SOUTHWEST GAS CORP

For the period ended Jun 30, 2026. Filed Aug 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.

Jun 30, 2026 · Filed Aug 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)

	June 30, 2026	December 31, 2025
ASSETS
Regulated operations plant:
Gas plant	$11,858,821	$11,517,031
Less: accumulated depreciation	(3,154,856)	(3,063,363)
Construction work in progress	360,198	236,871
Net regulated operations plant	9,064,163	8,690,539
Other property and investments, net	181,406	178,826
Current assets:
Cash and cash equivalents	270,518	576,645
Accounts receivable, net of allowances	118,579	170,601
Accrued utility revenue	51,800	101,600
Income taxes receivable, net	12,582	9,611
Deferred purchased gas costs	—	5,214
Materials, supplies, and gas inventories	95,642	93,823
Prepaid and other current assets	318,680	234,598
Total current assets	867,801	1,192,092
Noncurrent assets:
Goodwill	11,155	11,155
Deferred charges and other assets	350,910	356,865
Total noncurrent assets	362,065	368,020
Total assets	$10,475,435	$10,429,477
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 72,443,899 and 72,224,593 shares)	$74,074	$73,854
Additional paid-in capital	2,905,518	2,898,965
Accumulated other comprehensive loss, net	(9,931)	(34,546)
Retained earnings	1,155,629	1,022,846
Total equity	4,125,290	3,961,119
Long-term debt, less current maturities	3,409,859	3,433,012
Total capitalization	7,535,149	7,394,131
Current liabilities:
Current maturities of long-term debt	100,000	75,000
Accounts payable	115,672	225,732
Customer deposits	66,738	67,249
Accrued general taxes	52,073	54,384
Accrued interest	34,963	35,319
Deferred purchased gas costs	286,815	310,085
Dividends declared	—	44,779
Other current liabilities	121,023	117,350
Total current liabilities	777,284	929,898
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net	1,039,812	977,312
Accumulated removal costs	513,000	496,000
Other deferred credits and other long-term liabilities	610,190	632,136
Total deferred income taxes and other credits	2,163,002	2,105,448
Total capitalization and liabilities	$10,475,435	$10,429,477

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2026	2025	2026	2025
Regulated operations revenues	$358,154	$396,318	$943,273	$1,142,734
Operating expenses:
Net cost of gas sold	38,442	102,134	146,596	386,713
Operations and maintenance	133,792	137,501	266,793	268,168
Depreciation and amortization	77,846	68,940	177,449	162,630
Taxes other than income taxes	23,747	23,250	48,762	47,011
Total operating expenses	273,827	331,825	639,600	864,522
Operating income	84,327	64,493	303,673	278,212
Other income and (expenses):
Net interest deductions	(44,052)	(53,367)	(89,795)	(107,786)
Other income	11,295	18,068	22,286	27,263
Total other (expenses)	(32,757)	(35,299)	(67,509)	(80,523)
Income from continuing operations before income taxes	51,570	29,194	236,164	197,689
Income tax expense	9,448	29,925	55,668	64,132
Income (loss) from continuing operations	42,122	(731)	180,496	133,557
Loss from discontinued operations, net of income tax	—	(36,869)	—	(61,970)
Net income (loss)	42,122	(37,600)	180,496	71,587
Net income (loss) attributable to noncontrolling interests	—	2,554	—	(2,129)
Net income (loss) attributable to Southwest Gas Holdings, Inc.	$42,122	$(40,154)	$180,496	$73,716
Basic earnings (loss) per share:
Continuing operations	$0.58	$(0.01)	$2.49	$1.85
Discontinued operations	—	(0.55)	—	(0.83)
Net earnings (loss) per share - basic	$0.58	$(0.56)	$2.49	$1.02
Diluted earnings (loss) per share:
Continuing operations	$0.58	$(0.01)	$2.49	$1.85
Discontinued operations	—	(0.55)	—	(0.83)
Net earnings (loss) per share - diluted	$0.58	$(0.56)	$2.49	$1.02
Weighted average shares:
Basic	72,516	72,088	72,479	72,050
Diluted	72,665	72,088	72,617	72,195

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2026	2025	2026	2025
Net income (loss)	$42,122	$(37,600)	$180,496	$71,587
Other comprehensive income, net of tax
Defined benefit pension plans:
Amortization of prior service cost, net of tax of $11, $11, $22 and $22, respectively	33	33	66	66
Amortization of net actuarial loss, net of tax of $606, $226, $1,212 and $452, respectively	1,920	717	3,840	1,435
Regulatory adjustment, net of tax of $7,015, ($152), $6,540 and ($304), respectively	22,216	(483)	20,709	(966)
Net defined benefit pension plans, net of tax	24,169	267	24,615	535
Other comprehensive income related to discontinued operations	—	6,711	—	6,815
Total other comprehensive income, net of tax	24,169	6,978	24,615	7,350
Comprehensive income (loss)	66,291	(30,622)	205,111	78,937
Comprehensive income (loss) attributable to noncontrolling interests	—	3,619	—	(1,044)
Comprehensive income (loss) attributable to Southwest Gas Holdings, Inc.	$66,291	$(34,241)	$205,111	$79,981

