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Dec 31, 2025
Southwest Gas Q4 2025 Earnings Report
Southwest Gas reported fourth quarter 2025 results with higher net income driven by improved operating margin in its natural gas distribution segment.
Key Takeaways
Southwest Gas generated fourth quarter 2025 net income of 103476000, with continuing operations net income of 104946000 supported by higher operating margin from updated rates and customer growth, partially offset by higher operating expenses and depreciation.
Net income attributable to Southwest Gas Holdings increased to 103476000 for the quarter.
Continuing operations net income rose to 104946000, up from 86837000 in the prior year quarter.
Operating margin for the utility reached 412497000 for the quarter.
Gross margin for the utility was 237513000 for the quarter.
Revenue by Segment
Forward Guidance
The Company initiated 2026 EPS guidance and long-term growth targets supported by capital investments and regulatory initiatives.
Positive Outlook
- 2026 EPS from continuing operations guidance of 4.17 to 4.32.
- Projected 2026 capital expenditures of approximately 1250000000.
- 2026-2030 EPS CAGR guidance of 12.0% to 14.0%.
- 2026-2030 rate base CAGR guidance of 9.5% to 11.5%.
- Potential 1700000000 capital investment from Great Basin expansion.
Challenges Ahead
- Higher depreciation and amortization expense from infrastructure investment.
- Increased operations and maintenance expenses.
- Higher income tax expense in the quarter.
- Interest expense variability from regulatory balances.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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