What is the primary revenue source for Southwest Gas (SWX)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze SWX's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Southwest Gas's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Southwest Gas Makes Money: SWX Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Watch

Revenue declined year over year, putting pressure on the core business.

Operating margin improved by 7.85 percentage points year over year.

Revenue: USD 943.27M
Income tax expense: USD 55.67M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Operating marginOperating income · operating_income / revenue * 100
RevenueRegulated operations revenues
Income tax expenseIncome tax expense (benefit) · IncomeTaxExpenseBenefit

The filing lacks sufficient revenue breakdown data to identify specific revenue sources.

Assets

Where is the money tied up, and how is the company financed?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

Cash and cash equivalents: USD 270.52M
Accounts receivable: USD 118.58M
Goodwill: USD 11.15M
Shareholder equity: USD 4.13B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal equity · StockholdersEquity
Accounts receivableAccounts receivable, net of allowances · AccountsReceivableNetCurrent
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
GoodwillGoodwill · Goodwill

Some conclusions lack complete source metrics and should be interpreted cautiously.

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 170.77% of net income.

Free cash flow is negative after capital expenditure.

Net income: USD 180.50M
Operating cash flow: USD 308.22M
Cash conversion: 170.77%
Free cash flow: USD −220.89M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income · NetIncomeLoss
Operating cash flowNet cash provided by operating activities of continuing operations · NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash conversionNet cash provided by operating activities of continuing operations · operating_cash_flow / net_income * 100
Free cash flowcfo - capex

Shareholders

Did the money earned actually make its way back to shareholders?

Watch

Dividends and net buybacks exceed free cash flow, raising questions about sustainability.

Cash dividends: USD 91.51M
Stock issuance proceeds: USD 4.22M
Net shareholder return: USD 87.30M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Stock issuance proceedsIssuance of common stock, net · ProceedsFromIssuanceOfCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

Please select a report to view

Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?