Jun 2026 (Q2 FY26) — Aug 5, 2026
Southwest Gas Holdings Q2 FY26 — Strong Regulatory Progress and Great Basin Expansion
Read the full callSouthwest Gas Holdings (SWX) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Southwest Gas Holdings earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 42.1 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
3 of 3 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Great Basin 2028 Expansion Project capital investment estimate | $1.2 billion to $1.6 billion | Jun 2025 | This design enhancement results in an upward pressure on our capital investment need for the 2028 expansion, which we now estimate at approximately $2.3 billion | Revised Down |
| Adjusted EPS CAGR (2025-2030) | 12% to 14% | Dec 2025 | We also remain confident in our long-term guidance shown on the slide. | On Track |
18 of Southwest Gas Holdings, Inc.'s 21 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 19 more targets are in the full ledger.
Claimed
- Adjusted EPS from continuing operations increased to $0.45 in Q2 2026 from $0.37 in Q2 2025.
- HoldCo earnings improved significantly due to an $8.6 million reduction in interest expense.
- Received commission approval for Nevada Triennial Resource Plan, including prudency predeterminations for $186 million of capital investment.
- Great Basin 2028 Expansion Project increased contracted demand to approximately 1 Bcf per day and revised capital estimate to $2.3 billion, with $270 million to $300 million of incremental annual margin.
- Ended the quarter with approximately $270 million of cash and nearly $1 billion of available liquidity.
Qualified
- Utility earnings were slightly lower, driven by a $9.4 million decline in other income, primarily from lower interest income and pension components.
Price
$86.39 −1.21% · −$1.06
Performance +10.2% 1Y
1Y: $78.4 on 17 Oct 2025 → $86.39. High $94.05 (30 Apr 2026), low $78.4 (17 Oct 2025).
- Previous close
- $87.45
- 52-week range
- $78.83 – $94.05
- One year
- +8.86%
Overview
- Symbol
- SWX
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
3 of 3 judged targets kept · 18 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Great Basin 2028 Expansion Project capital investment estimate | $1.2 billion to $1.6 billion | Jun 2025 | This design enhancement results in an upward pressure on our capital investment need for the 2028 expansion, which we now estimate at approximately $2.3 billion | Revised Down |
| Adjusted EPS CAGR (2025-2030) | 12% to 14% | Dec 2025 | We also remain confident in our long-term guidance shown on the slide. | On Track |
Claimed
- Adjusted EPS from continuing operations increased to $0.45 in Q2 2026 from $0.37 in Q2 2025.
- HoldCo earnings improved significantly due to an $8.6 million reduction in interest expense.
- Received commission approval for Nevada Triennial Resource Plan, including prudency predeterminations for $186 million of capital investment.
- Great Basin 2028 Expansion Project increased contracted demand to approximately 1 Bcf per day and revised capital estimate to $2.3 billion, with $270 million to $300 million of incremental annual margin.
- Ended the quarter with approximately $270 million of cash and nearly $1 billion of available liquidity.
Qualified
- Utility earnings were slightly lower, driven by a $9.4 million decline in other income, primarily from lower interest income and pension components.
