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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 up to $1.4 billion in net proceeds, which were used to fully repay term loan and bank debt, fund dividends, and strengthen the balance sheet.
S&P upgraded credit ratings to BBB+ with stable outlooks for both the holding company and utility subsidiary.
Focus now fully on regulated natural gas business, with improved ROE to 8.3% on a trailing 12-month basis.
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); year-to-date net income reached $371.5 million.
Consolidated EPS for Q3 was $3.74 per diluted share, and $5.14 for the nine months ended September 30, 2025.
Utility operating margin increased by $26.8 million in Q3, and $92.3 million year-to-date, driven by rate relief and customer growth.
O&M expense rose 2.5% YTD, mainly due to higher incentive compensation, but remains below inflation.
Cash on hand at quarter end was $779 million, with nearly $1.5 billion in available liquidity.
Outlook and guidance
2025 utility net income guidance reaffirmed at $265–$275 million, now guiding toward the top end.
2025 capital expenditures projected at $880 million; $2.6 billion planned over the next three years.
Targeting 6.0%–8.0% net income and rate base CAGR from 2025–2029, excluding potential Great Basin expansion and alternative ratemaking.
No equity issuances or significant debt financing expected through 2025.
Expect to refresh 2026 guidance at year-end call.
What drove the S&P credit rating upgrade to BBB+?
What alternative ratemaking forms are being sought?
Assess Great Basin expansion's potential impact.
Great Basin: When will project scope and CapEx be in guidance
Alternative ratemaking: First true-up mechanics and timing
Cash deployment for strategic long-term investments
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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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