ONE Gas Q4 Adjusted EPS $1.48 Beats Estimates on $689.4M Revenue; 2026 EPS Guidance $4.83–$4.95
ONE Gas reported Q4 net income of $86.3 million, or $1.42 per share, with adjusted EPS of $1.48 beating estimates, on revenue of $689.4 million. For full-year 2025, the company delivered net income of $264.2 million ($4.37/share), adjusted $4.48, and guided 2026 EPS of $4.83–$4.95 per share.
1. Fourth-Quarter Results
ONE Gas delivered Q4 net income of $86.3 million, or $1.42 per share, with adjusted EPS of $1.48, exceeding analyst forecasts on revenue of $689.4 million. Operating income rose driven by new rate adjustments and customer growth, partially offset by higher employee and depreciation costs and weather normalization impacts.
2. Full-Year 2025 Performance
For the full year, net income reached $264.2 million, or $4.37 per share, with adjusted EPS of $4.48 on revenue of $2.43 billion. Operating income climbed to $457.5 million from $399.0 million a year earlier, driven by a $116.0 million lift from new rates and sustained customer additions.
3. 2026 Guidance and Dividend
The company expects 2026 adjusted net income between $306 million and $314 million, or $4.83 to $4.95 per share, targeting 7–9% long-term adjusted income growth. The Q1 dividend was raised by one cent to $0.68 per share, payable March 6, 2026.
4. Capital Expenditures and Regulatory Updates
Capital expenditures and asset removal costs totaled $759.5 million in 2025, slightly below 2024 levels, focusing on system integrity and service extensions. In Texas, a rate case approval added $14.4 million in revenue effective January 27, 2026, under a 9.8% ROE framework.