The EPS miss vs consensus is modest (-2.1%) and guidance is affirmed, limiting downside. The key catalyst is the pending California rate case decision — if resolved favorably, it could unlock ~$0.10-$0.15 in annual EPS. Monitor the Great Basin BPA execution and FERC certificate filing timeline for long-term growth visibility.
Price Chart
Executive Summary
Southwest Gas Holdings reported Q1 2026 EPS from continuing operations of $1.91, slightly above the $1.86 reported in Q1 2025, but below the Street consensus of $1.95. Revenue declined 21.6% YoY to $585.1M due to lower gas cost pass-through and the absence of Centuri. The company affirmed full-year 2026 EPS guidance of $4.17-$4.32 and long-term 12-14% CAGR, with the delayed California rate case decision creating a temporary Q1 headwind that management expects to recover through a memorandum account.
Key Financial Metrics
Key Facts
- Q1 2026 diluted EPS from continuing operations: $1.91 vs $1.86 in Q1 2025 (+2.7% YoY)
- Q1 2026 consolidated operating revenue: $585.1M vs $746.4M in Q1 2025 (-21.6% YoY)
- Net income from continuing operations: $138.4M vs $134.3M in Q1 2025 (+3.0% YoY)
- Affirmed 2026 EPS guidance: $4.17-$4.32 per share from continuing operations
- Affirmed 2026-2030 adjusted EPS CAGR: 12.0%-14.0% and rate base CAGR: 9.5%-11.5%
- Filed rate cases in AZ ($101M revenue increase) and NV ($71M) to improve regulatory recovery
- Great Basin 2028 expansion open season oversubscribed with 2.5 Bcf/d in expressions of interest vs 0.3 Bcf/d offered
- 12-month trailing Utility ROE: 8.5% GAAP, 8.0% adjusted
- Quarterly dividend increased 4% to $0.645/share
- Cash on hand: $484.8M; available liquidity: ~$1.2B
Financial Impact
Q1 EPS of $1.91 missed Street consensus of $1.95 by ~2.1%; revenue of $585.1M missed consensus of $695.5M by ~15.9% due to lower gas cost pass-through and Centuri deconsolidation
Risk Factors
- Delayed California rate case decision creating temporary earnings headwind
- Revenue decline due to lower gas cost pass-through and Centuri deconsolidation
- Execution risk on Great Basin 2028 expansion project (FERC approval, BPA conversion)
- Regulatory lag in Arizona and Nevada rate cases (new rates not expected until 2027 and late 2026 respectively)
- Higher O&M, depreciation, and interest expenses pressuring margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001692115-26-000086 |
| Document: swx-20260505.htm | 0001692115-26-000086 |
| Document: 0001692115-26-000086-index-headers.html | 0001692115-26-000086 |
| Document: 0001692115-26-000086-index.html | 0001692115-26-000086 |
| Document: 0001692115-26-000086.txt | 0001692115-26-000086 |
| 8-K Data (Synthetic) | 0001692115-26-000086 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 15, 2026 11w ago | Press Release | $92.95 $92.09 | ▼ −0.93% | ▼ −4.54% | $82.67 (−11.06%) |
May 5, 2026 21w ago | 8-K | $93.67 $86.04 | ▼ −8.15% | ▼ −13.10% | $82.67 (−11.74%) |
Mar 23, 2026 27w ago | DEFA14A | $86.35 $88.40 | ▲ +2.37% | ▼ −6.53% | $82.67 (−4.26%) |
Feb 25, 2026 31w ago | 8-K | $87.07 $85.82 | ▼ −1.44% | ▲ +3.80% | $82.67 (−5.05%) |
US Market Status
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