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Sep 30, 2025
ONE Gas Q3 2025 Earnings Report
ONE Gas reported third quarter 2025 financial results, narrowed its 2025 financial guidance, and declared its quarterly dividend.
Key Takeaways
ONE Gas delivered a strong third quarter in 2025, with net income increasing to $26.5 million, up from $19.3 million in the prior year, and diluted EPS rising to $0.44 from $0.34. This performance was driven by new rates and customer growth in Oklahoma and Texas, partially offset by increased operating expenses. The company narrowed its full-year 2025 diluted EPS guidance to $4.34 to $4.40, reflecting confidence in its operational efficiency and strategic execution.
Third quarter 2025 net income increased to $26.5 million, or $0.44 per diluted share, compared to $19.3 million, or $0.34 per diluted share, in the third quarter 2024.
Operating income for the third quarter was $65.4 million, an increase from $59.5 million in the same period last year, primarily due to new rates and residential customer growth.
The company narrowed its 2025 diluted earnings per share guidance to a range of $4.34 to $4.40, from a previous range of $4.32 to $4.42.
The board of directors declared a quarterly dividend of $0.67 per share, payable on December 1, 2025.
Revenue by Segment
Forward Guidance
ONE Gas narrowed its 2025 financial guidance, with net income now expected to be between $262 million and $266 million, and diluted earnings per share projected to be in the range of $4.34 to $4.40. Capital expenditures, including asset removal costs, are still anticipated to be approximately $750 million.
Positive Outlook
- The company narrowed its 2025 net income guidance to $262 million to $266 million, indicating increased confidence in financial performance.
- Diluted earnings per share guidance was narrowed to $4.34 to $4.40, with the midpoint remaining 2.5% above original forecasts.
- Capital expenditures, including asset removal costs, are maintained at approximately $750 million, signaling continued investment in system integrity and expansion.
- New rates approved in Texas and Kansas are expected to contribute to future revenue increases.
- A settlement agreement in Oklahoma resulted in a $41.1 million base rate revenue increase and a $2.4 million energy efficiency incentive.
Challenges Ahead
- Increased depreciation and amortization expense from additional capital investment will partially offset revenue gains.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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