ONE Gas Reports Q4 and Full Year 2025 Financial Performance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 18 2026
0mins
Should l Buy OGS?
Source: seekingalpha
- Quarterly Performance Overview: ONE Gas reported a Q4 GAAP EPS of $1.42, meeting expectations, while revenue reached $689.3 million, a 9.3% year-over-year increase, but fell short by $301.14 million, indicating revenue growth challenges.
- Annual Operating Income Growth: For the full year 2025, operating income was $457.5 million, up from $399.0 million in 2024, primarily driven by $116 million from new rates and a $6.6 million increase in residential sales due to customer growth across three states.
- Cost Pressures Evident: Despite revenue growth, the company faced increased costs, with depreciation expenses rising by $20.6 million due to additional capital expenditures, employee-related costs up by $17 million, and ad-valorem taxes increasing by $14.7 million, which pressured overall profitability.
- Customer Refund Impact: ONE Gas also had to refund $2.9 million to Oklahoma customers due to a settlement related to a disputed gas purchase invoice, further affecting the company's financial performance.
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Analyst Views on OGS
Wall Street analysts forecast OGS stock price to rise
6 Analyst Rating
3 Buy
3 Hold
0 Sell
Moderate Buy
Current: 87.260
Low
72.00
Averages
87.33
High
99.00
Current: 87.260
Low
72.00
Averages
87.33
High
99.00
About OGS
ONE Gas, Inc. is a regulated natural gas distribution utility in the United States. The Company operates through a single segment: regulated public utilities, which deliver natural gas to residential, commercial and transportation customers. The Company provides natural gas distribution services to approximately 2.3 million customers. The Company has three divisions: Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service. It primarily serves residential, commercial and transportation customers in all three states. The Company’s natural gas distribution markets in terms of customers are Oklahoma City and Tulsa, Oklahoma; Kansas City, Wichita and Topeka, Kansas; and Austin and El Paso, Texas. It distributes natural gas to approximately 89%, 71% and 13% of the natural gas distribution customers in Oklahoma, Kansas and Texas, respectively.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
ONE Gas to Participate in Multiple Investor Conferences
- Investor Conference Schedule: ONE Gas will participate in the UBS Midwest Utilities Conference on February 25, 2026, in Chicago, followed by the Morgan Stanley Energy and Power Conference on March 2 and the Jefferies Power, Energy, Clean Energy and Utilities Conference on March 3, showcasing its active engagement in the industry.
- Executive Attendance: Senior Vice President and COO Curtis Dinan and Senior Vice President and CFO Christopher Sighinolfi will attend all three conferences, conducting a series of meetings with investors to enhance interaction with the investment community and boost market confidence.
- Material Accessibility: Materials used during the conferences will be available on the ONE Gas official website, ensuring investors can access relevant information in a timely manner, further promoting transparency and information sharing.
- Company Background: ONE Gas is one of the largest natural gas utilities in the U.S., serving over 2.3 million customers across Kansas, Oklahoma, and Texas, highlighting its significant position and influence in the energy market.
See More
ONE Gas to Hold 2026 Annual Shareholders Meeting Virtually
- Meeting Schedule: ONE Gas will hold its 2026 Annual Shareholders Meeting on May 21, 2026, at 10 a.m. Eastern Time, in a virtual format, aimed at enhancing shareholder engagement and adapting to current digital trends.
- Shareholder Eligibility: The record date for determining shareholders entitled to receive notice and vote is set for March 23, 2026, reflecting the company's commitment to shareholder rights and participation.
- Webcast Information: The meeting will be audio webcast on the ONE Gas website, allowing shareholders to participate through a registration link, which enhances transparency and provides convenience for stakeholders.
- Company Overview: ONE Gas is a fully regulated natural gas utility serving over 2.3 million customers across Kansas, Oklahoma, and Texas, highlighting its significant position in the U.S. natural gas industry.
See More
ONE Gas Q4 2025 Earnings Call Insights
- Operational Resilience: During Winter Storm Fern, ONE Gas delivered over 3 billion cubic feet of gas on the peak day without supply disruptions, showcasing the company's strong operational capabilities in extreme weather, which enhances customer trust and market competitiveness.
- Financial Performance: In 2025, net income reached $264 million, or $4.37 per diluted share, reflecting an 18% and 12% increase from 2024, respectively, indicating robust growth driven by ongoing investments and improved operational efficiency, likely attracting further investor interest.
