Southwest Gas Holdings, Inc. (SWX) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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SWX Revenue Growth
Revenue Breakdown (FY 2024)
SWX's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
SWX Revenue Analysis (2014–2025)
As of May 8, 2026, Southwest Gas Holdings, Inc. (SWX) generated trailing twelve-month (TTM) revenue of $2.50 billion, reflecting significant decline in growth of -54.9% year-over-year. The most recent quarter (Q1 2026) recorded $585.1 million in revenue, up 21.7% sequentially.
Looking at the longer-term picture, SWX's 5-year compound annual growth rate (CAGR) stands at -10.1%, indicating revenue contraction over this period. The company achieved its highest annual revenue of $5.43 billion in 2023.
Revenue diversification analysis shows SWX's business is primarily driven by Gas Infrastructure Services (55%), and Electric Power Infrastructure Services (45%). With over half of revenue concentrated in Gas Infrastructure Services, the company maintains significant focus in this area while developing other growth vectors.
When compared to Utilities sector peers including NJR (+8.5% YoY), SR (+1.9% YoY), and NWN (+5.9% YoY), SWX has underperformed the peer group in terms of revenue growth. Compare SWX vs NJR →
SWX Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| SWXCurrent | $2.5B | -54.9% | -10.1% | 24.4% | |
 NJR | $2.0B | +8.5% | +0.8% | 21.4% | |
 SR | $2.5B | +1.9% | +5.9% | 21.2% | |
 NWN | $1.3B | +5.9% | +10.8% | 31.4% | |
 ATO | $4.7B | +8.8% | +10.8% | 33.2% | |
 WEC | $9.8B | +11.2% | +6.2% | 24.2% |
SWX Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.94B | -62.0% | $568.0M | 29.3% | $473.9M | 24.4% |
| 2024 | $5.11B | -5.9% | $1.01B | 19.8% | $483.8M | 9.5% |
| 2023 | $5.43B | +9.6% | $1.02B | 18.8% | $418.3M | 7.7% |
| 2022 | $4.96B | +34.8% | $994.9M | 20.1% | $-24,398,000 | -0.5% |
| 2021 | $3.68B | +11.6% | $820.9M | 22.3% | $369.5M | 10.0% |
| 2020 | $3.30B | +5.7% | $818.5M | 24.8% | $423.0M | 12.8% |
| 2019 | $3.12B | +8.3% | $737.4M | 23.6% | $371.8M | 11.9% |
| 2018 | $2.88B | +13.0% | $666.5M | 23.1% | $357.4M | 12.4% |
| 2017 | $2.55B | +3.6% | $632.6M | 24.8% | $323.7M | 12.7% |
| 2016 | $2.46B | -0.1% | $637.2M | 25.9% | $295.7M | 12.0% |
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Start ComparisonSWX — Frequently Asked Questions
Quick answers to the most common questions about buying SWX stock.
Is SWX's revenue growth accelerating or slowing?
SWX revenue declined -54.9% year-over-year, contrasting with the 5-year CAGR of -10.1%. TTM revenue fell to $2.5B. This reverses the prior growth trend.
What is SWX's long-term revenue growth rate?
Southwest Gas Holdings, Inc.'s 5-year revenue CAGR of -10.1% reflects the variable expansion pattern. Current YoY growth of -54.9% is below this long-term average.
How is SWX's revenue distributed by segment?
SWX reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.