SOUTHWEST GAS CORP

For the period ended Mar 31, 2026. Filed May 5, 2026.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2026 · Filed May 5, 2026

SWX$91.33+0.9%Stored close · as of Nov 6, 2026

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Contents

Item 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value and share amounts)

	March 31, 2026	December 31, 2025
ASSETS
Regulated operations plant:
Gas plant	$11,659,807	$11,517,031
Less: accumulated depreciation	(3,113,118)	(3,063,363)
Construction work in progress	259,867	236,871
Net regulated operations plant	8,806,556	8,690,539
Other property and investments, net	177,632	178,826
Current assets:
Cash and cash equivalents	484,752	576,645
Accounts receivable, net of allowances	168,790	170,601
Accrued utility revenue	65,900	101,600
Income taxes receivable, net	6,317	9,611
Deferred purchased gas costs	—	5,214
Materials, supplies, and gas inventories	93,656	93,823
Prepaid and other current assets	238,259	234,598
Total current assets	1,057,674	1,192,092
Noncurrent assets:
Goodwill	11,155	11,155
Deferred charges and other assets	353,629	356,865
Total noncurrent assets	364,784	368,020
Total assets	$10,406,646	$10,429,477
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 72,373,216 and 72,224,593 shares)	$74,003	$73,854
Additional paid-in capital	2,901,448	2,898,965
Accumulated other comprehensive loss, net	(34,100)	(34,546)
Retained earnings	1,160,327	1,022,846
Total equity	4,101,678	3,961,119
Long-term debt, less current maturities	3,433,929	3,433,012
Total capitalization	7,535,607	7,394,131
Current liabilities:
Current maturities of long-term debt	75,000	75,000
Accounts payable	122,008	225,732
Customer deposits	67,607	67,249
Accrued general taxes	78,907	54,384
Accrued interest	38,329	35,319
Deferred purchased gas costs	248,112	310,085
Dividends declared	—	44,779
Other current liabilities	99,995	117,350
Total current liabilities	729,958	929,898
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net	1,022,534	977,312
Accumulated removal costs	504,000	496,000
Other deferred credits and other long-term liabilities	614,547	632,136
Total deferred income taxes and other credits	2,141,081	2,105,448
Total capitalization and liabilities	$10,406,646	$10,429,477

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

	Three Months EndedMarch 31,
	2026	2025
Operating revenues:
Regulated operations revenues	$585,119	$746,416
Total operating revenues	585,119	746,416
Operating expenses:
Net cost of gas sold	108,154	284,579
Operations and maintenance	133,001	130,667
Depreciation and amortization	99,603	93,690
Taxes other than income taxes	25,015	23,761
Total operating expenses	365,773	532,697
Operating income	219,346	213,719
Other income and (expenses):
Net interest deductions	(45,743)	(54,419)
Other income	10,991	9,195
Total other (expenses)	(34,752)	(45,224)
Income from continuing operations before income taxes	184,594	168,495
Income tax expense	46,220	34,207
Income from continuing operations	138,374	134,288
Loss from discontinued operations, net of income tax	—	(25,101)
Net income	138,374	109,187
Net loss attributable to noncontrolling interests	—	(4,683)
Net income attributable to Southwest Gas Holdings, Inc.	$138,374	$113,870
Basic earnings (loss) per share:
Continuing operations	$1.91	$1.86
Discontinued operations	—	(0.28)
Net earnings per share - basic	$1.91	$1.58
Diluted earnings (loss) per share:
Continuing operations	$1.91	$1.86
Discontinued operations	—	(0.28)
Net earnings per share - diluted	$1.91	$1.58
Weighted average shares:
Basic	72,441	72,012
Diluted	72,566	72,138

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months EndedMarch 31,
	2026	2025
Net income	$138,374	$109,187
Other comprehensive income, net of tax
Defined benefit pension plans:
Amortization of prior service cost, net of tax of $11 and $11, respectively	33	33
Amortization of net actuarial loss, net of tax of $606 and $226, respectively	1,920	718
Regulatory adjustment, net of tax of ($477) and ($152), respectively	(1,507)	(483)
Net defined benefit pension plans, net of tax	446	268
Other comprehensive income related to discontinued operations	—	104
Total other comprehensive income, net of tax	446	372
Comprehensive income	138,820	109,559
Comprehensive loss attributable to noncontrolling interests	—	(4,663)
Comprehensive income attributable to Southwest Gas Holdings, Inc.	$138,820	$114,222

