Southwest Gas
Regulated natural gas distribution and transportation across Arizona, Nevada, and California.
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Profile
Purchases, distributes, and transports natural gas for residential, commercial, and industrial customers across Arizona, Nevada, and California. Regulated distribution and transportation produce operating margin, led by residential and small-commercial service, while commissions govern rates and investment recovery.
Purchases, distributes, and transports natural gas through the Natural Gas Distribution segment, serving residential, commercial, and industrial customers across Arizona, Nevada, and California. Regulated interstate pipeline operations, including Great Basin, move gas to utilities and large customers in Nevada and California.
Execution centers on replacing pipe, reinforcing capacity, connecting new meters, and obtaining approval to recover infrastructure investment. Gas commodity costs pass through customer bills without markup, so operating margin comes from distribution and transportation service rather than commodity trading.
Residential and small-commercial service generates most operating margin. State commissions set rates, service territories, and recovery mechanisms, while federal regulators oversee interstate transmission; results depend on regulatory timing, system investment, customer growth, and winter-weighted rate structures.
Company facts
Categories
Key statistics
Year to date +11.2% · Average volume (30d) 428.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 5, 2026 | Mizuho Securities | Target | $98 | $103 | ||
| Jun 9, 2026 | Mizuho Securities | Target | $96 | $98 | ||
| May 11, 2026 | Wells Fargo | Target | $78 | $105 | ||
| May 7, 2026 | UBS | Target | $100 | |||
| May 7, 2026 | JP Morgan | Upgrade | Neutral | Overweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.45 | $0.58 | +28.6% | $416.2M | $358.2M | −13.9% | +1.82% |
| May 5, 2026Q1 FY26 | $1.88 | $1.91 | +1.6% | $695.5M | $585.1M | −15.9% | −3.04% |
| Feb 25, 2026Q4 FY25 | $1.40 | $1.36 | −2.9% | $587.0M | $480.7M | −18.1% | +1.54% |
| Nov 5, 2025Q3 FY25 | $0.09 | $0.06 | −33.3% | $586.7M | $316.9M | −46.0% | −0.20% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.30B | $1.12B | $316.9M | $480.7M | $585.1M | $358.2M | |
| Gross profit | $352.1M | $221.9M | $139.4M | $182.4M | $344.0M | $319.7M | |
| Operating income | $200.4M | $95.5M | $37.0M | $158.7M | $219.3M | $84.3M | |
| Net income | $113.9M | −$12.9M | $270.5M | $68.4M | $138.4M | $42.1M | |
| Diluted EPS | $1.58 | −$0.18 | $3.74 | $0.94 | $1.91 | $0.58 | |
| Gross margin | 27.2% | 19.8% | 44.0% | 37.9% | 58.8% | 89.3% | |
| Operating margin | 15.5% | 8.5% | 11.7% | 33.0% | 37.5% | 23.5% |
Fiscal years (4-quarter sums)FY21 $3.68B · FY22 $4.96B · FY23 $5.43B · FY24 $4.39B · FY25 $3.21B
Revenue by product · FY24
Revenue by geography · FY24
Balance sheet, Jun 30, 2026Cash & short-term investments $270.5M · Total debt $3.51B · Total assets $10.48B · Shareholders' equity $4.13B
Dividends
Raised for 33 straight years — most recently to $0.645 from $0.62 in May 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2026 | Aug 17 | Sep 1 | $0.645 | |
| May 15, 2026 | May 15 | Jun 1 | $0.645 | raised from $0.62 |
| Feb 17, 2026 | Feb 17 | Mar 2 | $0.62 | |
| Nov 17, 2025 | Nov 17 | Dec 1 | $0.62 | |
| Aug 15, 2025 | Aug 15 | Sep 2 | $0.62 | |
| May 15, 2025 | May 15 | Jun 2 | $0.62 | |
| Feb 18, 2025 | Feb 18 | Mar 3 | $0.62 | |
| Nov 15, 2024 | Nov 15 | Dec 2 | $0.62 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 72.37M · Float 71.88M · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.18M | 15.45% | 13F | Aug 7, 2026 |
| Icahn Carl C · 10 percent owner | 6.03M | 8.34% | Form 4 | Sep 26, 2025 |
| FMR LLC | 5.58M | 7.70% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 3.97M | 5.49% | 13F | Aug 13, 2026 |
| Corvex Management LP | 3.21M | 4.43% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jan 9, 2026 | Justin L. Brown | officer: President/Southwest Gas Corp. | −3,028 | $81.08 |
| Sep 25, 2025 | Carl C. Icahn | 10 percent owner | −1,500,000 | $77.91 |
| Sep 10, 2025 | Brian E. Sandoval | director | +24 | $78.57 |
Peers
- Atmos Energy
Largest pure-play U.S. gas LDC benchmark
- ONE Gas
Pure-play gas LDC with similar customer scale
- Pinnacle West Capital
Arizona electric utility alternative to gas
- Sempra
California gas and electric utility overlap
- Spire
Gas utility peer across Missouri and the Southeast
- PG&E
California combined gas-electric utility peer
- NW Natural
Smaller gas LDC peer focused on affordability
- New Jersey Resources
Regulated NJ gas distributor and utility peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Southwest Gas | $88.65 | −0.49% | $6.45B | 12.4 | 19.1 | 3.7 | −68.0% |
| Atmos Energy | $166.65 | +0.01% | $27.82B | 19.8 | 18.5 | 5.7 | +4.8% |
| ONE Gas | $79.47 | −0.03% | $4.99B | 17.1 | 16.1 | 2.2 | −2.9% |
| Pinnacle West Capital | $97.64 | 0.00% | $11.83B | 18.7 | 19.8 | 2.1 | +7.1% |
| Sempra | $84.31 | −0.01% | $55.12B | 24.4 | 16.1 | 4.1 | −0.1% |
| Spire | $82.56 | −0.05% | $4.88B | 9.2 | 16.9 | 1.9 | −0.4% |
| PG&E | $16.64 | +0.15% | $44.49B | 12.1 | 9.6 | 1.7 | +0.1% |
| NW Natural | $49.50 | +0.02% | $2.08B | 16.2 | 15.7 | 1.6 | +3.1% |
| New Jersey Resources | $53.60 | +0.02% | $5.41B | 14.8 | 16.1 | 2.4 | +16.8% |
| Median | 16.7 | 16.1 | 2.1 | +1.6% |