SOUTHWEST GAS CORP

For the period ended Sep 30, 2026. Filed Nov 4, 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.

Sep 30, 2026 · Filed Nov 4, 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)

	September 30, 2026	December 31, 2025
ASSETS
Regulated operations plant:
Gas plant	$12,077,830	$11,517,031
Less: accumulated depreciation	(3,201,513)	(3,063,363)
Construction work in progress	400,857	236,871
Net regulated operations plant	9,277,174	8,690,539
Other property and investments, net	187,006	178,826
Current assets:
Cash and cash equivalents	53,364	576,645
Accounts receivable, net of allowances	106,623	170,601
Accrued utility revenue	53,200	101,600
Income taxes receivable, net	12,638	9,611
Deferred purchased gas costs	2,343	5,214
Materials, supplies, and gas inventories	92,390	93,823
Prepaid and other current assets	343,134	234,598
Total current assets	663,692	1,192,092
Noncurrent assets:
Goodwill	11,155	11,155
Deferred charges and other assets	427,041	356,865
Total noncurrent assets	438,196	368,020
Total assets	$10,566,068	$10,429,477
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 72,467,080 and 72,224,593 shares)	$74,097	$73,854
Additional paid-in capital	2,916,385	2,898,965
Accumulated other comprehensive loss, net	(10,060)	(34,546)
Retained earnings	1,121,577	1,022,846
Total equity	4,101,999	3,961,119
Long-term debt, less current maturities	3,499,280	3,433,012
Total capitalization	7,601,279	7,394,131
Current liabilities:
Current maturities of long-term debt	32,500	75,000
Accounts payable	157,992	225,732
Customer deposits	65,704	67,249
Accrued general taxes	63,962	54,384

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

	September 30, 2026	December 31, 2025
Accrued interest	37,287	35,319
Deferred purchased gas costs	264,369	310,085
Dividends declared	—	44,779
Other current liabilities	127,198	117,350
Total current liabilities	749,012	929,898
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net	1,037,598	977,312
Accumulated removal costs	522,233	496,000
Other deferred credits and other long-term liabilities	655,946	632,136
Total deferred income taxes and other credits	2,215,777	2,105,448
Total capitalization and liabilities	$10,566,068	$10,429,477

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

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2026	2025	2026	2025
Regulated operations revenues	$298,183	$316,911	$1,241,456	$1,459,645
Operating expenses:
Net cost of gas sold	20,119	42,685	166,715	429,398
Operations and maintenance	136,839	134,777	403,632	402,945
Depreciation and amortization	80,981	79,073	258,430	241,703
Taxes other than income taxes	24,689	23,368	73,451	70,379
Total operating expenses	262,628	279,903	902,228	1,144,425
Operating income	35,555	37,008	339,228	315,220
Other income and (expenses):
Net interest deductions	(41,317)	(49,003)	(131,112)	(156,787)
Other income	13,764	15,367	36,050	42,629
Total other (expenses)	(27,553)	(33,636)	(95,062)	(114,158)
Income from continuing operations before income taxes	8,002	3,372	244,166	201,062
Income tax expense (benefit)	(4,781)	7,039	50,887	71,172
Income (loss) from continuing operations	12,783	(3,667)	193,279	129,890
Income from discontinued operations, net of income tax	—	263,784	—	201,814
Net income	12,783	260,117	193,279	331,704
Net loss attributable to noncontrolling interests	—	(2,517)	—	(4,646)
Net income attributable to Southwest Gas Holdings, Inc.	$12,783	$262,634	$193,279	$336,350
Basic earnings (loss) per share:
Continuing operations	$0.18	$(0.05)	$2.67	$1.80
Discontinued operations	—	3.69	—	2.86
Net earnings (loss) per share - basic	$0.18	$3.64	$2.67	$4.66
Diluted earnings (loss) per share:
Continuing operations	$0.18	$(0.05)	$2.66	$1.79
Discontinued operations	—	3.68	—	2.86
Net earnings (loss) per share - diluted	$0.18	$3.63	$2.66	$4.65
Weighted average shares:
Basic	72,565	72,209	72,508	72,104
Diluted	72,823	72,405	72,686	72,265

