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ONE Gas narrows 2025 guidance after 37% rise in quarterly profit

ONE Gas posted higher third-quarter 2025 results with a net income increase, while adjusting its annual earnings forecast and maintaining investments in gas infrastructure expansion.

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ONE Gas, a natural gas supplier in the United States, reported net income of $26.5mn in the third quarter of 2025, up 37% from $19.3mn recorded in the same period in 2024. Diluted earnings per share reached $0.44 compared to $0.34 a year earlier. This performance was driven by rate increases and residential customer growth, particularly in Oklahoma and Texas.

Financial results and adjusted forecast

Operating income for the quarter stood at $65.4mn, compared to $59.5mn last year. ONE Gas attributed the change to a $19.2mn increase from new rates and a $1.4mn rise in residential sales. These gains were partially offset by a $4.8mn increase in depreciation and amortisation, $4.1mn in local tax expenses, $3.8mn in employee-related costs, and $1mn in external services.

The company narrowed its 2025 diluted earnings per share forecast to between $4.34 and $4.40, from a previous estimate of $4.32 to $4.42. Full-year net income is now expected to range between $262mn and $266mn. The company also declared a quarterly dividend of $0.67 per share, payable on December 1, 2025.

Rising investments and operational expenses

Capital expenditures and asset removal costs reached $207.6mn in the third quarter of 2025, up from $197.7mn in the same period last year. These investments primarily covered system integrity and network expansion to new areas. As of the end of September, year-to-date capital investment totalled $575.4mn.

For the first nine months of 2025, ONE Gas recorded net income of $177.9mn, up from $145.8mn the previous year. Operating income reached $317.7mn, supported by $92.2mn in additional revenue from new rates. However, the company faced a general rise in expenses, including $16.8mn in amortisation, $13.8mn in local taxes, $12.8mn in personnel costs and $2.5mn in insurance premiums.

Regulatory developments in key markets

On the regulatory front, several rate adjustments were approved in 2025. In Texas, a request for a $41.1mn revenue increase was filed in June to consolidate several service areas into a single division. In Kansas, a $7.2mn rate hike was approved in July under the Gas System Reliability Surcharge programme. In Oklahoma, a settlement agreement resulted in a $41.1mn rate increase and a $17.9mn customer credit tied to excess deferred income taxes.

ONE Gas has maintained its 2025 capital expenditure forecast at approximately $750mn.

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