Southwest Gas Holdings, Inc.

Southwest Gas Holdings, Inc. (NYSE: SWG) operates as a holding company headquartered in Las Vegas, Nevada, with its primary operating subsidiary being Southwest Gas Corporation, a regulated natural gas distribution utility. The company maintains its corporate website at www.swgasholdings.com.

Southwest Gas engages in the business of purchasing, distributing, and transporting natural gas to approximately 2.281 million residential, commercial, and industrial customers across Arizona, Nevada, and California. The company added 37,000 first-time meter sets during 2025, demonstrating continued customer growth in its service territories. Operating margin is distributed across customer classes with residential and small commercial customers representing 85 percent, other sales customers accounting for 4 percent, and transportation services comprising 11 percent of operating margin.

The company's natural gas distribution operations are subject to regulatory oversight by the Arizona Corporation Commission, the Public Utilities Commission of Nevada, and the California Public Utilities Commission, which determine rates and service territories. The Federal Energy Regulatory Commission regulates certain transmission facilities and rates through Southwest Gas' wholly owned subsidiary Great Basin, which operates an interstate pipeline system in northern Nevada and provides transportation services to utilities and large industrial customers.

Southwest Gas acquires natural gas from 44 suppliers through a diversified portfolio of spot market and firm supplies with varying terms and pricing structures. The company maintains firm transportation capacity on multiple interstate pipeline systems including El Paso, Kern River, Transwestern, Northwest Pipeline, Tuscarora, Southern California Gas Company, and Ruby to ensure reliable service to customers. Southwest Gas operates storage facilities including an above-ground liquefied natural gas regasification facility in southern Arizona and contracts for additional storage services across its service territories.

As of December 31, 2025, Southwest Gas employed 2,453 regular full-time equivalent employees with an average tenure of approximately 11 years. The company competes primarily with electric utilities in the residential and small commercial markets while competing with alternative energy sources and interstate pipelines for large commercial and industrial customers. Southwest Gas previously operated a utility infrastructure services segment through Centuri Holdings, Inc., which was separated through an initial public offering in April 2024 and subsequently deconsolidated in August 2025, leaving the company focused solely on natural gas distribution operations.