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months EndedJune 30,
	2026	2025
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$180,496	$71,587
Less: Loss from discontinued operations, net of income tax	—	(61,970)
Income from continuing operations, net of income tax	180,496	133,557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	177,449	162,630
Deferred income taxes	62,219	76,117
Gains on sale of property and equipment	—	(1,604)
Share-based compensation expense	6,880	7,253
Equity AFUDC	(4,482)	(2,911)
Changes in current assets and liabilities:
Accounts receivable, net of allowances	52,022	68,319
Accrued utility revenue	49,800	46,100
Deferred purchased gas costs	(18,056)	120,709
Accounts payable	(84,060)	(68,915)
Accrued taxes	(2,319)	(21,136)
Other current assets and liabilities	(87,009)	(44,512)
Changes in deferred charges and other assets	(1,360)	(25,820)
Changes in other liabilities and deferred credits	(23,356)	(21,193)
Net cash provided by operating activities of continuing operations	308,224	428,594
Net cash used in operating activities of discontinued operations	—	(10,983)
Net cash provided by operating activities	308,224	417,611
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(529,116)	(362,457)
Proceeds from the sale of property	—	5,306
Changes in customer advances	7,872	3,953
Other	(333)	(176)
Net cash used in investing activities of continuing operations	(521,577)	(353,374)
Net cash used in investing activities of discontinued operations	—	(42,641)
Net cash used in investing activities	(521,577)	(396,015)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net	4,217	4,515
Dividends paid	(91,513)	(89,139)
Change in short-term portion of credit facility	—	(95,000)
Repayment of short-term debt	—	(325,000)
Withholding remittance - share-based compensation	(5,303)	(2,612)
Other, including principal payments on finance leases	(175)	(4,121)
Net cash used in financing activities of continuing operations	(92,774)	(511,357)
Net cash provided by financing activities of discontinued operations	—	481,349
Net cash used in financing activities	(92,774)	(30,008)
Effects of currency translation in discontinued operations	—	250
Change in cash and cash equivalents, including discontinued operations	(306,127)	(8,162)
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	$270,518	$355,627

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized - continuing operations	$87,500	$105,303
Interest paid, net of amounts capitalized - discontinued operations	—	32,563
Interest paid, net of amounts capitalized	$87,500	$137,866
Income taxes (benefit) paid, net - continuing operations	$507	$—
Income taxes paid, net - discontinued operations	—	13,069
Income taxes paid, net	$507	$13,069
Decrease of capital expenditures in Accounts payable or Other current liabilities- continuing operations	$(26,000)	$(4,000)
Decrease of capital expenditures in Accounts payable or Other current liabilities - discontinued operations	—	(1,783)
Decrease of capital expenditures in Accounts payable or Other current liabilities	$(26,000)	$(5,783)
Equity AFUDC capitalized in regulated operations plant - continuing operations	$4,482	$2,911
Equity AFUDC capitalized in regulated operations plant - discontinued operations	—	—
Equity AFUDC capitalized in regulated operations plant	$4,482	$2,911

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

	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
Net income	—	—	—	—	42,122	42,122
Common stock issuances	71	71	4,070	—	—	4,141
Dividends declared ($0.645 per share)	—	—	—	—	(46,820)	(46,820)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax and regulatory adjustment	—	—	—	24,169	—	24,169
Balance, June 30, 2026	72,444	$74,074	$2,905,518	$(9,931)	$1,155,629	$4,125,290

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

(continued)

	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 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
Net loss	—	—	—	—	(40,154)	(40,154)	—	(40,154)
Common stock issuances	67	67	7,016	—	—	7,083	—	7,083
Dividends declared ($0.62 per share)	—	—	—	—	(44,847)	(44,847)	—	(44,847)
Centuri stock sales	—	—	138,907	1,598	—	140,505	264,996	405,501
Net income attributable to noncontrolling interest holders	—	—	—	—	—	—	2,528	2,528
Foreign currency exchange translation adjustment	—	—	—	5,646	—	5,646	1,065	6,711
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	267	—	267	—	267
Balance, June 30, 2025	71,978	$73,608	$2,872,681	$(41,355)	$742,452	$3,647,386	$441,148	$4,088,534

