Southwest Gas Holdings Inc

Latest Results (15.05.2026):

This summary covers Southwest Gas Holdings, Inc.'s fourth quarter of 2025 and full‑year 2025 results. For the quarter ended December 31, 2025, the company reported net income from continuing operations of $104.9 million and adjusted net income from continuing operations of $98.7 million; consolidated net income attributable to Southwest Gas Holdings was $103.5 million for Q4 and $439.8 million for the full year (the full‑year amount was materially affected by the Centuri separation). The utility continued to show regulated earnings growth, management increased the dividend 4% for 2026, and the company initiated 2026 EPS and multi‑year growth guidance while noting significant planned capital investment tied to a potential 2028 Great Basin expansion project.

Quarter and full‑year headline results

Q4 2025: net income from continuing operations $104.9M; adjusted continuing operations net income $98.7M; consolidated diluted EPS for the quarter $1.43. Full‑year 2025: consolidated net income attributable $439.8M (includes Centuri deconsolidation gains); diluted EPS for the full year $6.08.

Adjusted results and EPS

Adjusted consolidated earnings per diluted share from continuing operations was $1.36 in Q4 2025 and $3.65 for full‑year 2025, versus GAAP continuing ops diluted EPS of $1.45 (Q4) and $3.25 (FY).

Utility performance and returns

Southwest Gas (natural gas distribution) delivered utility ROE of 8.8% and adjusted utility ROE of 8.3% for the 12 months ended Dec. 31, 2025, with adjusted utility earnings growth of ~8.7% year‑over‑year; operating margin was $412.5M in Q4 and $1.4448B for the year.

Dividend and shareholder return

The board approved a 4% increase to the regular quarterly common dividend, raising it to $0.645 per share beginning Q2 2026 (annualized $2.58 per share). Management expects to continue recommending annual dividend increases subject to board discretion and business conditions.

Guidance and capital plan

2026 EPS from continuing operations guidance: $4.17–$4.32. 2026 capital expenditures: ~ $1.25 billion. 2026–2030 guidance: EPS CAGR 12.0%–14.0%, capital expenditures ~$6.3 billion (2026–2030), and rate base CAGR 9.5%–11.5% (2025 base year: adjusted EPS $3.65; rate base $6.7B).

Centuri separation and discontinued operations impact

The full separation/deconsolidation of Centuri generated approximately $1.35 billion net proceeds; the deconsolidation produced a pre‑tax remeasurement gain (included in discontinued operations) that materially increased full‑year net income—FY discontinued operations included a $343.1M gain from the deconsolidation and related items.

Liquidity, capital structure and credit

As of Dec. 31, 2025 the company had $577M cash and nearly $1.3B of available liquidity. S&P metrics shown: natural gas distribution FFO/Debt of 18.6%, and the company noted S&P credit upgrades for SWX and Southwest Gas Corporation to BBB+.

Operations and customer growth

Southwest Gas invested $855M in capital expenditures in 2025, added ~37,000 new meter sets (≈1.6% customer growth), and reported total system throughput of ~204.7 million dekatherms for 2025.

Great Basin expansion and regulatory activity

Management highlighted the potential Great Basin Gas Transmission 2028 expansion (binding precedent agreements and an estimated ~$1.7B of incremental capital opportunity), pre‑filing FERC approval received in Jan. 2026, and planned rate filings in Arizona and Nevada to refresh rates and seek formula ratemaking.