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ONE Gas
(NYSE:OGS)
ONE Gas (OGS) vs. SPDR S&P 500 ETF (SPY)
ONE Gas Business Overview & Revenue Model
ONE Gas Earnings Call Summary
ONE Gas Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.43B | 2.08B | 2.37B | 2.58B | 1.81B |
| Gross Profit | 1.43B | 775.11M | 729.08M | 646.65M | 583.91M |
| EBITDA | 781.52M | 703.17M | 666.90M | 574.25M | 514.28M |
| Net Income | 264.22M | 222.85M | 231.23M | 221.74M | 206.43M |
Balance Sheet | |||||
| Total Assets | 9.33B | 8.43B | 7.77B | 7.78B | 8.40B |
| Cash, Cash Equivalents and Short-Term Investments | 33.73M | 57.99M | 18.84M | 9.68M | 8.85M |
| Total Debt | 3.39B | 3.33B | 3.05B | 3.26B | 4.18B |
| Total Liabilities | 5.89B | 5.32B | 5.01B | 5.19B | 6.05B |
| Stockholders Equity | 3.44B | 3.10B | 2.77B | 2.58B | 2.35B |
Cash Flow | |||||
| Free Cash Flow | -128.39M | -334.75M | 272.90M | 961.36M | -2.03B |
| Operating Cash Flow | 578.83M | 368.41M | 939.53M | 1.57B | -1.54B |
| Investing Cash Flow | -715.32M | -707.50M | -669.64M | -614.11M | -501.08M |
| Financing Cash Flow | 91.68M | 378.23M | -248.63M | -947.46M | 2.04B |
ONE Gas Technical Analysis
ONE Gas Risk Analysis
ONE Gas Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $5.48B | 20.03 | 8.51% | 3.45% | 15.06% | 12.27% | |
70 Outperform | $6.37B | 13.74 | 5.42% | 3.07% | -23.15% | 157.45% | |
66 Neutral | $5.47B | 16.78 | 13.66% | 4.01% | 13.94% | 13.93% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $2.20B | 21.11 | 7.20% | 4.18% | 11.27% | 20.04% | |
65 Neutral | $8.03B | 13.80 | 12.52% | 3.92% | 1.10% | 140.04% | |
64 Neutral | $5.41B | 19.89 | 8.46% | 3.82% | -4.50% | 2.49% |
ONE Gas Corporate Events
On February 18, 2026, ONE Gas reported fourth-quarter 2025 net income of $86.3 million, or $1.42 per diluted share, up from $77.0 million a year earlier, with adjusted EPS rising to $1.48. Full-year 2025 net income increased to $264.2 million, or $4.37 per share, while adjusted EPS reached $4.48, driven largely by $116 million from new rates and customer growth, partly offset by higher depreciation, employee costs and taxes.
The company settled forward equity contracts in December 2025 for $205 million in net proceeds, held capital spending roughly flat at $759.5 million, and won approval in Texas for a $14.4 million revenue increase and divisional consolidation effective January 27, 2026. ONE Gas raised its first-quarter 2026 dividend to $0.68 per share and issued 2026 guidance calling for adjusted net income of $306 million to $314 million, underpinned by about $800 million of planned capital investments focused on system integrity and customer expansion.
The most recent analyst rating on (OGS) stock is a Hold with a $73.00 price target. To see the full list of analyst forecasts on ONE Gas stock, see the OGS Stock Forecast page.
On February 18, 2026, ONE Gas announced that senior vice president and chief operating officer Curtis L. Dinan will be promoted to president and chief operating officer effective March 1, 2026. Current president and chief executive officer Robert S. McAnnally will continue as chief executive officer, concentrating on long-term strategy, value creation and stakeholder engagement.
In his expanded role, Dinan will oversee the day-to-day operations of ONE Gas’ natural gas distribution business divisions while continuing to report to McAnnally. The company said the leadership progression is designed to support scaled operations and long-term growth amid rising demand and confirmed that the change does not alter its strategy, regulatory commitments or financial outlook.
The most recent analyst rating on (OGS) stock is a Hold with a $73.00 price target. To see the full list of analyst forecasts on ONE Gas stock, see the OGS Stock Forecast page.
On January 22, 2026, ONE Gas announced it will release its fourth-quarter and full-year 2025 financial results after the market closes on February 18, 2026, followed by a conference call and live webcast with executive management on February 19, 2026, which will also be available for replay on the company’s website and by phone for a limited time. The company also outlined its 2026 investor communications calendar, scheduling first-, second- and third-quarter 2026 earnings releases for May 4, August 4 and November 2, respectively, with corresponding conference calls and webcasts the following days at consistent times, signaling a predictable and structured approach to ongoing engagement with analysts, investors and other stakeholders.