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2026	2025	2026	2025
Net income	$12,783	$260,117	$193,279	$331,704
Other comprehensive income (loss), net of tax
Defined benefit pension plans:
Amortization of prior service cost, net of tax of $11, $11, $33 and $33, respectively	33	33	99	99
Amortization of net actuarial loss, net of tax of $606, $226, $1,818 and $678, respectively	1,920	717	5,760	2,152
Regulatory adjustment, net of tax of $(658), $(153), $5,882 and $(457), respectively	(2,082)	(481)	18,627	(1,447)
Net defined benefit pension plans, net of tax	(129)	269	24,486	804
Other comprehensive income (loss) related to discontinued operations	—	(1,662)	—	5,153
Total other comprehensive income (loss), net of tax	(129)	(1,393)	24,486	5,957
Comprehensive income	12,654	258,724	217,765	337,661
Comprehensive loss attributable to noncontrolling interests	—	(3,313)	—	(4,357)
Comprehensive income attributable to Southwest Gas Holdings, Inc.	$12,654	$262,037	$217,765	$342,018

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months EndedSeptember 30,
	2026	2025
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$193,279	$331,704
Less: Income from discontinued operations, net of income tax	—	201,814
Income from continuing operations, net of income tax	193,279	129,890
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	258,430	241,703
Deferred income taxes	60,046	83,254
Gains on sale of property and equipment	—	(1,604)
Share-based compensation expense	14,628	9,992
Equity AFUDC	(8,305)	(4,412)
Changes in current assets and liabilities:
Accounts receivable, net of allowances	63,979	92,437
Accrued utility revenue	48,400	44,900
Deferred purchased gas costs	(45,716)	114,768
Accounts payable	(45,141)	(65,842)
Accrued taxes	6,551	(364)
Other current assets and liabilities	(95,230)	(73,000)
Changes in deferred charges and other assets	(90,036)	(42,386)
Changes in other liabilities and deferred credits	22,738	(20,200)
Net cash provided by operating activities of continuing operations	383,623	509,136
Net cash used in operating activities of discontinued operations	—	(34,628)
Net cash provided by operating activities	383,623	474,508
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(800,948)	(570,351)
Proceeds from the sale of property	—	5,306
Changes in customer advances	10,480	3,246
Other	(871)	307
Net cash used in investing activities of continuing operations	(791,339)	(561,492)
Net cash provided by investing activities of discontinued operations	—	776,678
Net cash provided by (used in) investing activities	(791,339)	215,186
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net	6,293	17,682
Dividends paid	(137,283)	(133,855)
Retirement of long-term debt	(75,000)	—
Change in short-term portion of credit facility	—	(130,000)
Change in long-term commercial paper	96,000	—
Repayment of short-term debt	—	(550,000)
Withholding remittance - share-based compensation	(5,304)	(2,613)
Other, including principal payments on finance leases	(271)	(4,283)
Net cash used in financing activities of continuing operations	(115,565)	(803,069)
Net cash provided by financing activities of discontinued operations	—	528,344
Net cash used in financing activities	(115,565)	(274,725)
Effects of currency translation in discontinued operations	—	(127)

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

SUPPLEMENTAL INFORMATION:
Change in cash and cash equivalents, including discontinued operations	(523,281)	414,842
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	$53,364	$778,631
Interest paid, net of amounts capitalized - continuing operations	$125,300	$148,776
Interest paid, net of amounts capitalized - discontinued operations	—	43,300
Interest paid, net of amounts capitalized	$125,300	$192,076
Income taxes (benefit) paid, net - continuing operations	$557	$—
Income taxes paid, net - discontinued operations	—	29,237
Income taxes paid, net	$557	$29,237
Decrease of capital expenditures in Accounts payable or Other current liabilities- continuing operations	$(22,600)	$(800)
Decrease of capital expenditures in Accounts payable or Other current liabilities - discontinued operations	—	(9,186)
Decrease of capital expenditures in Accounts payable or Other current liabilities	$(22,600)	$(9,986)
Equity AFUDC capitalized in regulated operations plant - continuing operations	$8,305	$4,412
Equity AFUDC capitalized in regulated operations plant - discontinued operations	—	—
Equity AFUDC capitalized in regulated operations plant	$8,305	$4,412