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months EndedMarch 31,
	2026	2025
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$138,374	$109,187
Less: Income (loss) from discontinued operations, net of income tax	—	(25,101)
Income from continuing operations, net of income tax	138,374	134,288
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,603	93,690
Deferred income taxes	45,082	35,899
Share-based compensation expense	4,471	4,749
Equity AFUDC	(2,033)	(1,353)
Changes in current assets and liabilities:
Accounts receivable, net of allowances	1,811	(11,122)
Accrued utility revenue	35,700	34,700
Deferred purchased gas costs	(56,759)	59,157
Accounts payable	(73,149)	(44,171)
Accrued taxes	27,817	32,258
Other current assets and liabilities	(16,113)	(17,759)
Changes in deferred charges and other assets	(22,806)	(24,384)
Changes in other liabilities and deferred credits	(19,863)	(20,910)
Net cash provided by operating activities of continuing operations	162,135	275,042
Net cash provided (used) by operating activities of discontinued operations	—	16,226
Net cash provided by operating activities	162,135	291,268
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(208,720)	(163,134)
Changes in customer advances	6,339	(199)
Other	(1,244)	(104)
Net cash used in investing activities of continuing operations	(203,625)	(163,437)
Net cash provided (used) in investing activities of discontinued operations	—	(23,208)
Net cash provided (used) in investing activities	(203,625)	(186,645)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net	2,148	2,295
Dividends paid	(44,807)	(44,530)
Change in short-term portion of credit facility	—	10,000
Withholding remittance - share-based compensation	(4,852)	(2,612)
Other, including principal payments on finance leases	(2,892)	(37)
Net cash used in financing activities of continuing operations	(50,403)	(34,884)
Net cash provided (used) in financing activities of discontinued operations	—	(27,244)
Net cash used in financing activities	(50,403)	(62,128)
Effects of currency translation in discontinued operations	—	11
Change in cash and cash equivalents, including discontinued operations	(91,893)	42,506
Cash and cash equivalents, including discontinued operations, at beginning of period	576,645	363,789
Cash and cash equivalents, including discontinued operations, at end of period	$484,752	$406,295

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized - continuing operations	$41,415	$49,759
Interest paid, net of amounts capitalized - discontinued operations	—	20,216
Interest paid, net of amounts capitalized	$41,415	$69,975
Income taxes (benefit) paid, net - continuing operations	$(179)	$343
Income taxes paid, net - discontinued operations	—	2,075
Income taxes paid, net	$(179)	$2,418
Decrease of capital expenditures in Accounts payable or Other current liabilities- continuing operations	$(29,800)	$(10,600)
Decrease of capital expenditures in Accounts payable or Other current liabilities - discontinued operations	—	(8,452)
Decrease of capital expenditures in Accounts payable or Other current liabilities	$(29,800)	$(19,052)
Equity AFUDC capitalized in regulated operations plant - continuing operations	$2,033	$1,353
Equity AFUDC capitalized in regulated operations plant - discontinued operations	—	—
Equity AFUDC capitalized in regulated operations plant	$2,033	$1,353

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

CONDENSED 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	Total Equity
Balance, December 31, 2025	72,224	$73,854	$2,898,965	$(34,546)	$1,022,846	$3,961,119
Net income	—	—	—	—	138,374	138,374
Common stock issuances	149	149	2,483	—	—	2,632
Dividends declared ($0.62 per share)	—	—	—	—	(893)	(893)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	446	—	446
Balance, March 31, 2026	72,373	$74,003	$2,901,448	$(34,100)	$1,160,327	$4,101,678

	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, 2024	71,783	$73,413	$2,721,343	$(49,218)	$758,649	$3,504,187	$177,235	$3,681,422
Net income	—	—	—	—	113,870	113,870	—	113,870
Common stock issuances	128	128	5,415	—	—	5,543	—	5,543
Dividends declared ($0.62 per share)	—	—	—	—	(45,066)	(45,066)	—	(45,066)
Net income (loss) attributable to noncontrolling interest holders	—	—	—	—	—	—	(4,696)	(4,696)
Foreign currency exchange translation adjustment	—	—	—	84	—	84	20	104
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	268	—	268	—	268
Balance, March 31, 2025	71,911	$73,541	$2,726,758	$(48,866)	$827,453	$3,578,886	$172,559	$3,751,445

