One Gas Stock Earnings Reports

ONE Gas tightened its 2025 earnings guidance to $4.34–$4.40 per diluted share (net income $262M–$266M) after strong year-to-date performance and the expected benefit from Texas House Bill 4384. Q3 net income was $26.5M ($0.44/sh), up from $19.3M a year ago. The company remains on track for ~ $750M capex in 2025 (≈$575M spent through Q3) and completed its largest-ever capital project — the Austin System Reinforcement — ahead of schedule, under budget and without lost-time injuries, increasing winter peak capacity ~25% and improving access to lower-cost Waha-indexed supply. ONE Gas highlighted a durable, potentially higher structural growth profile (above its historical 4%–6% EPS range over the five-year plan), driven by core residential growth plus large-load opportunities (including ~1.5 GW of utility-scale power customer opportunities, advanced manufacturing and data centers). Management emphasized disciplined, regulated execution of these growth projects, often leveraging existing system infrastructure and customer-funded arrangements that may limit incremental capex. Operational improvements include insourcing line locating (excavation damages down 13% YoY despite an 8% rise in ticket volumes) and plans to insource the Watch & Protect program, which will have modest near-term O&M impacts but expected long-term benefits. Financially, interest expense (excluding KGSS-I) decreased year-over-year due to lower commercial paper rates; the company issued a $250M term loan maturing in 2026, increased its revolver to $1.5B and remains fully funded for 2025 equity needs with forwards covering a portion of 2026. Quarterly dividend was maintained at $0.67 per share.