Southwest Gas Holdings, Inc. (SWX) · Nov 4, 2026 · Earnings

Southwest Gas earnings beat, but revenue misses and guidance holds

Beat — Adjusted EPS $0.20 vs ~$0.15 consensus

Southwest Gas earnings beat adjusted EPS estimates, while revenue missed and full-year guidance stayed intact amid regulatory progress.

Southwest Gas is now a regulated natural-gas utility rebuilding its growth story after the Centuri separation, with rate-case recovery and the Great Basin 2028 pipeline expansion carrying the investment case. The Great Basin project’s roughly $2.3 billion cost, 1 Bcf per day of contracted demand, and expected $270–$300 million of annual margin were already disclosed with the second-quarter results, so this filing mainly confirms execution rather than introducing a new project surprise.

Underlying earnings cleared the published bar. Adjusted continuing-operations EPS was $0.20 versus a published consensus of roughly $0.15, a clean beat, although the quarter’s $298.2 million of revenue was below the roughly $346.5 million estimate. The better earnings result came from lower interest expense, regulatory recovery, and improved corporate costs—not from broad-based volume growth; nine-month system throughput was 155.3 million dekatherms versus 159.8 million a year earlier (System Throughput by Customer Class).

FigureQ3 2026Q3 2025Consensus / prior guide
Adjusted diluted EPS from continuing operations (Summary Financial Results)$0.20$0.06~$0.15
Operating revenue (Consolidated Operating Revenues)$298.2M$316.9M~$346.5M
2026 adjusted EPS guidance (Reaffirmed Estimates)$4.17–$4.32—$4.17–$4.32
2026 capital expenditures (Reaffirmed Estimates)~$1.25B—~$1.25B

Regulatory execution is the business-positive part of the release. Nevada rates became effective in October and add nearly $48 million of annual revenue, while California adds $32.6 million; together with the pending Arizona case, those decisions improve visibility into recovery of the utility’s expanding investment base. The filing says the Nevada and California rate cases produced approximately $80 million of combined annual revenue increases.

The long-term project story advances, but the main risk is unchanged rather than resolved. Southwest Gas has invested nearly $806 million in infrastructure this year, including about $148 million in Great Basin, and remains on track to file its FERC certificate application by year-end. Shippers have already signed binding agreements supporting 1 Bcf per day, but the $2.3 billion estimate is materially above the earlier $1.7 billion planning assumption embedded in long-term guidance; management will refresh that guidance in February 2027. 〔0〕

The headline earnings beat is partly offset by soft revenue and limited new information. Full-year adjusted EPS, capital spending, and long-term growth targets were reaffirmed rather than raised, while the project’s cost escalation remains outside the current long-term guidance framework. That leaves the quarter modestly better than expectations, but not a rewrite of the company’s underlying story.

Bottom line: Southwest Gas delivered a modest earnings beat and strengthened near-term regulatory visibility, but missed revenue and offered no guidance upgrade. The filing supports the existing utility-growth plan more than it changes it.

What to watch next

Arizona rate case hearing, December 2026

Original filing on SEC EDGAR

More Southwest Gas Holdings, Inc. news

Southwest Gas earnings beat, but revenue misses and guidance holds | SWX Stock News
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