Southwest Gas Holdings, Inc. (SWX) reported fourth‑quarter 2025 results on February 25, 2026, with net income of $103.5 million and adjusted net income of $98.7 million. The company posted diluted earnings per share of $1.36 for the quarter and an adjusted EPS of $3.65 for the full year, a figure that applies to continuing operations and differs from the consolidated EPS reported by other sources.
Revenue for the quarter fell to $480.74 million, missing consensus estimates of $587.01 million. The shortfall reflects weaker demand in the company’s core regulated utility segment, which was offset by modest growth in ancillary services but was insufficient to offset the overall decline in revenue volume.
Earnings per share were slightly lower than the $1.39 EPS reported for Q4 2024, indicating a modest decline rather than the 5.5% increase cited in the original article. The company’s disciplined cost control—operating and maintenance expenses grew only 2.5% year‑to‑date—helped preserve margins, but the revenue miss limited the upside.
Management maintained its 2026 guidance, projecting a full‑year EPS range of $4.17 to $4.32 and capital expenditures of approximately $1.25 billion. The guidance reflects confidence in the company’s transition to a pure‑play regulated natural gas utility, a shift that has earned a BBB+ credit rating upgrade and supports a stable dividend policy.
"We are extremely proud to have successfully executed our 2025 financial and strategic priorities, which have positioned Southwest Gas Holdings as a pure‑play, fully regulated natural gas business," said President and CEO Karen Haller. She added that disciplined regulatory strategy, cost management, and customer growth have laid a solid foundation for future performance.
Investors focused on the revenue miss and the dividend adjustment, noting that the quarterly dividend was set at $0.62 per share—an increase from the previous $0.60—resulting in an annualized dividend of $2.48. The company’s emphasis on infrastructure investment and regulatory rate‑case filings signals a continued commitment to long‑term growth.
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