SOUTHWEST GAS CORP
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
SWX$92.05-0.4%Stored close · as of Nov 10, 2026
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Southwest Gas Holdings, Inc. Consolidated Balance Sheets
(In thousands, except par value and share amounts)
| December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Regulated operations plant: | ||
| Gas plant | $11,517,031 | $10,844,895 |
| Less: accumulated depreciation | (3,063,363) | (2,914,457) |
| Construction work in progress | 236,871 | 178,647 |
| Net regulated operations plant | 8,690,539 | 8,109,085 |
| Other property and investments, net | 178,826 | 165,448 |
| Current assets: | ||
| Cash and cash equivalents | 576,645 | 314,770 |
| Accounts receivable, net of allowances | 170,601 | 203,012 |
| Accrued utility revenue | 101,600 | 96,600 |
| Income taxes receivable, net | 9,611 | — |
| Deferred purchased gas costs | 5,214 | 13,807 |
| Materials, supplies & gas inventories | 93,823 | 93,755 |
| Prepaid and other current assets | 234,598 | 141,017 |
| Current assets classified as discontinued operations | — | 601,384 |
| Total current assets | 1,192,092 | 1,464,345 |
| Noncurrent assets: | ||
| Goodwill | 11,155 | 11,155 |
| Deferred charges and other assets | 356,865 | 395,747 |
| Noncurrent assets classified as discontinued operations | — | 1,927,126 |
| Total noncurrent assets | 368,020 | 2,334,028 |
| Total assets | $10,429,477 | $12,072,906 |
| CAPITALIZATION AND LIABILITIES | ||
| Capitalization: | ||
| Common stock, $1 par (authorized – 120,000,000 shares; issued and outstanding – 72,224,593 and 71,782,756 shares) | $73,854 | $73,413 |
| Additional paid-in capital | 2,898,965 | 2,721,343 |
| Accumulated other comprehensive loss, net | (34,546) | (49,218) |
| Retained earnings | 1,022,846 | 758,649 |
| Total equity attributable to Southwest Gas Holdings, Inc. stockholders | 3,961,119 | 3,504,187 |
| Noncontrolling interest | — | 177,235 |
| Total equity | 3,961,119 | 3,681,422 |
| Redeemable noncontrolling interest | — | 7,660 |
| Long-term debt, less current maturities | 3,433,012 | 3,504,477 |
| Total capitalization | 7,394,131 | 7,193,559 |
| Commitments and contingencies (Note 15) | ||
| Current liabilities: | ||
| Current maturities of long-term debt | 75,000 | — |
| Short-term debt | — | 680,000 |
| Accounts payable | 225,732 | 190,918 |
| Customer deposits | 67,249 | 63,876 |
| Accrued general taxes | 54,384 | 59,353 |
| Accrued interest | 35,319 | 35,668 |
| Deferred purchased gas costs | 310,085 | 255,398 |
| Dividends declared | 44,779 | 44,505 |
| Other current liabilities | 117,350 | 119,357 |
| Current liabilities of discontinued operations | — | 382,892 |
| Total current liabilities | 929,898 | 1,831,967 |
| Deferred income taxes and other credits: | ||
| Deferred income taxes and investment tax credits, net | 977,312 | 857,982 |
| Accumulated removal costs | 496,000 | 472,000 |
| Other deferred credits and other long-term liabilities | 632,136 | 700,672 |
| Noncurrent liabilities classified as discontinued operations | — | 1,016,726 |
| Total deferred income taxes and other credits | 2,105,448 | 3,047,380 |
| Total capitalization and liabilities | $10,429,477 | $12,072,906 |
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