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Southwest Gas (SWX)
NYSE:SWX
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
2.04Last Year’s EPS
1.58Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive outlook anchored by successful strategic simplification (Centuri sale), strong 2025 utility performance (19% EPS increase from continuing operations and 8.7% adjusted net income growth), upgraded credit ratings, ample liquidity, constructive regulatory developments in Arizona and Nevada, and a material growth runway driven by the Great Basin expansion (800 MMcf/d commitments; $215M–$245M incremental margin). Risks were acknowledged but largely framed as manageable: higher O&M, increased D&A and interest costs, near-term earnings moderation during project construction, regulatory/permitting/legal timing uncertainty, and a planned use of HoldCo cash that will reduce year-end HoldCo balances. Overall, highlights substantially outweigh lowlights, supporting a positive sentiment for the company’s transition to a pure regulated utility and its forward-looking growth plan.Company Guidance
Strategic Simplification and Balance Sheet Strengthening
Completed full disposition of Centuri (Sept 2025) generating a ~$260M net gain, enabling full repayment of holding company debt, leaving nearly $600M cash on hand and >$1.3B total liquidity; S&P upgraded Southwest Gas Holdings and Southwest Gas Corp. to BBB+ (stable).
Strong Underlying Utility Financial Performance
Adjusted EPS from continuing operations rose ~19% year-over-year from $3.07 in 2024 to $3.65 in 2025; Southwest Gas adjusted net income increased 8.7% to $283.9M (from $261.2M), driven by ~ $120M improvement in operating margin (including ~$95.2M rate relief and $11.5M customer growth).
2026 Guidance and Long-Term Growth Outlook
Initiated 2026 adjusted EPS guidance of $4.17–$4.32 and targets a 12%–14% adjusted EPS CAGR through 2030 (with front-loaded growth and an expected ~15%–17% EPS growth rate around 2028–2029).
Great Basin Expansion — Commercial Support
Great Basin open season secured nearly 800 MMcf/d of capacity commitments, supporting an estimated ~$1.7B project capex and expected incremental annual margin of ~$215M–$245M when placed in service (~late 2028); project remains on schedule with FERC prefiling approval.
Material Capital Plan and Rate Base Growth
Five-year capital plan of ~$6.3B (73% to Southwest Gas utility, 27% to Great Basin) with 2026 capex of ~$1.25B; projected 5-year rate base CAGR of ~9.5%–11.5% (utility run-rate ~7% CAGR excluding Great Basin).
Disciplined Financing and Credit Metrics
Plan targets balanced 50/50 debt-to-equity for Great Basin financing, expects ~$325M net utility bond issuance in 2026, no anticipated equity issuance in 2026 under current ATM; 2025 S&P-adjusted FFO-to-debt ~19.7% (HoldCo) and ~18.6% (Utility), both comfortably above 13% downgrade threshold.
Shareholder Returns
Board approved a 4% annual dividend increase to an annualized $2.58 per share beginning Q2 2026, with intent to sustain disciplined dividend growth as earnings and cash flow strengthen.
Regulatory Progress in Arizona and Nevada
Arizona rate case filed (requested revenue >$100M; proposed rate base ~$3.9B; requested ROE 10.25% +20bps fair value adjustment) with estimated residential bill impact ~$5/month; Nevada SB417 enables alternative ratemaking with rulemaking progressing and potential adjustments as early as 2028.
Executive Succession
CEO Karen Haller to retire after ~29 years with planned succession: Justin Brown named next CEO effective May 8, providing leadership continuity as company focuses on a fully regulated natural gas strategy.
SWX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
SWX Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $88.00 | $87.07 | -1.06% |
Nov 05, 2025 | $81.14 | $77.83 | -4.07% |
Aug 06, 2025 | $77.78 | $76.47 | -1.68% |
May 12, 2025 | $73.32 | $67.62 | -7.77% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Southwest Gas (SWX) report earnings?
Southwest Gas (SWX) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is Southwest Gas (SWX) earnings time?
Southwest Gas (SWX) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SWX EPS forecast?
SWX EPS forecast for the fiscal quarter 2026 (Q1) is 2.04.