Southwest Gas Holdings, Inc. (SWX) Income Statement
SWX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSWX revenue and net income
Where SWX's revenue goes
2025Each bar shows an amount and its share of revenue. SWX kept 22.7% of revenue as net income.
SWX profit margins
SWX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −62.0% | −26.9% | −10.1% | −2.5% |
| Gross profit | −43.8% | −17.0% | −7.0% | — |
| Operating income | −2.0% | — | +2.3% | −15.3% |
| Net income | +121.2% | — | +13.6% | +11.1% |
| EPS (diluted) | +13.9% | +5.3% | −1.6% | +1.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SWX quarterly EPS vs estimates
Southwest Gas beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.18).
SWX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.94B | $5.11B | $5.43B | $4.96B | $3.68B | $3.30B | $3.12B | $2.88B | $2.55B | $2.46B |
| Cost of revenue | $1.37B | $4.10B | $4.41B | $3.97B | $2.86B | $2.48B | $2.38B | $2.21B | $1.92B | $1.82B |
| Gross profit | $568.0M | $1.01B | $1.02B | $994.9M | $820.9M | $818.5M | $737.4M | $666.5M | $632.6M | $637.2M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $7.7M | $84,000 | $151,000 | $263,000 | $7,000 | $8,000 | $102,000 | $52,000 | $13,000 | $7.4M |
| Total operating expenses | $94.1M | $527.4M | $600.9M | $1.02B | $451.4M | $395.5M | $365.6M | $309.1M | $308.9M | $341.5M |
| Operating income | $473.9M | $483.8M | $418.3M | −$24.4M | $369.5M | $423.0M | $371.8M | $357.4M | $323.7M | $295.7M |
| Interest income | $20.9M | $33.6M | $46.1M | $228.4M | $105.1M | $4.0M | $84.5M | $93.5M | $64.7M | $64.4M |
| Interest expense | $203.1M | $297.0M | $292.3M | $242.8M | $119.2M | $111.5M | $109.2M | $96.7M | $78.1M | $73.7M |
| Income before taxes | $330.9M | $241.3M | $197.3M | −$273.3M | $246.8M | $304.7M | $272.7M | $243.3M | $259.0M | $231.5M |
| Income taxes | $96.0M | $36.5M | $41.8M | −$75.7M | $39.6M | $65.8M | $56.0M | $61.7M | $65.1M | $78.5M |
| Net income | $439.8M | $198.8M | $150.9M | −$203.3M | $200.8M | $232.3M | $213.9M | $182.3M | $193.8M | $152.0M |
| EBITDA | $864.7M | $976.8M | $930.5M | $439.9M | $737.1M | $748.2M | $685.1M | $592.5M | $577.3M | $584.8M |
| EPS (diluted) | $3.60 | $3.16 | $3.39 | $3.08 | $3.56 | $3.90 | $3.90 | $3.59 | $3.51 | $3.20 |
| Gross margin | 29.3% | 19.8% | 18.8% | 20.1% | 22.3% | 24.8% | 23.6% | 23.1% | 24.8% | 25.9% |
| Operating margin | 24.4% | 9.5% | 7.7% | −0.5% | 10.0% | 12.8% | 11.9% | 12.4% | 12.7% | 12.0% |
| Net margin | 22.7% | 3.9% | 2.8% | −4.1% | 5.5% | 7.0% | 6.9% | 6.3% | 7.6% | 6.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $358.2M | $585.1M | $480.7M | $316.9M | $1.12B | $1.30B | $1.27B | $359.1M | $1.18B | $1.58B | $1.37B | $1.17B |
| Cost of revenue | $38.4M | $241.2M | $298.4M | $177.5M | $898.5M | $944.4M | $950.8M | $242.6M | $981.6M | $1.28B | $1.10B | $982.6M |
| Gross profit | $319.7M | $344.0M | $182.4M | $139.4M | $221.9M | $352.1M | $319.4M | $116.6M | $200.5M | $300.2M | $271.1M | $186.9M |
| Sales, general & admin | $133.8M | — | $5.4M | $2.1M | $260,000 | $107,000 | $27,000 | $66,000 | $20,000 | $11,000 | $85,000 | $183,000 |
