Southwest Gas Holdings, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Southwest Gas Holdings, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,460	2,549	2,880	3,120	3,299	3,680	4,960	5,434	2,475	1,940
Cost of revenue	1,024	1,149	1,388	1,573	1,729	1,955	2,529	2,617	2,415
Gross profit	1,436	1,400	1,492	1,547	1,569	1,725	2,431	2,817	60.1
Operating income	315	343	357	372	423	370	-24.4	293	406	474
Interest expense	73.7	78.1	96.7	109	111	119	243	292	297
Interest income	1.85	2.79	6.11	6.36	4.02	5.11	16.2	50.8	33.6
Other non-operating income	-84	-84.1	-114	-99.1	-118	-123	-249	-124	-152	-143
Pre-tax income	232	259	243	273	305	247	-273	169	254	331
Income tax	78.5	65.1	61.7	56	65.8	39.6	-75.7	29.4	33.2	96
Net income to minority interests	1.01	0.1	-0.63	2.71	6.66	6.42	5.61	4.63	6.02	-4.65
Net income	152	194	182	214	232	201	-203	151	199	440
EBITDA	605	594	607	675	755	741	446	588	710	805
EPS, basic	3.20	4.04	3.69	3.94	4.15	3.39	-3.10	2.13	2.77	6.09
EPS, diluted	3.18	4.04	3.68	3.94	4.14	3.39	-3.10	2.13	2.76	6.08
Shares, basic (weighted)	47.5	48	49.4	54.2	56	59.1	65.6	70.8	71.8	72.2
Shares, diluted (weighted)	47.8	48	49.5	54.3	56.1	59.3	65.6	71	72	72.3
Dividend per share	1.80	1,980.00	2,080.00	2,180.00	2,280.00	2.38	2.48	2.48	2.48	2.48

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	28.1	43.6	85.4	49.5	83.4	223	123	107	315	577
Receivables	285	347	414	474	522	707	866	887	203	171
Other current assets	137	165	244	181	170	292	434	219	141	235
Total current assets	533	657	840	860	871	1,615	3,708	1,881	1,464	1,192
Goodwill	140	179	359	343	345	1,781	787	790	11.2	11.2
Other non-current assets	432	447	441	497	509	459	396	414	396	357
Total assets	5,581	6,237	7,358	8,170	8,736	12,765	13,197	9,277	12,073	10,429
Accounts payable	185	228	249	239	231	353	662	347	191	226
Deferred revenue				69.2	67.9	59.3	51.2	48.5	63.9	67.2
Short-term debt	50.1	25.3	33.1	164	40.4	297	44.6	42.6	0	75
Total current liabilities	628	816	939	1,080	912	3,112	3,423	1,685	1,832	930
Long-term debt	1,550	1,799	2,107	2,300	2,732	4,116	4,403	4,610	3,504	3,433
Other non-current liabilities	1,719	1,810	1,978	2,199	2,251	2,387	2,152	2,161	3,047	2,105
Total liabilities	3,920	4,425	5,106	5,664	6,061	9,811	10,138	8,560	8,391	6,468
Total debt	1,600	1,824	2,140	2,464	2,773	690	726	4,652	3,504	3,508
Paid-in capital	903	955	1,306	1,467	1,609	1,824	2,287	2,542	2,721	2,899
Retained earnings	759	857	944	1,039	1,068	1,114	747	739	759	1,023
Other comprehensive income	-48	-47.7	-52.7	-56.7	-61	-46.8	-44.2	-43.8	-49.2	-34.5
Shareholders' equity	1,663	1,815	2,252	2,506	2,675	2,954	3,059	3,310	3,504	3,961
Minority interests	-2.22	-2.37	-0.45	0				0	177	0
Total equity	1,661	1,812	2,252	2,506	2,675	2,954	3,059	3,310	3,681	3,961
Total liabilities and equity	5,581	6,237	7,358	8,170	8,736	12,765	13,197	11,870	12,073	10,429
Shares outstanding	47.5	48.1	53	55	57.2	60.4	67.1	71.6	71.8	72.2

