ONE Gas OGS Q4 2025 Earnings Call Transcript | The Motley Fool
The Motley Fool
by newsfeedback@fool.com (Motley Fool Transcribing)February 19, 2026
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ONE Gas (OGS +1.30%) reported strong financial results in its Q4 2025 earnings call, highlighted by a net income of $264 million for the year, up from $223 million in 2024. The company’s GAAP EPS reached $4.37 per diluted share, marking an increase of 11% compared to $3.91 in 2024. Adjusted net income came in at $271 million for the year and $90 million for Q4, reflecting a robust performance despite challenges from Texas House Bill 4384, which impacted regulatory accounting by nearly $7 million, or roughly $0.11 per diluted share. The bill’s effects are expected to grow, with projections of $12 million in 2026, equivalent to $0.18 per diluted share and about 4% of consolidated EPS.
The company provided updated guidance for 2026, forecasting adjusted net income between $306 million and $314 million, with an adjusted EPS range of $4.83 to $4.95. This reflects a projected long-term growth outlook of 7%-9% annualized CAGR for net income and 5%-7% for EPS over the next five years. ONE Gas also highlighted its operational strengths, including record winter gas deliveries during Winter Storm Fern with no supply disruptions, thanks to significant investments in system upgrades post-2021.
ONE Gas emphasized its strategic initiatives, such as $760 million invested in capital expenditures in 2025, with $170 million dedicated to expansion for new customers. The company’s regulated expansion projects include a $120 million pipeline investment for the Western Farmers Electric Cooperative, set to deliver over 100 billion cubic feet annually. Additionally, the company completed the consolidation of its three Texas divisions into one statewide unit, securing
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Originally published on The Motley Fool on 2/19/2026