SWX
Southwest Gas Holdings, Inc.81.64
-0.09-0.11%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Minimal equity, GB upside detailed
Q&A fleshed out Great Basin financing with no 2026 equity issuances planned, relying on holdco leverage later repaid by project dividends—equity stays minimal. Management flagged potential supplemental open season to tap excess capacity beyond 800MMcf/d amid strong demand, including data centers. They targeted 100bps regulatory lag reduction via formula rates, with Nevada workshops progressing toward consensus and UNS Gas as proxy. No upstream constraints or RUCO worries surfaced. Answers largely reaffirmed prepared guidance and capex. Confident execution tone; watch FERC filing and rate cases.
Key Stats
Market Cap
5.89BP/E (TTM)
25.75Basic EPS (TTM)
3.17Dividend Yield
0.03%Recent Filings
8-K
CEO resigns; Brown appointed
Southwest Gas Holdings' CEO Karen Haller resigns effective May 8, 2026, with no disagreements cited; she'll advise through year-end on $95,000 monthly pay. Justin Lee Brown steps in as President and CEO of both entities that day, with $900,000 salary, 110% target cash incentive, and $3.1 million PSU grant. Smooth handover. Leadership continuity holds firm.
10-K
FY2025 results
Southwest Gas Holdings delivered FY2025 natural gas distribution results with $1.4B operating margin, up 9% y/y from updated rates across Arizona ($80M increase effective March), Nevada, California, and FERC jurisdictions adding ~$95M incremental margin plus 37k first-time meter sets (1.6% growth, down from 41k prior year). Q4 momentum sustained via Arizona rate relief and customer additions, though depreciation rose 9% on $672M (6%) higher plant from pipe replacements and new infrastructure; net income from continuing ops climbed to $235M ($3.25/share). Centuri divestiture yielded $1.3B proceeds applied to retire $709M debt including full $550M term loan, bolstering liquidity to $577M cash. Great Basin expansion precedent agreements secured for 800Mcf/d capacity (~$1.7B capex thru 2028). Interstate pipeline constraints could disrupt supply.
8-K
Beat guidance, dividend up 4%
Southwest Gas Holdings reported $300M utility net income and $284M adjusted net income for 2025, topping guidance with 8.3% adjusted ROE and 8.7% earnings growth. Board approved 4% dividend hike to $0.645 quarterly, starting Q2 2026. Pure-play utility issued 2026 EPS guidance of $4.17-$4.32. Centuri separation unlocked $1.35B proceeds.
8-K
Terminates Icahn cooperation pact
Southwest Gas Holdings mutually terminated its Amended and Restated Cooperation Agreement with Carl C. Icahn and affiliates on February 11, 2026, ending all rights and obligations. The Icahn Group-nominated directors—Andrew W. Evans, Henry P. Linginfelter, and Ruby Sharma—stay on the board. Company plans renomination at 2026 annual meeting. No further force remains.
8-K
Director Mariucci retires
Southwest Gas Holdings' director Anne L. Mariucci notified the company on February 6, 2026, that she will not stand for re-election and retires from the Board at the 2026 Annual Meeting's conclusion. No disagreements exist with operations, policies, or practices. She chaired the Strategic Transactions Committee during nearly 20 years of service. Company stands strong.
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