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Southwest Gas

Logo: Southwest Gas Corporation, Public domain, via Wikimedia Commons5

Energy company

Southwest Gas Holdings, Inc. (NYSE: SWX) is an investor-owned utility based in Las Vegas, Nevada, United States. The company provides natural gas service to over 2 million residential, commercial, and industrial customers in parts of Arizona, Nevada, and California. At the end of 2021, Southwest had 1.15 million customers located in Arizona, 0.8 million in Nevada, and 0.2 million in California.3 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

1931Founded1

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  • TickerSWX on NYSE1
  • IndustryNatural Gas Transmisison & Distribution1
  • HeadquartersLas Vegas, United States1
  • Websitewww.swgas.com
  • Incorporated inDE6
  • Business addressC/O Southwest Gas Corporation, 8360 S. Durango Drive, Las Vegas, Nv 891136
  • Filer categoryLarge accelerated filer6
  • Legal formFor-Profit Corporation General Stock4
  • LEIOQQR1IQTGBKH0UR88X594
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O C T CORPORATION SYSTEM, 91203 Glendale, United States4
  • Registered withSecretary of State, 39750194

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Southwest Gas Holdings, Inc. (NYSE: SWX) is an investor-owned utility based in Las Vegas, Nevada, United States.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

5.4%Operating margin9
2.8%Net margin9
9.6%Revenue growth, 202310
4.6%Return on equity11
1.39×Debt to equity11
-$256.7MFree cash flow9

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Natural Gas Distribution brought in 99% of the revenue Southwest Gas broke down this way in fiscal 2023.

  1. Natural Gas Distribution$2.5B999%
  2. Pipeline And Storage$35.1M91%
Business segments by year
Business segments2023
Natural Gas Distribution$2.5B
Pipeline And Storage$35.1M

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue48¢$2.6B
  • Other costs43¢$2.3B
  • Interest5¢$292.3M
  • Income tax1¢$29.4M
  • Profit3¢$150.9M

Out of $5.4B in revenue.10119

Where each dollar of operating cash went, fiscal 2023

  • Capital spending81¢$765.9M
  • Dividends paid19¢$174.6M

Out of $509.2M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.9

Financial statements

Revenue1210$5.4B in 2023+292% since 2019
0$2.0B$4.0B$6.0B2019: $1.4B$1.4B20192020: $1.3B$1.3B2020−3%2021: $1.5B$1.5B2021+12%2022: $5.0B$5.0B2022+231%2023: $5.4B$5.4B2023+10%
Operating income121310119$293.0M in 2023−21% since 2019
-$200.0M0$200.0M$400.0M$600.0M2019: $371.8M$371.8M20192020: $423.0M$423.0M2020+14%2021: $369.5M$369.5M2021−13%2022: -$24.4M-$24.4M20222023: $293.0M$293.0M2023
Net income121310119$150.9M in 2023−29% since 2019
-$400.0M-$200.0M0$200.0M$400.0M2019: $213.9M$213.9M20192020: $232.3M$232.3M2020+9%2021: $200.8M$200.8M2021−14%2022: -$203.3M-$203.3M20222023: $150.9M$150.9M2023

Every line of the income statement as filed: the last 3 fiscal years (annual) or 2 quarters (quarterly), latest first.9

Period ending2025-12-312024-12-312023-12-31
Regulated operations revenues$1.9B$2.5B$2.5B
Total operating revenues$1.9B$2.5B$2.5B
Net cost of gas sold$497.6M$1.2B$1.3B
Operations and maintenance$544.1M$526.7M$533.0M
Depreciation and amortization$330.7M$303.1M$295.5M
Taxes other than income taxes$94.1M$89.0M$88.8M
Goodwill impairment and loss on sale$0$0$71.2M
Total operating expenses$1.5B$2.1B$2.2B
Operating income$473.9M$406.5M$293.0M
Net interest deductions-$203.1M-$206.5M-$194.8M
Other income (deductions)$60.1M$54.2M$71.2M
Total other income and (expenses)-$143.0M-$152.3M-$123.6M
Income from continuing operations before income taxes$330.9M$254.1M$169.4M
Income tax expense$96.0M$33.2M$29.4M
Income from continuing operations$234.8M$221.0M$140.0M
Income (loss) from discontinued operations, net of income tax$200.3M-$16.1M$15.5M
Net income$435.2M$204.8M$155.5M
Net income (loss) attributable to noncontrolling interests-$4.6M$6.0M$4.6M
Net income$439.8M$198.8M$150.9M
Continuing operations (in USD per share)$3$3$2
Discontinued operations (in USD per share)$3-$0$0
Net earnings per share - basic (in USD per share)$6.09$2.77$2.13
Continuing operations (in USD per share)$3$3$2
Discontinued operations (in USD per share)$3-$0$0
Net earnings per share - diluted (in USD per share)$6.08$2.76$2.13
Basic (in shares)72.2M shares71.8M shares70.8M shares
Diluted (in shares)72.3M shares72.0M shares71.0M shares