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	September 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
Net income	—	—	—	—	12,783	12,783
Common stock issuances	23	23	10,867	—	—	10,890
Dividends declared ($0.645 per share)	—	—	—	—	(46,835)	(46,835)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax and regulatory adjustment	—	—	—	(129)	—	(129)
Balance, September 30, 2026	72,467	$74,097	$2,916,385	$(10,060)	$1,121,577	$4,101,999

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	September 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
Net income	—	—	—	—	262,634	262,634	—	262,634
Common stock issuances	203	203	18,505	—	—	18,708	—	18,708
Dividends declared ($0.62 per share)	—	—	—	—	(45,016)	(45,016)	—	(45,016)
Centuri stock sales and other	—	—	1,880	—	4,216	6,096	14,473	20,569
Centuri deconsolidation	—	—	—	4,355	—	4,355	(452,299)	(447,944)
Net loss attributable to noncontrolling interest holders	—	—	—	—	—	—	(2,526)	(2,526)
Foreign currency exchange translation adjustment	—	—	—	(866)	—	(866)	(796)	(1,662)
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—	—	—	269	—	269	—	269
Balance, September 30, 2025	72,181	$73,811	$2,893,066	$(37,597)	$964,286	$3,893,566	$—	$3,893,566

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

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2026	December 31, 2025
ASSETS
Regulated operations plant:
Gas plant	$12,077,830	$11,517,031
Less: accumulated depreciation	(3,201,513)	(3,063,363)
Construction work in progress	400,857	236,871
Net regulated operations plant	9,277,174	8,690,539
Other property and investments, net	176,424	169,947
Current assets:
Cash and cash equivalents	46,645	56,408
Accounts receivable, net of allowance	106,623	170,524
Accrued utility revenue	53,200	101,600
Income taxes receivable, net	1,021	1,007
Deferred purchased gas costs	2,343	5,214
Receivable from parent	—	105,550
Materials, supplies, and gas inventories	92,390	93,823
Prepaid and other current assets	342,637	234,003
Total current assets	644,859	768,129
Noncurrent assets:
Goodwill	11,155	11,155
Deferred charges and other assets	424,790	354,221
Total noncurrent assets	435,945	365,376
Total assets	$10,534,402	$9,993,991
CAPITALIZATION AND LIABILITIES
Capitalization:
Common stock	$49,112	$49,112
Additional paid-in capital	2,485,520	2,195,489
Accumulated other comprehensive loss, net	(10,060)	(34,546)
Retained earnings	1,505,750	1,314,911
Total equity	4,030,322	3,524,966
Long-term debt, less current maturities	3,499,280	3,433,012
Total capitalization	7,529,602	6,957,978
Current liabilities:
Current maturities of long-term debt	32,500	75,000
Accounts payable	157,777	225,337
Customer deposits	65,704	67,249
Accrued general taxes	63,962	54,384
Accrued interest	37,287	35,319
Deferred purchased gas costs	264,369	310,085
Payable to parent	210	—
Other current liabilities	127,197	117,350
Total current liabilities	749,006	884,724
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net	1,082,891	1,027,921
Accumulated removal costs	522,233	496,000
Other deferred credits and other long-term liabilities	650,670	627,368
Total deferred income taxes and other credits	2,255,794	2,151,289
Total capitalization and liabilities	$10,534,402	$9,993,991

