SWX Southwest Gas Holdings, Inc.
FY2025 10-K
Southwest Gas Holdings, Inc. (SWX) filed its fiscal year 2025 10-K annual report with the SEC on Feb 25, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
Business Overview
- • Core business: regulated natural gas purchasing, distribution, and transportation to residential, commercial, industrial customers in AZ, NV, CA
- • Segment change: deconsolidation of Centuri IPO in April 2024, now solely Natural Gas Distribution segment after August 2025
Management Discussion & Analysis
- • Revenue Natural Gas Distribution $1.94B in 2025 vs $2.48B in 2024, net cost of gas $498M vs $1.16B; Operating margin $1.44B up 9% YoY ($119.6M increase)
- • Operating income Natural Gas Distribution $482.4M (25% margin approx.) in 2025 vs $412.7M in 2024; Contribution to net income $300.3M up $39.1M YoY
Risk Factors
- • Regulatory risk in natural gas sector cybersecurity compliance led by Cybersecurity Executive Committee with legal advisor involvement
- • Operational risk from cybersecurity threats monitored via biannual Board reviews and audit committee oversight of penetration test remediation
Financial SummaryXBRL
Revenue
$1.9B
Net Income
$440M
Operating Margin
24.4%
Net Margin
22.7%
ROE
11.1%
Total Assets
$10.4B
EPS (Diluted)
$6.08
Operating Cash Flow
$556M
Source: XBRL data from Southwest Gas Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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