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30, 2026	December 31, 2025
ASSETS
Regulated operations plant:
Gas plant	$11,858,821	$11,517,031
Less: accumulated depreciation	(3,154,856)	(3,063,363)
Construction work in progress	360,198	236,871
Net regulated operations plant	9,064,163	8,690,539
Other property and investments, net	171,190	169,947
Current assets:
Cash and cash equivalents	58,872	56,408
Accounts receivable, net of allowance	118,579	170,524
Accrued utility revenue	51,800	101,600
Income taxes receivable, net	1,015	1,007
Deferred purchased gas costs	—	5,214
Receivable from parent	—	105,550
Materials, supplies, and gas inventories	95,642	93,823
Prepaid and other current assets	318,145	234,003
Total current assets	644,053	768,129
Noncurrent assets:
Goodwill	11,155	11,155
Deferred charges and other assets	348,492	354,221
Total noncurrent assets	359,647	365,376
Total assets	$10,239,053	$9,993,991
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock	$49,112	$49,112
Additional paid-in capital	2,317,144	2,195,489
Accumulated other comprehensive loss, net	(9,931)	(34,546)
Retained earnings	1,492,562	1,314,911
Total equity	3,848,887	3,524,966
Long-term debt, less current maturities	3,409,859	3,433,012
Total capitalization	7,258,746	6,957,978
Current liabilities:
Current maturities of long-term debt	100,000	75,000
Accounts payable	115,494	225,337
Customer deposits	66,738	67,249
Accrued general taxes	52,073	54,384
Accrued interest	34,963	35,319
Deferred purchased gas costs	286,815	310,085
Payable to parent	331	—
Other current liabilities	121,023	117,350
Total current liabilities	777,437	884,724
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net	1,084,987	1,027,921
Accumulated removal costs	513,000	496,000
Other deferred credits and other long-term liabilities	604,883	627,368
Total deferred income taxes and other credits	2,202,870	2,151,289
Total capitalization and liabilities	$10,239,053	$9,993,991

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2026	2025	2026	2025
Regulated operations revenues	$358,154	$396,318	$943,273	$1,144,834
Operating expenses:
Net cost of gas sold	38,442	102,134	146,596	386,713
Operations and maintenance	132,952	136,652	264,455	266,059
Depreciation and amortization	77,685	68,940	177,288	162,630
Taxes other than income taxes	23,747	23,250	48,762	47,011
Total operating expenses	272,826	330,976	637,101	862,413
Operating income	85,328	65,342	306,172	282,421
Other income and (expenses):
Net interest deductions	(43,987)	(44,737)	(89,667)	(89,368)
Other income	8,420	17,806	14,135	27,108
Total other (expenses)	(35,567)	(26,931)	(75,532)	(62,260)
Income before income taxes	49,761	38,411	230,640	220,161
Income tax expense (benefit)	9,004	(7,235)	52,112	31,920
Net income	$40,757	$45,646	$178,528	$188,241

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months EndedJune 30,		Six Months EndedJune 30,
	2026	2025	2026	2025
Net income	$40,757	$45,646	$178,528	$188,241
Other comprehensive income, net of tax
Defined benefit pension plans:
Amortization of prior service cost, net of tax of $11, $11, $22 and $22, respectively	33	33	66	66
Amortization of net actuarial loss, net of tax of $606, $226, $1,212 and $452, respectively	1,920	717	3,840	1,435
Regulatory adjustment, net of tax of $7,015, ($152), $6,540 and ($304), respectively	22,216	(483)	20,709	(966)
Net defined benefit pension plans, net of tax	24,169	267	24,615	535
Total other comprehensive income, net of tax	24,169	267	24,615	535
Comprehensive income	$64,926	$45,913	$203,143	$188,776

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months EndedJune 30,
	2026	2025
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$178,528	$188,241
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	177,288	162,630
Deferred income taxes	56,785	41,982
Gain on sale of property	—	(1,604)
Share-based compensation expense	6,092	6,578
Equity AFUDC	(4,482)	(2,911)
Changes in current assets and liabilities:
Accounts receivable, net of allowance	51,945	66,211
Accrued utility revenue	49,800	46,100
Deferred purchased gas costs	(18,056)	122,706
Accounts payable	(83,842)	(71,229)
Accrued taxes	(2,319)	(9,056)
Receivable from parent	105,550	—
Other current assets and liabilities	(83,780)	(44,524)
Changes in deferred charges and other assets	(519)	(26,378)
Changes in other liabilities and deferred credits	(23,895)	(19,459)
Net cash provided by operating activities	409,095	459,287
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(529,116)	(362,457)
Proceeds from the sale of property	—	5,306
Changes in customer advances	7,872	3,953
Other	69	290
Net cash used in investing activities	(521,175)	(352,908)
CASH FLOW FROM FINANCING ACTIVITIES:
Contribution from parent	120,000	—
Dividends paid	—	(89,209)
Withholding remittance - share-based compensation	(5,312)	(2,613)
Other, including principal payments on finance leases	(144)	(2,593)
Net cash provided by (used in) financing activities	114,544	(94,415)
Change in cash and cash equivalents	2,464	11,964
Cash and cash equivalents at beginning of period	56,408	311,073
Cash and cash equivalents at end of period	$58,872	$323,037
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized	$87,500	$87,245
Income taxes paid, net	$—	$53
Decrease of capital expenditures in Accounts payable or Other current liabilities	$(26,000)	$(4,000)
Equity AFUDC capitalized in regulated operations plant	$4,482	$2,911

