ONE Gas, Inc.

Listed Company

OGSCIK 0001587732NYSELarge AcceleratedNatural Gas DistributionOklahomaFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$264.22M

Total Assets

$8.85B

Equity

$3.44B

Shares Out

62.69M

Op. Cash Flow

$578.83M

Business

ONE Gas, Inc. is a 100-percent regulated natural gas distribution utility that distributes and transports natural gas to residential, commercial, industrial and transportation customers. It provides natural gas delivery services, purchased gas supply and transportation, storage management, compressed natural gas (CNG) fueling support, and evaluates alternative fuel interconnections such as renewable natural gas and hydrogen. The company operates through three regulated divisions: Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service. Its operations serve customers across Oklahoma, Kansas and Texas through regulated rate mechanisms and local city tariffs.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Regulated Operating Revenue	2,427	2,084	2,372	2,578	1,809
Cost of natural gas	999	778	1,135	1,459	775
Operations and maintenance	558	530	508	472	450
Depreciation and amortization	317	297	280	228	207
General taxes	95	79	72	68	66
Total operating expenses	971	906	860	769	723
Operating income	457	399	378	350	310
Other Nonoperating Income (Expense)	7	8	9	−4	−3
Interest expense, net	−143	−147	−115	−78	−60
Income before income taxes	321	259	272	268	247
Income taxes	−57	−36	−40	−47	−40
Net income	264	223	231	222	206
Basic (per share)	4.39	3.92	4.16	4.09	3.85
Diluted (per share)	4.37	3.91	4.14	4.08	3.85
Basic (shares)	60	57	56	54	54
Diluted (shares)	61	57	56	54	54
Common Stock, Dividends, Per Share, Declared	2.68	2.64	2.6	2.48	2.32

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Property, plant and equipment	9,734	9,124	8,469	7,835	7,274
Accumulated depreciation and amortization	2,612	2,478	2,334	2,206	2,083
Net property, plant and equipment	7,122	6,646	6,135	5,629	5,191
Cash and cash equivalents	11	58	19	10	9
Restricted cash and cash equivalents	23	21	21	8	0
Cash, cash equivalents, restricted cash and restricted cash equivalents	34	79	39	18	9
Accounts receivable, net	462	408	348	554	342
Materials and supplies	98	92	78	71	55
Income taxes receivable	56	54	4	—	—
Natural gas in storage	176	161	187	269	—
Regulatory assets, current	50	101	75	276	1,612
Other current assets	41	35	34	30	28
Total current assets	916	930	765	1,218	2,225
Regulatory assets, noncurrent	256	278	288	331	725
Other intangible assets, net	234	266	294	324	—
Goodwill	158	158	158	158	158
Pension and other postemployment benefits	47	43	36	—	—
Other assets	120	105	95	117	104
Total goodwill and other assets	815	850	871	930	—
Total assets	8,853	8,426	7,771	7,776	8,402
Common stock, $0.01 par value: authorized 250,000,000 shares; issued and outstanding 62,692,392 shares at December 31, 2025; issued and outstanding 59,876,861 shares at December 31, 2024	627,000	599,000	565,000	553,000	536,000
Paid-in capital	2,530	2,294	2,029	1,933	1,790
Retained earnings	909	810	738	652	565
Accumulated other comprehensive income (loss), net of tax	4,000	−126,000	−1	−704,000	−7
Total equity	3,440	3,105	2,766	2,584	2,350
Other long-term debt, noncurrent, net of issuance costs	2,133	2,132	1,878	2,352	3,683
Securitized utility tariff bonds, excluding current maturities, net of issuance costs	223	254	283	309	—
Long-Term debt, excluding current maturities, total, net of issuance costs	2,356	2,385	2,160	2,662	3,683
Total equity and long-term debt	5,796	5,490	4,926	5,246	6,033
Long-term debt, current maturities, net of issuance costs	250	14,000	773	12,000	0
Current maturities of securitized utility tariff bonds, net of issuance costs	31	29	27	21	—
Short-term debt	737	915	89	552	494
Accounts payable	222	261	278	360	259
Accrued taxes other than income	76	76	69	78	67
Regulatory liability, current	57	23	67	48	8
Customer deposits	53	56	62	58	62
Other current liabilities	106	99	112	72	90
Total current liabilities	1,532	1,458	1,477	1,189	980
Deferred income taxes	964	892	752	698	695
Regulatory liability, noncurrent	452	468	500	529	553
Other deferred credits	110	118	115	93	105
Total deferred credits and other liabilities	1,525	1,477	1,367	1,341	1,389
Commitments and contingencies	—	—	—	—	—
Total liabilities and equity	8,853	8,426	7,771	7,776	8,402

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax provision	50	107	25	−22	43
Share-based compensation expense	15	14	12	11	10
Provision for doubtful accounts	8	7	10	6	9
Proceeds from Securitization Bonds, Operating Activities	0	0	197	1,331	0
Accounts receivable	−61	−67	196	−214	−58
Materials and supplies	−6	−14	−7	−16	−2
Income tax receivable	−2	−50	−4	—	—
Natural gas in storage	−15	26	82	−90	−86
Asset removal costs	−52	−59	−62	−47	−49
Accounts payable	−35	−15	−90	86	107
Accrued taxes other than income	−40,000	7	−10	11	3
Customer deposits	−3	−6	4	−5	−6
Regulatory assets and liabilities, current, net	68	−91	7	52	−1,563
Regulatory assets and liabilities, noncurrent, net	37	19	39	54	−367
Other current assets and liabilities, net	−708,000	−17	30	−23	18
Other noncurrent assets and liabilities, net	−4	−11	−2	−14	−11
Cash provided by operating activities	579	368	940	1,571	−1,536
Capital expenditures	−707	−703	−667	−609	−495
Payments for Other Investing Activities	−13	−10	−9	−9	−8
Proceeds from Sale of Other Assets, Investing Activities	5	6	5	4	2
Cash used in investing activities	−715	−707	−670	−614	−501
Borrowings (repayments) of short-term debt, net	−177	826	−464	58	76
Proceeds from issuance of long-term debt, net of premiums and discounts	250	253	300	298	2,499
Payments of Debt Issuance Costs	−432,000	2	3	−9	−35
Repayments of Other Long-Term Debt	−15,000	−773	0	1,627	−400
Repayment of securitized utility tariff bonds	−29	−28	−21	0	—
Proceeds from Issuance of Common Stock	212	252	85	134	27
Dividends paid	−161	−149	−144	−134	−124
Payment, Tax Withholding, Share-based Payment Arrangement	−3	−1	−3	−3	−5
Cash used in financing activities	92	378	−249	−947	2,038
Change in cash and cash equivalents	−45	39	21	9	859,000
Interest Paid, Excluding Capitalized Interest	139	149	81	85	70
Income Tax Paid, State and Local, after Refund Received	540,000	366,000	769,000	621,000	—
Income Tax Paid, Oklahoma, after Refund Received	−2	−5	2	5	—
Income Tax Paid, Federal, after Refund Received	10	−16	19	62	—

Filings

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