Segment Information (Tables)

9 Months Ended

Sep. 30, 2025

The financial information pertaining to the Natural Gas Distribution segment is as follows:


	Three Months Ended September 30, 2025
(Thousands of dollars)	Natural Gas Distribution		Other		Total
Revenue from contracts with customers	$	273,985	$	—	$	273,985
Alternative revenue program and other revenues	42,926		—		42,926
Total segment revenue	316,911		—		316,911
Less:
Net cost of gas sold	42,685		—		42,685
Operations and maintenance	133,808		969		134,777
Other segment items (1)	135,320		757		136,077
Income (loss) from continuing operations before income taxes	5,098		(1,726)		3,372
Income tax benefit	(422)		(381)		(803)
Income (loss) from continuing operations	$	5,520	$	(1,345)	4,175
Income from discontinued operations, net of taxes					263,784
Net income					267,959
Net (loss) attributable to noncontrolling interests					(2,517)
Net income attributable to Southwest Gas Holdings, Inc.					$	270,476
(1) Other segment items includes: Depreciation and amortization, Taxes other than income taxes, Net interest deductions, and Other income (deductions).

Other segment disclosures	Three Months Ended September 30, 2025
(Thousands of dollars)	Natural Gas Distribution		Other		Total
Interest income	$	5,688	$	—	$	5,688
Interest expense	$	46,156	$	2,847	$	49,003
Depreciation and amortization	$	79,073	$	—	$	79,073
Segment assets	$	9,725,477	$	603,102	$	10,328,579
Capital expenditures	$	207,894	$	—	$	207,894


	Three Months Ended September 30, 2024
(Thousands of dollars)	Natural Gas Distribution		Other		Total
Revenue from contracts with customers	$	321,391	$	—	$	321,391
Alternative revenue program and other revenues	37,740		—		37,740
Total segment revenue	359,131		—		359,131
Less:
Net cost of gas sold	111,712		—		111,712
Operations and maintenance	129,736		1,125		130,861
Other segment items (1)	122,083		11,560		133,643
Loss from continuing operations before income taxes	(4,400)		(12,685)		(17,085)
Income tax benefit	(4,972)		(2,886)		(7,858)
Income (loss) from continuing operations	$	572	$	(9,799)	(9,227)
Income from discontinued operations, net of taxes					11,890
Net income					2,663
Net income attributable to noncontrolling interests					2,374
Net income attributable to Southwest Gas Holdings, Inc.					$	289
(1) Other segment items includes: Depreciation and amortization, Taxes other than income taxes, Net interest deductions, and Other income (deductions).

Other segment disclosures	Three Months Ended September 30, 2024
(Thousands of dollars)	Natural Gas Distribution		Other		Total
Interest income	$	8,736	$	—	$	8,736
Interest expense	$	42,312	$	11,494	$	53,806
Depreciation and amortization	$	74,153	$	—	$	74,153
Capital expenditures	$	252,373	$	—	$	252,373

	As of December 31, 2024
Segment assets	$	9,533,825	$	10,571	$	9,544,396


	Nine Months Ended September 30, 2025
(Thousands of dollars)	Natural Gas Distribution		Other		Total
Revenue from contracts with customers	$	1,399,603	$	—	$	1,399,603
Alternative revenue program and other revenues	60,042		—		60,042
Total segment revenue	1,459,645		—		1,459,645
Less:
Net cost of gas sold	429,398		—		429,398
Operations and maintenance	399,867		3,078		402,945
Other segment items (1)	407,221		19,019		426,240
Income (loss) from continuing operations before income taxes	223,159		(22,097)		201,062
Income tax expense (benefit)	41,020		(4,961)		36,059
Income (loss) from continuing operations	$	182,139	(17,136)		165,003
Income from discontinued operations, net of taxes					201,814
Net income					366,817
Net (loss) attributable to noncontrolling interests					(4,646)


Net income attributable to Southwest Gas Holdings, Inc.					$	371,463
(1) Other segment items includes: Depreciation and amortization, Taxes other than income taxes, Net interest deductions, and Other income (deductions).

Other segment disclosures	Nine Months Ended September 30, 2025
(Thousands of dollars)	Natural Gas Distribution		Other		Total
Interest income	$	17,315	$	—	$	17,315
Interest expense	$	135,524	$	21,263	$	156,787
Depreciation and amortization	$	241,703	$	—	$	241,703
Segment assets	$	9,725,477	$	603,102	$	10,328,579
Capital expenditures	$	570,351	$	—	$	570,351


	Nine Months Ended September 30, 2024
(Thousands of dollars)	Natural Gas Distribution		Other		Total
Revenue from contracts with customers	$	1,892,245	$	—	$	1,892,245
Alternative revenue program and other revenues	29,912		—		29,912
Total segment revenue	1,922,157		—		1,922,157
Less:
Net cost of gas sold	984,188		—		984,188
Operations and maintenance	390,229		4,728		394,957
Other segment items (1)	356,696		33,915		390,611
Income (loss) from continuing operations before income taxes	191,044		(38,643)		152,401
Income tax expense (benefit)	27,053		(8,794)		18,259
Income (loss) from continuing operations	$	163,991	$	(29,849)	134,142
Net (loss) from discontinued operations, net of taxes					(23,707)
Net income					110,435
Net income attributable to noncontrolling interests					4,076
Net income attributable to Southwest Gas Holdings, Inc.					$	106,359
(1) Other segment items includes: Depreciation and amortization, Taxes other than income taxes, Net interest deductions, and Other income (deductions).

Other segment disclosures	Nine Months Ended September 30, 2024
(Thousands of dollars)	Natural Gas Distribution		Other		Total
Interest income	$	27,649	$	—	$	27,649
Interest expense	$	118,595	$	33,857	$	152,452
Depreciation and amortization	$	220,663	$	—	$	220,663
Capital expenditures	$	643,720	$	—	$	643,720

	As of December 31, 2024
Segment assets	$	9,533,825	$	10,571	$	9,544,396

Southwest Gas Holdings, Inc. 10-Q