- Non-GAAP Adjustments: The introduction of non-GAAP adjustments to reflect the impact of Texas House Bill 4384 is expected to create a $12 million revenue variance in 2026, providing clearer financial disclosures that enhance transparency and investor confidence.
- Future Outlook: The company anticipates adjusted net income between $306 million and $314 million for 2026, with adjusted earnings per share ranging from $4.83 to $4.95, and long-term growth targets of 7% to 9% for adjusted net income and earnings per share, demonstrating confidence in future growth and strategic planning.
See More
ONE Gas Reports Increased Q4 Profit
- Profit Growth: ONE Gas Inc. reported a fourth-quarter profit of $86.31 million, translating to $1.42 per share, which marks a significant increase from last year's $77.02 million and $1.34 per share, indicating enhanced profitability.
- Adjusted Earnings: Excluding items, the company reported adjusted earnings of $89.67 million or $1.48 per share, showcasing strong performance in its core operations and ongoing improvements in profitability.
- Revenue Increase: The company's revenue rose by 9.3% to $689.37 million compared to $630.70 million last year, reflecting increased market demand and successful business expansion efforts.
- Market Impact: The growth in earnings and revenue not only boosts investor confidence but also potentially provides funding for future investments and expansions, further solidifying ONE Gas's position in the energy market.
See More
ONE Gas Reports Q4 and Full Year 2025 Financial Performance
- Quarterly Performance Overview: ONE Gas reported a Q4 GAAP EPS of $1.42, meeting expectations, while revenue reached $689.3 million, a 9.3% year-over-year increase, but fell short by $301.14 million, indicating revenue growth challenges.
- Annual Operating Income Growth: For the full year 2025, operating income was $457.5 million, up from $399.0 million in 2024, primarily driven by $116 million from new rates and a $6.6 million increase in residential sales due to customer growth across three states.
- Cost Pressures Evident: Despite revenue growth, the company faced increased costs, with depreciation expenses rising by $20.6 million due to additional capital expenditures, employee-related costs up by $17 million, and ad-valorem taxes increasing by $14.7 million, which pressured overall profitability.
- Customer Refund Impact: ONE Gas also had to refund $2.9 million to Oklahoma customers due to a settlement related to a disputed gas purchase invoice, further affecting the company's financial performance.
See More
ONE Gas Reports 2025 Financial Results and 2026 Outlook
- 2025 Financial Performance: ONE Gas reported diluted earnings per share of $1.42 for Q4 2025 and $4.37 for the full year, reflecting strong operational execution and financial results that are likely to bolster investor confidence.
- Adjusted Net Income: The adjusted net income per diluted share for Q4 2025 was $1.48 and $4.48 for the full year, showcasing the company's effective strategies in mitigating regulatory lag, which is expected to enhance future profitability.
- Capital Expenditure Plans: The company anticipates approximately $800 million in capital investments for 2026, with $230 million earmarked for extending services to new customers, aimed at supporting long-term growth and customer value creation.
- Regulatory Mechanism Impact: The Texas Railroad Commission approved a $14.4 million revenue increase, effective January 2026, which will help the company maintain a stable revenue stream in a competitive market.
See More
ONE Gas to Participate in Multiple Investor Conferences
- Investor Conference Schedule: ONE Gas will participate in the UBS Midwest Utilities Conference on February 25, 2026, in Chicago, followed by the Morgan Stanley Energy and Power Conference on March 2 and the Jefferies Power, Energy, Clean Energy and Utilities Conference on March 3, showcasing its active engagement in the industry.
- Executive Attendance: Senior Vice President and COO Curtis Dinan and Senior Vice President and CFO Christopher Sighinolfi will attend all three conferences, conducting a series of meetings with investors to enhance interaction with the investment community and boost market confidence.
- Material Accessibility: Materials used during the conferences will be available on the ONE Gas official website, ensuring investors can access relevant information in a timely manner, further promoting transparency and information sharing.
- Company Background: ONE Gas is one of the largest natural gas utilities in the U.S., serving over 2.3 million customers across Kansas, Oklahoma, and Texas, highlighting its significant position and influence in the energy market.
See More
ONE Gas to Hold 2026 Annual Shareholders Meeting Virtually
- Meeting Schedule: ONE Gas will hold its 2026 Annual Shareholders Meeting on May 21, 2026, at 10 a.m. Eastern Time, in a virtual format, aimed at enhancing shareholder engagement and adapting to current digital trends.
