ONE Gas, Inc.

onegas.com

What Do They Do?

Distributes natural gas to residential, commercial and transportation customers in Oklahoma, Kansas and Texas.

Who Are Their Customers?

Industrial and commercial customers can buy natural gas from a provider of their choice and contract with ONE Gas to transport it; customers receiving sales service are billed monthly.

Do Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$128.4M.

Operating income, FY2025

19% of revenue

▲ +15% vs FY2024 ($398.9M, 19%)

Net income, FY2025

11% of revenue

▲ +19% vs FY2024 ($222.9M, 11%)

Free cash flow, FY2025

−5% of revenue

▼ −62% (Loss) vs FY2024 (−$334.8M, −16%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Net income: ▲ +46%; vs $32M in Q2 FY2025

Aug 4, 2026 Raised adjusted earnings expectations to the upper half of guidance ranges Raised full-year adjusted net income and per-share expectations to the upper half of previously announced ranges.

Comments