Southwest Gas Holdings Inc
NYSE: SWX · UTILITIES · UTILITIES - REGULATED GAS
Updated 2026-06-05
Southwest Gas Holdings Inc (SWX) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.15B | $2.14B | $1.89B | $1.83B | $1.89B | $1.93B | $1.95B | $2.12B | $2.46B | $2.50B | $2.46B | $2.55B | $2.88B | $3.12B | $3.30B | $3.68B | $4.96B | $5.43B | $5.11B | $1.94B |
| Revenue growth (YoY) | — | -0.3% | -11.7% | -3.4% | +3.1% | +2.2% | +1.2% | +8.8% | +16.1% | +1.7% | -1.8% | +3.6% | +13.0% | +8.3% | +5.7% | +11.6% | +34.8% | +9.6% | -5.9% | -62.0% |
| Cost of revenue | $1.75B | $1.74B | $1.11B | $1.01B | $1.04B | $1.39B | $1.39B | $1.54B | $1.86B | — | $1.82B | $1.92B | $2.21B | $2.38B | $2.48B | $2.86B | $3.97B | $4.41B | $4.10B | $1.37B |
| Gross profit | $2.15B | $2.14B | $784.73M | $816.39M | $850.00M | $536.67M | $556.58M | $584.76M | $607.84M | — | $637.22M | $632.60M | $666.54M | $737.38M | $818.49M | $820.93M | $994.87M | $1.02B | $1.01B | $567.96M |
| Gross margin | 100.0% | 100.0% | 41.4% | 44.6% | 45.0% | 27.8% | 28.5% | 27.6% | 24.7% | 0.0% | 25.9% | 24.8% | 23.1% | 23.6% | 24.8% | 22.3% | 20.1% | 18.8% | 19.8% | 29.3% |
| R&D | — | — | — | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | — | — | — | — | — | $6.60M | $12.40M | $5.30M | $500000.00 | — | $7.40M | $13000.00 | $52000.00 | $102000.00 | $8000.00 | $7000.00 | $263000.00 | $151000.00 | $84000.00 | $7.67M |
| Operating income | $220.59M | $207.86M | $208.39M | $232.12M | $250.08M | $271.52M | $274.21M | $284.48M | $288.33M | $2.50B | $295.71M | $323.70M | $357.43M | $371.81M | $423.00M | $369.55M | $-24.40M | $418.33M | $483.77M | $473.89M |
| Operating margin | 10.2% | 9.7% | 11.0% | 12.7% | 13.3% | 14.1% | 14.1% | 13.4% | 11.7% | 100.0% | 12.0% | 12.7% | 12.4% | 11.9% | 12.8% | 10.0% | -0.5% | 7.7% | 9.5% | 24.4% |
| EBITDA | $396.46M | $414.99M | $405.12M | $426.43M | $445.14M | $499.36M | $515.03M | $542.51M | $558.44M | — | $584.85M | $577.25M | $592.49M | $685.13M | $748.24M | $737.09M | $439.87M | $930.54M | $976.78M | $864.68M |
| EBITDA margin | 18.4% | 19.3% | 21.4% | 23.3% | 23.6% | 25.9% | 26.4% | 25.6% | 22.7% | 0.0% | 23.8% | 22.6% | 20.6% | 22.0% | 22.7% | 20.0% | 8.9% | 17.1% | 19.1% | 44.6% |
| EBIT | $213.95M | $221.27M | $215.04M | $235.97M | $244.67M | $275.94M | $278.21M | $289.48M | $288.33M | $2.50B | $295.71M | $326.30M | $343.27M | $381.90M | $416.21M | $366.05M | $-30.59M | $489.63M | $538.34M | $533.95M |
| Interest expense | $96.20M | $92.65M | $83.00M | $77.59M | $69.60M | $68.02M | $63.70M | $72.07M | $71.88M | $0.00 | $73.66M | $78.06M | $96.67M | $109.23M | $111.48M | $119.20M | $242.75M | $292.29M | $297.04M | $203.08M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $83.25M | $60.97M | $87.48M | $103.88M | $112.29M | $133.33M | $145.32M | $141.13M | $138.32M | $152.98M | $152.04M | $193.84M | $182.28M | $213.94M | $232.32M | $200.78M | $-203.29M | $150.89M | $198.81M | $439.83M |
| Net income growth (YoY) | — | -26.8% | +43.5% | +18.7% | +8.1% | +18.7% | +9.0% | -2.9% | -2.0% | +10.6% | -0.6% | +27.5% | -6.0% | +17.4% | +8.6% | -13.6% | -201.3% | +174.2% | +31.8% | +121.2% |
| Profit margin | 3.9% | 2.8% | 4.6% | 5.7% | 5.9% | 6.9% | 7.4% | 6.7% | 5.6% | 6.1% | 6.2% | 7.6% | 6.3% | 6.9% | 7.0% | 5.5% | -4.1% | 2.8% | 3.9% | 22.7% |
Frequently asked questions
What is Southwest Gas Holdings Inc's revenue?
Southwest Gas Holdings Inc's trailing twelve-month revenue is $1.78B, and consensus projects about $3.37B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is SWX?
In its most recent fiscal year, SWX ran a gross margin of 29.27%, an operating margin of 24.42%, and a net margin of 22.67%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does SWX generate?
SWX produced $-251.79M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is SWX's balance sheet healthy?
SWX holds $576.64M in cash and equivalents against $3.43B in long-term debt, on $3.96B of shareholder equity. That debt is best read against the cash flow the business throws off each year.