The full ledger
Open Southwest Gas Holdings, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 21 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
Southwest Gas Holdings Q1 FY26 — Strong Start with Great Basin Expansion Upside
Read the full callDec 2025 (Q4 FY25) — Feb 25, 2026
Southwest Gas Holdings Q4 FY25 — Strong Performance and Strategic Re-focus on Regulated Business
Read the full callEvery analysed call
Southwest Gas Holdings earnings calls (SWX)
Financials
What the filings say
Net profit, year on year: +205% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,079 | — | — | — | — | — | — | — |
| Expenses | 339 | 1,089 | 533 | 332 | 280 | 322 | 366 | 274 |
| Operating profit | 20 | 181 | 214 | 64 | 37 | 159 | 219 | 84 |
| Operating margin | 1.9% | — | — | — | — | — | — | — |
| Other income | -37 | -69 | -45 | -35 | -34 | -29 | -35 | -33 |
| Interest | 54 | — | 72 | 72 | 49 | — | — | — |
| Profit before tax | -17 | 112 | 168 | 29 | 3 | 130 | 185 | 52 |
| Tax rate | 46.0% | 15.5% | 20.3% | 102.5% | −23.8% | — | 25.0% | 18.3% |
| Net profit | 0 | 92 | 114 | -40 | 263 | 103 | 138 | 42 |
| EPS ($ per share) | 0 | — | 1.58 | -0.56 | 3.64 | — | 1.91 | 0.58 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 55 | 57 | 59 | 62 | 69 | 73 | 73 | 74 |
| Reserves | 944 | 1,039 | 1,068 | 1,114 | 747 | 739 | 759 | 1,023 |
| Total liabilities | 5,106 | 5,664 | 6,061 | 9,811 | 10,138 | 5,967 | 8,391 | 6,468 |
| Total assets | 7,358 | 8,170 | 8,736 | 12,765 | 13,197 | 9,277 | 12,073 | 10,429 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 529 | 500 | 626 | 111 | 407 | 509 | 1,356 | 556 |
| Cash from investing | -999 | -952 | -802 | -3,036 | -839 | 151 | -922 | -25 |
| Cash from financing | 513 | 415 | 210 | 3,063 | 356 | -701 | -176 | -318 |
| Net cash flow | 42 | -36 | 34 | 139 | -76 | -40 | 257 | 213 |
| Capital expenditure | -766 | -938 | -825 | -716 | -859 | -766 | -847 | -808 |
| Free cash flow | -237 | -438 | -199 | -604 | -452 | -257 | 509 | -252 |
SWX revenue by segment
Utility Infrastructure Services grew from 33% to 67% of revenue over the last three quarters.
| Segment | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | YoY growth latest quarter |
|---|---|---|---|---|
| Utility Infrastructure Services | 33% | 57% | 67% | — |
| Natural Gas Distribution | 67% | 43% | 33% | — |
| Pipeline and Storage | 0% | 0% | 0% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
46 filings between Nov 25, 2025 and Sep 28, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$450.0K
2 sales by 2 insiders
50% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 27
- Award — granted as compensation
- 17
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Brown Justin L | — | $245.5K | Jan 9, 2026 |
| Williams Julie M. | — | $204.5K | Sep 28, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 28, 2026 | Williams Julie M. SVP/Cont. Improvement and Opt. | Sale | 2,500 | $204.5K |
| May 7, 2026 | Kim Leezie Director | Award | 1,196 | $0 |
| May 7, 2026 | Carson Molly R. Director | Award | 1,196 | $0 |
| Feb 27, 2026 | Mazzeo Catherine M SVP/Chief Legal/Comp. Officer | Tax withheld | 544 | $43.5K |
| Feb 27, 2026 | Forsberg Justin S SVP/Chief Financial Officer | Tax withheld | 520 | $41.6K |
| Feb 27, 2026 | Williams Julie M. SVP/Cont. Improvement and Opt. | Tax withheld | 3,473 | $277.9K |
| Feb 27, 2026 | Brown Justin L President/Southwest Gas Corp. | Tax withheld | 3,209 | $281.1K |
| Feb 27, 2026 | Timperley Amy L. SVP/Chief Reg. & Public Aff. | Tax withheld | 1,182 | $94.6K |
