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Southwest Gas Corporation

SWX Utilities Utilities Regulated Gas

Revenue
−5.91%
EPS
−95.3%
Free cash flow
−30.1%
Total debt
+0.70%

Quarter to September 2026, against a year earlier

90.42 1.91 −2.07%
Market cap
$6.6B
P/E
22.1×
Fwd P/E
21.4×
Dividend yield
2.80%
F-score
6/9
Altman Z
1.04
Beneish M
−2.87
Dividend safety
45/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Southwest Gas Corporation (SWX) Earnings & Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Latest quarter

Southwest Gas reported second-quarter revenue of $358.2 million, below the consensus of $406.6 million and down from $396.3 million a year earlier. Adjusted earnings per share were $0.45, below the consensus of $0.47.

The company’s diluted earnings per share were $0.58, compared with −$0.56 a year earlier. Its gross margin rose to 89.3% from 74.2%, while its operating margin rose to 23.5% from 16.3%. Free cash flow was −$174.3 million, compared with −$67.7 million in the prior-year quarter.

Southwest Gas says demand for natural gas is seasonal, with greater use during colder months. It also says gas purchases are generally passed through to customers without a markup: changes in gas costs affect revenue and cash flow but do not directly change its utility operating margin, which it defines as revenue less the net cost of gas sold.

Q2 FY2026 Q2 FY2025 Change
Revenue $358.2 million $396.3 million −9.63%
Diluted EPS $0.58 −$0.56 —
Gross margin 89.3% 74.2% 15.0 percentage points
Operating margin 23.5% 16.3% 7.3 percentage points
Free cash flow −$174.3 million −$67.7 million —
Against the consensus Reported Consensus Result
Adjusted EPS $0.45 $0.47 Missed by 4.26%
Revenue $358.2 million $406.6 million Missed by 11.9%

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

No earnings call is available for the quarter, so management’s call commentary cannot be reported.

Guidance

Southwest Gas estimates that its Great Basin 2028 expansion will require $2.3 billion in investment and generate approximately $270.0 million to $300.0 million in incremental annual margin beginning at the expected fourth quarter 2028 in-service date. The company said the updated project estimate would not materially affect its 2026 capital expenditure guidance.

Metric For Guide Previous guide Change
Capex FY2026 $1.3 billion $1.3 billion Held
EPS, non-GAAP FY2026 $4.17–$4.32 — New
EPS, Continuing Operations FY2026 $4.17–$4.32 — New

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.