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

	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 (1)	—	—	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
Net income	—	—	—		—		40,757		40,757
Share-based compensation (1)	—	—	1,588		—		(75)		1,513
Contributions from Southwest Gas Holdings, Inc.	—	—	120,000		—		—		120,000
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax and regulatory adjustment	—	—	—		24,169		—		24,169
Balance, June 30, 2026	47,482	$49,112	$2,317,144		$(9,931)		$1,492,562		$3,848,887
	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 (1)	—	—	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
Net income	—	—		—		45,646		45,646
Dividends declared to Southwest Gas Holdings, Inc.	—	—		—		(44,609)		(44,609)
Share-based compensation (1)	—	—	2,249		—		(83)		2,166
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—		267		—		267
Balance, June 30, 2025	47,482	$49,112	$2,169,367		$(37,866)		$1,203,006		$3,383,619

(1)Relates to capital contributions from Southwest Gas Holdings, Inc. associated with share-based compensation awards granted to Southwest Gas employees.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 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 and Southwest Gas’ CEO and President has 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 – Revenuesfor the three months and six months ended June 30, 2026, and June 30, 2025. Capital expenditures for the three-months ended June 30, 2026 and June 30, 2025 were $320.4 million and $199.3 million, respectively, and for the six-months ended June 30, 2026 and June 30, 2025 were $529.1 million and $362.5 million, respectively. The measures of assets for the Company and Southwest Gas are reported as “Total assets” on their respective condensed consolidated balance sheets.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

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.

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

(Thousands of dollars)	June 30, 2026	December 31, 2025
Net cash surrender value of COLI policies	$168,916	$165,551
Other property	2,274	4,396
Total Southwest Gas Corporation	171,190	169,947
Other property and investments	10,216	8,879
Total Southwest Gas Holdings, Inc.	$181,406	$178,826

Materials, supplies, and gas inventories. Materials, supplies, and gas inventories for Southwest Gasand the Company includesgas pipe materials and operating supplies of $80.6 million and $78.1 million as of June 30, 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, $125.2 million and $91.1 million related to a regulatory asset associated with the Arizona decoupling mechanism as of June 30, 2026 and December 31, 2025, respectively, and a regulatory asset associated with the margin tracker for Southern Nevada of $46.1 million and $28.5 million as of June 30, 2026 and December 31, 2025, respectively.

Regulatory Operations - Following CPUC approval of the All-Party Settlement and interim rates effective July 1, 2026, Southwest Gas recognized $20.2 million of operating revenue in the second quarter of 2026 related to the period from January 1, 2026 through June 30, 2026. Southwest Gas continues to await a final CPUC decision on cost of capital, which is expected in the third quarter of 2026.

Deferred charges and other assets. Deferred charges and other assets for Southwest Gas and the Company include, among other things, cloud-based software of $42.7 million and $33.9 million as of June 30, 2026 and December 31, 2025, respectively, and a regulatory asset associated with pension for Arizona, Nevada and California of $266.2 million as of June 30, 2026 and for Arizona and Nevada of $246.4 million as of December 31, 2025, respectively.

Accrued general taxes. Accrued general taxes for the Company and Southwest Gas include, among other things, $30.7 million and $27.1 million related to property taxes accrued as of June 30, 2026 and December 31, 2025.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

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 June 30,		Six Months EndedJune 30,
(Thousands of dollars)	2026	2025	2026	2025
Southwest Gas Corporation:
Change in COLI policies	$3,600	$5,500	$3,300	$3,800
Interest income	3,077	5,817	5,731	11,627
Equity AFUDC	2,449	1,558	4,482	2,911
Other components of net periodic benefit gain	2,195	4,368	4,390	8,737
Miscellaneous income and (expense)	(2,901)	563	(3,768)	33
Southwest Gas Corporation - total other income (deductions)	8,420	17,806	14,135	27,108
Southwest Gas Holdings, Inc.:
Interest income	3,010	329	7,140	364
Equity in earnings (loss) of unconsolidated investments	(97)	—	1,097	—
Miscellaneous income and (expense)	(38)	(67)	(86)	(209)
Southwest Gas Holdings, Inc. – total other income (deductions)	$11,295	$18,068	$22,286	$27,263

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 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 June 30,		Six Months EndedJune 30,
(In thousands)	2026	2025	2026	2025
Weighted average basic shares	72,516	72,088	72,479	72,050
Effect of dilutive securities:
Restricted stock units (1)(2)	149	—	138	145
Weighted average diluted shares	72,665	72,088	72,617	72,195

(1) The number of securities included 136,000 performance stock units during the three months ended June 30, 2026. During the six months ended June 30, 2026 and June 30, 2025, respectively, the number of securities included 121,000 and 124,000 performance stock units, 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 during the three months ended June 30, 2025 is 161,000. The number of anti-dilutive restricted stock units excluded from the calculation of diluted shares on discontinued operations during thesix months ended June 30, 2025 is 145,000.