| Total operating expenses | $235.4M | $124.6M | $23.7M | $102.4M | $126.4M | $151.7M | $138.4M | $96.4M | $117.3M | $142.0M | $132.9M | $126.7M |
| Operating income | $84.3M | $219.3M | $158.7M | $37.0M | $95.5M | $200.4M | $180.9M | $20.1M | $83.2M | $158.1M | $138.1M | $60.2M |
| Interest income | $6.1M | $6.8M | $3.6M | $5.7M | $5.8M | $5.8M | $5.9M | $8.7M | $9.1M | $9.8M | $10.5M | $13.2M |
| Interest expense | $44.1M | $45.7M | $46.3M | $49.0M | $71.6M | $72.3M | $73.9M | $53.8M | $73.8M | $71.6M | $73.6M | $72.0M |
| Income before taxes | $51.6M | $184.6M | $129.8M | $3.4M | $42.3M | $136.9M | $111.8M | −$17.1M | $24.4M | $104.6M | $83.3M | $2.7M |
| Income taxes | $9.4M | $46.2M | $60.0M | −$803,000 | $52.6M | $27.7M | $17.4M | −$7.9M | $4.2M | $17.1M | $9.7M | −$1.3M |
| Net income | $42.1M | $138.4M | $68.4M | $270.5M | −$12.9M | $113.9M | $92.5M | $289,000 | $18.3M | $87.7M | $72.9M | $3.2M |
| EBITDA | $150.9M | $329.9M | $265.1M | $131.4M | $217.0M | $337.1M | $301.6M | $110.9M | $194.2M | $295.4M | $268.1M | $180.2M |
| EPS (diluted) | $0.45 | $1.91 | $1.36 | $0.06 | $0.53 | $1.65 | $1.39 | $0.09 | $0.31 | $1.37 | $1.13 | $0.10 |
| Gross margin | 89.3% | 58.8% | 37.9% | 44.0% | 19.8% | 27.2% | 25.1% | 32.5% | 17.0% | 19.0% | 19.8% | 16.0% |
| Operating margin | 23.5% | 37.5% | 33.0% | 11.7% | 8.5% | 15.5% | 14.2% | 5.6% | 7.0% | 10.0% | 10.1% | 5.2% |
| Net margin | 11.8% | 23.6% | 14.2% | 85.3% | −1.1% | 8.8% | 7.3% | 0.1% | 1.6% | 5.5% | 5.3% | 0.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SWX's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SWX financial results
In fiscal year 2025 (ended December 31, 2025), Southwest Gas reported revenue of $1.9 billion, down 62.0% from the year before. It had net income of $439.8 million (up 121.2%), a net profit margin of 22.7%. Diluted earnings per share came to $3.60. Over five years revenue grew at an average rate of −10.1% a year.
See the SWX stock overview for the latest quote and news, or the SWX chart for price history and technical indicators.
SWX income statement FAQ
What is Southwest Gas's annual revenue?
Southwest Gas reported total revenue of $1.9 billion for fiscal year 2025, which ended on December 31, 2025. That was down 62.0% from $5.1 billion the previous year.
Is Southwest Gas profitable?
Yes. Southwest Gas reported net income of $439.8 million in fiscal 2025, a net profit margin of 22.7%; its operating margin was 24.4%.
What is Southwest Gas's gross margin?
Southwest Gas's gross margin was 29.3% in fiscal 2025: for every $100 of revenue, Southwest Gas kept $29 after the direct cost of its products and services.
How fast is Southwest Gas growing?
Revenue grew −10.1% a year on average over the last five fiscal years, from $3.3 billion to $1.9 billion.
What are Southwest Gas's earnings per share?
Southwest Gas earned $3.60 per diluted share in fiscal 2025, compared with $3.16 a year earlier.
When will Southwest Gas report its next earnings?
Southwest Gas is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 before the market opens.
When does Southwest Gas's fiscal year end?
Southwest Gas's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.