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Corporate structure

Southwest Gas is part of a group headed by SOUTHWEST GAS HOLDINGS, INC.. 7 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Southwest Gas

  • Corvex Management LP Filed SCHEDULE 13D/A on Southwest Gas, latest May 8, 2026 (3 filings since Oct 23, 2023)
  • VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on Southwest Gas, latest Apr 29, 2026
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Southwest Gas, latest Mar 27, 2026 (5 filings since Oct 12, 2021)
  • FMR LLC Filed SCHEDULE 13G/A on Southwest Gas, latest Feb 5, 2026 (3 filings since Aug 6, 2025)
  • Carl C. Et Al Icahn Filed SCHEDULE 13D/A on Southwest Gas, latest Jan 29, 2026 (18 filings since Jun 3, 2022)
  • BlackRock Filed SC 13G/A on Southwest Gas, latest Jan 23, 2024 (4 filings since Feb 8, 2022)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on Southwest Gas, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
  • SOUTHWEST GAS HOLDINGS, INC. Las Vegas, Nevada, United States
    • Southwest Gas Las Vegas, Nevada, United States
      • Centuri Holdings, Inc. Stake · Phoenix, Arizona
      • Great Basin Gas Transmission Company Subsidiary · Nevada, United States
      • Southwest Gas Utility Group, Inc. Subsidiary · California, United States
      • The Southwest Companies Subsidiary · Nevada, United States
      • Utility Financial Corp. Subsidiary · Nevada, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (1 companies). Each entity in the chart links to its source.

What it owns

What Southwest Gas reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Accumulated depreciation$740.6M11 Dec 31, 2024$675.6M11 Dec 31, 2023+9.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$576.6M9 Dec 31, 2025$314.8M9 Dec 31, 2024+83.2%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$11.2M9 Dec 31, 2025$11.2M9 Dec 31, 20240%

Properties, in its own words

Southwest Gas is engaged in the retail transmission, distribution, transportation and sale of natural gas for domestic, commercial, agricultural and industrial uses in Arizona, Nevada, and California. Service areas in Arizona includes Phoenix Tucson and surrounding communities. Service areas in Nevada include the Las Vegas valley and surrounding communities in Clark County in the south and the Lake Tahoe area to Elko and surrounding communities in the north. Service areas in California include high desert communities in San Bernardino County in the south and in communities in Placer, El Dorado and Nevada counties in the Lake Tahoe area in the northern part of the state.

Southwest Gas, through two subsidiaries, operates two primary pipeline transmission systems:

The rest of Item 2

•a system (including an LNG storage facility) owned by Great Basin extending from the Idaho-Nevada border to the Reno, Sparks, and Carson City areas and communities in the Lake Tahoe area in both California and Nevada and other communities in northern and western Nevada; and

•a system owned by Southwest Gas Transmission Company extending from the Colorado River at the southern tip of Nevada to the Las Vegas distribution area.

The plant investment of Southwest Gas consists primarily of transmission and distribution mains, compressor stations, peak shaving/storage facilities, service lines, meters, and regulators, which comprise the pipeline systems and facilities located in and around the communities served. Southwest Gas also includes other properties such as land, buildings, furnishings, work equipment, vehicles, and software systems in utility plant. Total gas plant, including construction work in progress, at December 31, 2025, was $11.8 billion at Southwest Gas. It is the opinion of management that the properties of Southwest Gas are suitable and adequate for its purposes. Subject to approval from FERC to construct and operate the system expansion, Great Basin estimates a potential estimated capital investment of approximately $1.7 billion in the next three years with an expected in-service date of late 2028.

Substantially all gas main and service lines are constructed across property owned by others under right-of-way grants obtained from the record owners thereof, under the streets and on the grounds of municipalities under authority conferred by franchises or otherwise, or beneath public highways or public lands under authority of various federal and state statutes. None of the numerous county and municipal franchises are exclusive, and some are of limited duration. These franchises are renewed regularly as they expire, and Southwest Gas anticipates no serious difficulties in obtaining future renewals.

