Southwest Gas Holdings, Inc. (SWX) Operating Margin (2009 - 2026)
Southwest Gas Holdings (SWX) reported Operating Margin of 23.54% for Q2 2026, up 7.27 percentage points from 16.27% a year earlier but down 13.94 percentage points from the prior quarter.
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Analysis
Southwest Gas Holdings, Inc. (SWX) Operating Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Southwest Gas Holdings' Operating Margin came in at 28.68%, up 6.84 percentage points year-over-year; for FY2025, it was 24.42%, up 8.00 percentage points from FY2024.
- Operating Margin has increased for three consecutive years, with a five-year change of +11.60 percentage points (FY2020 to FY2025).
- By year, Operating Margin came in at 16.42% in FY2024 (+4.86 pp), 11.56% in FY2023 (+12.05 pp), -0.49% in FY2022 (-10.53 pp) and 10.04% in FY2021 (-2.78 pp).
- Five-year quarterly Operating Margin spans a low of 2.62% in Q4 2021 and a high of 37.49% in Q1 2026.
- Year over year, Operating Margin has now increased in each of the last six quarters, with an average year-over-year change of +9.31 percentage points over the last six quarters.
- Over the past five years, the year-over-year gain in Operating Margin ranged from 0.71 percentage points (Q4 2023) to 18.63 percentage points (Q1 2025).
- Per Business Quant data, the three quarters before Q2 2026 came in at 37.49% (Q1 2026), 33.00% (Q4 2025) and 11.68% (Q3 2025).
Peer Set
Peer Comparison
Historic Data
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Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 23.54% |
| Mar 31, 2026 | 37.49% |
| Dec 31, 2025 | 33.00% |
| Sep 30, 2025 | 11.68% |
| Jun 30, 2025 | 16.27% |
| Mar 31, 2025 | 28.63% |
| Dec 31, 2024 | 27.22% |
| Sep 30, 2024 | 5.60% |
| Jun 30, 2024 | 7.04% |
| Mar 31, 2024 | 10.00% |
| Sep 30, 2023 | 5.15% |
| Jun 30, 2023 | 6.55% |
| Mar 31, 2023 | 8.43% |
| Sep 30, 2022 | 4.44% |
| Jun 30, 2022 | 3.98% |
| Mar 31, 2022 | 13.29% |
| Sep 30, 2021 | 2.62% |
| Jun 30, 2021 | 7.22% |
| Mar 31, 2021 | 19.58% |
| Dec 31, 2020 | 16.72% |
API Access
Southwest Gas Holdings, Inc. Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=SWX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "SWX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=SWX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();