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

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2026	2025	2026	2025
Regulated operations revenues	$298,183	$316,911	$1,241,456	$1,461,745
Operating expenses:
Net cost of gas sold	20,119	42,685	166,715	429,398
Operations and maintenance	135,818	133,808	400,273	399,867
Depreciation and amortization	80,900	79,073	258,188	241,703
Taxes other than income taxes	24,689	23,368	73,451	70,379
Total operating expenses	261,526	278,934	898,627	1,141,347
Operating income	36,657	37,977	342,829	320,398
Other income and (expenses):
Net interest deductions	(41,253)	(46,156)	(130,920)	(135,524)
Other income	13,173	13,277	27,308	40,385
Total other (expenses)	(28,080)	(32,879)	(103,612)	(95,139)
Income before income taxes	8,577	5,098	239,217	225,259
Income tax expense (benefit)	(4,677)	(1,245)	47,435	30,675
Net income	$13,254	$6,343	$191,782	$194,584

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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
	2026	2025	2026	2025
Net income	$13,254	$6,343	$191,782	$194,584
Other comprehensive income, net of tax
Defined benefit pension plans:
Amortization of prior service cost, net of tax of $11, $11, $33 and $33, respectively	33	33	99	99
Amortization of net actuarial loss, net of tax of $606, $226, $1,818 and $678, respectively	1,920	717	5,760	2,152
Regulatory adjustment, net of tax of $(658), $(153), $5,882 and $(457), respectively	(2,082)	(481)	18,627	(1,447)
Net defined benefit pension plans, net of tax	(129)	269	24,486	804
Total other comprehensive income (loss), net of tax	(129)	269	24,486	804
Comprehensive income	$13,125	$6,612	$216,268	$195,388

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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Nine Months EndedSeptember 30,
	2026	2025
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$191,782	$194,584
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	258,188	241,703
Deferred income taxes	54,730	42,545
Gain on sale of property	—	(1,604)
Share-based compensation expense	14,401	8,879
Equity AFUDC	(8,305)	(4,412)
Changes in current assets and liabilities:
Accounts receivable, net of allowance	63,902	90,272
Accrued utility revenue	48,400	44,900
Deferred purchased gas costs	(45,716)	116,765
Accounts payable	(44,960)	(68,234)
Accrued taxes	9,564	(1,757)
Receivable from parent	105,550	—
Other current assets and liabilities	(95,122)	(74,382)
Changes in deferred charges and other assets	(89,455)	(42,684)
Changes in other liabilities and deferred credits	22,229	(20,216)
Net cash provided by operating activities	485,188	526,359
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(800,948)	(570,351)
Proceeds from the sale of property	—	5,306
Changes in customer advances	10,480	3,246
Other	69	940
Net cash used in investing activities	(790,399)	(560,859)
CASH FLOW FROM FINANCING ACTIVITIES:
Contribution from parent	280,000	—
Dividends paid	—	(89,209)
Retirement of long-term debt	(75,000)	—
Change in long-term commercial paper	96,000	—
Withholding remittance - share-based compensation	(5,312)	(2,613)
Other, including principal payments on finance leases	(240)	(2,755)
Net cash provided by (used in) financing activities	295,448	(94,577)
Change in cash and cash equivalents	(9,763)	(129,077)
Cash and cash equivalents at beginning of period	56,408	311,073
Cash and cash equivalents at end of period	$46,645	$181,996
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized	$125,300	$128,858
Income taxes paid, net	$—	$1,006
Decrease of capital expenditures in Accounts payable or Other current liabilities	$(22,600)	$(800)
Equity AFUDC capitalized in regulated operations plant	$8,305	$4,412

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	September 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
Net income	—		—		—		—		13,254		13,254
Share-based compensation (1)	—		—		8,376		—		(66)		8,310
Contributions from Southwest Gas Holdings, Inc.	—		—		160,000		—		—		160,000
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—		—		—		(129)		—		(129)
Balance, September 30, 2026	47,482		$49,112		$2,485,520		$(10,060)		$1,505,750		$4,030,322
	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
Net income	—		—		—		—		6,343		6,343
Share-based compensation (1)	—		—		2,385		—		(84)		2,301
Net actuarial gain arising during period, less amortization of unamortized benefit plan cost, net of tax	—		—		—		269		—		269
Balance, September 30, 2025	47,482		$49,112		$2,171,752		$(37,597)		$1,209,265		$3,392,532