With respect to the right-of-way grants, Southwest Gas generally has had continuous and uninterrupted possession and use of such rights-of-way, and the associated gas mains and service lines, commencing with the initial stages of construction of such facilities. Permits have been obtained from public authorities and other governmental entities in certain instances to cross or to install facilities through public lands and along roads and highways. These permits typically are revocable at the election of the grantor, and Southwest Gas occasionally must relocate its facilities when requested to do so by the grantor. Permits have also been obtained from railroad companies to cross over or under railroad lands or rights-of-way, which in some instances require annual or other periodic payments and are revocable at the election of the grantors.

Item 2 of the 10-K filed Feb 25, 2026.17

The story

The company was founded in Barstow, California, in 1931, and soon expanded to the nearby town of Victorville. Natural gas was brought into southern Nevada in 1953, and Southwest Gas began service to the burgeoning communities of Las Vegas and Henderson the following year.

On January 24, 1956, Southwest Gas Corporation became a publicly owned company. Expansion into Arizona occurred in 1957 with the acquisition of Natural Gas Service of Arizona, which served customers in Gila, Greenlee, and Pinal counties.

In 1963, with the completion of a 250-mile pipeline in northern Nevada, the company was able to grow once again by extending its service territory to include Carson City. Several years later it began serving customers as far east as Elko in the northern part of the state. Expansion also occurred during this time in California with expansion from its Victorville operations to Big Bear.

During the next several decades the company made several more acquisitions and expanded in parts of its tri-state service territory. In 1979, the purchase of the gas system of what is now Tucson Electric Power, and the 1984 purchase of the gas system of Arizona Public Service Company, added the Phoenix area to the company's customer base. During a time of unprecedented growth in the desert Southwest, Southwest Gas was serving some of the fastest-growing areas in the country. In 2005, the company acquired service territory in South Lake Tahoe from Avista, enabling it to serve customers contiguously around Lake Tahoe in California and Nevada. The company is the largest distributor of natural gas in Arizona and Nevada.

From Wikipedia’s article on Southwest Gas, shared under CC BY-SA 4.0.7

Leadership

Who has led Southwest Gas, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jeffrey W. Shaw2006–2015
  2. John P. Hester2016
  3. John P. Hester2017–2022
  4. Paul M. Daily2020–2023
  5. Karen S. Haller2022–2024
  6. William Fehrman2024

President

  1. James P. Kane2006–2013
  2. Jeffrey W. Shaw2012–2014
  3. John P. Hester2015–2016
  4. John P. Hester2017–2022
  5. Karen S. Haller2022
  6. Justin L. Brown2022–now

Chief financial officer

  1. George C. Biehl2006–2011
  2. Roy R. Centrella2011–2016
  3. Roy R. Centrella2017–2018
  4. Gregory J. Peterson2018–2022
  5. Robert J. Stefani2022–2025
  6. Justin S. Forsberg2025–now
197019801990200020102020
Board members and other officers (72)

Subsidiaries and ownership

Ultimate parent

Subsidiaries (Exhibit 21)

  • Great Basin Gas Transmission Company Nevada8
  • Southwest Gas Corporation California8
  • Southwest Gas Holdings, Inc. Delaware8
  • Southwest Gas Utility Group, Inc. California8
  • The Southwest Companies Nevada8
  • Utility Financial Corp. Nevada8

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record. The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 5, 20268-K Results of operations104
  2. May 11, 20268-K Shareholder vote105
  3. May 5, 20268-K Results of operations106
  4. Feb 25, 20268-K Results of operations107
  5. Feb 25, 20268-K Executive or director change108
  6. Feb 12, 20268-K Ended a material agreement109
  7. Feb 11, 20268-K Executive or director change; Regulation FD disclosure110
  8. Jan 9, 20268-K Results of operations; Earlier financial statements no longer reliable; Regulation FD disclosure111
  9. Jan 2, 20268-K Executive or director change; Regulation FD disclosure112
  10. Nov 26, 20258-K Entered a material agreement; Executive or director change; Other events113
  11. Nov 5, 20258-K Results of operations114
  12. Nov 5, 20258-K Executive or director change115
  13. Jan 5, 2024New chief executive William Fehrman becomes CEO18
  14. Oct 11, 2022New chief executive Karen S. Haller becomes CEO19
  15. Mar 4, 2020New chief executive Paul M. Daily becomes CEO20
  16. Jan 26, 2016New chief executive John P. Hester becomes CEO22
  17. Jan 24, 2006New chief executive Jeffrey W. Shaw becomes CEO23
  18. Jan 2, 1990Went public Listed on NYSE1
  19. 1931Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.06 a share, on Nov 5, 2025.116