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2026	December 31, 2025
ASSETS
Regulated operations plant:
Gas plant	$11,659,807	$11,517,031
Less: accumulated depreciation	(3,113,118)	(3,063,363)
Construction work in progress	259,867	236,871
Net regulated operations plant	8,806,556	8,690,539
Other property and investments, net	167,558	169,947
Current assets:
Cash and cash equivalents	60,265	56,408
Accounts receivable, net of allowance	168,781	170,524
Accrued utility revenue	65,900	101,600
Income taxes receivable, net	—	1,007
Deferred purchased gas costs	—	5,214
Receivable from parent	49,084	105,550
Materials, supplies, and gas inventories	93,656	93,823
Prepaid and other current assets	237,638	234,003
Total current assets	675,324	768,129
Noncurrent assets:
Goodwill	11,155	11,155
Deferred charges and other assets	351,149	354,221
Total noncurrent assets	362,304	365,376
Total assets	$10,011,742	$9,993,991
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock	$49,112	$49,112
Additional paid-in capital	2,195,556	2,195,489
Accumulated other comprehensive loss, net	(34,100)	(34,546)
Retained earnings	1,451,880	1,314,911
Total equity	3,662,448	3,524,966
Long-term debt, less current maturities	3,433,929	3,433,012
Total capitalization	7,096,377	6,957,978
Current liabilities:
Current maturities of long-term debt	75,000	75,000
Accounts payable	121,466	225,337
Customer deposits	67,607	67,249
Income taxes payable	4,386	—
Accrued general taxes	78,907	54,384
Accrued interest	38,329	35,319
Deferred purchased gas costs	248,112	310,085
Other current liabilities	99,995	117,350
Total current liabilities	733,802	884,724
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net	1,068,309	1,027,921
Accumulated removal costs	504,000	496,000
Other deferred credits and other long-term liabilities	609,254	627,368
Total deferred income taxes and other credits	2,181,563	2,151,289
Total capitalization and liabilities	$10,011,742	$9,993,991

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months EndedMarch 31,
	2026	2025
Regulated operations revenues	$585,119	$748,516
Operating expenses:
Net cost of gas sold	108,154	284,579
Operations and maintenance	131,503	129,407
Depreciation and amortization	99,603	93,690
Taxes other than income taxes	25,015	23,761
Total operating expenses	364,275	531,437
Operating income	220,844	217,079
Other income and (expenses):
Net interest deductions	(45,680)	(44,631)
Other income	5,715	9,302
Total other (expenses)	(39,965)	(35,329)
Income before income taxes	180,879	181,750
Income tax expense	43,108	39,155
Net income	$137,771	$142,595

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months EndedMarch 31,
	2026	2025
Net income	$137,771	$142,595
Other comprehensive income, net of tax
Defined benefit pension plans:
Amortization of prior service cost, net of tax of $11 and $11, respectively	33	33
Amortization of net actuarial loss, net of tax of $606 and $226, respectively	1,920	718
Regulatory adjustment, net of tax of ($477) and ($152), respectively	(1,507)	(483)
Net defined benefit pension plans, net of tax	446	268
Total other comprehensive income, net of tax	446	268
Comprehensive income	$138,217	$142,863