(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	September 30, 2026

Note 1 – Background and Organization

Nature of Operations. The Company, a Delaware corporation, is a holding company whose primary business consists of its ownership of Southwest Gas, a California corporation and regulated natural gas distribution utility. 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 throughtwo separate reportable segments: Natural Gas Distribution (Southwest Gas) and Utility Infrastructure Services (Centuri). Following the deconsolidation of Centuri, the Company’s business consists solely of its ownership and investment in Southwest Gas.

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 currently 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 (loss) 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 (loss) 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 (loss). Revenues from external customers are reported as “Revenues from contracts with customers” in Note 3 – Revenuesfor the three and nine months ended September 30, 2026 and September 30, 2025. Capital expenditures for the three months ended September 30, 2026 and September 30, 2025 were $271.8 million and $207.9 million, respectively, and for the nine months ended September 30, 2026 and September 30, 2025 were $800.9 million and $570.4 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	September 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 include:

(In thousands)	September 30, 2026	December 31, 2025
Net cash surrender value of COLI policies	$174,150	$165,551
Other property	2,274	4,396
Total Southwest Gas Corporation	176,424	169,947
Other property and investments	10,582	8,879
Total Southwest Gas Holdings, Inc.	$187,006	$178,826

Materials, supplies, and gas inventories. Materials, supplies, and gas inventories for Southwest Gasand the Company includegas pipe materials and operating supplies of $77.2 million and $78.1 million as of September 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, $147.5 million and $91.1 million related to a regulatory asset associated with the Arizona decoupling mechanism as of September 30, 2026 and December 31, 2025, respectively, and a regulatory asset associated with the Nevada decoupling mechanism of $68.8 million and $39.0 million as of September 30, 2026 and December 31, 2025, respectively.

Regulatory Operations - Following CPUC approval of the All-Party Settlement, customers began to see the impact of the rates on July 1, 2026, Southwest Gas recognized $20.2 million of operating revenue in the second quarter of 2026 related to the period effective from January 1, 2026 through June 30, 2026. In August 2026, the CPUC approved a 10.0% return on equity relative to a 50.0% equity layer in its final decision.

On October 14, 2026, Southwest Gas received a final order in its Nevada general rate case approving new rates effective October 1, 2026. The order is expected to result in approximately $47.8 million in additional annual revenues.

Deferred charges and other assets. Deferred charges and other assets for Southwest Gas and the Company include, among other things, cloud-based software of $45.8 million and $33.9 million as of September 30, 2026 and December 31, 2025, respectively, and a regulatory asset associated with pension of $263.5 million as of September 30, 2026 and 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, $49.0 million and $27.1 million related to property taxes accrued as of September 30, 2026 and December 31, 2025, respectively.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	September 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 September 30,		Nine Months EndedSeptember 30,
(In thousands)	2026	2025	2026	2025
Southwest Gas Corporation:
Change in value of COLI policies (1)	$5,000	$2,700	$8,300	$6,500
Interest income	3,567	5,688	9,298	17,315
Equity AFUDC	3,823	1,501	8,305	4,412
Other components of net periodic benefit gain	2,195	4,369	6,585	13,106
Miscellaneous income and (expense)	(1,412)	(981)	(5,180)	(948)
Southwest Gas Corporation - total other income (deductions)	13,173	13,277	27,308	40,385
Southwest Gas Holdings, Inc.:
Interest income	712	2,140	7,852	2,504
Equity in earnings (loss) of unconsolidated investments	(92)	(2)	1,005	(146)
Miscellaneous income and (expense)	(29)	(48)	(115)	(114)
Southwest Gas Holdings, Inc. – total other income (deductions)	$13,764	$15,367	$36,050	$42,629

(1)COLI policies are typically valued at net cash surrender value.

