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Southwest Gas Holdings (SWX) investor relations material
Southwest Gas Holdings Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
Achieved record net income for 2025 in the natural gas distribution segment, with 22% earnings growth in Q2 and 1.8% customer growth from 40,000 new meter sets.
Advanced as a pure play, fully regulated natural gas business, progressing Centuri divestiture and reaffirming strategic priorities.
Completed two secondary public offerings and private placements of Centuri shares, reducing ownership to 52.1% and generating over $470M in net proceeds used to repay debt.
Regulatory approvals and constructive outcomes in Arizona, Nevada, and California, including alternative ratemaking and capital tracker programs.
Strong economic and population growth in service areas, with high demand for new meter sets and infrastructure investment.
Financial highlights
Q2 2025 net income for natural gas distribution was $33.7M, up from $27.6M in Q2 2024; consolidated Q2 net loss of $12.9M due to tax impacts from Centuri stock sales.
Utility operating margin increased by $26.6M in Q2 2025, mainly from $24M in rate relief and $2M from customer growth.
Q2 2025 operating revenues were $1.12B, down from $1.18B in Q2 2024; YTD revenues were $2.42B, down from $2.76B YTD 2024.
Adjusted Q2 2025 EPS was $0.53, up from $0.31 in Q2 2024; Q2 diluted EPS was $(0.18) due to tax effects.
Consolidated cash at quarter-end was $356M, with over $1B in available liquidity.
Outlook and guidance
Reaffirmed 2025 utility net income guidance range of $265M–$275M.
2025 CapEx guidance at $880M; $4.3B capital expenditures planned through 2029, targeting 6%–8% CAGR in rate base and net income.
No equity issuance expected for the remainder of 2025; capital program to be funded by cash on hand and operations.
Board to reevaluate dividend policy post-Centuri separation, aiming for industry-consistent payout.
Committed to full separation of Centuri, evaluating timing for further transactions.
Great Basin CapEx: What triggers guidance update?
Arizona SIM cap: Impact on next rate case timing?
Nevada formula rates: Delay next traditional rate case?
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Next Southwest Gas Holdings earnings date
Q3 20255 Nov, 2025
Next Southwest Gas Holdings earnings date
Q3 20255 Nov, 2025
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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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