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months EndedMarch 31,
	2026	2025
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$137,771	$142,595
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	99,603	93,690
Deferred income taxes	40,247	40,375
Share-based compensation expense	4,126	4,412
Equity AFUDC	(2,033)	(1,353)
Changes in current assets and liabilities:
Accounts receivable, net of allowance	1,743	(13,217)
Accrued utility revenue	35,700	34,700
Deferred purchased gas costs	(56,759)	55,862
Accounts payable	(73,296)	(46,688)
Accrued taxes	29,916	33,207
Receivable from parent	56,466	—
Other current assets and liabilities	(16,151)	(12,181)
Changes in deferred charges and other assets	(23,050)	(24,642)
Changes in other liabilities and deferred credits	(20,386)	(20,928)
Net cash provided by operating activities	213,897	285,832
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(208,720)	(163,134)
Changes in customer advances	6,339	(199)
Other	94	61
Net cash used in investing activities	(202,287)	(163,272)
CASH FLOW FROM FINANCING ACTIVITIES:
Dividends paid	—	(44,600)
Withholding remittance - share-based compensation	(4,861)	(2,613)
Other, including principal payments on finance leases	(2,892)	(11)
Net cash used in financing activities	(7,753)	(47,224)
Change in cash and cash equivalents	3,857	75,336
Cash and cash equivalents at beginning of period	56,408	311,073
Cash and cash equivalents at end of period	$60,265	$386,409
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized	$41,415	$40,216
Income taxes paid, net	$—	$—
Decrease of capital expenditures in Accounts payable or Other current liabilities	$(29,800)	$(10,600)
Equity AFUDC capitalized in regulated operations plant	$2,033	$1,353

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

	Common stock shares
	Number of Shares	Stated Value	Additional Paid-in Capital	AOCI	Retained Earnings	Total Equity
Balance, December 31, 2025	47,482	$49,112	$2,195,489	$(34,546)	$1,314,911	$3,524,966
Net income	—	—	—	—	137,771	137,771
Share-based compensation	—	—	67	—	(802)	(735)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	446	—	446
Balance, March 31, 2026	47,482	$49,112	$2,195,556	$(34,100)	$1,451,880	$3,662,448
	Common stock shares
	Number of Shares	Stated Value	Additional Paid-in Capital	AOCI	Retained Earnings	Total Equity
Balance, December 31, 2024	47,482	$49,112	$2,165,002	(38,401)	$1,059,773	$3,235,486
Net income	—	—	—	—	142,595	142,595
Share-based compensation	—	—	2,116	—	(316)	1,800
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	268	—	268
Balance, March 31, 2025	47,482	$49,112	$2,167,118	$(38,133)	$1,202,052	$3,380,149

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

Note 1 – Background and Organization

Nature of Operations. The Company, a Delaware corporation, is a holding company owning all of the shares of common stock of Southwest Gas, a California corporation. The Company’s common stock trades under the ticker symbol “SWX.”

Until the deconsolidation of Centuri in August 2025, the Company’s businesses were managed withintwo separate reportable segments, our Natural Gas Distribution segment (Southwest Gas) and our Utility Infrastructure Services segment (Centuri). After August 2025, our business is solely comprised of our Natural Gas Distribution segment.

Southwest Gas is engaged in the business of purchasing, distributing, and transporting natural gas for customers in portions of Arizona, Nevada, and California. Public utility rates, practices, facilities, and service territories of Southwest Gas are subject to regulatory oversight. The timing and amount of rate relief can materially impact results of operations. Natural gas purchases and the timing of related recoveries can materially impact liquidity. While mechanisms exist in all states in which Southwest Gas operates, which decouple authorized operating cost recovery and profitability from the volume of natural gas sold, thereby also incentivizing energy conservation, results for the Natural Gas Distribution segment are higher during winter periods due to the seasonality incorporated in its regulatory rate structures.

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation. The condensed consolidated financial statements of the Company and Southwest Gas included herein have been prepared pursuant to the rules and regulations of the SEC. The year-end 2025 consolidated balance sheet data was derived from audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations.

The preparation of the condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, as of the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, all adjustments, consisting of normal recurring items and estimates necessary for a fair statement of results for the interim periods, have been made.

Discontinued Operations. On August 11, 2025, the Company completed a secondary public offering and a concurrent private placement transaction with Icahn investment entities. These transactions resulted in the sale of a combined total of 18,823,500 shares of Centuri common stock previously held by the Company. Following the completion of these transactions, the Company no longer maintained a controlling financial interest in Centuri. Accordingly, Centuri’s assets, liabilities, and results of operations are no longer included in the Company’s condensed consolidated financial statements.

