ONE Gas (OGS) Q4 2025 earnings summary

Executive summary

• Delivered strong operational and financial results in 2025, meeting revised EPS guidance of $4.37 per share and marking 12 consecutive years of meeting or exceeding initial guidance midpoints.

• Focused on disciplined execution, safety, and community service, with meaningful opportunities in residential and large-load growth supporting long-term value creation and affordability.

• Successfully managed Winter Storm Fern with no supply disruptions, aided by post-Uri investments in system reinforcement and gas supply diversification.

• Introduced non-GAAP adjustments to net income and EPS to reflect regulatory accounting changes from Texas House Bill 4384.

Financial highlights

• Full year 2025 net income was $264.2 million ($4.37 per diluted share), up from $222.9 million ($3.91) in 2024; adjusted net income was $271.0 million ($4.48), up from $224.8 million ($3.94).

• Fourth quarter adjusted net income was $90 million ($1.48 per share), up from $78 million ($1.35) year-over-year.

• Operating income for Q4 2025 was $139.7 million, up from $124.3 million in Q4 2024; full year operating income was $457.5 million, up from $399.0 million.

• Total revenues for 2025 were $2.43 billion, up from $2.08 billion in 2024.

• Capital expenditures and asset removal costs for 2025 were $760 million, nearly flat year-over-year.

Outlook and guidance

• 2026 adjusted net income guidance: $306–$314 million; adjusted EPS: $4.83–$4.95.

• 2026 capital investments, including asset removal, projected at $800 million, with $230 million for new customer extensions.

• Long-term adjusted net income growth expected at 7–9%, adjusted EPS growth at 5–7% annually.

• 2030 adjusted EPS midpoint projected at approximately $6.

• O&M CAGR guidance remains at 3–4% long-term.