Income Taxes. The Company’s effective tax rate was 18.3% for the three months ended June 30, 2026, compared to 102.5% for the corresponding period in 2025. The lower effective tax rate was primarily due to a state income tax expense recognized in the prior year’s quarter related to a change in state apportionment rates that did not reoccur in the current quarter. This was partially offset by lower amortization of excess deferred income taxes. The Company’s effective tax rate was 23.6% for the six months ended June 30, 2026, compared to 32.4% for the corresponding period in 2025, primarily due to a state income tax expense recognized in the prior year’s period related to a change in state apportionment rates that did not reoccur in the current period. This was partially offset by lower amortization of excess deferred income taxes and lower nondeductible executive compensation in the current period when compared to the prior year’s period.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

Southwest Gas’ effective tax rate was 18.1% for the three months ended June 30, 2026, compared to (18.8)% for the corresponding period in 2025. The higher effective tax rate was primarily due to a state income tax benefit recognized in the prior year’s quarter related to a change in state apportionment rates that did not reoccur in current quarter and lower amortization of excess deferred income taxes. Southwest Gas’ effective tax rate was 22.6% for the six months ended June 30, 2026, compared to 14.5% in the corresponding period in 2025 primarily due to a state income tax benefit recognized in the prior year’s period related to a change in state apportionment rates that did not reoccur in the current period. In addition, there were lower amortization of excess accumulated deferred income taxes and nondeductible executive compensation in the current period when compared to the prior year’s period.

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 update improves 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. The 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.

In May 2026, the FASB issued ASU 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 818).” The update provides guidance for the recognition, measurement, presentation, and disclosure of environmental credits and environmental credit obligations. The update is effective for annual reporting periods beginning after December 15, 2027, including interim periods within those fiscal years; early adoption is permitted. The update should be applied on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets) as of the beginning of the annual reporting period of adoption. Management is evaluating the impacts this update might have on the Company’s and Southwest Gas’ condensed consolidated financial statements.

Note 3 – Revenues

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	June 30, 2026

	Three Months EndedJune 30,		Six Months EndedJune 30,
(Thousands of dollars)	2026	2025	2026	2025
Residential	$189,417	$238,844	$587,721	$800,483
Small commercial	55,319	72,024	144,026	202,389
Large commercial	13,247	17,921	28,399	39,636
Industrial/other	7,337	10,669	17,647	24,141
Transportation	25,532	29,403	56,097	58,969
Revenues from contracts with customers	290,852	368,861	833,890	1,125,618
Alternative revenue program revenues	65,285	24,870	105,430	12,504
Other revenues (1)	2,017	2,587	3,953	4,612
Total Regulated operations revenues (2)	$358,154	$396,318	$943,273	$1,142,734

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

(2) The amounts for the six months ended June 30, 2025 differ from Southwest Gas due to the revision discussed in Note 6 - Previously Issued Condensed Consolidated Financial Statement.

As of June 30, 2026, the Company and Southwest had backlog performance obligations through Great Basin, excluding intercompany transactions, totaling $50.1 million through August 31, 2029. Of the current backlog, $7.8 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 transportation services. The current backlog does not reflect any contracts or commitments associated with the Great Basin 2028 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.

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.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

June 30, · 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	$75,121		$75,000	$76,388
Medium-term notes, 7.92% series, due June 2027	25,000	25,603		25,000	26,058
Medium-term notes, 6.76% series, due September 2027	7,500	7,625		7,500	7,726
Notes, 5.8%, due December 2027	300,000	304,470		300,000	309,090
Notes, 3.7%, due April 2028	300,000	295,530		300,000	297,450
Notes, 5.45%, due February 2028	300,000	303,960		300,000	307,620
Notes, 2.2%, due June 2030	450,000	408,555		450,000	409,365
Notes, 4.05%, due March 2032	600,000	573,660		600,000	579,540
Notes, 6.1%, due February 2041	125,000	130,538		125,000	130,762
Notes, 4.875%, due October 2043	250,000	219,000		250,000	219,350
Notes, 3.8%, due September 2046	300,000	229,710		300,000	228,180
Notes, 4.15%, due June 2049	300,000	237,330		300,000	237,120
Notes, 3.18%, due August 2051	300,000	200,400		300,000	205,710
Unamortized discount and debt issuance costs	(21,515)		(23,207)
	3,310,985		3,309,293
Revolving credit facility and commercial paper	—		—
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	(1,126)		(1,281)
	198,874		198,719
Less: current maturities	100,000		75,000
Southwest Gas Holdings, Inc. and Southwest Gas Corporation total long-term debt, less current maturities	$3,409,859		$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 June 30, 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 June 30, 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.