In addition, the sale of Centuri, which comprised the Company’s Utility Infrastructure Services segment, represented a strategic shift that had a significant impact on the Company’s operations and financial results. Therefore, Centuri met the criteria to be reported as discontinued operations in accordance with U.S. GAAP. The results of discontinued operations are aggregated and presented separately in the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Cash Flows for all periods presented. Unless otherwise noted, the financial disclosures and related information provided herein relate to our continuing operations, which exclude our former Utility Infrastructure Services segment, and prior period amounts have been recast to reflect discontinued operations.

Segment Information. The Company’s CEO and Southwest Gas’ CEO and Southwest Gas’ President have been identified as the CODM for each Company respectively. The CODM reviews the Company’s income (loss) from continuing operations and Southwest Gas’ net income as reported on their respective condensed consolidated statements of income in assessing performance and allocating resources. The CODM considers budget-to-actual variances against these metrics when making decisions about allocating capital and personnel. The CODM also uses income (loss) from continuing operations and net income to assess the return on assets, margin earned, and in assessing the compensation of certain employees.

Because both the Company and Southwest Gas operate as a single reportable segment, the related disclosure information is presented in the applicable sections. The other significant amounts required for disclosure are included within income (loss) from continuing operations and net income. Revenues from external customers are reported as “Revenues from contracts with customers” in Note 3 – Revenuefor the quarters ended March 31, 2026, and March 31, 2025, and capital expenditures are reported as “Capital expenditures and property additions” in the condensed consolidated statements of cash flows for the quarters ended March 31, 2026 and March 31, 2025. The measures of assets for the Company and Southwest Gas are reported as “Total assets” on their respective condensed consolidated balance sheets.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto of Southwest Gas and the Company included in our 2025 Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

Other Property and Investments. Other property and investments on Southwest Gas’ and the Company’s Condensed Consolidated Balance Sheets includes:

(Thousands of dollars)	March 31, 2026	December 31, 2025
Net cash surrender value of COLI policies	$165,284	$165,551
Other property	2,274	4,396
Total Southwest Gas Corporation	167,558	169,947
Other property and investments	10,074	8,879
Total Southwest Gas Holdings, Inc.	$177,632	$178,826

Materials, supplies, and gas inventories. Materials, supplies, and gas inventories for Southwest Gasand the Company includesgas pipe materials and operating supplies of $76.6 million and $78.1 million as of March 31, 2026 and December 31, 2025, respectively (carried at weighted average cost).

Prepaid and other current assets. Prepaid and other current assets for the Company and Southwest Gas include, among other things, $107.5 million and $91.1 million related to a regulatory asset associated with the Arizona decoupling mechanism as of March 31, 2026 and December 31, 2025, respectively, and regulatory asset associated with margin tracker for Southern Nevada of $35.9 million and $28.5 million as of March 31, 2026 and December 31, 2025, respectively.

Deferred charges and other assets. Deferred charges and other assets for Southwest Gas and the Company include, among other things, cloud-based software of $37.6 million and $33.9 million as of March 31, 2026 and December 31, 2025, respectively, regulatory asset associated with pension for Arizona and Nevada of $244.5 million and $246.4 million as of March 31, 2026 and December 31, 2025, respectively.

Accrued general taxes. Accrued general taxes for the Company and Southwest Gas include, among other things, $44.9 million and $27.1 million related to property taxes accrued as of March 31, 2026 and December 31, 2025.

Other Income (Deductions). The following table provides the composition of significant items included in Other income (deductions) in Southwest Gas’ and the Company’s Condensed Consolidated Statements of Income:

	Three Months Ended March 31,
(Thousands of dollars)	2026	2025
Southwest Gas Corporation:
Change in COLI policies	$(300)	$(1,700)
Interest income	2,654	5,810
Equity AFUDC	2,033	1,353
Other components of net periodic benefit cost	2,195	4,369
Miscellaneous income and (expense)	(867)	(530)
Southwest Gas Corporation - total other income (deductions)	5,715	9,302
Southwest Gas Holdings, Inc.:
Interest income	4,130	35
Equity in earnings of unconsolidated investments	1,194	—
Miscellaneous income and (expense)	(48)	(142)
Southwest Gas Holdings, Inc. – total other income (deductions)	$10,991	$9,195

Interest income for Southwest Gas relates to interest income earned on money market investments and interest income earned on Southwest Gas’ regulatory asset balances, including the Arizona decoupling mechanism. Interest income is earned on regulatory asset balances and interest expense is incurred on regulatory liability balances. Interest income for Southwest Gas Holdings, Inc. relates to interest income earned on money market investments. Refer also to Note 5 – Components of Net Periodic Benefit Costfor details regarding Other components of net periodic benefit cost.

