SWX Southwest Gas Holdings, Inc.

Overview and Growth

In fiscal 2025, Southwest Gas Holdings, Inc. reported net income of $439.83M. The company reported diluted EPS of $6.08, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 120.3% increase from fiscal 2024 diluted EPS of $2.76. A diluted share base of 72.34M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. At period end, total assets were $10.43B, framing the scale of the company’s operating and financing commitments.

Profitability

The reported operating result was $473.89M, capturing profitability after direct costs and the operating expenses reflected in the statements. Net income came to $439.83M, completing the progression from revenue through gross and operating profitability to the final reported result. Reported EBITDA totaled $804.61M, adding a pre-interest, tax, depreciation, and amortization perspective to the profitability profile. The earnings statement records $330.87M of pretax income, the profit base against which the reported tax provision can be assessed. Income tax expense totaled $96.04M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 29.0%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 11.1%, indicating the profitability achieved on book capital. Net income represented 4.2% of period-end assets, placing the company’s bottom-line result against the total resource base employed. Against $198.81M in fiscal 2024, the current $439.83M bottom line finished above the prior-year result in absolute terms.

Liquidity and Capital Structure

At period end, the $10.43B asset base was financed through $6.47B of liabilities and $3.96B of equity. The near-term balance sheet paired $1.19B of current assets with $929.90M of current liabilities at the reporting date. At 1.28x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $576.64M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 62.0% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $3.51B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.89x of book equity, describing the relative scale of borrowing and shareholder capital. The debt-to-assets relationship was 33.6%, comparing borrowing with the total asset balance. The equity-to-assets relationship was 38.0%, placing book capital against the total resource base. Liabilities represented 62.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 5.5%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 13.6% from $12.07B in fiscal 2024, leaving current total assets lower year over year. Book equity was 7.6% higher than fiscal 2024 equity of $3.68B, showing how shareholder capital changed year over year. The reported cash balance changed 83.2% from $314.77M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $556.08M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.26x, comparing cash generated by operations with the bottom-line earnings result. Capital expenditures used $807.87M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 145.3% of operating cash flow, quantifying the share of cash from operations directed to investment. Operating cash flow and capital spending combined to leave a $251.79M cash deficit after capital spending. Relative to total assets, the post-investment cash deficit measured 2.4%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.