Southwest Gas Holdings is the holding company for Southwest Gas, a regulated natural gas utility serving approximately 2.3M residential, commercial, and industrial customers across Arizona, Nevada, and California. Following the separation of its utility infrastructure services subsidiary, Centuri, in 2025, Southwest Gas's sole business is purchasing, distributing, and transporting natural gas. Residential and small commercial customers represent roughly 85% of operating margin. Southwest Gas also owns Great Basin Gas Transmission, a FERC-regulated interstate pipeline in northern Nevada and northern California. Southwest Gas earns revenue through tariff rates set by state regulators — the ACC, PUCN, and CPUC — and operates as a regulated monopoly within its service territories. Gas supply costs are passed through to customers via Purchased Gas Adjustment mechanisms and don't affect margin. Earnings are driven by rate base growth, rate case outcomes, and new customer additions. Southwest Gas added roughly 37,000 new meter sets in 2025, supported by strong in-migration to Arizona and Nevada. The company plans to invest approximately $4.3B in capex over 2025–2029, targeting 6–8% annual rate base growth. Southwest Gas is also pursuing regulatory modernization — including formula rates in both Arizona and Nevada — to reduce the lag between capital spending and earned returns. A significant discrete opportunity is a Great Basin pipeline expansion targeting a 2028 in-service date, with an estimated $1.2B–$1.6B in incremental capex, driven by surging demand from data centers and industrial customers.