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Utilities - Regulated gas · Utilities · Fiscal year ends Dec 31
Southwest Gas reported revenue of $1.9B in the fiscal year ended Dec 2025, down 21.6% from the year before. Operating income was $474M, an operating margin of 24.4%, and net income was $440M. Operating cash flow of $556M less capital expenditure of $808M left free cash flow of −$252M. Net debt was $2.9B.
Ranks among the 16 utilities - regulated gas companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,498 | 4,960 | 5,434 | 2,475 | 1,940 |
| Cost of revenue | 1,955 | 2,529 | 2,617 | 2,415 | – |
| Gross profit | −458 | 2,431 | 2,817 | 60.1 | – |
| Operating income | 370 | −24.4 | 293 | 406 | 474 |
| Interest expense | 119 | 243 | 292 | 297 | – |
| Pre-tax income | 247 | −273 | 169 | 254 | 331 |
| Income tax | 39.6 | −75.7 | 29.4 | 33.2 | 96.0 |
| Net income | 201 | −203 | 151 | 199 | 440 |
| Diluted EPS | 3.39 | −3.10 | 2.13 | 2.76 | 6.08 |
| Diluted shares | 59.3 | 65.6 | 71.0 | 72.0 | 72.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 223 | 123 | 107 | 315 | 577 |
| Receivables | 707 | 866 | 887 | 203 | 171 |
| Current assets | 1,615 | 3,708 | 1,881 | 1,464 | 1,192 |
| Goodwill | 1,781 | 787 | 790 | 11.2 | 11.2 |
| Total assets | 12,765 | 13,197 | 9,277 | 12,073 | 10,429 |
| Payables | 353 | 662 | 347 | 191 | 226 |
| Deferred revenue | 59.3 | 51.2 | 48.5 | 63.9 | 67.2 |
| Current liabilities | 3,112 | 3,423 | 1,685 | 1,832 | 930 |
| Short-term debt | 297 | 44.6 | 42.6 | 0.0 | 75.0 |
| Long-term debt | 4,116 | 4,403 | 4,610 | 3,504 | 3,433 |
| Total liabilities | 9,811 | 10,138 | 5,967 | 8,391 | 6,468 |
| Shareholders' equity | 2,954 | 3,059 | 3,310 | 3,504 | 3,961 |
| Backlog (remaining obligations) | – | – | – | – | 58.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 111 | 407 | 509 | 1,356 | 556 |
| Capital expenditure | 716 | 859 | 766 | 847 | 808 |
| Free cash flow | −604 | −452 | −257 | 509 | −252 |
| Depreciation & amortisation | 371 | 470 | 295 | 303 | 331 |
| Stock-based compensation | 9.3 | 9.4 | 6.2 | 11.4 | 14.6 |
| Acquisitions | 2,354 | 18.8 | 0.0 | 0.0 | – |
| Dividends paid | 138 | 161 | 175 | 178 | 179 |
| Dividend per share | 2.38 | 2.48 | 2.48 | 2.48 | 2.48 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 231.2% | 9.6% | −54.4% | −21.6% |
| Operating income growth (YoY) | – | −106.6% | – | 38.7% | 16.6% |
| EPS growth (YoY) | – | −191.4% | – | 29.6% | 120.3% |
| Gross margin | −30.6% | 49.0% | 51.8% | 2.4% | – |
| Operating margin | 24.7% | −0.5% | 5.4% | 16.4% | 24.4% |
| Net margin | 13.4% | −4.1% | 2.8% | 8.0% | 22.7% |
| Return on equityBlank when equity is negative | 6.8% | −6.6% | 4.6% | 5.7% | 11.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.8% | −0.2% | 3.9% | 4.0% | 5.0% |
| Free cash flow margin | −40.3% | −9.1% | −4.7% | 20.6% | −13.0% |
| Cash conversion (CFO ÷ net income) | 0.55x | −2.00x | 3.37x | 6.82x | 1.26x |
| Receivable days | 172 | 64 | 60 | 30 | 32 |
| Payable days | 66 | 96 | 48 | 29 | – |
| Interest cover | 3.10x | −0.10x | 1.00x | 1.37x | – |
| Debt ÷ equity | 1.49x | 1.45x | 1.41x | 1.00x | 0.89x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 4,190 | 4,325 | 4,546 | 3,190 | 2,931 |
| Current ratio | 0.52x | 1.08x | 1.12x | 0.80x | 1.28x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.