Southwest Gas (SWX) financial statements
Southwest Gas reported revenue of $1.9B in fiscal 2025, up 6.1% a year over 9 years.
Net income was $440M and the operating margin 24.4%, against 27.7% in 2016.
Free cash flow was -$252M, and the company returned $179M in dividends.
The diluted share count rose 51% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Southwest Gas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.5B | $1.8B | $1.9B | $3.7B | $5.0B | $2.5B | $2.5B | $1.9B |
| Cost of revenue | $1.0B | $1.1B | $1.4B | $1.6B | $1.7B | $2.0B | $2.5B | $2.6B | $2.4B | — |
| Gross profit | $115M | $98M | $135M | $178M | $219M | $1.7B | $2.4B | -$83M | $60M | — |
| Operating income | $315M | $343M | $357M | $372M | $423M | $370M | -$24M | $293M | $406M | $474M |
| Interest expense | $74M | $78M | $97M | $109M | $111M | $119M | $243M | $292M | $297M | — |
| Pre-tax income | $232M | $259M | $243M | $273M | $305M | $247M | -$273M | $169M | $254M | $331M |
| Income tax | $78M | $65M | $62M | $56M | $66M | $40M | -$76M | $29M | $33M | $96M |
| Net income | $152M | $194M | $182M | $214M | $232M | $201M | -$203M | $151M | $199M | $440M |
| EPS (diluted) | $3.18 | $4.04 | $3.68 | $3.94 | $4.14 | $3.39 | -$3.10 | $2.13 | $2.76 | $6.08 |
| Diluted shares | 48M | 48M | 49M | 54M | 56M | 59M | 66M | 71M | 72M | 72M |
| Gross margin | 10.1% | 7.8% | 8.8% | 10.2% | 11.2% | 46.9% | 49.0% | -3.3% | 2.4% | — |
| Operating margin | 27.7% | 27.5% | 23.5% | 21.2% | 21.7% | 10.0% | -0.5% | 11.6% | 16.4% | 24.4% |
| Net margin | 13.3% | 15.6% | 12.0% | 12.2% | 11.9% | 5.5% | -4.1% | 6.0% | 8.0% | 22.7% |
Balance sheet
Fiscal years, from Southwest Gas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $28M | $44M | $85M | $50M | $83M | $223M | $123M | $107M | $315M | $577M |
| Receivables | $285M | $347M | $414M | $474M | $522M | $707M | $866M | $887M | $203M | $171M |
| Total current assets | $533M | $657M | $840M | $860M | $871M | $1.6B | $3.7B | $1.9B | $1.5B | $1.2B |
| Goodwill | $140M | $179M | $359M | $343M | $345M | $1.8B | $787M | $790M | $11M | $11M |
| Total assets | $5.6B | $6.2B | $7.4B | $8.2B | $8.7B | $12.8B | $13.2B | $9.3B | $12.1B | $10.4B |
| Total current liabilities | $628M | $816M | $939M | $1.1B | $912M | $3.1B | $3.4B | $1.7B | $1.8B | $930M |
| Long-term debt | $1.5B | $1.8B | $2.1B | $2.3B | $2.7B | $4.1B | $4.4B | $4.6B | $3.5B | $3.4B |
| Total liabilities | $3.9B | $4.4B | $5.1B | $5.7B | $6.1B | $9.8B | $10.1B | $8.6B | $8.4B | $6.5B |
| Shareholders' equity | $1.7B | $1.8B | $2.3B | $2.5B | $2.7B | $3.0B | $3.1B | $3.3B | $3.5B | $4.0B |
| Net debt | $1.6B | $1.8B | $2.1B | $2.4B | $2.7B | $4.2B | $4.3B | $4.5B | $3.2B | $2.9B |
Cash flow
Fiscal years, from Southwest Gas's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $601M | $370M | $529M | $500M | $626M | $111M | $407M | $509M | $1.4B | $556M |
| Capital spending | $530M | $624M | $766M | $938M | $825M | $716M | $859M | $766M | $847M | $808M |
| Free cash flow | $71M | -$254M | -$237M | -$438M | -$199M | -$604M | -$452M | -$257M | $509M | -$252M |
| Stock-based compensation | $5M | $11M | $6M | $7M | $7M | $9M | $9M | $6M | $11M | $15M |
| Dividends paid | $83M | $92M | $100M | $116M | $126M | $138M | $161M | $175M | $178M | $179M |
| Net borrowing | $151M | $283M | $265M | $377M | $202M | $1.2B | $568M | $599M | -$629M | $0 |
| Free cash flow margin | 6.2% | -20.4% | -15.6% | -25.0% | -10.2% | -16.4% | -9.1% | -10.1% | 20.6% | -13.0% |
| Dividends per share | $1.74 | $1.92 | $2.03 | $2.14 | $2.24 | $2.33 | $2.45 | $2.46 | $2.47 | $2.47 |
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Open SWX in InvestinglyQuestions
What was Southwest Gas's revenue in 2025?
$1.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Southwest Gas generate?
-$252M in fiscal 2025 (operating cash flow minus capital spending).
From Southwest Gas's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.