Southwest Gas Holdings Inc (NYSE: SWX) is a natural gas distribution company that delivers natural gas to residential, commercial, and industrial customers across its regulated service territories. It earns revenue through state-regulated tariff rates set by utility commissions, including the Arizona Corporation Commission, California Public Utilities Commission, and Nevada regulators, allowing it to recover costs plus an authorized return on invested capital. Southwest Gas Corporation, the wholly owned utility subsidiary, operates the distribution network and files the combined 10-K with the holding company. The business is capital-intensive by structure, with rate cases and annual rate adjustment mechanisms determining allowed revenue. Regulatory approvals for rate changes introduce lag between cost increases and recovery. The company is incorporated and headquartered in the United States and trades on the New York Stock Exchange. All outstanding shares of Southwest Gas Corporation are held by Southwest Gas Holdings Inc, as of February 18, 2026.

Revenue model

Regulated tariff-based revenue. Rates are set by state utility commissions in Arizona, California, and Nevada. Revenue recovery mechanisms include Annual Rate Adjustments and Delivery Charge Adjustments. The utility earns an authorized return on rate base, which is the net value of invested infrastructure.

Products and services

Natural gas distribution service delivered through a regulated pipeline and distribution network. Services include residential, commercial, and industrial gas delivery. The filing references Customer-Owned Yard Lines (COYL) as a related infrastructure component.

Customers and end markets

Residential, commercial, and industrial natural gas customers in regulated service territories. End markets include home heating, commercial building operations, and industrial processes. Customer counts are not specified in the provided filing excerpts.

Value-chain role

Last-mile natural gas distribution utility. Operates the local distribution network between interstate transmission pipelines and end customers. Does not engage in natural gas production or long-haul transmission.

Geographic exposure

Operates in Arizona, California, and Nevada based on references to the Arizona Corporation Commission, California Public Utilities Commission, and Nevada regulators in the filing.

Source: SEC 10-K, filed 2026-02-25

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