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 September 30,		Nine Months EndedSeptember 30,
(In thousands)	2026	2025	2026	2025
Weighted average basic shares	72,565	72,209	72,508	72,104
Effect of dilutive securities:
Restricted stock units (1),(2)	258	196	178	161
Weighted average diluted shares	72,823	72,405	72,686	72,265

(1) The number of securities included 235,000 and 161,000 performance stock units during the three months ended September 30, 2026 and September 30, 2025, respectively. During the nine months ended September 30, 2026 and September 30, 2025, respectively, the number of securities included 159,000 and 136,000 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 on continuing operations during the three months ended September 30, 2025 is 196,000.

Income Taxes. The Company’s effective tax rate was (59.7)% for the three months ended September 30, 2026, compared to 208.8% for the corresponding period in 2025. The lower effective tax rate was primarily due to a deferred state income tax expense recognized in the prior year’s quarter and a state income tax benefit recognized in the current year’s quarter related to a change in state apportionment rates. The Company’s effective tax rate was 20.8% for the nine months ended September 30, 2026, compared to 35.4% for the corresponding period in 2025, primarily due to a deferred state income tax expense recognized in the prior year’s period and deferred state income tax benefit recognized in the current year’s period related to a change in state apportionment rates. This was partially offset by lower amortization of excess deferred income taxes and higher 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	September 30, 2026

Southwest Gas’ effective tax rate was (54.5)% for the three months ended September 30, 2026, compared to (24.4)% for the corresponding period in 2025. The lower effective tax rate was primarily due to a lower deferred state income tax benefit recognized in the prior year’s quarter related to a change in state apportionment rates combined with higher amortization of excess deferred income taxes in the current year’s quarter. Southwest Gas’ effective tax rate was 19.8% for the nine months ended September 30, 2026, compared to 13.6% in the corresponding period in 2025 primarily due to a larger deferred state income tax benefit recognized in the prior year’s period related to a change in state apportionment rates. In addition, there were lower amortization of excess accumulated deferred income taxes and higher 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 expects the update to impact disclosures only and does not expect it to affect the Company’s and Southwest Gas’ financial position, results of operations, or cash flows.

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 does not expect this update to have a material impact 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 (Regulated operations revenues less the net cost of gas sold), 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	September 30, 2026

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
(In thousands)	2026	2025	2026	2025
Residential	$155,727	$168,742	$743,448	$969,225
Small commercial	47,115	50,564	191,141	252,953
Large commercial	12,324	16,758	40,723	56,394
Industrial/other	8,115	9,695	25,762	33,836
Transportation	27,664	28,226	83,761	87,195
Revenues from contracts with customers	250,945	273,985	1,084,835	1,399,603
Alternative revenue program revenues	46,442	40,064	151,872	52,568
Other revenues (1)	796	2,862	4,749	7,474
Total Regulated operations revenues (2)	$298,183	$316,911	$1,241,456	$1,459,645

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

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

As of September 30, 2026, the Company and Southwest Gas had backlog performance obligations through Great Basin, excluding intercompany transactions, totaling $46.6 million through August 31, 2029. Of the current backlog, $4.3 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 backlog does not reflect any contracts or commitments associated with the Great Basin 2028 expansion project, which are expected to be incorporated into the backlog when the commercial operations start. 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

Credit Facilities

Southwest Gas has a $400.0 million revolving credit facility that is scheduled to expire in August 2029. 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 September 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. To support its commercial paper program, available capacity under the revolving credit facility is reduced by outstanding commercial paper. At September 30, 2026, no borrowings were outstanding under the revolving credit facility and there was an amount outstanding on the commercial paper as described below.

Southwest Gas Holdings has a $300.0 million revolving credit agreement that is scheduled to expire in August 2029. At September 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 contains a swingline loan sub-facility in an aggregate principal amount at any time outstanding not to exceed $30.0 million. At September 30, 2026, there wereno borrowings outstanding under this credit facility.

