.01)	$	2.49	$	1.85
Discontinued operations	—		(0.55)		—		(0.83)
Net earnings (loss) per share - basic	$	0.58	$	(0.56)	$	2.49	$	1.02

Diluted earnings (loss) per share:
Continuing operations	$	0.58	$	(0.01)	$	2.49	$	1.85
Discontinued operations	—		(0.55)		—		(0.83)
Net earnings (loss) per share - diluted	$	0.58	$	(0.56)	$	2.49	$	1.02

Weighted average shares:
Basic	72,516		72,088		72,479		72,050
Diluted	72,665		72,088		72,617		72,195


SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized - continuing operations	$	87,500	$	105,303
Interest paid, net of amounts capitalized - discontinued operations	—		32,563
Interest paid, net of amounts capitalized	$	87,500	$	137,866

Income taxes (benefit) paid, net - continuing operations	$	507	$	—
Income taxes paid, net - discontinued operations	—		13,069
Income taxes paid, net	$	507	$	13,069

Decrease of capital expenditures in Accounts payable or Other current liabilities- continuing operations	$	(26,000)	$	(4,000)
Decrease of capital expenditures in Accounts payable or Other current liabilities - discontinued operations	—		(1,783)
Decrease of capital expenditures in Accounts payable or Other current liabilities	$	(26,000)	$	(5,783)

Equity AFUDC capitalized in regulated operations plant - continuing operations	$	4,482	$	2,911
Equity AFUDC capitalized in regulated operations plant - discontinued operations	—		—
Equity AFUDC capitalized in regulated operations plant	$	4,482	$	2,911


	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
Net income	—	—		—		—		42,122		42,122
Common stock issuances	71	71		4,070		—		—		4,141
Dividends declared ($0.645 per share)	—	—		—		—		(46,820)		(46,820)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax and regulatory adjustment	—	—		—		24,169		—		24,169
Balance, June 30, 2026	72,444	$	74,074	$	2,905,518	$	(9,931)	$	1,155,629	$	4,125,290


(Thousands of dollars)	June 30, 2026		December 31, 2025
Net cash surrender value of COLI policies	$	168,916	$	165,551
Other property	2,274		4,396
Total Southwest Gas Corporation	171,190		169,947
Other property and investments	10,216		8,879
Total Southwest Gas Holdings, Inc.	$	181,406	$	178,826


	Three Months Ended June 30,				Six Months Ended June 30,
(Thousands of dollars)	2026		2025		2026		2025
Southwest Gas Corporation:
Change in COLI policies	$	3,600	$	5,500	$	3,300	$	3,800
Interest income	3,077		5,817		5,731		11,627
Equity AFUDC	2,449		1,558		4,482		2,911
Other components of net periodic benefit gain	2,195		4,368		4,390		8,737
Miscellaneous income and (expense)	(2,901)		563		(3,768)		33
Southwest Gas Corporation - total other income (deductions)	8,420		17,806		14,135		27,108
Southwest Gas Holdings, Inc.:
Interest income	3,010		329		7,140		364
Equity in earnings (loss) of unconsolidated investments	(97)		—		1,097		—
Miscellaneous income and (expense)	(38)		(67)		(86)		(209)
Southwest Gas Holdings, Inc. – total other income (deductions)	$	11,295	$	18,068	$	22,286	$	27,263


	Three Months Ended June 30,		Six Months Ended June 30,
(In thousands)	2026	2025	2026	2025
Weighted average basic shares	72,516	72,088	72,479	72,050
Effect of dilutive securities:
Restricted stock units (1)(2)	149	—	138	145
Weighted average diluted shares	72,665	72,088	72,617	72,195


	June 30,				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	$	75,121	$	75,000	$	76,388
Medium-term notes, 7.92% series, due June 2027	25,000		25,603		25,000		26,058
Medium-term notes, 6.76% series, due September 2027	7,500		7,625		7,500		7,726
Notes, 5.8%, due December 2027	300,000		304,470		300,000		309,090
Notes, 3.7%, due April 2028	300,000		295,530		300,000		297,450
Notes, 5.45%, due February 2028	300,000		303,960		300,000		307,620
Notes, 2.2%, due June 2030	450,000		408,555		450,000		409,365
Notes, 4.05%, due March 2032	600,000		573,660		600,000		579,540
Notes, 6.1%, due February 2041	125,000		130,538		125,000		130,762
Notes, 4.875%, due October 2043	250,000		219,000		250,000		219,350
Notes, 3.8%, due September 2046	300,000		229,710		300,000		228,180
Notes, 4.15%, due June 2049	300,000		237,330		300,000		237,120
Notes, 3.18%, due August 2051	300,000		200,400		300,000		205,710
Unamortized discount and debt issuance costs	(21,515)				(23,207)
	3,310,985				3,309,293
Revolving credit facility and commercial paper	—				—
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	(1,126)				(1,281)
	198,874				198,719
Less: current maturities	100,000				75,000
Southwest Gas Holdings, Inc. and Southwest Gas Corporation total long-term debt, less current maturities	$	3,409,859			$	3,433,012


SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)


	Three Months Ended June 30, 2025
	As Reported		Adjustments		As Restated		Discontinued Operations		As Restated and Recast


Utility infrastructure services revenues	$	724,052	$	—	$	724,052	$	(724,052)	$	—
Total operating revenues	1,120,370		—		1,120,370		(724,052)		396,318


Operations and maintenance	138,696		—		138,696		(1,195)		137,501
Depreciation and amortization	103,163		—		103,163		(34,223)		68,940

Utility infrastructure services expenses	657,671		—		657,671		(657,671)		—
Total operating expenses	1,024,914		—		1,024,914		(693,089)		331,825
Operating income (loss)	95,456		—		95,456		(30,963)		64,493

Net interest deductions	(71,612)		—		(71,612)		18,245		(53,367)
Other income (deductions)	18,421		—		18,421		(353)		18,068
Total other income and (expenses)	(53,191)		—		(53,191)		17,892		(35,299)
Income (loss) from continuing operations before income taxes	42,265		—		42,265		(13,071)		29,194
Income tax expense (benefit)	52,594		27,271		79,865		(49,940)		29,925
Income (loss) from continuing operations, net of income tax	(10,329)		(27,271)		(37,600)		36,869		(731)
Loss from discontinued operations, net of income tax	—		—		—		(36,869)		(36,869)
Net loss	(10,329)		(27,271)		(37,600)		—		(37,600)

Net loss attributable to Southwest Gas Holdings, Inc.	$	(12,883)	$	(27,271)	$	(40,154)	$	—	$	(40,154)

Earnings (loss) per share attributable to Southwest Gas Holdings, Inc.:
Continuing operations	$	(0.18)	$	(0.38)	$	(0.56)	$	0.55	$	(0.01)
Discontinued operations	—		—		—		(0.55)		(0.55)
Net loss per share - basic	$	(0.18)	$	(0.38)	$	(0.56)	$	—	$	(0.56)

Diluted earnings (loss) per share:
Continuing operations	$	(0.18)	$	(0.38)	$	(0.56)	$	0.55	$	(0.01)
Discontinued operations	—		—		—		(0.55)		(0.55)
Net loss per share - diluted	$	(0.18)	$	(0.38)	$	(0.56)	$	—	$	(0.56)

Weighted average shares:
Basic	72,088		72,088		72,088		72,088		72,088
Diluted	72,088		72,088		72,088		72,088		72,088


	Six Months Ended June 30, 2025
	As Reported		Adjustments		As Restated		Discontinued Operations		As Restated and Recast


Utility infrastructure services revenues	$	1,274,133	$	—	$	1,274,133	$	(1,274,133)	$	—
Total operating revenues	2,416,867		—		2,416,867		(1,274,133)		1,142,734


Operations and maintenance	269,947		—		269,947		(1,779)		268,168
Depreciation and amortization	231,076		—		231,076		(68,446)		162,630

Utility infrastructure services expenses	1,186,242		—		1,186,242		(1,186,242)		—
Total operating expenses	2,120,989		—		2,120,989		(1,256,467)		864,522
Operating income (loss)	295,878		—		295,878		(17,666)		278,212

Net interest deductions	(143,893)		—		(143,893)		36,107		(107,786)
Other income (deductions)	27,136		—		27,136		127		27,263
Total other income and (expenses)	(116,757)		—		(116,757)		36,234		(80,523)
Income from continuing operations before income taxes	179,121		—		179,121		18,568		197,689
Income tax expense (benefit)	80,263		27,271		107,534		(43,402)		64,132
Income (loss) from continuing operations, net of income tax	98,858		(27,271)		71,587		61,970		133,557
Loss from discontinued operations, net of income tax	—		—		—		(61,970)		(61,970)
Net income (loss)	98,858		(27,271)		71,587		—		71,587

Net income (loss) attributable to Southwest Gas Holdings, Inc.	$	100,987	$	(27,271)	$	73,716	$	—	$	73,716

