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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Southwest Gas Holdings
Southwest Gas Holdings (SWX) investor relations material
Southwest Gas Holdings Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Q3 adjusted continuing-operations EPS was $0.20 vs. $0.06; adjusted net income was $14.7M vs. $4.1M.
9M adjusted EPS was $2.69 vs. $2.28; continuing-operations income was $193.3M vs. $129.9M.
Reaffirmed 2026 adjusted EPS guidance of $4.17-$4.32 and 2026-2030 adjusted EPS growth guidance of 12%-14%.
California and Nevada rate orders authorized nearly $80M of combined incremental annual revenue; Arizona proceedings continue.
Great Basin 2028 expansion has 1 Bcf/day of contracted demand and an estimated $270M-$300M in incremental annual margin after service begins.
Financial highlights
Q3 regulated revenue was $298.2M vs. $316.9M; operating margin rose to $278.1M from $274.2M.
Q3 operating margin increased $3.8M YoY, driven by updated California rates, customer growth and Arizona SIM recovery; lower non-decoupled margin partly offset gains.
9M operating margin rose to $1.075B from $1.030B; continuing-operations income was $193.3M vs. $129.9M.
YTD cash from continuing operations was $383.6M vs. $509.1M; capital expenditures and additions were $800.9M vs. $570.4M.
Q3 results included a non-recurring regulatory-asset depreciation true-up and state tax benefit contributing about $0.12 to quarterly results.
Outlook and guidance
2026 adjusted EPS guidance remains $4.17-$4.32; 2026 capital expenditure guidance is ~$1.25B.
2026-2030 capital plan is $6.3B, with rate-base CAGR guidance of 9.5%-11.5% and adjusted EPS CAGR guidance of 12%-14%.
Great Basin 2028 is expected to enter service in late 2028; estimated investment is $2.3B, including ~$0.6B above the prior $1.7B estimate.
Arizona rates are anticipated in April 2027, subject to approval; Nevada alternative-ratemaking adjustments are targeted for 2028.
Guidance assumes ~1.4% annual net customer growth, flat O&M per customer excluding non-service pension costs and a 7% AFUDC rate.
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Latest events from Southwest Gas Holdings
- A $6.3 billion investment plan pairs rate-base growth with a $2.3 billion pipeline expansion.SWX
Investor presentation - Q2 2026 adjusted EPS $0.45, net income $42.1M, guidance reaffirmed, Great Basin expansion advanced.SWXQ2 2026
- Strong growth, robust capital plan, and regulatory wins drive earnings and dividend increases.SWXInvestor presentation
- Q1 2026 net income up to $138.4M, EPS $1.91, guidance and dividend growth affirmed.SWXQ1 2026
- Transformation to a regulated utility, strong financials, and enhanced governance mark 2025.SWXProxy filing
- Virtual annual meeting to vote on directors, compensation, and auditor, with online materials access.SWXProxy filing
- 2025 results beat guidance with strong EPS, dividend growth, and major expansion plans.SWXQ4 2025
- Record utility growth, strong cash, and Centuri IPO highlight Q3 despite mixed segment results.SWXQ3 2024
- 2024 utility net income guidance raised, utility growth strong, Centuri IPO boosted liquidity.SWXQ2 2024
Next Southwest Gas Holdings earnings date
Q4 202624 Feb, 2027
Southwest Gas Holdings
Next Southwest Gas Holdings earnings date
Q4 202624 Feb, 2027
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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.