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results104
  2. May 5, 2026Reported quarterly or annual results106
  3. Feb 25, 2026Reported quarterly or annual results107
  4. Jan 9, 2026Reported quarterly or annual results111
  5. Nov 5, 2025Reported quarterly or annual results114
  6. Aug 6, 2025Reported quarterly or annual results117
  7. May 12, 2025Reported quarterly or annual results118
  8. Feb 26, 2025Reported quarterly or annual results119

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

685 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 100 major events, 315 insider forms, 36 large holders, 214 other. The latest 20:

  1. Sep 29, 20264 EDGAR
  2. Sep 28, 2026144 EDGAR
  3. Aug 5, 202610-Q EDGAR
  4. Aug 5, 20268-K EDGAR
  5. Jun 25, 202611-K EDGAR
  6. May 13, 20264 EDGAR
  7. May 13, 20264 EDGAR
  8. May 13, 20263 EDGAR
  9. May 13, 20263 EDGAR
  10. May 11, 20268-K EDGAR
  11. May 8, 2026SCHEDULE 13D/A EDGAR
  12. May 5, 202610-Q EDGAR
  13. May 5, 20268-K EDGAR
  14. Apr 29, 2026SCHEDULE 13G EDGAR
  15. Mar 27, 2026SCHEDULE 13G/A EDGAR
  16. Mar 23, 2026DEFA14A EDGAR
  17. Mar 23, 2026DEF 14A EDGAR
  18. Mar 23, 2026ARS EDGAR
  19. Mar 4, 2026144 EDGAR
  20. Mar 3, 20264 EDGAR

The 685 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

46 open-market trades by officers, directors and large owners since October 2021: 28 buys and 18 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 28, 2026Williams Julie M.SVP/Cont. Improvement and Opt.Sale2,500$81.81$204.5KForm 4
Jan 9, 2026Brown Justin LPresident/Southwest Gas Corp.Sale3,028$81.08$245.5KForm 4
Sep 25, 2025ICAHN CARL C10% ownerSale1,500,000$77.91$116.9MForm 4
Sep 10, 2025Sandoval Brian EDirectorBuy24$78.57$1.9KForm 4
Jun 27, 2025Stefani Robert JSVP/Chief Financial OfficerSale7,000$75.00$525.0KForm 4
Mar 28, 2025Stefani Robert JSVP/Chief Financial OfficerSale2,000$72.55$145.1KForm 4
Mar 24, 2025ICAHN CARL C10% ownerSale2,100,000$74.60$156.7MForm 4
Nov 19, 2024ICAHN PARTNERS LP10% ownerSale1,390,000$76.74$106.7MForm 4
Aug 27, 2024Stefani Robert JSVP/Chief Financial OfficerSale10,233$72.56$742.5KForm 4
Aug 26, 2024Stefani Robert JSVP/Chief Financial OfficerSale767$73.14$56.1KForm 4
May 13, 2024Brown Justin LPresident/Southwest Gas Corp.Sale2,625$76.50$200.8KForm 4
Dec 27, 2023Daily Paul MCEO/Centuri Group, Inc.Sale1,000$63.80$63.8KForm 4
Sep 27, 2023ICAHN CARL C10% ownerBuy1,400$62.00$86.8KForm 4
Sep 26, 2023ICAHN CARL C10% ownerBuy4,536$61.98$281.1KForm 4
Sep 25, 2023ICAHN PARTNERS LP10% ownerBuy600$62.00$37.2KForm 4
Sep 22, 2023ICAHN PARTNERS LP10% ownerBuy16,190$61.94$1.0MForm 4
Sep 21, 2023ICAHN PARTNERS LP10% ownerBuy27,466$62.00$1.7MForm 4
Sep 12, 2023ICAHN PARTNERS MASTER FUND LP10% ownerBuy44,222$61.79$2.7MForm 4
Sep 11, 2023ICAHN PARTNERS MASTER FUND LP10% ownerBuy61,702$61.48$3.8MForm 4
Sep 8, 2023ICAHN PARTNERS MASTER FUND LP10% ownerBuy21,807$60.67$1.3MForm 4

All 46 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Stakes it holds

Southwest Gas has told the SEC it owns more than 5% of 1 company, latest first (Schedules 13D and 13G).

