SWX (Southwest Gas Holdings, Inc.) Stock Financials & Earnings | Market Cap Arena

SWX (Southwest Gas Holdings, Inc.) Stock Financials & Earnings | Market Cap Arena

SWXSouthwest Gas Holdings, Inc.

Mkt Cap$6B

Utilities·Regulated Gas·🇺🇸 United States·NYSE

Revenue (TTM)$3.2B

Net Income (TTM)$440M

EPS (TTM)$6.08

Free Cash Flow (TTM)-$599M

Gross Margin27.9%

Op. Margin15.3%

Net Margin13.7%

FCF Margin-18.6%

P/S Ratio (TTM)2.0x

P/E Ratio (TTM)14.5x

YoY Rev Growth-26.8%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$1.6B	$343M	$135M
Q2 23	$1.3B	$218M	$85M
Q3 23	$1.2B	$187M	$60M
Q4 23	$1.4B	$271M	$138M
Q1 24	$1.6B	$300M	$158M
Q2 24	$1.2B	$201M	$83M
Q3 24	$359M	$117M	$20M
Q4 24	$1.3B	$319M	$181M
Q1 25	$1.3B	$352M	$200M
Q2 25	$1.1B	$222M	$95M
Q3 25	$317M	$139M	$37M
Q4 25	$481M	$182M	$159M

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	1.2x	—
Q2 23	1.2x	—
Q3 23	1.2x	—
Q4 23	1.2x	42.1x
Q1 24	1.2x	33.0x
Q2 24	1.2x	34.9x
Q3 24	1.4x	35.5x
Q4 24	1.4x	32.0x
Q1 25	1.5x	28.3x
Q2 25	1.6x	32.8x
Q3 25	1.6x	13.7x
Q4 25	2.0x	14.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	-$186M	-$405M
Q2 23	$198M	-$22M
Q3 23	$186M	-$40M
Q4 23	$311M	$103M
Q1 24	$544M	$323M
Q2 24	$307M	$83M
Q3 24	$304M	$39M
Q4 24	$201M	-$35M
Q1 25	$291M	$104M
Q2 25	$126M	-$94M
Q3 25	$57M	-$106M
Q4 25	$92M	-$503M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$219M
Q2 23	$220M
Q3 23	$226M
Q4 23	$208M
Q1 24	$221M
Q2 24	$223M
Q3 24	$265M
Q4 24	$236M
Q1 25	$187M
Q2 25	$220M
Q3 25	$163M
Q4 25	$595M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+26.5%	+33.6%
Q2 23	+12.9%	+9.9%
Q3 23	+3.9%	+3.1%
Q4 23	-3.8%	-28.1%
Q1 24	-1.4%	-3.1%
Q2 24	-8.6%	-9.1%
Q3 24	-69.3%	-69.4%
Q4 24	-7.1%	-11.4%
Q1 25	-18.0%	-23.0%
Q2 25	-5.2%	-6.7%
Q3 25	-11.8%	-17.4%
Q4 25	-62.2%	-70.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$0	0.0%
Q2 23	$2M	0.2%
Q3 23	$3M	0.2%
Q4 23	-$478K	-0.0%
Q1 24	$961K	0.1%
Q2 24	$6M	0.5%
Q3 24	$3M	0.9%
Q4 24	$5M	0.4%
Q1 25	$6M	0.5%
Q2 25	$5M	0.4%
Q3 25	-$1M	-0.3%
Q4 25	$4M	0.9%

OpEx Breakdown

Quarter	G&A
Q2 23	$21K
Q3 23	$183K
Q1 24	$11K
Q3 24	$66K
Q4 24	$27K
Q1 25	$107K

Revenue Segments

Quarter	Natural Gas Distribution Segment
Q3 25	$317M

Revenue by Geography

Quarter	Canada	United States
Q1 25	$40M	$1.3B
Q2 25	$55M	$1.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$82M	$0	$82M
Q2 23	$221M	$0	$221M
Q3 23	$105M	$0	$105M
Q4 23	$107M	$0	$107M
Q1 24	$458M	$0	$458M
Q2 24	$600M	$0	$600M
Q3 24	$457M	$0	$457M
Q4 24	$364M	$0	$364M
Q1 25	$406M	$0	$406M
Q2 25	$356M	$0	$356M
Q3 25	$779M	$0	$779M
Q4 25	$577M	$0	$577M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	68M	+1.8%
Q2 23	72M	+4.8%
Q3 23	72M	+0.2%
Q4 23	72M	+0.1%
Q1 24	72M	-0.0%
Q2 24	72M	+0.2%
Q3 24	72M	+0.1%
Q4 24	72M	+0.2%
Q1 25	72M	-0.1%
Q2 25	72M	-0.1%
Q3 25	72M	+0.4%
Q4 25	73M	+0.2%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	$1M	2K
FY 17	$1M	2K
FY 18	$1M	2K
FY 19	$1M	2K
FY 20	$1M	2K
FY 21	$2M	2K
FY 22	$2M	2K
FY 23	$2M	2K
FY 24	$2M	2K
FY 25	$797K	2K