SOUTHWEST GAS CORP

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

SWX$92.05-0.4%Stored close · as of Nov 10, 2026

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Contents

Southwest Gas Holdings, Inc. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2025	2024	2023
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$435,180	$204,836	$155,517
Less: Income (loss) from discontinued operations, net of income tax	200,344	(16,143)	15,523
Income from continuing operations, net of income tax	234,836	220,979	139,994
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	330,724	303,095	295,462
Impairment of assets and other charges	—	—	71,230
Deferred income taxes	118,112	57,730	59,392
Gains on sale of property and equipment	(1,604)	—	(136)
Share-based compensation expense	14,631	11,372	6,228
Equity AFUDC	(5,809)	(6,597)	(1,951)
Changes in current assets and liabilities:
Accounts receivable, net of allowances	32,411	66,275	(38,387)
Accrued utility revenue	(5,000)	(3,600)	(4,900)
Deferred purchased gas costs	63,280	706,896	177,177
Accounts payable	13,172	(20,006)	(256,399)
Accrued taxes	(20,460)	2,152	(5,386)
Other current assets and liabilities	(97,689)	(57,160)	16,837
Changes in deferred charges and other assets	(62,028)	(47,914)	(32,046)
Changes in other liabilities and deferred credits	(20,415)	(27,890)	(76,610)
Net cash provided by operating activities of continuing operations	594,161	1,205,332	350,505
Net cash provided by (used in) operating activities of discontinued operations	(38,085)	150,448	158,706
Net cash provided by operating activities	$556,076	$1,355,780	$509,211
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(807,866)	(846,590)	(765,871)
Proceeds from the sale of business, net of cash sold	—	—	1,022,483
Proceeds from the sale of property	5,306	21,377	—
Changes in customer advances	2,023	(5,995)	(8,905)
Other	(955)	(985)	(1,891)
Net cash provided by (used in) investing activities of continuing operations	(801,492)	(832,193)	245,816
Net cash provided by (used in) investing activities of discontinued operations (1)	776,678	(89,375)	(94,850)
Net cash provided by (used in) investing activities	(24,814)	(921,568)	150,966
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net	19,727	8,884	251,759
Dividends paid	(178,509)	(177,628)	(174,574)
Issuance of long-term debt, net	—	—	847,759
Change in short-term portion of credit facility	(130,000)	51,500	(94,000)
Change in long-term credit facility and commercial paper	—	—	(50,000)
Issuance of short-term debt	—	—	450,000
Repayment of short-term debt	(550,000)	—	(1,822,748)
Withholding remittance – share-based compensation	(3,063)	(2,677)	(1,777)
Other, including principal payments on finance leases	(4,678)	(3,656)	(3,768)
Net cash used in financing activities of continuing operations	(846,523)	(123,577)	(597,349)
Net cash provided by (used in) financing activities of discontinued operations	528,244	(52,758)	(103,446)
Net cash used in financing activities	(318,279)	(176,335)	(700,795)

	Year Ended December 31,
	2025	2024	2023
Effects of currency translation in discontinued operations	(127)	(624)	273
Change in cash and cash equivalents, including discontinued operations	212,856	257,253	(40,345)
Change in cash and cash equivalents included in current assets held for sale	—	—	23,803
Cash and cash equivalents, including discontinued operations, at beginning of period	363,789	106,536	123,078
Cash and cash equivalents, including discontinued operations, at end of period	$576,645	$363,789	$106,536
(1) Includes change in cash and cash equivalent of Centuri of $49 million for the year ended December 31, 2025.
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized - continuing operations	$196,875	$200,623	$184,284
Interest paid, net of amounts capitalized - discontinued operations	43,300	78,265	98,342
Interest paid, net of amounts capitalized	$240,175	$278,888	$282,626
Increase (decrease) of capital expenditures in Accounts payable or Other current liabilities- continuing operations	$25,800	$(6,100)	$(22,753)
Increase (decrease) of capital expenditures in Accounts payable or Other current liabilities - discontinued operations	(9,186)	(2,605)	5,698
Increase (decrease) of capital expenditures in Accounts payable or Other current liabilities	$16,614	$(8,705)	$(17,055)
Equity AFUDC capitalized in regulated operations plant - continuing operations	$5,809	$6,597	$1,951
Equity AFUDC capitalized in regulated operations plant - discontinued operations	—	—	—
Equity AFUDC capitalized in regulated operations plant	$5,809	$6,597	$1,951

CONSOLIDATED STATEMENTS OF EQUITY

(In thousands, except per share amounts)

	Common stock shares
Number of Shares · Stated Value · Additional Paid-in Capital · AOCI · Retained Earnings · Southwest Gas Holdings, Inc. Equity · Noncontrolling Interest · Total Equity
Balance, December 31, 2022	67,119	$68,749	$2,287,183	$(44,242)	$747,069	$3,058,759	$—		$3,058,759
Net income	—	—	—	—	150,889	150,889	—		150,889
Common stock issuances	4,445	4,445	254,557	—	—	259,002	—		259,002
Dividends declared ($2.48 per share)	—	—	—	—	(178,485)	(178,485)	—		(178,485)
Promissory notes in association with redeemable noncontrolling interest	—	—	50	—	—	50		50
Foreign currency exchange translation adjustment	—	—	—	2,742	—	2,742	—		2,742
Net actuarial loss arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	(2,287)	—	(2,287)	—		(2,287)
Redemption value adjustments	—	—	—	—	19,366	19,366	—		19,366
Balance, December 31, 2023	71,564	73,194	2,541,790	(43,787)	738,839	3,310,036	—		3,310,036
Net income	—	—	—	—	198,815	198,815	—		198,815
Common stock issuances	219	219	21,360	—	—	21,579	—		21,579
Dividends declared ($2.48 per share)	—	—	—	—	(178,811)	(178,811)	—		(178,811)
Promissory notes in association with redeemable noncontrolling interest	—	—	4,187	—	—	4,187	—		4,187
Centuri IPO	—	—	154,006	1,204	—	155,210	172,457		327,667
Net income attributable to noncontrolling interest holders	—	—	—	—	—	—	6,119		6,119
Foreign currency exchange translation adjustment	—	—	—	(8,782)	—	(8,782)	(1,341)		(10,123)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	2,147	—	2,147	—		2,147
Redemption value adjustments	—	—	—	—	(194)	(194)	—		(194)
Balance, December 31, 2024	71,783	73,413	2,721,343	(49,218)	758,649	3,504,187	177,235		3,681,422
Net income	—	—	—	—	439,826	439,826	—		439,826
Common stock issuances	441	441	36,835	—	—	37,276	—		37,276
Dividends declared ($2.48 per share)	—	—	—	—	(179,845)	(179,845)	—		(179,845)
Centuri stock sales and other (1)	—	—	140,787	1,598	4,216	146,601	279,469		426,070
Centuri deconsolidation	—	—	—	4,355	—	4,355	(452,299)		(447,944)
Net income attributable to noncontrolling interest holders	—	—	—	—	—	—	(4,694)		(4,694)
Foreign currency exchange translation adjustment	—	—	—	4,864	—	4,864	289		5,153
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	3,855	—	3,855	—		3,855
Balance, December 31, 2025	72,224	$73,854	$2,898,965	$(34,546)	$1,022,846	$3,961,119	$—		$3,961,119
(1) Includes the impact of the contributed Tax Assets - see Note 13 - Dispositions.

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