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Centuri vs Southwest Gas: revenue, profit, margins and growth compared

Centuri brought in $3B of revenue in fiscal 2025, Southwest Gas $1.9B in fiscal 2025. Revenue changed by +13.1% at Centuri and -21.6% at Southwest Gas on the year before, so Centuri grew faster. Centuri kept 0.8% of its revenue as net profit, Southwest Gas 22.7%. Free cash flow was -$8.2M at Centuri and -$251.8M at Southwest Gas.

Side by side, latest fiscal year

CTRISWX
Fiscal year endedFY2025 (December 28, 2025)FY2025 (December 31, 2025)
Revenue$3B$1.9B
Revenue growth+13.1%-21.6%
Net income$22.4M$439.8M
Net margin0.8%22.7%
Free cash flow-$8.2M-$251.8M
Free cash flow margin-0.3%-13.0%
Earnings per share (diluted)$0.25$6.08
Cash$126.6M$576.6M
Debt$737.6M$3.5B
Price to earnings82.013.6
Market value$2.1B$6B
Dividend yieldn/a3.01%
Rank by revenue in sector#51 of 109 · Utilities#60 of 109 · Utilities

Over the years

Revenue
CTRI FY2022: $2.8BCTRI FY2024: $2.9BCTRI FY2024: $2.6BCTRI FY2025: $3BSWX FY2018: $2.9BSWX FY2019: $3.1BSWX FY2020: $3.3BSWX FY2021: $3.7BSWX FY2022: $5BSWX FY2023: $5.4BSWX FY2024: $2.5BSWX FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
CTRI $3BSWX $1.9B
Net income
CTRI FY2022: -$168.1MCTRI FY2024: -$186.2MCTRI FY2024: -$6.7MCTRI FY2025: $22.4MSWX FY2018: $182.3MSWX FY2019: $213.9MSWX FY2020: $232.3MSWX FY2021: $200.8MSWX FY2022: -$203.3MSWX FY2023: $150.9MSWX FY2024: $198.8MSWX FY2025: $439.8MFY18FY19FY20FY21FY22FY23FY24FY25
CTRI $22.4MSWX $439.8M
Net margin
CTRI FY2022: -6.1%CTRI FY2024: -6.4%CTRI FY2024: -0.3%CTRI FY2025: 0.8%SWX FY2018: 6.3%SWX FY2019: 6.9%SWX FY2020: 7.0%SWX FY2021: 5.5%SWX FY2022: -4.1%SWX FY2023: 2.8%SWX FY2024: 8.0%SWX FY2025: 22.7%FY18FY19FY20FY21FY22FY23FY24FY25
CTRI 0.8%SWX 22.7%
Revenue growth
CTRI FY2024: +5.0%CTRI FY2024: -9.0%CTRI FY2025: +13.1%SWX FY2019: +8.3%SWX FY2020: +5.7%SWX FY2021: +11.6%SWX FY2022: +34.8%SWX FY2023: +9.6%SWX FY2024: -54.4%SWX FY2025: -21.6%FY19FY20FY21FY22FY23FY24FY25
CTRI +13.1%SWX -21.6%
Free cash flow
CTRI FY2022: -$35MCTRI FY2024: $60.8MCTRI FY2024: $58.9MCTRI FY2025: -$8.2MSWX FY2018: -$237.1MSWX FY2019: -$437.8MSWX FY2020: -$199MSWX FY2021: -$604.2MSWX FY2022: -$452MSWX FY2023: -$256.7MSWX FY2024: $509.2MSWX FY2025: -$251.8MFY18FY19FY20FY21FY22FY23FY24FY25
CTRI -$8.2MSWX -$251.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Centuri and Southwest Gas

Which is bigger by revenue, Centuri or Southwest Gas?

Centuri is bigger by revenue: $3B in fiscal 2025, against $1.9B for Southwest Gas in fiscal 2025.

Which keeps more of its revenue as profit, Centuri or Southwest Gas?

Centuri had a net margin of 0.8% in fiscal 2025; Southwest Gas had 22.7% in fiscal 2025.

Which grew revenue faster, Centuri or Southwest Gas?

In their latest fiscal years revenue changed by +13.1% at Centuri and -21.6% at Southwest Gas.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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