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Karen S. HallerPresident and Chief Executive Officer62$1.1M$149.9K128

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.11,181,201$991.5M0.0%+434,070
Fmr LLC5,575,126$494.4M0.0%+413,169
Vanguard Portfolio Management LLC3,973,510$352.4M0.0%+117,743
Corvex Management LP3,208,538$284.5M8.8%−1,109,623
Vanguard Capital Management LLC3,047,616$270.3M0.0%+39,317
State Street Corp2,607,181$231.2M0.0%+185,646
Geode Capital Management, LLC2,086,964$185.1M0.0%+378,958
Maverick Capital Ltd1,889,558$167.6M1.5%−237,369
Aqr Capital Management LLC1,603,686$142.2M0.0%+439,708
Adage Capital Partners Gp, L.l.c.1,354,517$120.1M0.2%−120,483
Channing Capital Management, LLC1,074,868$95.3M2.2%−31,963
Dimensional Fund Advisors LP1,058,783$93.9M0.0%+4,033
Principal Financial Group Inc985,861$87.4M0.0%−85,932
Gabelli Funds LLC950,843$84.3M0.5%−15,246
Norges Bank948,095$84.1M0.0%New
Northern Trust Corp892,391$79.1M0.0%+98,136
Goldman Sachs Group Inc869,554$77.1M0.0%+173,960
River Road Asset Management, LLC865,242$76.7M0.9%−38,508
Bank of New York Mellon Corp838,118$74.3M0.0%−8,133
Fuller & Thaler Asset Management, Inc.800,855$71.0M0.2%−28,779
Charles Schwab Investment Management Inc788,678$69.9M0.0%−45,275
Gamco Investors, Inc. Et Al764,194$67.8M0.6%−18,624
Nomura Asset Management International Inc.731,516$64.9M0.1%−28,946
Brookfield Corp /ON/653,957$58.0M0.1%−45,669
Victory Capital Management Inc615,366$54.6M0.0%+130,814

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Aug 7, 2023Michael GuestRepublican, HouseBuy$1,001 - $15,000−37.3%Report
Apr 10, 2023Daniel S. GoldmanDemocratic, HouseSale$1,001 - $15,000+46.3%Report
Mar 1, 2023Daniel S. GoldmanDemocratic, HouseBuy$1,001 - $15,000−51.2%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Southwest Gas is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSouthwest Gas Holdings, Inc.2
  • CIK0001692115
  • Employer ID (EIN)81-388186617
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)4923 Natural Gas Transmisison & Distribution2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business addressC/O Southwest Gas Corporation, 8360 S. Durango Drive, Las Vegas, NV 891132
  • Phone702-876-72372
  • Shares outstanding72,445,853 as of Jul 31, 202615
  • Public float$5.4B as of Jun 30, 202517
  • AuditorPricewaterhouseCoopers LLP, Las Vegas, Nevada PCAOB ID 238; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceJan 3, 20172
  • Filings1,122 in all: 4 (542), 8-K (157), DEFA14A (43), SC TO-T/A (35), DFAN14A (33), 10-Q (29), 3 (28), SC 14D9/A (27)2
    All 47 form types

    5 (22), SC 13G/A (20), UPLOAD (16), S-8 POS (15), 144 (12), 424B5 (12), 10-K (10), 11-K (10), SC 13D/A (10), DEF 14A (9), SCHEDULE 13D/A (9), SCHEDULE 13G/A (8), 8-K/A (6), CORRESP (6), S-3ASR (5), SC 13G (5), ARS (4), POSASR (4), PRE 14A (4), SC14D9C (4), 3/A (3), 4/A (3), DEFC14A (3), SC TO-C (3), 15-12G (2), 25-NSE (2), 8-A12B (2), 8-A12B/A (2), 8-K12B (2), CERT (2), PREC14A (2), S-8 (2), SC 13D (2), SCHEDULE 13G (2), 424B7 (1), DEFR14A (1), PRER14A (1), SC 14D9 (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Feb 25, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Mar 23, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
Southwest Gas Holdings, Inc. Common Stock, $1 par valueSWXNew York Stock Exchange

From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks Southwest Gas names in Item 1A of its 10-K filed Feb 25, 2026: 29 risks under these headings, as written.17