In July 2026, Southwest Gas expanded its commercial paper program from $50 million to $100 million and entered into new dealer agreements in connection with the expanded program.

Short-Term Debt

Southwest Gas Holdings has a $300.0 million revolving credit agreement that is scheduled to expire in August 2029. At June 30, 2026, the applicable margin is 1.125% for loans bearing interest to SOFR and 0.125% for loans bearing interest with 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

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

contains a swingline loan sub-facility in an aggregate principal amount at any time outstanding not to exceed $30.0 million. At June 30, 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 matured in August 2026 and was repaid on August 3, 2026, while the 7.92% Series Medium-Term Note for $25.0 million matures in June 2027.

The weighted average interest rate of all short-term borrowings was 8.92% at June 30, 2026 and 9.23% at 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 and six months ended June 30, 2026 and 2025 are presented in the following tables.

	Three Months Ended June 30,
	2026			2025
(Thousands of dollars)	QRP	SERP	PBOP	QRP	SERP	PBOP
Service cost	$6,467	$52	$299	$6,099	$58	$292
Interest cost	16,726	589	835	16,397	596	857
Expected return on plan assets	(22,221)	—	(694)	(22,581)	—	(624)
Amortization of prior service costs	—	—	44	—	—	44
Amortization of net actuarial loss (gain)	2,295	334	(103)	752	270	(79)
Net periodic benefit cost	$3,267	$975	$381	$667	$924	$490
	Six Months Ended June 30,
2026 · 2025
(Thousands of dollars)	QRP	SERP	PBOP	QRP	SERP	PBOP
Service cost	$12,934	$104	$598	$12,197	$116	$584
Interest cost	33,452	1,178	1,670	32,794	1,192	1,713
Expected return on plan assets	(44,442)	—	(1,388)	(45,163)	—	(1,248)
Amortization of prior service costs	—	—	88	—	—	88
Amortization of net actuarial loss (gain)	4,590	668	(206)	1,504	540	(157)
Net periodic benefit cost	$6,534	$1,950	$762	$1,332	$1,848	$980

Note 6 - Previously Issued Condensed Consolidated Financial Statements

Southwest Gas Holdings, Inc.– Restatement of Previously Issued Condensed Consolidated Financial Statements

In connection with the Company’s 2025 Form 10-K, management identified errors in the calculation of estimated deferred income tax liabilities associated with state income taxes. The errors arose following the Company’s sale of shares of Centuri’s common stock in the second and third quarters of 2025, which resulted in the tax deconsolidation of Centuri. The errors occurred because the Company did not update estimated future state apportionment rates following the Company’s sale of 13,207,142 shares of Centuri common stock on May 22, 2025, which resulted in income tax deconsolidation for Arizona, and subsequently following the Company's sale of 18,823,500 shares of Centuri common stock on August 11, 2025, which resulted in income tax deconsolidation for the remaining states, primarily California. As a result, income tax expense and net deferred income tax liabilities were understated by approximately $27.3 million as of and for the three and six months ended June 30, 2025.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

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

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
	Three Months Ended June 30, 2025
	As Reported	Adjustments	As Restated	Discontinued Operations	As Restated and Recast
Utility infrastructure services revenues	$724,052	$—	$724,052	$(724,052)	$—
Total operating revenues	1,120,370	—	1,120,370	(724,052)	396,318
Operations and maintenance	138,696	—	138,696	(1,195)	137,501
Depreciation and amortization	103,163	—	103,163	(34,223)	68,940
Utility infrastructure services expenses	657,671	—	657,671	(657,671)	—
Total operating expenses	1,024,914	—	1,024,914	(693,089)	331,825
Operating income (loss)	95,456	—	95,456	(30,963)	64,493
Net interest deductions	(71,612)	—	(71,612)	18,245	(53,367)
Other income (deductions)	18,421	—	18,421	(353)	18,068
Total other income and (expenses)	(53,191)	—	(53,191)	17,892	(35,299)
Income (loss) from continuing operations before income taxes	42,265	—	42,265	(13,071)	29,194
Income tax expense (benefit)	52,594	27,271	79,865	(49,940)	29,925
Income (loss) from continuing operations, net of income tax	(10,329)	(27,271)	(37,600)	36,869	(731)
Loss from discontinued operations, net of income tax	—	—	—	(36,869)	(36,869)
Net loss	(10,329)	(27,271)	(37,600)	—	(37,600)
Net loss attributable to Southwest Gas Holdings, Inc.	$(12,883)	$(27,271)	$(40,154)	$—	$(40,154)
Earnings (loss) per share attributable to Southwest Gas Holdings, Inc.:
Continuing operations	$(0.18)	$(0.38)	$(0.56)	$0.55	$(0.01)
Discontinued operations	—	—	—	(0.55)	(0.55)
Net loss per share - basic	$(0.18)	$(0.38)	$(0.56)	$—	$(0.56)
Diluted earnings (loss) per share:
Continuing operations	$(0.18)	$(0.38)	$(0.56)	$0.55	$(0.01)
Discontinued operations	—	—	—	(0.55)	(0.55)
Net loss per share - diluted	$(0.18)	$(0.38)	$(0.56)	$—	$(0.56)
Weighted average shares:
Basic	72,088	72,088	72,088	72,088	72,088
Diluted	72,088	72,088	72,088	72,088	72,088