The most recent analyst rating on (OGS) stock is a Hold with a $73.00 price target. To see the full list of analyst forecasts on ONE Gas stock, see the OGS Stock Forecast page.
On January 20, 2026, ONE Gas’ board of directors increased the company’s first-quarter 2026 dividend by one cent to 68 cents per share, equivalent to an annualized dividend of $2.72 per share, payable on March 6, 2026 to shareholders of record as of February 20, 2026. The company also signaled a modest but steady capital return profile by stating it expects average annual dividend growth of 1% to 2% through 2030, reinforcing its income-focused value proposition for investors in a regulated utility business.
The most recent analyst rating on (OGS) stock is a Hold with a $83.00 price target. To see the full list of analyst forecasts on ONE Gas stock, see the OGS Stock Forecast page.
ONE Gas, Inc., a U.S. regulated natural gas utility, has entered into a series of forward sale agreements to issue a total of 2,633,700 shares of common stock by December 29, 2025. Under these agreements with Bank of America, N.A. and JPMorgan Chase Bank, National Association, the company expects to issue 223,000 and 180,000 shares pursuant to two amended 2023 contracts with Bank of America and 2,230,700 shares under a May 8, 2025 contract with JPMorgan, resulting in aggregate expected net proceeds of approximately $205 million that will bolster its capital resources and financial flexibility.
The most recent analyst rating on (OGS) stock is a Hold with a $85.00 price target. To see the full list of analyst forecasts on ONE Gas stock, see the OGS Stock Forecast page.
On December 17, 2025, ONE Gas increased the size of its unsecured commercial paper program, raising the maximum aggregate principal amount of notes outstanding at any time from $1.35 billion to $1.50 billion, while leaving all other terms and conditions of the program unchanged. The move expands the company’s short-term financing capacity, potentially enhancing its liquidity and financial flexibility, although the commercial paper notes will continue to be offered only in transactions exempt from registration under U.S. securities laws and do not constitute a public offering.
The most recent analyst rating on (OGS) stock is a Buy with a $87.00 price target. To see the full list of analyst forecasts on ONE Gas stock, see the OGS Stock Forecast page.
On December 18, 2025, ONE Gas, Inc. announced a joint infrastructure initiative to build a 43-mile, large-diameter natural gas pipeline in southeast Oklahoma to support economic growth and enhance energy reliability in the region. The $150–$160 million project, of which ONE Gas will invest about $120 million, will connect the Bennington Natural Gas Hub to Western Farmers Electric Cooperative’s Hugo Plant near Fort Towson, enabling delivery of more than 100 billion cubic feet of natural gas annually to fuel 400 megawatts of natural gas-fired generation by 2029 as the first phase of WFEC’s long-term resource plan; the pipeline, to be installed and operated by Oklahoma Natural Gas, is expected to be completed by the third quarter of 2028, positioning ONE Gas as a key energy infrastructure provider for the plant and surrounding communities.
The most recent analyst rating on (OGS) stock is a Hold with a $83.00 price target. To see the full list of analyst forecasts on ONE Gas stock, see the OGS Stock Forecast page.
On December 2, 2025, ONE Gas announced its participation in several investor conferences in New York City, scheduled for December 8-10, 2025. Key executives, including the CEO, CFO, and COO, will engage with the investment community, with conference materials available on the company’s website.
The most recent analyst rating on (OGS) stock is a Hold with a $75.00 price target. To see the full list of analyst forecasts on ONE Gas stock, see the OGS Stock Forecast page.
On December 1, 2025, ONE Gas announced its 2026 financial guidance, raising its long-term diluted earnings per share growth rate to 5% to 7%. The company expects 2026 net income between $294 million and $302 million, with capital investments primarily focused on system integrity and replacement projects. Over the next five years, capital investments are projected to be $800 million to $900 million annually, supporting a 7% to 9% average rate base growth per year through 2030. The announcement reflects ONE Gas’s strategy to leverage customer growth opportunities while maintaining commitments to safety and affordability, positioning the company for sustainable growth.
The most recent analyst rating on (OGS) stock is a Hold with a $75.00 price target. To see the full list of analyst forecasts on ONE Gas stock, see the OGS Stock Forecast page.