  • Operational Risks
  • Southwest Gas relies on having access to interstate pipelines’ transportation capacity, including extractive‑sector supply paths and midstream pipeline infrastructure. If these pipelines and related transportation capacity were not available, it could impact Southwest Gas’ ability to meet customers’ full requirements.
  • Failure to attract and retain an appropriately qualified employee workforce, including executives and other management, could adversely affect our collective operations and ability to timely deploy on our plans.
  • Limited availability of contract labor and critical materials could delay or increase the cost of the Great Basin Expansion Project
  • Certain of our costs, such as operating expenses (including labor, fuel, and materials) at Southwest Gas, and interest and general and administrative expenses at both Southwest Gas and the Company could be adversely impacted by periods of heightened inflation, which could have an adverse impact on our results of operations.
  • The nature of our operations presents inherent risks of loss that could adversely affect our results of operations.
  • Regulatory and legislative developments related to climate change, renewable portfolio standards, or costs for renewables, may adversely affect our operations and financial results.
  • Southwest Gas may be impacted by the effects of weather and climate change, including physical and transition risks.
  • A cybersecurity incident has the potential to disrupt normal business operations, expose sensitive and confidential customer, employee or Company information, and/or lead to physical damages, and may result in legal claims or damage to our reputation.
  • The failure of technology may hinder the Company’s business operations and adversely affect its financial condition and results of operations.
  • Our operations are subject to increased competition.
  • The concentration of our operations in the States of Arizona, Nevada and California exposes our operations and financial results to economic conditions, weather patterns, and regulatory decisions in Arizona, Nevada, and California.
The other 18 risks
  • Financial, Economic, and Market Risks
  • As a holding company, the Company depends on our operating subsidiary, Southwest Gas, to meet financial obligations.
  • Southwest Gas’ liquidity, and in certain circumstances, its earnings, may be reduced from historical amounts or expectations during periods in which natural gas prices are rising significantly or are more volatile.
  • Southwest Gas’ earnings may be materially impacted due to volatility in the cash surrender value of our COLI policies during periods in which stock market changes are significant.
  • The cost of providing pension and postretirement benefits is subject to changes in pension asset values, changing demographics, and actuarial assumptions which may have an adverse effect on our financial results.
  • Uncertain economic conditions may affect Southwest Gas’ ability to finance capital expenditures, including the Great Basin Expansion Project.
  • Our business could be negatively affected as a result of actions of activist stockholders.
  • Increases in market interest rates may have an adverse effect on the market price of our common stock.
  • The Company identified a material weakness in the Company's internal control over financial reporting, which could impact the Company's ability to report its results of operations and financial condition accurately and in a timely manner.
  • Our regulated operations plant and other assets may be subject to impairment in the future.
  • Regulatory, Legislative, and Legal Risks
  • The Company is currently subject to, and may in the future be subject to, litigation or threatened litigation, which may result in liability exposure that could have a material adverse effect on its business and results of operations.
  • Governmental policies and regulatory actions can reduce or impact the stability of Southwest Gas’ earnings or cash flows.
  • Southwest Gas may be subject to increased costs related to the operation of natural gas pipelines under regulations concerning natural gas pipeline safety, which could have an adverse effect on our results of operations, financial condition, and/or cash flows.
  • Southwest Gas’ delivery and related systems require numerous permits and other approvals from various federal, state, and local governmental agencies, and others, including for pipeline expansion or infrastructure development; any failure to obtain or maintain required permits or approvals, or other factors that could prevent or delay planned development, could negatively affect our business and results of operations.
  • General Risks
  • The Company’s operating results may be adversely impacted by an economic downturn.
  • A significant reduction in the Company’s and Southwest Gas’ credit ratings could materially and adversely affect our business, financial condition, and results of operations.
  • We may pursue acquisitions, divestitures, and other strategic opportunities which, if not successful, may adversely impact our results of operations, cash flows and financial condition.
  • Natural disasters, public health crises and epidemic or pandemic related illness, war, or terrorist activities, and other extreme events could adversely affect the Company’s business, results of operations, financial condition, liquidity, and/or cash flows.
  • If securities or industry analysts do not publish research or reports or publish unfavorable research or reports about our business, our stock price and trading volume could decline.

Legal proceedings

The Company and Southwest Gas are named as a defendant in various legal proceedings. The ultimate dispositions of these proceedings are not presently determinable; however, it is the opinion of management that none of this litigation individually or in the aggregate will have a material adverse impact on the Company’s or Southwest Gas’ financial position or results of operations. For discussion regarding legal proceedings, please refer to Note 15 - Commitments and Contingencies in the accompanying notes to our financial statements included elsewhere in this Annual Report.

The opening of Item 3, Legal Proceedings.17

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