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	September 30, 2026

September 30, · December 31,
2026 · 2025
(In thousands) · CarryingAmount · FairValue · CarryingAmount · FairValue
Southwest Gas Holdings, Inc. and Southwest Gas Corporation:
Debentures:
8% Series, due August 2026	$—	$—		$75,000	$76,388
Medium-term notes, 7.92% series, due June 2027	25,000	25,310		25,000	26,058
Medium-term notes, 6.76% series, due September 2027	7,500	7,560		7,500	7,726
Notes, 5.8%, due December 2027	300,000	301,890		300,000	309,090
Notes, 3.7%, due April 2028	300,000	292,950		300,000	297,450
Notes, 5.45%, due February 2028	300,000	300,180		300,000	307,620
Notes, 2.2%, due June 2030	450,000	397,620		450,000	409,365
Notes, 4.05%, due March 2032	600,000	548,640		600,000	579,540
Notes, 6.1%, due February 2041	125,000	120,925		125,000	130,762
Notes, 4.875%, due October 2043	250,000	203,000		250,000	219,350
Notes, 3.8%, due September 2046	300,000	207,090		300,000	228,180
Notes, 4.15%, due June 2049	300,000	211,380		300,000	237,120
Notes, 3.18%, due August 2051	300,000	180,630		300,000	205,710
Unamortized discount and debt issuance costs	(20,672)		(23,207)
	3,236,828		3,309,293
Revolving credit facility and commercial paper	96,000		—
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	(1,048)		(1,281)
	198,952		198,719
Less: current maturities	32,500		75,000
Southwest Gas Holdings, Inc. and Southwest Gas Corporation total long-term debt, less current maturities	$3,499,280		$3,433,012

In July 2026, Southwest Gas expanded its commercial paper program from $50.0 million to $100.0 million and entered into new dealer agreements in connection with the expanded program. At September 30, 2026, $96.0 million of commercial paper borrowings were outstanding and classified as long-term debt based on management’s intent and ability to refinance these obligations on a long-term basis.

Short-Term Debt

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 and 6.76% Series Medium-Term Note for $7.5 million matures in September 2027.

The weighted average interest rate of the current maturities of long-term debt was 7.71% at September 30, 2026 and 9.23% at December 31, 2025.

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

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 nine months ended September 30, 2026 and 2025 are presented in the following tables.

	Three Months Ended September 30,
	2026			2025
(In thousands)	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	856
Expected return on plan assets	(22,221)	—	(694)	(22,582)	—	(623)
Amortization of prior service costs	—	—	44	—	—	44
Amortization of net actuarial loss (gain)	2,295	334	(103)	751	270	(78)
Net periodic benefit cost	$3,267	$975	$381	$665	$924	$491
	Nine Months Ended September 30,
2026 · 2025
(In thousands)	QRP	SERP	PBOP	QRP	SERP	PBOP
Service cost	$19,401	$156	$897	$18,296	$174	$876
Interest cost	50,178	1,767	2,505	49,191	1,788	2,569
Expected return on plan assets	(66,663)	—	(2,082)	(67,745)	—	(1,871)
Amortization of prior service costs	—	—	132	—	—	132
Amortization of net actuarial loss (gain)	6,885	1,002	(309)	2,255	810	(235)
Net periodic benefit cost	$9,801	$2,925	$1,143	$1,997	$2,772	$1,471

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 $7.8 million as of and for the three months ended September 30, 2025, and $35.1 million as of and for the nine months ended September 30, 2025.