- Shareholder Eligibility: The record date for determining shareholders entitled to receive notice and vote is set for March 23, 2026, reflecting the company's commitment to shareholder rights and participation.
- Webcast Information: The meeting will be audio webcast on the ONE Gas website, allowing shareholders to participate through a registration link, which enhances transparency and provides convenience for stakeholders.
- Company Overview: ONE Gas is a fully regulated natural gas utility serving over 2.3 million customers across Kansas, Oklahoma, and Texas, highlighting its significant position in the U.S. natural gas industry.
See More
ONE Gas Q4 2025 Earnings Call Insights
- Operational Resilience: During Winter Storm Fern, ONE Gas delivered over 3 billion cubic feet of gas on the peak day without supply disruptions, showcasing the company's strong operational capabilities in extreme weather, which enhances customer trust and market competitiveness.
- Financial Performance: In 2025, net income reached $264 million, or $4.37 per diluted share, reflecting an 18% and 12% increase from 2024, respectively, indicating robust growth driven by ongoing investments and improved operational efficiency, likely attracting further investor interest.
- Non-GAAP Adjustments: The introduction of non-GAAP adjustments to reflect the impact of Texas House Bill 4384 is expected to create a $12 million revenue variance in 2026, providing clearer financial disclosures that enhance transparency and investor confidence.
- Future Outlook: The company anticipates adjusted net income between $306 million and $314 million for 2026, with adjusted earnings per share ranging from $4.83 to $4.95, and long-term growth targets of 7% to 9% for adjusted net income and earnings per share, demonstrating confidence in future growth and strategic planning.
See More
ONE Gas Reports Increased Q4 Profit
- Profit Growth: ONE Gas Inc. reported a fourth-quarter profit of $86.31 million, translating to $1.42 per share, which marks a significant increase from last year's $77.02 million and $1.34 per share, indicating enhanced profitability.
- Adjusted Earnings: Excluding items, the company reported adjusted earnings of $89.67 million or $1.48 per share, showcasing strong performance in its core operations and ongoing improvements in profitability.
- Revenue Increase: The company's revenue rose by 9.3% to $689.37 million compared to $630.70 million last year, reflecting increased market demand and successful business expansion efforts.
- Market Impact: The growth in earnings and revenue not only boosts investor confidence but also potentially provides funding for future investments and expansions, further solidifying ONE Gas's position in the energy market.
See More
ONE Gas Reports Q4 and Full Year 2025 Financial Performance
- Quarterly Performance Overview: ONE Gas reported a Q4 GAAP EPS of $1.42, meeting expectations, while revenue reached $689.3 million, a 9.3% year-over-year increase, but fell short by $301.14 million, indicating revenue growth challenges.
- Annual Operating Income Growth: For the full year 2025, operating income was $457.5 million, up from $399.0 million in 2024, primarily driven by $116 million from new rates and a $6.6 million increase in residential sales due to customer growth across three states.
- Cost Pressures Evident: Despite revenue growth, the company faced increased costs, with depreciation expenses rising by $20.6 million due to additional capital expenditures, employee-related costs up by $17 million, and ad-valorem taxes increasing by $14.7 million, which pressured overall profitability.
- Customer Refund Impact: ONE Gas also had to refund $2.9 million to Oklahoma customers due to a settlement related to a disputed gas purchase invoice, further affecting the company's financial performance.
See More
ONE Gas Reports 2025 Financial Results and 2026 Outlook
- 2025 Financial Performance: ONE Gas reported diluted earnings per share of $1.42 for Q4 2025 and $4.37 for the full year, reflecting strong operational execution and financial results that are likely to bolster investor confidence.
- Adjusted Net Income: The adjusted net income per diluted share for Q4 2025 was $1.48 and $4.48 for the full year, showcasing the company's effective strategies in mitigating regulatory lag, which is expected to enhance future profitability.
- Capital Expenditure Plans: The company anticipates approximately $800 million in capital investments for 2026, with $230 million earmarked for extending services to new customers, aimed at supporting long-term growth and customer value creation.
- Regulatory Mechanism Impact: The Texas Railroad Commission approved a $14.4 million revenue increase, effective January 2026, which will help the company maintain a stable revenue stream in a competitive market.
See More
