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Southwest Gas Holdings (SWX) investor relations material
Southwest Gas Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Completed full separation and divestiture of Centuri, generating $1.35 billion in net proceeds, which were used to fully repay term loan and bank debt, fund dividends, and strengthen liquidity, resulting in a strategic shift to a pure-play natural gas distribution company.
Q3 2025 net income surged to $270.5 million, mainly due to the gain from the Centuri separation, with year-to-date net income up 11% compared to the prior year.
S&P upgraded issuer and senior unsecured long-term debt ratings to BBB+ with stable outlooks, reflecting improved risk profile post-Centuri separation.
Customer base grew by 1.8% with 40,000 new meter sets added in the last 12 months.
Management transition announced: CFO Rob Stefani to depart December 1, with a search for a successor underway.
Financial highlights
Q3 2025 consolidated net income was $270.5 million, with $266.3 million from discontinued operations (Centuri sale); diluted EPS from continuing operations was $0.06 for Q3 and $2.28 YTD; total diluted EPS including discontinued operations was $3.74 for Q3 and $5.14 YTD.
Operating margin for the natural gas distribution segment increased to $274.2 million in Q3 2025 from $247.4 million in Q3 2024, and $1.03 billion for the nine months, up $92.3 million year-over-year.
O&M expense rose 2.5% YTD, below inflation, reflecting cost discipline.
Cash balance at Q3 increased to $779 million, with consolidated cash and liquidity totaling nearly $1.5 billion.
Net debt reduced by $710 million post-Centuri sale; net debt at $2.7 billion as of September 30, 2025.
Outlook and guidance
2025 net income guidance reaffirmed at $265–$275 million, now expected at the top end of the range, with a 2025–2029 net income CAGR of 6–8%.
Capital expenditures for 2025 are projected at $880 million, with $4.3 billion planned for 2025–2029.
Guidance excludes potential impacts from the 2028 Great Basin expansion and alternative rate-making in Arizona and Nevada.
No equity issuances or significant debt financing expected through 2025.
2026 guidance and potential EPS guidance to be updated in the year-end call, possibly incorporating Great Basin and rate-making opportunities.
What drove the S&P credit rating upgrade to BBB+?
What alternative ratemaking forms are being sought?
Assess Great Basin expansion's potential impact.
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Next Southwest Gas Holdings earnings date
Q4 202525 Feb, 2026
Next Southwest Gas Holdings earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Southwestern Gas Distribution
Southwest Gas Holdings is an American utility company that provides natural gas service to customers in Arizona, Nevada, and California. The company supplies residential, commercial, and industrial customers with natural gas. Southwest Gas Holdings operates in three different business segments: Natural Gas Distribution, Utility Infrastructure Services, and Pipeline and Storage segments. The company is headquartered in Las Vegas, Nevada, and its shares are listed on the NYSE.
Gas, Gas, Gas
Southwest Gas can trace its roots back to 1931, and the company initially serviced Barstow, California before expanding into more towns in California. Southwest Gas started service around the rapidly growing communities around Las Vegas during the mid-1950s and moved its company headquarters to the city in 1958. Southwest Gas went public in 1958 and continued to grow in the Tri-state area both organically as well as through acquisitions of smaller gas companies in the area. Today, the company is one of the largest suppliers of natural gas in Arizona and Nevada. Some publicly traded companies that are similar to Southwest Gas are Atmos Energy, CenterPoint, and NiSource.
Private Customers
Southwest Gas Corporation provides natural gas services to a significant number of private customers, particularly in the aforementioned states. The company's residential customers use the gas for their homes, handling things such as heating, cooking, and water heating. In addition to the core supply of natural gas, it offers customer support and services like flexible billing options, guidance on energy conservation, and emergency support systems.
Commercial and Industrial Customers
Southwest Gas Corporation also serves a diverse range of commercial and industrial customers across Arizona, California, and Nevada. These customers include small businesses, large corporations, and industrial facilities, all relying on natural gas for various applications. For commercial entities, natural gas is often essential for heating, cooking in restaurants, and other business operations. Industrial clients, on the other hand, may use natural gas for more intensive processes such as manufacturing, power generation, or large-scale heating.
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