Southwest Gas' Fourth-Quarter Earnings & Revenues Miss Estimates

Southwest Gas Holdings Inc. SWX recorded fourth-quarter 2025 operating earnings of $1.36 per share, which missed the Zacks Consensus Estimate of $1.40 by 2.9%. The bottom line also decreased from the year-ago quarter’s figure of $1.39.

SWX reported earnings of $3.65 per share for 2025 compared with $3.16 per share in 2024, which reflects a year-over-year increase of 15.5%.

SWX’s Total Revenues

Operating revenues totaled $0.48 billion, which lagged the Zacks Consensus Estimate of $0.58 billion by 17.7%. The top line also declined 62.2% from $1.27 billion reported in the prior-year quarter.

SWX reported total revenues of $1.94 billion for 2025 compared with $5.11 billion in 2024, which reflects a year-over-year decrease of 62%.

Highlights of SWX’s Earnings Release

Operations and maintenance expenses in 2025 totaled $544.1 million, up 3.3% from the year-ago figure of $526.7 million.

The total operating income in 2025 was $473.9 million, up 16.6% year over year.

Total system throughput in 2025 was 204.69 million dekatherms, down 6.7% from 219.43 million dekatherms reported in 2024.

Southwest Gas’ Financial Highlights

Cash and cash equivalents, as of Dec. 31, 2025, were $576.6 million compared with $314.8 million as of Dec. 31, 2024.

The long-term debt, less current maturities, amounted to $3.43 billion as of Dec. 31, 2025, compared with $3.50 billion as of Dec. 31, 2024.

Southwest Gas’ net cash provided by operating activities for the year ended Dec. 31, 2025, was $0.56 billion compared with $1.36 billion in the year-ago period.

SWX’s 2026 Guidance

Southwest Gas expects its 2026 earnings per share to be in the range of $4.17-$4.32. The Zacks Consensus Estimate is pegged at $4.13, lower than the company’s guided range.

The company expects a rate base compound annual growth rate of 9.5-11.5% in the 2026-2030 period. 

The capital expenditure is projected at $1.25 billion for 2026, while total capital expenditure for the 2026-2030 timeframe is expected to reach $6.3 billion.

SWX’s Zacks Rank

Southwest Gas currently carries a Zacks Rank #4 (Sell). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Releases

ONE Gas, Inc. OGS reported fourth-quarter 2025 operating earnings per share of $1.48, which beat the Zacks Consensus Estimate of $1.42 by 4%. In the year-ago quarter, the company reported earnings of $1.35.

ONE Gas recorded revenues of $689.4 million, which beat the Zacks Consensus Estimate of $675 million by 2.1%. The top line increased 9.31% from $630.7 million in the prior-year quarter.

Spire Inc. SR reported first-quarter fiscal 2026 adjusted earnings of $1.77 per share, which beat the Zacks Consensus Estimate of $1.62 by 9.3%. The company’s bottom line also rose 32.1% from $1.34 reported in the year-ago quarter.

Total revenues for the reported quarter were $762.2 million, which surpassed the Zacks Consensus Estimate of $712 million by 7.1%. The top line also climbed 13.9% from $669.1 million in the year-ago quarter.

UGI Corporation UGI reported fiscal first-quarter 2026 earnings of $1.26 per share, which missed the Zacks Consensus Estimate of $1.50 by 16%. The bottom line also decreased 8.03% from $1.37 per share in the year-ago quarter.

Revenues of $2.08 billion missed the Zacks Consensus Estimate of $2.13 billion by 2.07%. The top line increased 2.61% from the year-ago quarter’s $2.03 billion.

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This article originally published on Zacks Investment Research (zacks.com).

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