EPS. Basic EPS in each period of this report were calculated by dividing net income attributable to the Company by the weighted-average number of shares during those periods. Diluted EPS includes additional weighted-average common stock

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

equivalents (performance stock units and restricted stock units). Unless otherwise noted, the term EPS refers to Basic EPS. A reconciliation of the denominator used in Basic and Diluted EPS calculations is shown in the following table:

	Three Months Ended March 31,
(In thousands)	2026	2025
Weighted average basic shares	72,441	72,012
Effect of dilutive securities:
Restricted stock units (1)(2)	125	126
Weighted average diluted shares	72,566	72,138

(1) The number of securities included 105,000 and 110,000 performance stock units during the three months ended March 31, 2026 and March 31, 2025, respectively, the total of which was derived by assuming that target performance will be achieved during the relevant performance period.

(2) The number of anti-dilutive restricted stock units excluded from the calculation of diluted shares from discontinued operations during the three months ended March 31, 2025 is 126,000.

Income Taxes. The Company’s effective tax rate was 25.0% for the three months ended March 31, 2026, compared to 20.3% for the corresponding period in 2025. The higher effective tax rate was primarily due to pre-tax income differences, the amortization of excess deferred income taxes, nondeductible executive compensation, and state income taxes.

Southwest Gas’ effective tax rate was 23.8% for the three months ended March 31, 2026, compared to 21.5% for the corresponding period in 2025. The higher effective tax rate was primarily due to pre-tax income differences, the amortization of excess deferred income taxes, and nondeductible executive compensation.

Recent Accounting Standards Updates.

Recently issued accounting pronouncements that will be effective in 2026 and thereafter:

In November 2024, the FASB issued ASU 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The update requires disclosure of disaggregated information about certain income statement expense line items in the notes to the financial statements. The update is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027; early adoption is permitted. The update should be applied prospectively; however, retrospective application is also permitted. Management is evaluating the impacts this update might have on the Company’s and Southwest Gas’ disclosures.

In September 2025, the FASB issued ASU 2025-06 “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The amendments in this update improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. This update is effective for annual periods beginning after December 15, 2027, including interim periods within those fiscal years; early adoption is permitted. Management is evaluating the impacts this update might have on the Company’s and Southwest Gas’ condensed consolidated financial statements.

Note 3 – Revenue

Southwest Gas’ operating revenues, but not its operating margin, are directly impacted by variability between comparative periods in the cost of natural gas procured for customers as these costs are incorporated in customer rates. When included in rates (for customers except those taking transportation-only service), these costs are passed through to customers generally dollar-for-dollar without markup. Operating margin is a non-GAAP financial measure and should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with GAAP. Southwest Gas’ revenues overall, reflected on the Condensed Consolidated Statements of Income of both the Company and Southwest Gas, include revenue from contracts with customers, which is shown below disaggregated by customer type, in addition to other categories of revenue:

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

	Three Months EndedMarch 31,
(Thousands of dollars)	2026	2025
Residential	$398,304	$561,639
Small commercial	88,707	130,365
Large commercial	15,152	21,715
Industrial/other	10,310	13,472
Transportation	30,565	29,566
Revenue from contracts with customers	543,038	756,757
Alternative revenue program revenues	40,145	(12,366)
Other revenues (1)	1,936	2,025
Total Regulated operations revenues(2)	$585,119	$746,416

(1)Amounts include late fees and other miscellaneous revenues, and may also include the impact of certain regulatory mechanisms.

(2) The amounts for the three months ended March 31, 2025 differ from Southwest Gas due to the revision discussed in Note 6 - Previously Issued Condensed Consolidated Financial Statement.

