Southwest Gas Holdings restates 2025 quarterly results over state income tax errors
On January 9, 2026, the Audit Committee concluded that Southwest Gas Holdings' unaudited financial statements for the periods ended June 30 and September 30, 2025 should no longer be relied upon. Errors in state income tax expense and deferred income taxes understated tax expense and net deferred income tax liabilities, which lowers reported net income for those periods. The company says revenues, operating margin and cash flows were not affected, and the restated figures will appear in its 2025 Form 10-K.
Key points
- Income tax expense and net deferred income tax liabilities were understated by about $27 million for the three and six months ended June 30, 2025, and by an incremental $8 million for the three and nine months ended September 30, 2025.
- Restated three months ended September 30, 2025 shows a loss from continuing operations of $3.8 million, compared with income of $4.2 million as previously reported.
- The errors arose because state apportionment rates were not updated after Centuri share sales on May 22, 2025 and August 11, 2025.
- The restated amounts are preliminary and unaudited by PricewaterhouseCoopers LLP, and the company expects a material weakness in internal controls for its 2025 Form 10-K.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 09, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.