| Feb 27, 2026 | Haller Karen S President and CEO | Tax withheld | 13,105 | $1.05M |
| Feb 27, 2026 | Gabe Randall P. SVP/Chief Administrative OFC | Tax withheld | 2,172 | $173.8K |
| Feb 27, 2026 | Brown Justin L President/Southwest Gas Corp. | Tax withheld | 6,838 | $547.2K |
| Feb 22, 2026 | Brown Justin L President/Southwest Gas Corp. | Award | 8,427 | $0 |
| Feb 19, 2026 | Thornton Leslie T Director | Award | 1,726 | $0 |
| Feb 19, 2026 | Pineda Fabio A VP/Controller/CAO | Award | 1,214 | $0 |
| Feb 19, 2026 | Williams Julie M. SVP/Cont. Improvement and Opt. | Award | 8,825 | $0 |
| Feb 19, 2026 | MARIUCCI ANNE L Director | Award | 1,726 | $0 |
| Feb 19, 2026 | Brown Justin L President/Southwest Gas Corp. | Award | 5,544 | $0 |
| Feb 19, 2026 | Williams Julie M. SVP/Cont. Improvement and Opt. | Award | 2,994 | $0 |
| Feb 19, 2026 | Brown Justin L President/Southwest Gas Corp. | Award | 17,378 | $0 |
| Feb 19, 2026 | Haller Karen S President and CEO | Award | 33,304 | $0 |
| Feb 19, 2026 | Haller Karen S President and CEO | Award | 16,756 | $0 |
| Feb 19, 2026 | Forsberg Justin S SVP/Chief Financial Officer | Award | 1,514 | $0 |
| Feb 19, 2026 | Ruisanchez Carlos Director | Award | 1,726 | $0 |
| Feb 19, 2026 | Sandoval Brian E Director | Award | 1,726 | $0 |
| Feb 19, 2026 | Mazzeo Catherine M SVP/Chief Legal/Comp. Officer | Award | 3,965 | $0 |
| Feb 19, 2026 | CONLEY E RENAE Director | Award | 2,588 | $0 |
| Feb 19, 2026 | Gabe Randall P. SVP/Chief Administrative OFC | Award | 2,340 | $0 |
| Feb 19, 2026 | Linginfelter Henry P Director | Award | 1,726 | $0 |
| Feb 19, 2026 | Timperley Amy L. SVP/Chief Reg. & Public Aff. | Award | 2,824 | $0 |
| Feb 19, 2026 | Timperley Amy L. SVP/Chief Reg. & Public Aff. | Award | 4,323 | $0 |
| Feb 19, 2026 | Evans Andrew W Director | Award | 1,726 | $0 |
| Feb 19, 2026 | Lewis-Raymond Jane Director | Award | 1,726 | $0 |
| Feb 19, 2026 | Sharma Ruby Director | Award | 1,726 | $0 |
| Feb 19, 2026 | Gabe Randall P. SVP/Chief Administrative OFC | Award | 5,769 | $0 |
| Feb 19, 2026 | Forsberg Justin S SVP/Chief Financial Officer | Award | 3,570 | $0 |
| Feb 19, 2026 | Mazzeo Catherine M SVP/Chief Legal/Comp. Officer | Award | 2,233 | $0 |
| Jan 9, 2026 | Brown Justin L President/Southwest Gas Corp. | Sale 10b5-1 plan | 3,028 | $245.5K |
| Jan 8, 2026 | Haller Karen S President and CEO | Tax withheld | 7,631 | $611.6K |
| Jan 8, 2026 | Gabe Randall P. SVP/Chief Administrative OFC | Tax withheld | 1,037 | $83.1K |
| Jan 8, 2026 | Brown Justin L President/Southwest Gas Corp. | Tax withheld | 2,573 | $206.2K |
| Jan 8, 2026 | Forsberg Justin S SVP/Chief Financial Officer | Tax withheld | 408 | $32.7K |
| Jan 8, 2026 | Mazzeo Catherine M SVP/Chief Legal/Comp. Officer | Tax withheld | 737 | $59.1K |
| Jan 8, 2026 | Timperley Amy L. SVP/Chief Reg. & Public Aff. | Tax withheld | 864 | $69.3K |
| Jan 8, 2026 | Pineda Fabio A VP/Controller/CAO | Tax withheld | 250 | $20.0K |
| Jan 8, 2026 | Williams Julie M. SVP/Cont. Improvement and Opt. | Tax withheld | 1,271 | $101.9K |
| Nov 25, 2025 | Stefani Robert J SVP/Chief Financial Officer | Tax withheld | 4,484 | $360.7K |
| Sep 25, 2025 | ICAHN CARL C 10% owner | Sale | 1,500,000 | $116.86M |
| Sep 10, 2025 | Sandoval Brian E Director | Purchase | 24 | $1.9K |
| Sep 5, 2025 | Stefani Robert J SVP/CFO/Controller | Award | 12,547 | $0 |
| Sep 5, 2025 | Haller Karen S President and CEO | Tax withheld | 16,589 | $1.30M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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