Southwest Gas Holdings annual operating margin
2015
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2025
Southwest Gas Holdings Operating Margin Growth & History (SWX)
Southwest Gas Holdings's operating margin was 24.42% for fiscal 2025.
View full Southwest Gas Holdings company overviewSouthwest Gas Holdings annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 24.42% | +8.00 pp |
| 2024 | 2024-12-31 | 16.42% | +11.03 pp |
| 2023 | 2023-12-31 | 5.39% | +5.88 pp |
| 2022 | 2022-12-31 | −0.49% | −25.17 pp |
| 2021 | 2021-12-31 | 24.67% | −6.91 pp |
| 2020 | 2020-12-31 | 31.59% | +4.75 pp |
| 2019 | 2019-12-31 | 26.84% | −0.53 pp |
| 2018 | 2018-12-31 | 27.37% | +0.20 pp |
| 2017 | 2017-12-31 | 27.17% | +3.03 pp |
| 2016 | 2016-12-31 | 24.14% | +11.92 pp |
| 2015 | 2015-12-31 | 12.22% | — |
Southwest Gas Holdings quarterly operating margin
Q1.16
Q2.16
Q3.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 23.54% | +7.27 pp |
| Q1 2026 | 2026-03-31 | 37.49% | +8.85 pp |
| Q4 2025 | 2025-12-31 | 33.00% | +31.14 pp |
| Q3 2025 | 2025-09-30 | 11.68% | +4.64 pp |
| Q2 2025 | 2025-06-30 | 16.27% | +6.27 pp |
| Q1 2025 | 2025-03-31 | 28.63% | +27.70 pp |
| Q3 2024 | 2024-09-30 | 1.86% | −3.29 pp |
| Q2 2024 | 2024-06-30 | 7.04% | +0.49 pp |
| Q1 2024 | 2024-03-31 | 10.00% | +1.57 pp |
| Q4 2023 | 2023-12-31 | 0.93% | +21.24 pp |
| Q3 2023 | 2023-09-30 | 5.15% | +0.71 pp |
| Q2 2023 | 2023-06-30 | 6.55% | +2.57 pp |
| Q1 2023 | 2023-03-31 | 8.43% | −4.86 pp |
| Q4 2022 | 2022-12-31 | −20.30% | −46.73 pp |
| Q3 2022 | 2022-09-30 | 4.44% | −5.22 pp |
| Q2 2022 | 2022-06-30 | 3.98% | −16.36 pp |
| Q1 2022 | 2022-03-31 | 13.29% | −19.10 pp |
| Q4 2021 | 2021-12-31 | 26.43% | −14.62 pp |
| Q3 2021 | 2021-09-30 | 9.66% | −17.06 pp |
| Q2 2021 | 2021-06-30 | 20.34% | −5.74 pp |
| Q1 2021 | 2021-03-31 | 32.39% | +3.00 pp |
| Q4 2020 | 2020-12-31 | 41.05% | +4.63 pp |
| Q3 2020 | 2020-09-30 | 26.72% | +7.62 pp |
| Q2 2020 | 2020-06-30 | 26.08% | +4.43 pp |
| Q1 2020 | 2020-03-31 | 29.39% | +3.95 pp |
| Q4 2019 | 2019-12-31 | 36.42% | −0.14 pp |
| Q3 2019 | 2019-09-30 | 19.10% | −1.05 pp |
| Q2 2019 | 2019-06-30 | 21.65% | +1.27 pp |
| Q1 2019 | 2019-03-31 | 25.44% | −1.63 pp |
| Q4 2018 | 2018-12-31 | 36.56% | −3.92 pp |
| Q3 2018 | 2018-09-30 | 20.16% | +2.85 pp |
| Q2 2018 | 2018-06-30 | 20.38% | +2.90 pp |
| Q1 2018 | 2018-03-31 | 27.07% | +0.37 pp |
| Q4 2017 | 2017-12-31 | 40.47% | +37.44 pp |
| Q3 2017 | 2017-09-30 | 17.31% | +11.92 pp |
| Q2 2017 | 2017-06-30 | 17.49% | −1.43 pp |
| Q1 2017 | 2017-03-31 | 26.70% | — |
| Q3 2016 | 2016-09-30 | 3.03% | — |
| Q2 2016 | 2016-06-30 | 5.39% | — |
| Q1 2016 | 2016-03-31 | 18.91% | — |
Southwest Gas Holdings operating margin trends
Over the last five reported fiscal years, Southwest Gas Holdings's operating margin decreased from 31.59% to 24.42%, a change of −7.17 percentage points. The latest reported quarter, Q2 2026, shows 23.54%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Southwest Gas Holdings filings at SEC.gov ↗