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	153	194	182	217	239	207	-198	156	205	435
Depreciation and amortization	289	251	249	303	332	371	470	295	303	331
Stock-based compensation	5.46	10.9	6.11	6.9	7.11	9.29	9.45	6.23	11.4	14.6
Deferred income tax	67.9	58.2	75.8	51.9	46.2	47.5	-90.9	29.1	31.3	94.3
Change in receivables	30.1	-40.9	-15.9	-54.2	-48.8	-51.6	-194	-38.4	66.3	32.4
Change in payables	21.7	20	11.8	-1.87	-7.69	50.4	294	-256	-20	13.2
Cash from operations	601	370	529	500	626	111	407	509	1,356	556
Capital expenditures	-530	-624	-766	-938	-825	-716	-859	-766	-847	-808
Acquisitions	-17	-94.2	-251	-47.6	0	-2,354	-18.8	0	0
Cash from investing	-526	-701	-999	-952	-802	-3,036	-839	151	-922	-24.8
Debt issued	424	407	565	532	662	1,661	1,068	848	0	0
Debt repaid	-255	-339	-238	-214	-356	-453	-500	-248	-629
Stock issued	0.47	41.2	354	158	139	214	462	252	8.88	19.7
Dividends paid	-83.3	-92.1	-100	-116	-126	-138	-161	-175	-178	-179
Cash from financing	-82.7	346	513	415	210	3,063	356	-701	-176	-318
Exchange rate effect	-0.19	0.3	-0.21	0.16	0.23	0.16	-0.85	0.27	-0.62
Net change in cash	-7.93	15.6	41.7	-35.8	33.8	139	-75.8	-40.3	257	213
Free cash flow	71	-254	-237	-438	-199	-604	-452	-257	509	-252
Interest paid	67.4	71.9	86.6	102	105	104	220	283	279	240
Income taxes paid	-19	5.67	1.22	2.75	-11	4.21	12	9.37	9.91	40.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $82.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	31.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.2%	Net income / average total assets.
Return on invested capital (ROIC)	4.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-21.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-26.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-10.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	2.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	121.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 5y	13.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	120.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 5y	8.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-59.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-149.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-74.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-13.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	5.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.12x	Current assets / current liabilities.
Quick ratio	0.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.35x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.85x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.5%	Total debt / total assets.
Liabilities / assets	60.6%	Total liabilities / total assets.
Net debt	$3.24B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.83x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$90.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$4.11B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	-96.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	218.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	-$7.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.15	Cash from operations / diluted weighted shares.
Book value per share	$56.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$56.79	Tangible book value / shares outstanding.
Cash per share	$3.73	(Cash + short-term investments) / shares outstanding.
Payout ratio	33.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.97B	Share price x shares outstanding.
Enterprise value	$9.21B	Market cap + total debt - cash - short-term investments.
P/E	10.9x	Market cap / net income. Only when net income is positive.
P/B	1.45x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.45x	Market cap / tangible book value, when positive.
P/OCF	13.4x	Market cap / cash from operations, when positive.
EV/EBIT	18.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	10.9x	Enterprise value / EBITDA, when both are positive.
FCF yield	-8.8%	Free cash flow / market cap.
Earnings yield	9.2%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.

What was Southwest Gas Holdings, Inc.'s revenue in fiscal 2025?

Southwest Gas Holdings, Inc. reported revenue of $1.94B for fiscal 2025, 21.6% lower than the year before.

Was Southwest Gas Holdings, Inc. profitable in fiscal 2025?

Yes. Net income was $439.8M, a net margin of 22.7%.

How much free cash flow did Southwest Gas Holdings, Inc. generate in fiscal 2025?

Cash from operations of $556.1M minus capital expenditures of $807.9M left free cash flow of -$251.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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