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

	Six Months Ended June 30, 2025
	As Reported	Adjustments	As Restated	Discontinued Operations	As Restated and Recast
Utility infrastructure services revenues	$1,274,133	$—	$1,274,133	$(1,274,133)	$—
Total operating revenues	2,416,867	—	2,416,867	(1,274,133)	1,142,734
Operations and maintenance	269,947	—	269,947	(1,779)	268,168
Depreciation and amortization	231,076	—	231,076	(68,446)	162,630
Utility infrastructure services expenses	1,186,242	—	1,186,242	(1,186,242)	—
Total operating expenses	2,120,989	—	2,120,989	(1,256,467)	864,522
Operating income (loss)	295,878	—	295,878	(17,666)	278,212
Net interest deductions	(143,893)	—	(143,893)	36,107	(107,786)
Other income (deductions)	27,136	—	27,136	127	27,263
Total other income and (expenses)	(116,757)	—	(116,757)	36,234	(80,523)
Income from continuing operations before income taxes	179,121	—	179,121	18,568	197,689
Income tax expense (benefit)	80,263	27,271	107,534	(43,402)	64,132
Income (loss) from continuing operations, net of income tax	98,858	(27,271)	71,587	61,970	133,557
Loss from discontinued operations, net of income tax	—	—	—	(61,970)	(61,970)
Net income (loss)	98,858	(27,271)	71,587	—	71,587
Net income (loss) attributable to Southwest Gas Holdings, Inc.	$100,987	$(27,271)	$73,716	$—	$73,716
Earnings (loss) per share attributable to Southwest Gas Holdings, Inc.:
Continuing operations	$1.40	$(0.38)	$1.02	$0.83	$1.85
Discontinued operations	—	—	—	(0.83)	(0.83)
Net earnings (loss) per share - basic	$1.40	$(0.38)	$1.02	$—	$1.02
Diluted earnings (loss) per share:
Continuing operations	$1.40	$(0.38)	$1.02	$0.83	$1.85
Discontinued operations	—	—	—	(0.83)	(0.83)
Net earnings (loss) per share - diluted	$1.40	$(0.38)	$1.02	$—	$1.02
Weighted average shares:
Basic	72,050	72,050	72,050	72,050	72,050
Diluted	72,195	72,195	72,195	72,195	72,195

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Net income (loss)	$(10,329)	$(27,271)	$(37,600)	$98,858	$(27,271)	$71,587
Comprehensive income (loss)	(3,351)	(27,271)	(30,622)	106,208	(27,271)	78,937
Comprehensive income (loss) attributable to Southwest Gas Holdings, Inc.	$(6,970)	$(27,271)	$(34,241)	$107,252	$(27,271)	$79,981

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Six Months Ended June 30, 2025
	As Reported	Adjustments	As Restated	Discontinued Operations	As Restated and Recast
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)	$98,858	$(27,271)	$71,587	$—	$71,587
Less: Loss from discontinued operations, net of income tax	—	—	—	(61,970)	(61,970)
Income (loss) from continuing operations, net of income tax	98,858	(27,271)	71,587	61,970	133,557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	231,076	—	231,076	(68,446)	162,630
Deferred income taxes	94,033	27,271	121,304	(45,187)	76,117
Gains on sale of property and equipment	(2,188)	—	(2,188)	584	(1,604)
Share-based compensation expense	11,003	—	11,003	(3,750)	7,253
Changes in current assets and liabilities:
Accounts receivable, net of allowances	17,082	—	17,082	51,237	68,319
Accounts payable	(67,223)	—	(67,223)	(1,692)	(68,915)
Accrued taxes	(25,778)	—	(25,778)	4,642	(21,136)
Other current assets and liabilities	(70,993)	—	(70,993)	26,481	(44,512)
Changes in deferred charges and other assets	(13,147)	—	(13,147)	(12,673)	(25,820)
Changes in other liabilities and deferred credits	(19,010)	—	(19,010)	(2,183)	(21,193)
Net cash provided by operating activities of continuing operations	417,611	—	417,611	10,983	428,594
Net cash used in operating activities of discontinued operations	—	—	—	(10,983)	(10,983)
Net cash provided by operating activities	417,611	—	417,611	—	417,611

