SWX on NYSE

Southwest Gas

Logo: Southwest Gas Corporation, Public domain, via Wikimedia Commons4

Energy company

Southwest Gas Holdings, Inc. (NYSE: SWX) is an investor-owned utility based in Las Vegas, Nevada, United States.3 From Wikipedia, CC BY-SA 4.0

Price unavailable

Last updated Oct 18, 2026.

Overview

1931Founded1

Compare with Brookfield Infrastructure Corp, Centuri Holdings, Inc. or Chesapeake Utilities, or pick any stock.

  • TickerSWX on NYSE1
  • IndustryNatural Gas Transmisison & Distribution1
  • HeadquartersLas Vegas, United States1
  • Websitewww.swgas.com
  • Incorporated inDE5
  • Business addressC/O Southwest Gas Corporation, 8360 S. Durango Drive, Las Vegas, Nv 891135
  • Filer categoryLarge accelerated filer5

Southwest Gas Holdings, Inc. (NYSE: SWX) is an investor-owned utility based in Las Vegas, Nevada, United States.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

5.4%Operating margin7
2.8%Net margin7
9.6%Revenue growth, 20238
4.6%Return on equity9
1.39×Debt to equity9
-$256.7MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Natural Gas Distribution brought in 99% of the revenue Southwest Gas broke down this way in fiscal 2023.

  1. Natural Gas Distribution$2.5B799%
  2. Pipeline And Storage$35.1M71%
Business segments by year
Business segments2023
Natural Gas Distribution$2.5B
Pipeline And Storage$35.1M

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue48¢$2.6B
  • Other costs43¢$2.3B
  • Interest5¢$292.3M
  • Income tax1¢$29.4M
  • Profit3¢$150.9M

Out of $5.4B in revenue.897

Where each dollar of operating cash went, fiscal 2023

  • Capital spending81¢$765.9M
  • Dividends paid19¢$174.6M

Out of $509.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.7

Financial statements

Revenue108$5.4B in 2023+292% since 2019
0$2.0B$4.0B$6.0B2019: $1.4B$1.4B20192020: $1.3B$1.3B2020−3%2021: $1.5B$1.5B2021+12%2022: $5.0B$5.0B2022+231%2023: $5.4B$5.4B2023+10%
Operating income1011897$293.0M in 2023−21% since 2019
-$200.0M0$200.0M$400.0M$600.0M2019: $371.8M$371.8M20192020: $423.0M$423.0M2020+14%2021: $369.5M$369.5M2021−13%2022: -$24.4M-$24.4M20222023: $293.0M$293.0M2023
Net income1011897$150.9M in 2023−29% since 2019
-$400.0M-$200.0M0$200.0M$400.0M2019: $213.9M$213.9M20192020: $232.3M$232.3M2020+9%2021: $200.8M$200.8M2021−14%2022: -$203.3M-$203.3M20222023: $150.9M$150.9M2023

Every line of the income statement as filed: the last 3 fiscal years (annual) or 2 quarters (quarterly), latest first.7

Period ending2025-12-312024-12-312023-12-31
Regulated operations revenues$1.9B$2.5B$2.5B
Total operating revenues$1.9B$2.5B$2.5B
Net cost of gas sold$497.6M$1.2B$1.3B
Operations and maintenance$544.1M$526.7M$533.0M
Depreciation and amortization$330.7M$303.1M$295.5M
Taxes other than income taxes$94.1M$89.0M$88.8M
Goodwill impairment and loss on sale$0$0$71.2M
Total operating expenses$1.5B$2.1B$2.2B
Operating income$473.9M$406.5M$293.0M
Net interest deductions-$203.1M-$206.5M-$194.8M
Other income (deductions)$60.1M$54.2M$71.2M
Total other income and (expenses)-$143.0M-$152.3M-$123.6M
Income from continuing operations before income taxes$330.9M$254.1M$169.4M
Income tax expense$96.0M$33.2M$29.4M
Income from continuing operations$234.8M$221.0M$140.0M
Income (loss) from discontinued operations, net of income tax$200.3M-$16.1M$15.5M
Net income$435.2M$204.8M$155.5M
Net income (loss) attributable to noncontrolling interests-$4.6M$6.0M$4.6M
Net income$439.8M$198.8M$150.9M
Continuing operations (in USD per share)$3$3$2
Discontinued operations (in USD per share)$3-$0$0
Net earnings per share - basic (in USD per share)$6.09$2.77$2.13
Continuing operations (in USD per share)$3$3$2
Discontinued operations (in USD per share)$3-$0$0
Net earnings per share - diluted (in USD per share)$6.08$2.76$2.13
Basic (in shares)72.2M shares71.8M shares70.8M shares
Diluted (in shares)72.3M shares72.0M shares71.0M shares

Compare Southwest Gas with another company

The story

The company was founded in Barstow, California, in 1931, and soon expanded to the nearby town of Victorville. Natural gas was brought into southern Nevada in 1953, and Southwest Gas began service to the burgeoning communities of Las Vegas and Henderson the following year.

On January 24, 1956, Southwest Gas Corporation became a publicly owned company. Expansion into Arizona occurred in 1957 with the acquisition of Natural Gas Service of Arizona, which served customers in Gila, Greenlee, and Pinal counties.

