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Screener / SEC EDGAR /CIK 0001692115 /10-K filed Feb 25, 2026, compared with Feb 26, 2025 /Numbers from the XBRL of the 10-Ks
Utilities peers:
NWETXNMSWXMDUAVAIDA
NYSE Utilities · Gas Utilities

Southwest Gas Holdings, Inc. SWX

SWX quote by TradingView

The Company, a Delaware corporation, is a holding company headquartered in Las Vegas, Nevada, owning all of the shares of common stock of Southwest Gas and, until the Centuri IPO on April 22, 2024, all of the shares of common stock of Centuri. 10-K, Item 1

Headquarters
Las Vegas, NV
Next results
around Jan 8, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2021

Revenue of $3.7B through the costs to a net profit of $200.8M · income statement of the 10-K

10% operating margin
Revenue to Gross profit: $1.7BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $369.5MGross profit to Operating expenses: $1.4BOperating profit to Net profit: $200.8MOperating profit to Tax & other: $168.8M Revenue: $3.7B REVENUE $3.7B +12% Y/Y Gross profit: $1.7B · 47% margin GROSS PROFIT $1.7B 47% margin Cost of revenue: $2.0B · 53% of revenue COST OF REVENUE $2.0B 53% of revenue Operating profit: $369.5M · 10% margin OPERATING PROFIT $369.5M 10% margin · −13% Y/Y Operating expenses: $1.4B · 37% of revenue OPERATING EXPENSES $1.4B 37% of revenue Net profit: $200.8M · 5% margin NET PROFIT $200.8M 5% margin · −14% Y/Y Tax & other: $168.8M · 5% of revenue TAX & OTHER $168.8M 5% of revenue
Gross profit $1.7B 47% margin
Operating profit $369.5M 10% margin · −13% Y/Y
Net profit $200.8M 5% margin · −14% Y/Y
The full income statement, year by year

SWX among Utilities peers

Six ratios from the latest 10-K. Each corner is the share of 58 peers the company is above, not a score.

Compare
Revenue growth: -21.6%, above 0% of 58 peers (their median 9.7%) REVENUE GROWTH -21.6% · above 0% Operating margin: 25.7%, above 73% of 56 peers (their median 22.7%) OPERATING MARGIN 25.7% · above 73% Net margin: 28.2%, above 95% of 58 peers (their median 13.5%) NET MARGIN 28.2% · above 95% FCF margin: -27.2%, above 13% of 47 peers (their median -11.5%) FCF MARGIN -27.2% · above 13% Return on capital: 4.4%, above 12% of 51 peers (their median 5.3%) RETURN ON CAPITAL 4.4% · above 12%
SWX Peer median Below the median

What changed

18 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Feb 25, 2026 against Feb 26, 2025.

Risk factors
18 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Restatement (8-K item 4.02)
8-K item 4.02 (non-reliance on previous financial statements) filed Jan 9, 2026
10-K · XBRL
Material weakness in internal control
“Subsequent to those evaluations our Chief Executive Officer and Chief Financial Officer re-evaluated the effectiveness of the Company’s disclosure controls and procedures and concluded that our disclosure controls and procedures were not effective as of June 30, 2025 and September 30, 2025, because of the material weakness described below.”
10-K · XBRL
Accounting checks
8 other checks clear, 2 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

10 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 8 checks found nothing to note

  • Restatement (8-K item 4.02)
    8-K item 4.02 (non-reliance on previous financial statements) filed Jan 9, 2026
  • Material weakness in internal control
    “Subsequent to those evaluations our Chief Executive Officer and Chief Financial Officer re-evaluated the effectiveness of the Company’s disclosure controls and procedures and concluded that our disclosure controls and procedures were not effective as of June 30, 2025 and September 30, 2025, because of the material weakness described below.”
  • Receivables -16.0% ($203.0M to $170.6M) vs revenue -21.6% ($2.5B to $1.9B), +5.6 pts apart
7 more checks with nothing to note
  • Cash from operations $556.1M vs net income $439.8M (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Regulatory Assets and Liabilities
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

18 paragraphs in Risk Factors that were not in the 10-K filed Feb 26, 2025. Quoted as filed.

All 18 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    Limited availability of contract labor and critical materials could delay or increase the cost of the Great Basin Expansion Project We are planning and executing pre-construction activities in 2026, with initial construction anticipated to begin in the fourth quarter of 2027, subject to approval from the FERC, associated with the Great…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    The failure of technology may hinder the Company’s business operations and adversely affect its financial condition and results of operations. The Company uses Company-owned information technology, cloud-based software platforms, and technology hosted by third parties to support critical functions, including scheduling and dispatching…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    The Company identified a material weakness in the Company's internal control over financial reporting, which could impact the Company's ability to report its results of operations and financial condition accurately and in a timely manner. In January 2026, we identified a material weakness in our internal control over financial reporting…
  4. Item 1A · new paragraph · not in the 10-K filed Feb 26, 2025 10-K, ITEM 1A
    We may pursue acquisitions, divestitures, and other strategic opportunities which, if not successful, may adversely impact our results of operations, cash flows and financial condition. As part of our strategic objectives, we may pursue acquisitions to complement or expand our business, as well as divestitures and other strategic…

New risk paragraphs, against peers

Latest 10-K of each, Utilities companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$5.0B$2.5B$2.5B$1.9B
Net income−$203.3M$150.9M$198.8M$439.8M
Operating cash flow$407.5M$509.2M$1.4B$556.1M
Free cash flow−$452.0M−$256.7M$509.2M−$251.8M

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$1.9B ▼ 21.6% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

Southwest Gas Holdings, Inc., Las Vegas, NV · from the 10-K filed Feb 25, 2026

The Company, a Delaware corporation, is a holding company headquartered in Las Vegas, Nevada, owning all of the shares of common stock of Southwest Gas and, until the Centuri IPO on April 22, 2024, all of the shares of common stock of Centuri. The Company operated two reportable segments until August 2025, the Natural Gas Distribution segment (Southwest Gas) and Utility Infrastructure Services segment (Centuri). After the deconsolidation of Centuri in August 2025, the business is solely comprised of the Natural Gas Distribution segment. The Company is incorporated in Delaware, and Southwest Gas is incorporated in California.

Headquarters
Las Vegas, NV
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Nov 4, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Feb 25, 2026 (open at SEC), compared with the 10-K filed Feb 26, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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