SWX — what changed in the latest 10-Q
A section-by-section comparison of SWX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-04 vs the prior 10-Q · 2026-08-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +43 | −46 | ~28 | 36 |
| Controls & procedures | Text added/removed | +1 | −8 | ~2 | 0 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3), Risk factors
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-04
Income from discontinued operations, net of taxes— 266,301 — 206,460
•Southwest Gas received the final decision on our Nevada general rate case on October 14, 2026, with rates effective in October 2026, providing approximately $47.8 million of incremental annual revenue to recover costs and investments made on behalf of customers.
•California rate case concluded in August 2026 providing $32.6 million of incremental annual revenue, reinforcing regulatory support for infrastructure investments and enhancing earnings visibility.
Historically, the Natural Gas Distribution segment operating results have corresponded to the operating results of Southwest Gas. The amounts reported in the table below differ from Southwest Gas for the nine months ended September 30, 2025, due to the revision described in Note 6 - Previously Issue…
In the three months ended September 30, 2026 compared to the same period in 2025, the increase in net income of $6.9 million was primarily due to:
Text removed vs the prior filing · source: 10-Q · 2026-08-05
materially consistent for the foreseeable future subject to the ultimate outcome of the Great Basin 2028 expansion project. Refer to Great Basin 2028 Expansion Project discussion below.
•ACC approved and Southwest Gas implemented its first SIM surcharge in June 2026, enabling recovery of eligible infrastructure investments.
•PUCN approved Southwest Gas' first triennial resource plan, supporting approximately $186 million in safety and infrastructure investments and future energy resource initiatives.
•California General Rate Case: Received CPUC approval for a $39.5 million revenue increase and final cost-of-capital decisions expected in the third quarter of 2026.
•Great Basin completed an open season in April 2026 for available capacity in its 2028 expansion project. Precedent Agreements were executed for 322,000 mcf per day for 2028, for a project total of 948,876 mcf per day. Great Basin received interest of an additional 1.8 billion cubic feet a day with …
Controls & procedures
Text added vs the prior filing · source: 10-Q · 2026-11-04
There have been no changes in Southwest Gas Holdings’ and Southwest Gas’ internal control over financial reporting (as defined in Rules 13a-15(f) and 15(d)-15(f) of the Exchange Act) during the third quarter of 2026 that have materially affected, or are likely to materially affect internal control o…
Text removed vs the prior filing · source: 10-Q · 2026-08-05
As previously reported on the Form 10-K filed for December 31, 2025, management identified a material weakness in internal control over financial reporting at Southwest Gas Holdings as the Company did not design and maintain an effective control to assess the impact on estimated future state income …
In response, management expanded our internal control framework over income tax accounting by modifying the control activities related to state income tax apportionment rates. This expansion included the implementation of a formal interim review control designed to identify, assess, and document the…
Management has concluded that the actions taken to strengthen our internal control over financial reporting, as well as the results of our testing over the design and operating effectiveness of these controls, have remediated the previously identified material weakness as of June 30, 2026.
In May 2026, the Company implemented a new financial close, consolidation, and reporting system as part of its financial reporting transformation initiative. The implementation resulted in a change to the Company's internal control over financial reporting by replacing certain manual financial state…
During the quarter ended June 30, 2026, the Company enhanced certain existing internal controls and implemented new controls related to financial consolidation and reporting processes, user access management, change management, and the completeness and accuracy of financial data. In addition, manage…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice