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Dec 31, 2025
ONE Gas Q4 2025 Earnings Report
ONE Gas reported strong financial results for the fourth quarter and full year 2025, with increased net income and adjusted net income per diluted share.
Key Takeaways
ONE Gas announced its fourth quarter and full year 2025 financial results, reporting diluted earnings per share of $1.42 and adjusted net income per diluted share of $1.48 for Q4 2025. The company also provided non-GAAP adjustments to capture the full impact of a regulatory mechanism intended to mitigate regulatory lag.
Fourth quarter 2025 net income was $86.3 million, or $1.42 per diluted share, compared with $77.0 million, or $1.34 per diluted share, in the same period last year.
Fourth quarter 2025 adjusted net income was $89.7 million, or $1.48 per diluted share, compared with $77.5 million, or $1.35 per diluted share, in the same period last year.
Operating income for the fourth quarter was $139.7 million, an increase from $124.3 million in the fourth quarter 2024, primarily due to new rates and customer growth.
Capital expenditures and asset removal costs were $184.1 million for the fourth quarter 2025, compared with $190.4 million in the same period last year.
Revenue by Segment
Forward Guidance
ONE Gas expects 2026 adjusted net income to be in the range of $306 million to $314 million, with adjusted net income per diluted share of $4.83 to $4.95. The company anticipates long-term adjusted net income growth of 7 to 9 percent and adjusted net income per diluted share growth of 5 to 7 percent.
Positive Outlook
- Expected 2026 adjusted net income range of $306 million to $314 million.
- Expected 2026 adjusted net income per diluted share range of $4.83 to $4.95.
- Long-term adjusted net income growth of 7 to 9 percent.
- Long-term adjusted net income per diluted share growth of 5 to 7 percent.
- Capital investments of approximately $800 million in 2026, primarily for system integrity and replacement projects.
Challenges Ahead
- No specific negative forward guidance points were highlighted in the provided text, as the guidance focuses on positive growth and investment plans.
- The company's forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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