Southwest Gas Holdings, Inc. filed its third-quarter 2026 earnings disclosure on November 4, 2026, reporting results for the three and nine months ended September 30, 2026, alongside updates on completed rate cases and the Great Basin 2028 expansion project.

Key Highlights

  • Diluted EPS from continuing operations: $0.18 for the third quarter of 2026, compared to a loss of $(0.05) in the third quarter of 2025, according to the filing.
  • Nevada rate case final: Southwest Gas received a final decision providing nearly $48 million of incremental annual revenue, with rates effective October 2026 and a 9.5% authorized return on equity.
  • California rate case concluded: The California Public Utilities Commission approved $32.6 million of incremental annual revenue, a 10% return on equity, and a 50/50 equity-to-debt capital structure.
  • Utility return on equity: Southwest Gas Corporation delivered a Utility return on period-end equity of 8.0% over the 12 months ended September 30, 2026.
  • Infrastructure investment: The company invested nearly $806 million in infrastructure modernization and expansion during the first nine months of 2026, including approximately $148 million toward the Great Basin 2028 expansion project.
  • Available liquidity: The company ended the quarter with nearly $0.7 billion in available liquidity, according to the filing.
  • Great Basin project CPCN filing: The FERC application for a certificate of public convenience and necessity remains on track for filing by year-end 2026.

Southwest Gas Holdings Third-Quarter 2026 Financial and Regulatory Results

According to the filing, Southwest Gas Holdings (NYSE:SWX) reported income from continuing operations, net of taxes, of $12,783 thousand for the three months ended September 30, 2026, compared to a loss of $3,667 thousand in the same period of 2025. For the nine months ended September 30, 2026, income from continuing operations was $193,279 thousand, versus $129,890 thousand in the prior-year period. Net income attributable to Southwest Gas Holdings for the nine months ended September 30, 2026, was $193,279 thousand, compared to $336,350 thousand in the nine months ended September 30, 2025, with the prior-year figure reflecting income from discontinued operations related to the disposition of Centuri Holdings, Inc.

The filing reported that the natural gas distribution segment, which is the company's core utility business serving customers across Nevada, California, and Arizona, contributed $13,254 thousand to net income for the three months ended September 30, 2026, compared to $6,343 thousand in the same period of 2025. For the nine months, the segment contributed $191,782 thousand versus $194,931 thousand in the prior-year period. The company reported gross margin of $115.1 million and operating margin of $278.1 million for the third quarter of 2026, and gross margin of $571.1 million and operating margin of $1.1 billion for the nine months ended September 30, 2026.

Regarding the Great Basin 2028 expansion project, the filing stated that shippers have executed binding precedent agreements supporting 1 billion cubic feet per day of contracted demand. The project's estimated $2.3 billion investment is expected to generate approximately $270 million to $300 million of incremental annual margin beginning at the expected fourth-quarter 2028 in-service date, according to the filing. Capital spending for the project is expected to be approximately 15% in 2026, 25% in 2027, and 60% in 2028. The filing also noted that Arizona Commission Staff has recommended $58 million of incremental annual revenue and a 9.75% return on equity, with a hearing scheduled for December 2026 and new rates anticipated to become effective in April 2027.

What Was Disclosed

Southwest Gas Holdings reported third-quarter and nine-month 2026 financial results, disclosed completion of Nevada and California rate cases totaling approximately $80 million of combined annual revenue increases, and provided an update on the Great Basin 2028 expansion project FERC filing timeline and contracted demand.