Southwest Gas Holdings, Inc. (SWX) stock
SWXNYSENatural Gas Transmisison & DistributionFiscal year ends December 31
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Nov 4, 2026Score 13/3027% below fair value
$93.66+0.58 (+0.62%)
Close on Nov 13, 2026Market cap $6.79BP/E 12.4Yield 2.65%
Southwest Gas operating margin
Operating margin is operating income as a percentage of revenue.
Southwest Gas's operating margin for the twelve months ending Mar 31, 2026 was 27.0%. For fiscal 2025 it was 24.4%, against 16.4% the year before. The highest annual figure on record is 24.4% in fiscal 2025.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 24.4% | +8.0 |
| FY2024 | Dec 31, 2024 | 16.4% | +4.9 |
| FY2023 | Dec 31, 2023 | 11.6% | +12.1 |
| FY2022 | Dec 31, 2022 | -0.5% | −10.5 |
| FY2021 | Dec 31, 2021 | 10.0% | −2.8 |
| FY2020 | Dec 31, 2020 | 12.8% | +0.9 |
| FY2019 | Dec 31, 2019 | 11.9% | −0.5 |
| FY2018 | Dec 31, 2018 | 12.4% | −1.1 |
| FY2017 | Dec 31, 2017 | 13.5% | +0.6 |
| FY2016 | Dec 31, 2016 | 12.8% | +0.6 |
| FY2015 | Dec 31, 2015 | 12.2% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q1 FY2026 | Mar 31, 2026 | 37.5% | +8.9 |
| Q4 FY2025 | Dec 31, 2025 | 33.0% | +5.8 |
| Q3 FY2025 | Sep 30, 2025 | 11.7% | +6.1 |
| Q2 FY2025 | Jun 30, 2025 | 16.3% | +9.2 |
| Q1 FY2025 | Mar 31, 2025 | 28.6% | +18.6 |
| Q4 FY2024 | Dec 31, 2024 | 27.2% | +26.3 |
| Q3 FY2024 | Sep 30, 2024 | 5.6% | +0.5 |
| Q2 FY2024 | Jun 30, 2024 | 7.0% | +0.5 |
| Q1 FY2024 | Mar 31, 2024 | 10.0% | +1.6 |
| Q4 FY2023 | Dec 31, 2023 | 0.9% | +21.2 |
| Q3 FY2023 | Sep 30, 2023 | 5.2% | +0.7 |
| Q2 FY2023 | Jun 30, 2023 | 6.6% | +2.6 |
| Q1 FY2023 | Mar 31, 2023 | 8.4% | −4.9 |
| Q4 FY2022 | Dec 31, 2022 | -20.3% | −30.8 |
| Q3 FY2022 | Sep 30, 2022 | 4.4% | +1.8 |
| Q2 FY2022 | Jun 30, 2022 | 4.0% | −3.2 |
| Q1 FY2022 | Mar 31, 2022 | 13.3% | −6.3 |
| Q4 FY2021 | Dec 31, 2021 | 10.5% | −6.2 |
| Q3 FY2021 | Sep 30, 2021 | 2.6% | −4.2 |
| Q2 FY2021 | Jun 30, 2021 | 7.2% | −1.7 |
| Q1 FY2021 | Mar 31, 2021 | 19.6% | +1.8 |
| Q4 FY2020 | Dec 31, 2020 | 16.7% | +0.4 |
| Q3 FY2020 | Sep 30, 2020 | 6.9% | +1.6 |
| Q2 FY2020 | Jun 30, 2020 | 8.9% | +1.2 |
| Q1 FY2020 | Mar 31, 2020 | 17.7% | +0.9 |
| Q4 FY2019 | Dec 31, 2019 | 16.3% | −0.8 |
| Q3 FY2019 | Sep 30, 2019 | 5.3% | −0.7 |
| Q2 FY2019 | Jun 30, 2019 | 7.7% | −0.3 |
| Q1 FY2019 | Mar 31, 2019 | 16.9% | −0.3 |
| Q4 FY2018 | Dec 31, 2018 | 17.1% | −1.2 |
| Q3 FY2018 | Sep 30, 2018 | 5.9% | +0.0 |
| Q2 FY2018 | Jun 30, 2018 | 8.0% | −0.7 |
| Q1 FY2018 | Mar 31, 2018 | 17.2% | −1.8 |
| Q4 FY2017 | Dec 31, 2017 | 18.3% | −0.9 |
| Q3 FY2017 | Sep 30, 2017 | 5.9% | +2.1 |
| Q2 FY2017 | Jun 30, 2017 | 8.6% | – |
| Q1 FY2017 | Mar 31, 2017 | 19.0% | – |
| Q4 FY2016 | Dec 31, 2016 | 19.2% | – |
| Q3 FY2016 | Sep 30, 2016 | 3.8% | – |
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