v3.26.1
Revenues
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues
Note 3 – Revenues
Southwest Gas’ operating revenues, but not its Operating margin, are directly impacted by variability between comparative periods in the cost of natural gas procured for customers as these costs are incorporated in customer rates. When included in rates (for customers except those taking transportation-only service), these costs are passed through to customers generally dollar-for-dollar without markup. Operating margin is a non-GAAP financial measure and should be considered in addition to, not as a substitute for, measures of financial performance prepared in accordance with GAAP. Southwest Gas’ revenues overall, reflected on the Condensed Consolidated Statements of Income of both the Company and Southwest Gas, include revenue from contracts with customers, which is shown below disaggregated by customer type, in addition to other categories of revenue:
Three Months Ended
June 30,		Six Months Ended
June 30,
(Thousands of dollars)2026202520262025
Residential$189,417 $238,844 $587,721 $800,483 
Small commercial55,319 72,024 144,026 202,389 
Large commercial13,247 17,921 28,399 39,636 
Industrial/other7,337 10,669 17,647 24,141 
Transportation25,532 29,403 56,097 58,969 
Revenues from contracts with customers290,852 368,861 833,890 1,125,618 
Alternative revenue program revenues
65,285 24,870 105,430 12,504 
Other revenues (1)
2,017 2,587 3,953 4,612 
Total Regulated operations revenues (2)
$358,154 $396,318 $943,273 $1,142,734 
(1) Amounts include late fees and other miscellaneous revenues, and may also include the impact of certain regulatory mechanisms.
(2) The amounts for the six months ended June 30, 2025 differ from Southwest Gas due to the revision discussed in Note 6 - Previously Issued Condensed Consolidated Financial Statement.
As of June 30, 2026, the Company and Southwest had backlog performance obligations through Great Basin, excluding intercompany transactions, totaling $50.1 million through August 31, 2029. Of the current backlog, $7.8 million is expected to be fulfilled within the year ended December 31, 2026, $15.9 million within the year ended December 31, 2027, $15.9 million within the year ended December 31, 2028, and $10.5 million within the year ended December 31, 2029. Under the terms of Great Basin’s current settlement agreement, new rates will become effective no later than September 1, 2029. Accordingly, the Company and Southwest Gas are unable to reasonably estimate performance obligations that may arise beyond September 1, 2029. The backlog consists of firm customer contracts for natural gas transportation services. The current backlog does not reflect any contracts or commitments associated with the Great Basin 2028 expansion project. Seasonal fluctuation may impact the timing of fulfillment as demand for natural gas typically increases during winter months. The Company defines backlog as the aggregate value of signed contracts for which performance obligations remain unsatisfied.