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OGS

ONE Gas, Inc.

OGS

ONE Gas, Inc. • NYSE
$83.74 ▲ 0.34% (+0.28)
Market Cap $5.02 B
52w High $83.96
52w Low $66.38
Dividend Yield 2.68%
P/E 19.52
Volume 160.28K
Outstanding Shares 60.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $379.125M ▼ $237.13M ▲ $26.466M ▼ 6.981% ▼ $0.44 ▼ $144.677M ▼
Q2-2025 $423.741M ▼ $102.957M ▼ $32.033M ▼ 7.56% ▼ $0.53 ▼ $153.741M ▼
Q1-2025 $935.19M ▲ $106.934M ▲ $119.419M ▲ 12.769% ▲ $1.99 ▲ $262.721M ▲
Q4-2024 $630.703M ▲ $97.8M ▲ $77.022M ▲ 12.212% ▲ $1.35 ▲ $199.867M ▲
Q3-2024 $340.398M $90.574M $19.268M 5.66% $0.34 $134.557M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $11.614M ▼ $8.504B ▲ $5.322B ▲ $3.182B ▼
Q2-2025 $20.545M ▲ $8.359B ▲ $5.175B ▲ $3.184B ▼
Q1-2025 $19.305M ▼ $8.327B ▼ $5.142B ▼ $3.185B ▲
Q4-2024 $57.995M ▲ $8.426B ▲ $5.321B ▲ $3.105B ▲
Q3-2024 $18.797M $8.039B $5.227B $2.813B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $26.466M ▼ $87.009M ▼ $-195.346M ▼ $86.401M ▲ $-21.936M ▼ $-105.359M ▼
Q2-2025 $32.033M ▼ $171.35M ▼ $-180.666M ▼ $23.849M ▲ $14.533M ▲ $-9.118M ▼
Q1-2025 $119.419M ▲ $277.459M ▲ $-167.845M ▲ $-159.963M ▼ $-50.349M ▼ $110.862M ▲
Q4-2024 $77.022M ▲ $62.63M ▲ $-185.267M ▼ $172.416M ▲ $49.779M ▲ $-113.185M ▲
Q3-2024 $19.268M $54.855M $-180.452M $121.889M $-3.708M $-126.365M

Five-Year Company Overview

Income Statement

Income Statement Revenue has bounced around over the last five years, peaking in the middle of the period and easing off more recently. In contrast, profit measures like gross profit, operating income, and EBITDA have generally trended upward, which suggests better cost control and regulatory recovery of costs even when sales fluctuate. Net income has grown only modestly over time and dipped slightly in the most recent year, which is common for a regulated utility with tight oversight of returns. Earnings per share have moved in a narrow range, reinforcing the picture of a slow‑growth but relatively steady earnings profile rather than a fast‑growing business.

Balance Sheet

Balance Sheet The asset base has expanded meaningfully over time, reflecting ongoing investment in pipelines, infrastructure, and related equipment. Shareholders’ equity has grown steadily, showing that the company is building its capital base and retaining value in the business. Debt levels have also risen, and at a faster clip than equity in some years, which indicates a heavier reliance on borrowing to fund growth projects. Cash on hand is minimal, which is typical for a regulated utility that depends more on steady cash inflows and access to capital markets than on holding large cash reserves; the trade‑off is higher sensitivity to interest rates and refinancing conditions.

Cash Flow

Cash Flow Operating cash flow has been quite volatile from year to year, swinging from very strong to weak or even negative, likely driven by changes in gas prices, working capital needs, and weather‑driven demand. Free cash flow has moved between solidly positive and clearly negative, largely because the company spends heavily on capital projects to modernize and expand its network. Capital spending has been consistently high and rising, which supports long‑term reliability and regulatory growth but puts pressure on near‑term free cash flow and increases the need for external funding. Overall, this pattern is typical of a regulated utility in a build‑out and modernization phase: lumpy cash flows but with spending that tends to be recoverable over time through rates.

Competitive Edge

Competitive Edge ONE Gas operates entirely as a regulated gas utility with dominant positions in Oklahoma and Kansas and a significant footprint in Texas, giving it a large, captive customer base and substantial barriers to entry. Its extensive pipeline network and storage assets are difficult and costly for any competitor to replicate, reinforcing its structural advantage. The regulatory model provides stability but also caps profitability, so the company’s edge comes from execution: safety, reliability, constructive relationships with regulators, and efficient capital deployment. Key risks to its position include policy shifts away from natural gas in buildings, rising expectations for decarbonization, and sensitivity to interest rates, but its entrenched infrastructure and safety track record provide an important buffer.

Innovation and R&D

Innovation and R&D For a traditional utility, ONE Gas is relatively active on the innovation front, with a strong push into renewable natural gas projects that turn agricultural and other organic waste into pipeline‑quality fuel. It is also taking part in early‑stage hydrogen research and pilot efforts, positioning itself to adapt if hydrogen blending or transport becomes more commercially viable in its service regions. A multi‑decade pipeline replacement and modernization program, along with advanced leak detection and data analytics tools, emphasizes both safety and emissions reduction while improving operational efficiency. Most of this “R&D” shows up as capital and technology investments rather than classic lab research, but it supports a gradual shift toward a cleaner, more future‑proof gas network.

Summary

ONE Gas looks like a classic regulated utility with a modern twist: slow and steady earnings, heavy capital spending, and a very strong local footprint, combined with visible efforts to align with the energy transition. Profitability has improved gradually even as revenue has fluctuated, suggesting disciplined cost management and constructive regulation, though overall growth remains modest. The balance sheet reflects an expanding asset base funded by both rising equity and higher debt, which is normal for the sector but does increase exposure to interest rates and regulatory support for future projects. Cash flows are choppy due to big investment cycles, yet much of that spending is aimed at safety, modernization, and cleaner fuel options such as renewable natural gas. Strategically, the company appears well anchored by its infrastructure and regulatory moat but must continue navigating long‑term risks around decarbonization policy, customer electrification, and ongoing capital needs.

NEWS

November 18, 2025 · 4:15 PM UTC

ONE Gas Announces Retirement of Board Chair John Gibson and Election of Deborah Hersman as New Chair

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November 10, 2025 · 4:15 PM UTC

ONE Gas Announces Dual Listing on NYSE Texas

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November 3, 2025 · 4:15 PM UTC

ONE Gas Announces Third Quarter 2025 Financial Results; Narrows 2025 Financial Guidance

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September 30, 2025 · 4:15 PM UTC

ONE Gas Third Quarter 2025 Conference Call and Webcast Scheduled

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September 12, 2025 · 4:45 PM UTC

ONE Gas to Participate in American Gas Association Mini-Forum

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