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Southwest Gas Holdings operates through its wholly owned utility, Southwest Gas, which buys natural gas and delivers it to homes and businesses in parts of Arizona, Nevada and California. Customers pay for both the gas and delivery service; some customers pay only to transport gas through its network. Residential and small commercial customers provide most of the margin remaining after gas costs. The company sold its remaining Centuri stake and now focuses solely on natural gas distribution.
The business earns its return from operating and investing in the network, rather than marking up purchased gas, whose cost is generally passed through to customers without a markup. State regulators set distribution rates intended to cover approved costs and provide a return on the utility’s infrastructure investment. Federal regulators oversee certain transmission facilities and transportation rates. Mechanisms that adjust future bills separate much of its margin recovery from gas consumption, reducing the effect of weather and conservation on earnings.
Earnings depend heavily on regulators approving adequate rates and timely cost recovery. Gas-cost adjustments do not directly change margins, but their timing affects cash flow. The utility also needs adequate gas supplies and interstate pipeline capacity to serve customers; it does not depend on any one or a few customers.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
ONE Gas offers a similar lens on Southwest Gas: both deliver natural gas at regulated rates to roughly 2.3 million customers, but in separate multistate territories. Watch ONE Gas’s customer additions and approved rates for its Oklahoma, Kansas and Texas business as comparisons for Southwest Gas’s growth and cost recovery.
Atmos Energy and Southwest Gas both earn regulated returns by selling and delivering gas to customers and transporting it through pipelines. Atmos’s distribution and pipeline-and-storage results offer separate views of how approved returns on gas infrastructure translate into earnings.
Southwest Gas depends on Spire Inc. for some gas storage, while both companies sell and deliver gas to utility customers at regulated rates. Watch Spire Storage West’s service availability: it supplies storage for Southwest Gas’s southern Nevada operations, also available for northern Nevada or northern California.
Northwest Natural Holding Company shares Southwest Gas’s dependence on households and businesses choosing gas rather than electricity. Its NWN Gas Utility’s residential and commercial customer trends are the useful comparison: those groups supplied 66% and 25% of its margin, respectively, in the December 31, 2025 meter summary.
Pinnacle West Capital’s APS sells electricity in Arizona, competing with Southwest Gas for household energy choices while both face the state’s growth and utility regulation. Watch APS’s residential customer growth alongside Southwest Gas’s new-home gas connections, since equipment choices usually last for the equipment’s life.
New Jersey Resources Corp’s NJNG provides a comparison for Southwest Gas’s regulated gas service to households and businesses, but its other energy businesses make the whole company less comparable. Focus on NJNG’s distribution results rather than earnings from clean energy, energy trading or gas storage and transportation.
Chesapeake Utilities shares Southwest Gas’s exposure to approved returns on networks that deliver gas to customers and transport it through pipelines, but also runs unregulated energy businesses. Its regulated gas distribution and transmission results are the closer comparison for Southwest Gas’s spending on pipe replacement and network expansion.
Centuri Holdings, Inc. is a contractor Southwest Gas pays to build gas infrastructure, rather than an investment it still owns. Southwest Gas sold its remaining Centuri ownership, but the construction-services relationship remains.
RGC Resources Inc’s Roanoke Gas and Southwest Gas both operate regulated gas distribution monopolies, passing purchased-gas costs through to customers rather than earning a markup on them. Watch Roanoke Gas’s revenue after subtracting gas costs, not headline sales, for a clearer comparison of earnings from serving residential, commercial and industrial customers.
ONE GAS, INC. earningsOGS
ONE Gas’s report will show customer additions and approved rates at another gas utility, offering a comparison for Southwest Gas Holdings’ growth and cost recovery.
Look at ONE Gas’s customer additions and rate approvals in Oklahoma, Kansas and Texas, then compare those drivers with Southwest Gas Holdings’ connections and rate recovery in Arizona, Nevada and California. More customers and rates that recover approved costs would show room for regulated gas utilities to grow and recover costs; weaker additions or constrained recovery would make those supports less certain for Southwest Gas. The territories differ, so this is a comparison, not proof of Southwest Gas’s results.
Pinnacle West Capital Corporation earningsPNW
Pinnacle West Capital’s report will show residential customer growth at APS in Arizona, where electric service competes with Southwest Gas Holdings’ new gas connections.
Compare APS residential customer growth with Southwest Gas Holdings’ new gas connections in Arizona. Faster APS growth would show electricity reaching more homes and could make gas connections more contested as households choose equipment; slower growth would mean less pressure from this alternative, but would not prove gas connections are rising. Arizona accounted for 53% of Southwest Gas Holdings’ 2025 operating margin, making local household energy choices particularly relevant.
Southwest Gas Holdings, Inc. earningsThis company
Southwest Gas Holdings’ report will show whether approved rate changes and new customer connections keep lifting its natural-gas distribution margin.
Read Natural Gas Distribution operating margin alongside first-time meter connections. Rising margin with more connections would show that rate recovery and local growth are both supporting the utility; flat margin or fewer additions would weaken that case. Separate the continuing gas utility from Centuri, which has been sold: consolidated net income can reflect discontinued operations and does not by itself show how the utility is doing.
Centuri Holdings, Inc. earningsCTRI
Centuri Holdings’ report will show workload and costs in gas infrastructure contracting, a useful read-through for Southwest Gas Holdings’ pipeline construction even though Centuri is no longer its subsidiary.
Read Centuri’s gas-infrastructure workload alongside its costs. More work with costs contained would suggest contractors can take on pipeline replacement and expansion; weaker workload or rising costs could point to pressure on timing, resources or budgets. Southwest Gas still needs substantial network investment, but it has sold Centuri: Centuri’s results are not Southwest Gas revenue and do not establish the cost of Southwest Gas’s own projects.
Spire Inc. earningsSR
Spire’s report will show service availability at Spire Storage West, which supports Southwest Gas Holdings’ gas storage and delivery in southern Nevada.
Look for service availability at Spire Storage West and how its storage business is operating. Reliable service would show that Southwest Gas Holdings’ southern Nevada system has storage support available; reduced availability or disruption could narrow its supply flexibility. The service can also be available to northern Nevada or northern California, but Spire’s report alone cannot show that Southwest Gas customers have experienced an interruption.
