Southwest Gas Holdings, Inc. (SWX) Earnings History
Steady Earner32 years of earnings data (1994–2025) · Positive but moderate multi-year EPS trajectory
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Southwest Gas Holdings, Inc. (SWX) Earnings Overview
As of June 23, 2026, Southwest Gas Holdings, Inc. (SWX) reported trailing twelve-month net income of $464M, reflecting +120.3% year-over-year growth. The company earned $6.40 per diluted share over the past four quarters, with a net profit margin of 22.7%.
Looking at the long-term picture, SWX's 5-year EPS compound annual growth rate (CAGR) stands at +8.0%, showing solid earnings momentum. The company achieved its highest annual net income of $440M in fiscal 2025, representing a new all-time high.
Southwest Gas Holdings, Inc. maintains industry-leading profitability with a gross margin of 29.3%, operating margin of 24.4%, and net margin of 22.7%. This margin structure demonstrates strong pricing power and operational efficiency. View revenue history →
Compared to peers including NJR ($341M net income, 16.5% margin), SR ($358M net income, 11.0% margin), NWN ($123M net income, 8.8% margin), SWX has outperformed on profitability metrics. Compare SWX vs NJR →
SWX Earnings vs Peers
Earnings metrics vs comparable public companies
SWX Historical Earnings Data (1994–2025)
32 years| Fiscal Year | Net Income | YoY % | Operating Income | EPS (Diluted) | Net Margin | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $440M | +121.2% | $474M | $6.08 | 22.7% | 24.4% |
| 2024 | $199M | +31.8% | $484M | $2.76 | 3.9% | 9.5% |
| 2023 | $151M | +174.2% | $418M | $2.13 | 2.8% | 7.7% |
| 2022 | -$203M | -201.3% | -$24M | $-24.75 | -4.1% | -0.5% |
| 2021 | $201M | -13.6% | $370M | $3.39 | 5.5% | 10.0% |
| 2020 | $232M | +8.6% | $423M | $4.14 | 7.0% | 12.8% |
| 2019 | $214M | +17.4% | $372M | $3.94 | 6.9% | 11.9% |
| 2018 | $182M | -6.0% | $357M | $3.68 | 6.3% | 12.4% |
| 2017 | $194M | +27.5% | $324M | $4.04 | 7.6% | 12.7% |
| 2016 | $152M | +9.9% | $296M | $3.18 | 6.2% | 12.0% |
| 2015 | $138M | -2.0% | $288M | $2.92 | 5.6% | 11.7% |
| 2014 | $141M | -2.9% | $284M | $3.01 | 6.7% | 13.4% |
| 2013 | $145M | +9.0% | $274M | $3.11 | 7.4% | 14.1% |
| 2012 | $133M | +18.7% | $272M | $2.86 | 6.9% | 14.1% |
| 2011 | $112M | +8.1% | $250M | $2.43 | 5.9% | 13.3% |
| 2010 | $104M | +18.7% | $232M | $2.27 | 5.7% | 12.7% |
| 2009 | $87M | +43.5% | $208M | $1.94 | 4.6% | 11.0% |
| 2008 | $61M | -26.8% | $208M | $1.39 | 2.8% | 9.7% |
| 2007 | $83M | -0.7% | $221M | $1.95 | 3.9% | 10.2% |
| 2006 | $84M | +91.4% | $209M | $2.05 | 4.1% | 10.3% |
| 2005 | $44M | -22.8% | $151M | $1.14 | 2.6% | 8.8% |
| 2004 | $57M | +47.5% | $170M | $1.60 | 3.8% | 11.5% |
| 2003 | $39M | -12.4% | $135M | $1.13 | 3.1% | 11.0% |
| 2002 | $44M | +18.3% | $146M | $1.32 | 3.3% | 11.1% |
| 2001 | $37M | -3.0% | $134M | $1.15 | 2.7% | 9.6% |
| 2000 | $38M | -2.5% | $129M | $1.21 | 3.7% | 12.4% |
| 1999 | $39M | -17.3% | $131M | $1.27 | 4.2% | 14.0% |
| 1998 | $48M | +187.9% | $154M | $1.65 | 5.2% | 16.8% |
| 1997 | $17M | +150.0% | $102M | $0.61 | 2.3% | 14.0% |
| 1996 | $7M | +144.6% | $72M | $0.25 | 1.0% | 11.1% |
| 1995 | -$15M | -156.3% | $58M | $-0.65 | -2.6% | 10.3% |
| 1994 | $26M | - | $52M | $1.22 | 4.3% | 8.4% |
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SWX — Frequently Asked Questions
Quick answers to the most common questions about buying SWX stock.
What is SWX earnings per share (EPS)?
SWX trailing twelve-month (TTM) diluted EPS is $6.40, reflecting +120.3% year-over-year growth. The 5-year EPS CAGR is +8.0%. Complete EPS history from 1994 to 2025 is available in the table on this page.
What is Southwest Gas Holdings, Inc.'s net income?
Southwest Gas Holdings, Inc. (SWX) trailing twelve-month net income is $464M as of 2025. Earnings grew +120.3% year-over-year. Southwest Gas Holdings, Inc. has been profitable for 3 consecutive years.
Is SWX profitable?
Yes, SWX is profitable with a TTM net income of $464M and a net profit margin of +22.7%. Southwest Gas Holdings, Inc. has generated profits for 3 consecutive years.
What is SWX's earnings growth rate?
SWX compound annual EPS growth rates (CAGR): 1-Year: +120.3%, 3-Year: N/A, 5-Year: +8.0%, 10-Year: +7.6%. These figures measure the annualised rate of diluted EPS growth over each period, based on data from 1994 to 2025.
What are SWX's profit margins?
Southwest Gas Holdings, Inc. net profit margin is +22.7%, operating margin is +24.4%, and gross margin is +29.3%. Above-average net margins reflect strong pricing power and competitive moat. Return on Equity is +11.5%.
Is SWX growing earnings?
Yes, SWX earnings are accelerating — EPS growth of +120.3% exceeds the 5-year CAGR of +8.0%. TTM net income reached $464M. Earnings momentum is strengthening.
What was SWX's best earnings year?
Southwest Gas Holdings, Inc.'s highest annual net income on record is $440M, achieved in fiscal year 2025. Earnings history on this page spans 1994 to 2025 and includes all annual and quarterly figures.
What were SWX's earnings last quarter?
SWX's most recent reported quarter was Q1 2026. Net income was $138M with diluted EPS of $1.91. For a full breakdown of all quarters, see the quarterly earnings table on this page.