Earnings (loss) per share attributable to Southwest Gas Holdings, Inc.:
Continuing operations	$	1.40	$	(0.38)	$	1.02	$	0.83	$	1.85
Discontinued operations	—		—		—		(0.83)		(0.83)
Net earnings (loss) per share - basic	$	1.40	$	(0.38)	$	1.02	$	—	$	1.02

Diluted earnings (loss) per share:
Continuing operations	$	1.40	$	(0.38)	$	1.02	$	0.83	$	1.85
Discontinued operations	—		—		—		(0.83)		(0.83)
Net earnings (loss) per share - diluted	$	1.40	$	(0.38)	$	1.02	$	—	$	1.02

Weighted average shares:
Basic	72,050		72,050		72,050		72,050		72,050
Diluted	72,195		72,195		72,195		72,195		72,195


SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	As Reported		Adjustments		As Restated		As Reported		Adjustments		As Restated
Net income (loss)	$	(10,329)	$	(27,271)	$	(37,600)	$	98,858	$	(27,271)	$	71,587








Comprehensive income (loss)	(3,351)		(27,271)		(30,622)		106,208		(27,271)		78,937

Comprehensive income (loss) attributable to Southwest Gas Holdings, Inc.	$	(6,970)	$	(27,271)	$	(34,241)	$	107,252	$	(27,271)	$	79,981


SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Six Months Ended June 30, 2025
	As Reported		Adjustments		As Restated		Discontinued Operations		As Restated and Recast
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)	$	98,858	$	(27,271)	$	71,587	$	—	$	71,587
Less: Loss from discontinued operations, net of income tax	—		—		—		(61,970)		(61,970)
Income (loss) from continuing operations, net of income tax	98,858		(27,271)		71,587		61,970		133,557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	231,076		—		231,076		(68,446)		162,630
Deferred income taxes	94,033		27,271		121,304		(45,187)		76,117
Gains on sale of property and equipment	(2,188)		—		(2,188)		584		(1,604)
Share-based compensation expense	11,003		—		11,003		(3,750)		7,253

Changes in current assets and liabilities:
Accounts receivable, net of allowances	17,082		—		17,082		51,237		68,319


Accounts payable	(67,223)		—		(67,223)		(1,692)		(68,915)
Accrued taxes	(25,778)		—		(25,778)		4,642		(21,136)
Other current assets and liabilities	(70,993)		—		(70,993)		26,481		(44,512)
Changes in deferred charges and other assets	(13,147)		—		(13,147)		(12,673)		(25,820)
Changes in other liabilities and deferred credits	(19,010)		—		(19,010)		(2,183)		(21,193)
Net cash provided by operating activities of continuing operations	417,611		—		417,611		10,983		428,594
Net cash used in operating activities of discontinued operations	—		—		—		(10,983)		(10,983)
Net cash provided by operating activities	417,611		—		417,611		—		417,611


CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(407,619)		—		(407,619)		45,162		(362,457)



Other	2,345		—		2,345		(2,521)		(176)
Net cash used in investing activities of continuing operations	(396,015)		—		(396,015)		42,641		(353,374)
Net cash used in investing activities of discontinued operations	—		—		—		(42,641)		(42,641)
Net cash used in investing activities	(396,015)		—		(396,015)		—		(396,015)
CASH FLOW FROM FINANCING ACTIVITIES:


Issuance of long-term debt, net	113,932		—		113,932		(113,932)		—
Retirement of long-term debt	(75,125)		—		(75,125)		75,125		—




Withholding remittance – share-based compensation	(3,544)		—		(3,544)		932		(2,612)
Proceeds from the sale of Centuri stock, net	448,662		—		448,662		(448,662)		—
Other, including principal payments on finance leases	(9,309)		—		(9,309)		5,188		(4,121)
Net cash used in financing activities of continuing operations	(30,008)		—		(30,008)		(481,349)		(511,357)
Net cash provided by financing activities of discontinued operations	—		—		—		481,349		481,349
Net cash used in financing activities	(30,008)		—		(30,008)		—		(30,008)





SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized - continuing operations	$	137,866	—		$	137,866	$	(32,563)	$	105,303
Interest paid, net of amounts capitalized - discontinued operations	—		—		—		32,563		32,563
Interest paid, net of amounts capitalized	$	137,866	$	—	$	137,866	$	—	$	137,866

Income taxes paid (received), net - continuing operations	$	13,069	$	—	$	13,069	$	(13,069)	$	—
Income taxes paid (received), net - discontinued operations	—		—		—		13,069		13,069
Income taxes paid, net	$	13,069	$	—	$	13,069	$	—	$	13,069

