ONE Gas reported fourth‑quarter 2025 results that surpassed expectations, with diluted earnings per share of $1.42 and adjusted earnings per share of $1.48—an $0.06, or 4.2%, beat over the consensus estimate of $1.42. Net income rose to $86.3 million, up 12% from $77.0 million a year earlier, while revenue climbed to $689.4 million, a 9.2% year‑over‑year increase.
The quarter’s performance builds on a strong year‑over‑year trend. Q4 2024 diluted EPS was $1.34 and revenue was $630.7 million, so the current quarter represents a 5.9% EPS gain and a 9.2% revenue gain. For the full year, 2025 net income reached $264 million and diluted EPS was $4.37, compared with $223 million and $3.91 in 2024, reflecting a 18% rise in net income and a 12% rise in EPS.
Management lifted its 2026 outlook, projecting adjusted net income of $306 million to $314 million and adjusted EPS of $4.83 to $4.95. The new guidance replaces a prior range of $4.65 to $4.77, and is driven in part by the passage of Texas House Bill 4384, which allows the company to defer and recover capital expenditures, accelerating earnings growth.
CEO Robert S. McAnnally said the company’s “disciplined execution and a commitment to safely serving our communities” underpinned the results, and highlighted “meaningful opportunity in both residential and large‑load growth” as a key driver of future value. CFO Chris Sighinolfi noted that the company’s “solid fourth‑quarter performance” delivered full‑year results “squarely in line with our revised guidance,” and explained that non‑GAAP adjustments provide a clearer view of performance within the Texas regulatory model.
Investors reacted positively, with analysts citing the EPS beat, revenue beat, and guidance lift, and the favorable impact of Texas House Bill 4384. The company’s ability to convert its regulated model into higher operating income, combined with disciplined cost control and strategic capital deployment in high‑growth metro areas, reinforces confidence in its long‑term trajectory.
The results underscore ONE Gas’s resilience in a competitive natural‑gas distribution landscape. Strong demand in residential and commercial segments, coupled with pricing power and efficient cost management, has driven margin expansion. The company’s focus on capital deployment in high‑growth markets, supported by regulatory changes, positions it to sustain earnings growth and deliver value to shareholders over the coming years.
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