As of March 31, 2026, the Company and Southwest had backlog performance obligations through Great Basin, excluding intercompany transactions, totaling $53.5 million through August 31, 2029. Of the current backlog, $11.2 million is expected to be fulfilled within the year ended December 31, 2026, $15.9 million within the year ended December 31, 2027, $15.9 million within the year ended December 31, 2028, and $10.5 million within the year ended December 31, 2029. Under the terms of Great Basin’s current settlement agreement, new rates will become effective no later than September 1, 2029. Accordingly, the Company and Southwest Gas are unable to reasonably estimate performance obligations that may arise beyond September 1, 2029. The backlog consists of firm customer contracts for natural gas distribution services. The current backlog does not reflect any contracts or commitments associated with the potential 2028 Great Basin Expansion project. Seasonal fluctuation may impact the timing of fulfillment as demand for natural gas typically increases during winter months. The Company defines backlog as the aggregate value of signed contracts for which performance obligations remain unsatisfied.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

Note 4 – Debt

Long-Term Debt

Long-term debt is recognized in the Company’s and Southwest Gas’ Condensed Consolidated Balance Sheets generally at the carrying value of the obligations outstanding. Details surrounding the fair value and individual carrying values of instruments are provided in the table that follows.

March 31, · December 31,
2026 · 2025
(Thousands of dollars) · CarryingAmount · FairValue · CarryingAmount · FairValue
Southwest Gas Holdings, Inc. and Southwest Gas Corporation:
Debentures:
8% Series, due August 2026	$75,000	$75,813		$75,000	$76,388
Medium-term notes, 7.92% series, due June 2027	25,000	25,850		25,000	26,058
Medium-term notes, 6.76% series, due September 2027	7,500	7,679		7,500	7,726
Notes, 5.8%, due December 2027	300,000	306,480		300,000	309,090
Notes, 3.7%, due April 2028	300,000	296,370		300,000	297,450
Notes, 5.45%, due February 2028	300,000	305,730		300,000	307,620
Notes, 2.2%, due June 2030	450,000	409,455		450,000	409,365
Notes, 4.05%, due March 2032	600,000	573,000		600,000	579,540
Notes, 6.1%, due February 2041	125,000	128,913		125,000	130,762
Notes, 4.875%, due October 2043	250,000	215,525		250,000	219,350
Notes, 3.8%, due September 2046	300,000	225,000		300,000	228,180
Notes, 4.15%, due June 2049	300,000	230,160		300,000	237,120
Notes, 3.18%, due August 2051	300,000	194,100		300,000	205,710
Unamortized discount and debt issuance costs	(22,367)		(23,207)
	3,310,133		3,309,293
Industrial development revenue bonds:
Tax-exempt Series A, due December 2028	50,000	50,000		50,000	50,000
2003 Series A, due March 2038	50,000	50,000		50,000	50,000
2008 Series A, due March 2038	50,000	50,000		50,000	50,000
2009 Series A, due December 2039	50,000	50,000		50,000	50,000
Unamortized discount and debt issuance costs	(1,204)		(1,281)
	198,796		198,719
Less: current maturities	75,000		75,000
Southwest Gas Holdings, Inc. and Southwest Gas Corporation total long-term debt, less current maturities	$3,433,929		$3,433,012

Southwest Gas has a $400.0 million revolving credit facility that is scheduled to expire in August 2029. Southwest Gas designates $150.0 million of associated capacity as long-term debt and the remaining $250.0 million for working capital purposes. In June 2025, Southwest Gas amended this revolving credit agreement, which among other things, added a swingline loan sub-facility in an aggregate principal amount at any time outstanding not to exceed $30.0 million and added a one-week interest period option with an interest rate equal to Daily Simple SOFR plus 0.03839% plus the applicable margin. Southwest Gas is also required to pay a commitment fee on the unfunded portion of the commitments which ranges from 0.075% to 0.200%. At March 31, 2026, the applicable margin was 1.125% for loans bearing interest with reference to SOFR and 0.125% for loans bearing interest with reference to the alternative base rate. At March 31, 2026, no borrowings were outstanding on the long-term portion (including under the commercial paper program), nor under the short-term portion of the facility.