Decrease of capital expenditures in Accounts payable or Other current liabilities- continuing operations	$	(5,783)	$	—	$	(5,783)	$	1,783	$	(4,000)
Decrease of capital expenditures in Accounts payable or Other current liabilities - discontinued operations	—		—		—		(1,783)		(1,783)
Decrease of capital expenditures in Accounts payable or Other current liabilities	$	(5,783)	$	—	$	(5,783)	$	—	$	(5,783)


SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)

	As Reported		Adjustments		As Restated
Net loss attributable to Southwest Gas Holdings, Inc., for the three months ended June 30, 2025	$	(12,883)	$	(27,271)	$	(40,154)
Retained earnings, June 30, 2025	769,723		(27,271)		742,452
Total equity attributable to Southwest Gas Holdings, Inc., June 30, 2025	3,674,657		(27,271)		3,647,386
Total equity, June 30, 2025	$	4,115,805	$	(27,271)	$	4,088,534


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

	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	As Reported		Adjustments		As Revised		As Reported		Adjustments		As Revised
Regulated operations revenues	$	396,318	$	—	$	396,318	$	1,142,734	$	2,100	$	1,144,834
Operating income	65,342		—		65,342		280,321		2,100		282,421
Income before income taxes	38,411		—		38,411		218,061		2,100		220,161
Income tax expense (benefit)	4,734		(11,969)		(7,235)		41,442		(9,522)		31,920
Net income	$	33,677	$	11,969	$	45,646	$	176,619	$	11,622	$	188,241


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

	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	As Reported		Adjustments		As Revised		As Reported		Adjustments		As Revised
Net income	$	33,677	$	11,969	$	45,646	$	176,619	$	11,622	$	188,241
Comprehensive income	$	33,944	$	11,969	$	45,913	$	177,154	$	11,622	$	188,776


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

	Six Months Ended June 30, 2025
	As Reported		Adjustments		As Revised
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$	176,619	$	11,622	$	188,241
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	51,504		(9,522)		41,982
Changes in current assets and liabilities:
Accounts receivable, net of allowance	68,311		(2,100)		66,211
Deferred purchased gas costs	120,709		1,997		122,706
Accounts payable	(69,232)		(1,997)		(71,229)
Net cash provided by operating activities	$	459,287	$	—	$	459,287


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
Net income for the three months ended June 30, 2025	33,677		11,969		45,646
Retained earnings, June 30, 2025	1,227,760		(24,754)		1,203,006
Total Equity, June 30, 2025	$	3,408,373	$	(24,754)	$	3,383,619


	Period Ended June 30,
	Three Months				Six Months
(In thousands, except per share amounts)	2026		2025		2026		2025
Contribution to net income
Natural Gas Distribution	$	40,757	$	45,646	$	178,528	$	188,588
Corporate and administrative (1)	1,365		(46,377)		1,968		(55,031)
Income (loss) from continuing operations	42,122		(731)		180,496		133,557
Loss from discontinued operations, net of taxes	—		(39,423)		—		(59,841)
Net income (loss) attributable to Southwest Gas Holdings	$	42,122	$	(40,154)	$	180,496	$	73,716

Weighted average common shares	72,516		72,088		72,479		72,050

Basic earnings (loss) per share
Continuing operations	$	0.58	$	(0.01)	$	2.49	$	1.85
Discontinued operations	—		(0.55)		—		(0.83)
Net earnings (loss) per share - basic	$	0.58	$	(0.56)	$	2.49	$	1.02

Natural Gas Distribution Segment
Reconciliation of Utility gross margin to Operating margin (Non-GAAP measure)
Utility gross margin	$	158,398	$	140,480	$	457,288	$	427,864
Plus:
Operations and maintenance (excluding Admin. & General) expense	83,629		84,764		162,101		165,527
Depreciation and amortization expense	77,685		68,940		177,288		162,630
Operating margin	$	319,712	$	294,184	$	796,677	$	756,021

Southwest Gas Corporation(2)
Reconciliation of Utility gross margin to Operating margin (Non-GAAP measure)
Utility gross margin	$	158,398	$	140,480	$	457,288	$	429,964
Plus:
Operations and maintenance (excluding Admin. & General) expense	83,629		84,764		162,101		165,527
Depreciation and amortization expense	77,685		68,940		177,288		162,630
Operating margin	$	319,712	$	294,184	$	796,677	$	758,121



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 June 30, 2026, were formatted in Inline XBRL (Extensible Business Reporting Language): (i) 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/ JUSTIN L. BROWN
			Justin L. Brown
			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/ Justin L. Brown
			Justin L. Brown 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.