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(407,619)	—	(407,619)	45,162	(362,457)
Other	2,345	—	2,345	(2,521)	(176)
Net cash used in investing activities of continuing operations	(396,015)	—	(396,015)	42,641	(353,374)
Net cash used in investing activities of discontinued operations	—	—	—	(42,641)	(42,641)
Net cash used in investing activities	(396,015)	—	(396,015)	—	(396,015)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of long-term debt, net	113,932	—	113,932	(113,932)	—
Retirement of long-term debt	(75,125)	—	(75,125)	75,125	—
Withholding remittance – share-based compensation	(3,544)	—	(3,544)	932	(2,612)
Proceeds from the sale of Centuri stock, net	448,662	—	448,662	(448,662)	—
Other, including principal payments on finance leases	(9,309)	—	(9,309)	5,188	(4,121)
Net cash used in financing activities of continuing operations	(30,008)	—	(30,008)	(481,349)	(511,357)
Net cash provided by financing activities of discontinued operations	—	—	—	481,349	481,349
Net cash used in financing activities	(30,008)	—	(30,008)	—	(30,008)
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized - continuing operations	$137,866	—	$137,866	$(32,563)	$105,303
Interest paid, net of amounts capitalized - discontinued operations	—	—	—	32,563	32,563
Interest paid, net of amounts capitalized	$137,866	$—	$137,866	$—	$137,866
Income taxes paid (received), net - continuing operations	$13,069	$—	$13,069	$(13,069)	$—
Income taxes paid (received), net - discontinued operations	—	—	—	13,069	13,069
Income taxes paid, net	$13,069	$—	$13,069	$—	$13,069
Decrease of capital expenditures in Accounts payable or Other current liabilities- continuing operations	$(5,783)	$—	$(5,783)	$1,783	$(4,000)
Decrease of capital expenditures in Accounts payable or Other current liabilities - discontinued operations	—	—	—	(1,783)	(1,783)
Decrease of capital expenditures in Accounts payable or Other current liabilities	$(5,783)	$—	$(5,783)	$—	$(5,783)

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(In thousands)
(Unaudited)
	As Reported	Adjustments	As Restated
Net loss attributable to Southwest Gas Holdings, Inc., for the three months ended June 30, 2025	$(12,883)	$(27,271)	$(40,154)
Retained earnings, June 30, 2025	769,723	(27,271)	742,452
Total equity attributable to Southwest Gas Holdings, Inc., June 30, 2025	3,674,657	(27,271)	3,647,386
Total equity, June 30, 2025	$4,115,805	$(27,271)	$4,088,534

Southwest Gas Corporation – Revision of Previously Issued Financial Statements

In connection with the preparation of 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 STATEMENTS OF INCOME
(In thousands)
(Unaudited)
	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	As Reported	Adjustments	As Revised	As Reported	Adjustments	As Revised
Regulated operations revenues	$396,318	$—	$396,318	$1,142,734	$2,100	$1,144,834
Operating income	65,342	—	65,342	280,321	2,100	282,421
Income before income taxes	38,411	—	38,411	218,061	2,100	220,161
Income tax expense (benefit)	4,734	(11,969)	(7,235)	41,442	(9,522)	31,920
Net income	$33,677	$11,969	$45,646	$176,619	$11,622	$188,241

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
	Three Months Ended June 30, 2025			Six Months Ended June 30, 2025
	As Reported	Adjustments	As Revised	As Reported	Adjustments	As Revised
Net income	$33,677	$11,969	$45,646	$176,619	$11,622	$188,241
Comprehensive income	$33,944	$11,969	$45,913	$177,154	$11,622	$188,776

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	June 30, 2026

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Six Months Ended June 30, 2025
	As Reported	Adjustments	As Revised
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$176,619	$11,622	$188,241
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	51,504	(9,522)	41,982
Changes in current assets and liabilities:
Accounts receivable, net of allowance	68,311	(2,100)	66,211
Deferred purchased gas costs	120,709	1,997	122,706
Accounts payable	(69,232)	(1,997)	(71,229)
Net cash provided by operating activities	$459,287	$—	$459,287

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
Net income for the three months ended June 30, 2025	33,677	11,969	45,646
Retained earnings, June 30, 2025	1,227,760	(24,754)	1,203,006
Total Equity, June 30, 2025	$3,408,373	$(24,754)	$3,383,619

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