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ONE Gas (OGS) investor relations material
ONE Gas Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 net income rose to $26.5 million ($0.44 per share), up from $19.3 million ($0.34) year-over-year, with year-to-date net income at $177.9 million ($2.94 per share), up from $145.8 million ($2.56) last year.
Full-year earnings guidance raised and 2025 EPS forecast narrowed to $4.34–$4.40, with net income guidance at $262–$266 million, both midpoints 2.5% above original forecasts.
Major capital project, the Austin System Reinforcement, completed ahead of schedule and under budget, boosting winter peak capacity by 25%.
Growth driven by core residential base, high-growth sectors like data centers and advanced manufacturing, and 16,800 new customer connections in the first nine months of 2025.
Quarterly dividend of $0.67 per share declared, annualized at $2.68 per share.
Financial highlights
Q3 2025 revenues increased 11% year-over-year to $379.1 million, with $19.2 million from new rates and $1.4 million from customer growth.
Operating income for Q3 2025 was $65.4 million, up 10% year-over-year; year-to-date operating income rose 16% to $317.7 million.
Operating and maintenance expenses rose 4.9% year-over-year, mainly due to higher labor costs and earlier execution of O&M activities.
Capital expenditures and asset removal costs for the nine months were $575.4 million, with full-year 2025 capex projected at $750 million.
Operating cash flow for the nine months was $535.8 million, up $230 million from the prior year, mainly due to working capital changes.
Outlook and guidance
2025 net income expected between $262–$266 million; EPS guidance narrowed to $4.34–$4.40, both midpoints 2.5% above original forecasts.
4%–6% EPS growth guidance considered structural, with potential to exceed high end due to legislative and market tailwinds.
Full-year 2025 capital expenditures and asset removal costs projected at approximately $750 million.
New rates in Oklahoma, Kansas, and Texas expected to support future revenue growth.
2026 and 5-year outlook to be updated ahead of utility week in December.
Large load projects: capital funding strategy?
Future in-sourcing opportunities?
Drivers for sustained EPS growth above 6%?
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Next ONE Gas earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
ONE Gas Inc. is a regulated natural gas utility company engaged in the distribution and transportation of natural gas to residential, commercial, industrial, and transportation customers. The company operates primarily in Kansas, Oklahoma, and Texas, providing essential energy services through its extensive pipeline infrastructure. The company is headquartered in Tulsa, Oklahoma, and its shares are listed on the NYSE.
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