In 1963, with the completion of a 250-mile pipeline in northern Nevada, the company was able to grow once again by extending its service territory to include Carson City. Several years later it began serving customers as far east as Elko in the northern part of the state. Expansion also occurred during this time in California with expansion from its Victorville operations to Big Bear.

During the next several decades the company made several more acquisitions and expanded in parts of its tri-state service territory. In 1979, the purchase of the gas system of what is now Tucson Electric Power, and the 1984 purchase of the gas system of Arizona Public Service Company, added the Phoenix area to the company's customer base. During a time of unprecedented growth in the desert Southwest, Southwest Gas was serving some of the fastest-growing areas in the country. In 2005, the company acquired service territory in South Lake Tahoe from Avista, enabling it to serve customers contiguously around Lake Tahoe in California and Nevada. The company is the largest distributor of natural gas in Arizona and Nevada.

From Wikipedia’s article on Southwest Gas, shared under CC BY-SA 4.0.6

Leadership

Who has led Southwest Gas, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (72)

Timeline

  1. Jan 5, 2024New chief executive William Fehrman becomes CEO15
  2. Oct 11, 2022New chief executive Karen S. Haller becomes CEO16
  3. Mar 4, 2020New chief executive Paul M. Daily becomes CEO17
  4. Jan 26, 2016New chief executive John P. Hester becomes CEO19
  5. Jan 24, 2006New chief executive Jeffrey W. Shaw becomes CEO20
  6. Jan 2, 1990Went public Listed on NYSE1
  7. 1931Founded Founded1

Filings

685 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 100 major events, 315 insider forms, 36 large holders, 214 other. The latest 20:

  1. Sep 29, 20264 EDGAR
  2. Sep 28, 2026144 EDGAR
  3. Aug 5, 202610-Q EDGAR
  4. Aug 5, 20268-K EDGAR
  5. Jun 25, 202611-K EDGAR
  6. May 13, 20264 EDGAR
  7. May 13, 20264 EDGAR
  8. May 13, 20263 EDGAR
  9. May 13, 20263 EDGAR
  10. May 11, 20268-K EDGAR
  11. May 8, 2026SCHEDULE 13D/A EDGAR
  12. May 5, 202610-Q EDGAR
  13. May 5, 20268-K EDGAR
  14. Apr 29, 2026SCHEDULE 13G EDGAR
  15. Mar 27, 2026SCHEDULE 13G/A EDGAR
  16. Mar 23, 2026DEFA14A EDGAR
  17. Mar 23, 2026DEF 14A EDGAR
  18. Mar 23, 2026ARS EDGAR
  19. Mar 4, 2026144 EDGAR
  20. Mar 3, 20264 EDGAR

The 685 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 36 such filings since October 2021, the latest 10:

  1. May 8, 2026SCHEDULE 13D/A
  2. Apr 29, 2026SCHEDULE 13G
  3. Mar 27, 2026SCHEDULE 13G/A
  4. Feb 5, 2026SCHEDULE 13G/A
  5. Jan 29, 2026SCHEDULE 13D/A
  6. Jan 21, 2026SCHEDULE 13D/A
  7. Jan 2, 2026SCHEDULE 13D/A
  8. Nov 26, 2025SCHEDULE 13D/A
  9. Nov 5, 2025SCHEDULE 13G/A
  10. Oct 14, 2025SCHEDULE 13D/A

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.11,181,201$991.5M0.0%+434,070
Fmr LLC5,575,126$494.4M0.0%+413,169
Vanguard Portfolio Management LLC3,973,510$352.4M0.0%+117,743
Corvex Management LP3,208,538$284.5M8.8%−1,109,623
Vanguard Capital Management LLC3,047,616$270.3M0.0%+39,317
State Street Corp2,607,181$231.2M0.0%+185,646
Geode Capital Management, LLC2,086,964$185.1M0.0%+378,958
Maverick Capital Ltd1,889,558$167.6M1.5%−237,369
Aqr Capital Management LLC1,603,686$142.2M0.0%+439,708
Adage Capital Partners Gp, L.l.c.1,354,517$120.1M0.2%−120,483
Channing Capital Management, LLC1,074,868$95.3M2.2%−31,963
Dimensional Fund Advisors LP1,058,783$93.9M0.0%+4,033
Principal Financial Group Inc985,861$87.4M0.0%−85,932
Gabelli Funds LLC950,843$84.3M0.5%−15,246
Norges Bank948,095$84.1M0.0%New
Northern Trust Corp892,391$79.1M0.0%+98,136
Goldman Sachs Group Inc869,554$77.1M0.0%+173,960
River Road Asset Management, LLC865,242$76.7M0.9%−38,508
Bank of New York Mellon Corp838,118$74.3M0.0%−8,133
Fuller & Thaler Asset Management, Inc.800,855$71.0M0.2%−28,779
Charles Schwab Investment Management Inc788,678$69.9M0.0%−45,275
Gamco Investors, Inc. Et Al764,194$67.8M0.6%−18,624
Nomura Asset Management International Inc.731,516$64.9M0.1%−28,946
Brookfield Corp /ON/653,957$58.0M0.1%−45,669
Victory Capital Management Inc615,366$54.6M0.0%+130,814

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Aug 7, 2023Michael GuestRepublican, HouseBuy$1,001 - $15,000−37.3%Report
Apr 10, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+46.3%Report
Mar 1, 2023Daniel S. GoldmanDemocratic, HouseBuy$1,001 - $15,000−51.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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