SOUTHWEST GAS HOLDINGS, INC.	Form 10-Q
SOUTHWEST GAS CORPORATION	September 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 September 30, 2025 · Nine Months Ended September 30, 2025
As Reported · Adjustments · As Restated · As Reported · Adjustments · As Restated
Income tax expense (benefit)	$(803)	$7,842		$7,039		$36,059	$35,113		$71,172
Income (loss) from continuing operations, net of income tax	4,175	(7,842)		(3,667)		165,003	(35,113)		129,890
Net income (loss)	267,959	(7,842)		260,117		366,817	(35,113)		331,704
Net income (loss) attributable to Southwest Gas Holdings, Inc.	$270,476	$(7,842)		$262,634		$371,463	$(35,113)		$336,350
Earnings (loss) per share attributable to Southwest Gas Holdings, Inc.:
Continuing operations	$0.06	$(0.11)		$(0.05)		$2.29	$(0.49)		$1.80
Net earnings (loss) per share - basic	$3.75	$(0.11)		$3.64		$5.15	$(0.49)		$4.66
Diluted earnings (loss) per share:
Continuing operations	$0.06	$(0.11)		$(0.05)		$2.28	$(0.49)		$1.79
Net earnings (loss) per share - diluted	$3.74	$(0.11)		$3.63		$5.14	$(0.49)		$4.65
Weighted average shares:
Basic	72,209		72,209		72,104			72,104
Diluted	72,405		72,405		72,265			72,265

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
	As Reported	Adjustments	As Restated	As Reported	Adjustments	As Restated
Net income (loss)	$267,959	$(7,842)	$260,117	$366,817	$(35,113)	$331,704
Comprehensive income (loss)	266,566	(7,842)	258,724	372,774	(35,113)	337,661
Comprehensive income (loss) attributable to Southwest Gas Holdings, Inc.	$269,879	$(7,842)	$262,037	$377,131	$(35,113)	$342,018

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

SOUTHWEST GAS HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Nine Months Ended September 30, 2025
	As Reported	Adjustments	As Restated
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)	$366,817	$(35,113)	$331,704
Income (loss) from continuing operations, net of income tax	165,003	(35,113)	129,890
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	48,141	35,113	83,254
Net cash provided by operating activities of continuing operations	509,136	—	509,136
Net cash provided by operating activities	$474,508	$—	$474,508

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
Net income (loss) attributable to Southwest Gas Holdings, Inc., for the three months ended September 30, 2025	270,476	(7,842)	262,634
Retained earnings, September 30, 2025	999,399	(35,113)	964,286
Total equity attributable to Southwest Gas Holdings, Inc., September 30, 2025	3,928,679	(35,113)	3,893,566
Total equity, September 30, 2025	$3,928,679	$(35,113)	$3,893,566

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.

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

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 September 30, 2025			Nine Months Ended September 30, 2025
	As Reported	Adjustments	As Revised	As Reported	Adjustments	As Revised
Regulated operations revenues	$316,911	$—	$316,911	$1,459,645	$2,100	$1,461,745
Operating income	37,977	—	37,977	318,298	2,100	320,398
Income before income taxes	5,098	—	5,098	223,159	2,100	225,259
Income tax expense (benefit)	(422)	(823)	(1,245)	41,020	(10,345)	30,675
Net income	$5,520	$823	$6,343	$182,139	$12,445	$194,584

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)
	Three Months Ended September 30, 2025			Nine Months Ended September 30, 2025
	As Reported	Adjustments	As Revised	As Reported	Adjustments	As Revised
Net income	$5,520	$823	$6,343	$182,139	$12,445	$194,584
Comprehensive income	$5,789	$823	$6,612	$182,943	$12,445	$195,388

SOUTHWEST GAS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
	Nine Months Ended September 30, 2025
	As Reported	Adjustments	As Revised
CASH FLOW FROM OPERATING ACTIVITIES:
Net income	$182,139	$12,445	$194,584
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income taxes	52,890	(10,345)	42,545
Changes in current assets and liabilities:
Accounts receivable, net of allowance	92,372	(2,100)	90,272
Deferred purchased gas costs	114,768	1,997	116,765
Accounts payable	(66,237)	(1,997)	(68,234)
Net cash provided by operating activities	$526,359	$—	$526,359

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

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
Net income for the three months ended September 30, 2025	5,520	823	6,343
Retained earnings, September 30, 2025	1,233,196	(23,931)	1,209,265
Total Equity, September 30, 2025	$3,416,463	$(23,931)	$3,392,532

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