Short answer
Southwest Gas Holdings, Inc. (SWX) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $1.9B (−62.0% year over year) and net income of $440M.
- Top risk flagged: Regulatory risk in natural gas sector cybersecurity compliance led by Cybersecurity Executive Committee with legal advisor involvement
FY2025 key financial metrics · XBRL
- Revenue
- $1.9B
- −62.0% YoY
- Net income
- $440M
- +121.2% YoY
- Operating margin
- 24.4%
- +15.0 pp YoY
- EPS (diluted)
- $6.08
- +120.3% YoY
- ROE
- 11.1%
- +5.4 pp YoY
- Operating cash flow
- $556M
- −59.0% YoY
Source: XBRL data from the Southwest Gas Holdings, Inc. (SWX) FY2025 10-K on SEC EDGAR. USD.
Southwest Gas Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
- Customer growth: 37,000 first-time meter sets added in 2025, serving approx. 2,281,000 customers
- Operating margin stable by customer class with 85% from residential/small commercial in 2025, unchanged from prior years
- Regulatory environment: decoupled rate mechanisms in AZ, NV, CA provide stable operating margin despite seasonal demand fluctuations
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
- Best segment Natural Gas Distribution $300.3M net income contribution in 2025; Worst, Corporate/Admin loss $(65.5)M, increase in net loss $25.3M YoY mainly due to $53.2M higher income tax expense
- Cash $576.6M year-end 2025; $1.3B net proceeds from Centuri sale used to repay $709M debt (including $550M term loan), pay dividends; Capex $840.2M in 2025
- Management outlook cautious on regulatory timing; 2024 Arizona rate case gave $80.2M rate increase effective March 2025; ongoing infrastructure projects including Great Basin Expansion with binding agreements
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
- No geopolitical or macroeconomic risks disclosed in risk factors section
- No competitor-related market disruption risks mentioned
- No specific financial or structural risks noted in cybersecurity governance discussion
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