SOUTHWEST GAS CORP

CIK:0000092416|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Regulated operations revenues	$ 358,154	$ 396,318	$ 943,273	$ 1,142,734
Operating expenses:
Net cost of gas sold	38,442	102,134	146,596	386,713
Operations and maintenance	133,792	137,501	266,793	268,168
Depreciation and amortization	77,846	68,940	177,449	162,630
Taxes other than income taxes	23,747	23,250	48,762	47,011
Total operating expenses	273,827	331,825	639,600	864,522
Operating income	84,327	64,493	303,673	278,212
Other income and (expenses):
Net interest deductions	(44,052)	(53,367)	(89,795)	(107,786)
Other income (deductions)	11,295	18,068	22,286	27,263
Total other (expenses)	(32,757)	(35,299)	(67,509)	(80,523)
Income from continuing operations before income taxes	51,570	29,194	236,164	197,689
Income tax expense	9,448	29,925	55,668	64,132
Income (loss) from continuing operations	42,122	(731)	180,496	133,557
Loss from discontinued operations, net of income tax	0	(36,869)	0	(61,970)
Net income (loss)	42,122	(37,600)	180,496	71,587
Net income (loss) attributable to noncontrolling interests	0	2,554	0	(2,129)
Net income (loss)	$ 42,122	$ (40,154)	$ 180,496	$ 73,716
Basic earnings (loss) per share:
Continuing operations (in USD per share)	$ 0.58	$ (0.01)	$ 2.49	$ 1.85
Discontinued operations (in USD per share)	0	(0.55)	0	(0.83)
Net earnings (loss) per share - basic (in USD per share)	0.58	(0.56)	2.49	1.02
Diluted earnings (loss) per share:
Continuing operations (in USD per share)	0.58	(0.01)	2.49	1.85
Discontinued operations (in USD per share)	0	(0.55)	0	(0.83)
Net earnings (loss) per share - diluted (in USD per share)	$ 0.58	$ (0.56)	$ 2.49	$ 1.02
Weighted average shares:
Basic (in shares)	72,516	72,088	72,479	72,050
Diluted (in shares)	72,665	72,088	72,617	72,195

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOW FROM OPERATING ACTIVITIES:
Net income (loss)	$ 180,496	$ 71,587
Less: Loss from discontinued operations, net of income tax	0	(61,970)
Income from continuing operations, net of income tax	180,496	133,557
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	177,449	162,630
Deferred income taxes	62,219	76,117
Gains on sale of property and equipment	0	(1,604)
Share-based compensation expense	6,880	7,253
Equity AFUDC	(4,482)	(2,911)
Changes in current assets and liabilities:
Accounts receivable, net of allowances	52,022	68,319
Accrued utility revenue	49,800	46,100
Deferred purchased gas costs	(18,056)	120,709
Accounts payable	(84,060)	(68,915)
Accrued taxes	(2,319)	(21,136)
Other current assets and liabilities	(87,009)	(44,512)
Changes in deferred charges and other assets	(1,360)	(25,820)
Changes in other liabilities and deferred credits	(23,356)	(21,193)
Net cash provided by operating activities of continuing operations	308,224	428,594
Net cash used in operating activities of discontinued operations	0	(10,983)
Net cash provided by operating activities	308,224	417,611
CASH FLOW FROM INVESTING ACTIVITIES:
Capital expenditures and property additions	(529,116)	(362,457)
Proceeds from the sale of property	0	5,306
Changes in customer advances	7,872	3,953
Other	(333)	(176)
Net cash used in investing activities of continuing operations	(521,577)	(353,374)
Net cash used in investing activities of discontinued operations	0	(42,641)
Net cash used in investing activities	(521,577)	(396,015)
CASH FLOW FROM FINANCING ACTIVITIES:
Issuance of common stock, net	4,217	4,515
Dividends paid	(91,513)	(89,139)
Change in short-term portion of credit facility	0	(95,000)
Repayment of short-term debt	0	(325,000)
Withholding remittance - share-based compensation	(5,303)	(2,612)
Other, including principal payments on finance leases	(175)	(4,121)
Net cash used in financing activities of continuing operations	(92,774)	(511,357)
Net cash provided by financing activities of discontinued operations	0	481,349
Net cash used in financing activities	(92,774)	(30,008)
Effects of currency translation in discontinued operations	0	250
Change in cash and cash equivalents, including discontinued operations	(306,127)	(8,162)
Cash and cash equivalents, including discontinued operations, at beginning of period	576,645	363,789
Cash and cash equivalents, including discontinued operations, at end of period	270,518	355,627
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized	87,500	137,866
Income taxes paid, net	507	13,069
Decrease of capital expenditures in Accounts payable or Other current liabilities	(26,000)	(5,783)
Equity AFUDC capitalized in regulated operations plant	4,482	2,911
Continuing Operations
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized	87,500	105,303
Income taxes paid, net	507	0
Decrease of capital expenditures in Accounts payable or Other current liabilities	(26,000)	(4,000)
Equity AFUDC capitalized in regulated operations plant	4,482	2,911
Discontinued Operations
SUPPLEMENTAL INFORMATION:
Interest paid, net of amounts capitalized	0	32,563
Income taxes paid, net	0	13,069
Decrease of capital expenditures in Accounts payable or Other current liabilities	0	(1,783)
Equity AFUDC capitalized in regulated operations plant	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Regulated operations plant:
Gas plant	$ 11,858,821	$ 11,517,031
Less: accumulated depreciation	(3,154,856)	(3,063,363)
Construction work in progress	360,198	236,871
Net regulated operations plant	9,064,163	8,690,539
Other property and investments, net	181,406	178,826
Current assets:
Cash and cash equivalents	270,518	576,645
Accounts receivable, net of allowances	118,579	170,601
Accrued utility revenue	51,800	101,600
Income taxes receivable, net	12,582	9,611
Deferred purchased gas costs	0	5,214
Materials, supplies, and gas inventories	95,642	93,823
Prepaid and other current assets	318,680	234,598
Total current assets	867,801	1,192,092
Noncurrent assets:
Goodwill	11,155	11,155
Deferred charges and other assets	350,910	356,865
Total noncurrent assets	362,065	368,020
Total assets	10,475,435	10,429,477
Capitalization:
Common stock, $1 par (authorized - 120,000,000 shares; issued and outstanding - 72,443,899 and 72,224,593 shares)	74,074	73,854
Additional paid-in capital	2,905,518	2,898,965
Accumulated other comprehensive loss, net	(9,931)	(34,546)
Retained earnings	1,155,629	1,022,846
Total equity	4,125,290	3,961,119
Long-term debt, less current maturities	3,409,859	3,433,012
Total capitalization	7,535,149	7,394,131
Current liabilities:
Current maturities of long-term debt	100,000	75,000
Accounts payable	115,672	225,732
Customer deposits	66,738	67,249
Accrued general taxes	52,073	54,384
Accrued interest	34,963	35,319
Deferred purchased gas costs	286,815	310,085
Dividends declared	0	44,779
Other current liabilities	121,023	117,350
Total current liabilities	777,284	929,898
Deferred income taxes and other credits:
Deferred income taxes and investment tax credits, net	1,039,812	977,312
Accumulated removal costs	513,000	496,000
Other deferred credits and other long-term liabilities	610,190	632,136
Total deferred income taxes and other credits	2,163,002	2,105,448
Total capitalization and liabilities	$ 10,475,435	$ 10,429,477