Short-Term Debt

Southwest Gas Holdings has a $300.0 million revolving credit agreement that is scheduled to expire in August 2029. At March 31, 2026, the applicable margin is 1.125% for loans bearing interest to SOFR and 0.125% for loans bearing interest with

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

reference to the alternative base. Southwest Gas Holdings has a one-week interest period option with an interest rate equal to Daily Simple SOFR plus 0.03839% plus the applicable margin. Southwest Gas Holdings is also required to pay a commitment fee on the unfunded portion of the commitments which ranges from 0.075% to 0.200%. The revolving credit agreement also contains a swingline loan sub-facility in an aggregate principal amount at any time outstanding not to exceed $30.0 million. At March 31, 2026, there wereno borrowings outstanding under this credit facility.

As indicated above in the Long-Term debt table, the 8% Series debenture for $75.0 million matures in August 2026.

The weighted average interest rate of all short-term borrowings was 9.23% at March 31, 2026 and December 31, 2025.

Note 5 – Components of Net Periodic Benefit Cost

The components of Southwest Gas' net periodic benefit cost for its QRP, SERP, and PBOP for the three months ended March 31, 2026 and 2025 are presented in the following tables.

	Three Months Ended March 31,
	2026			2025
(Thousands of dollars)	QRP	SERP	PBOP	QRP	SERP	PBOP
Service cost	$6,467	$52	$299	$6,098	$58	$292
Interest cost	16,726	589	835	16,397	596	856
Expected return on plan assets	(22,221)	—	(694)	(22,582)	—	(624)
Amortization of prior service costs	—	—	44	—	—	44
Amortization of net actuarial loss (gain)	2,295	334	(103)	752	270	(78)
Net periodic benefit cost	$3,267	$975	$381	$665	$924	$490

Note 6 - Previously Issued Condensed Consolidated Financial Statement

In connection with the Company’s 2025 Form 10-K for Southwest Gas, management identified errors in the calculation of the estimated deferred income tax liabilities associated with state income taxes. The issues result from not timely updating estimated apportionment rates to reflect certain events. For Southwest Gas, the errors date back to the formation of Southwest Gas Holdings in 2017, when Southwest Gas and Centuri became wholly-owned subsidiaries of Southwest Gas Holdings. These errors were determined to be not material to any previously issued Southwest Gas financial statements. However, Southwest Gas revised the historical financial statements due to the magnitude of the cumulative effect of the prior year errors. Southwest Gas also revised the historical financial statements to correct other previously identified immaterial errors.

The effects of the correction of the errors on the Condensed Consolidated Financial Statements are as follows:

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
	March 31, 2025
	As Reported	Adjustments	As Revised
CAPITALIZATION AND LIABILITIES
Retained earnings	$1,238,775	$(36,723)	$1,202,052
Total equity	3,416,872	(36,723)	3,380,149
Total capitalization	6,922,224	(36,723)	6,885,501
Deferred income taxes and investment tax credits, net	857,986	36,723	894,709
Total deferred income taxes and other credits	2,025,235	36,723	2,061,958
Total capitalization and liabilities	$9,679,467	$—	$9,679,467

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands)
(Unaudited)
	Three Months Ended March 31, 2025
	As Reported	Adjustments	As Revised
Regulated operations revenues	$746,416	$2,100	$748,516
Operating income	214,979	2,100	217,079
Income before income taxes	179,650	2,100	181,750
Income tax expense	36,708	2,447	39,155
Net income (loss)	$142,942	$(347)	$142,595

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
	Three Months Ended March 31, 2025
	As Reported	Adjustments	As Revised
Net income (loss)	$142,942	$(347)	$142,595
Comprehensive income (loss)	$143,210	$(347)	$142,863

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Three Month Ended March 31, 2025
	As Reported	Adjustments	As Revised
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)	$142,942	$(347)	$142,595
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	37,928	2,447	40,375
Changes in current assets and liabilities:
Accounts receivable, net of allowance	(11,117)	(2,100)	(13,217)
Deferred purchased gas costs	53,865	1,997	55,862
Accounts payable	(44,691)	(1,997)	(46,688)
Net cash provided by operating activities	$285,832	$—	$285,832

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)
	As Reported	Adjustments	As Revised
Net income (loss), for the three months ended March 31, 2025	$142,942	$(347)	$142,595
Retained earnings, March 31, 2025	1,238,775	(36,723)	1,202,052
Total Equity, March 31, 2025	$3,416,872	$(36,723)	$3,380,149

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	March 31, 2026

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