One Gas (OGS) FY2023 results: revenue $2.4 billion, down 8.0% on the year

One Gas, Inc. (OGS) reported revenue of $2.4 billion for fiscal 2023, the year ended 31 December 2023, down 8.0% on the year before. Net income was $231 million, up 4.3%, and diluted earnings per share $4.14. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$2.4 billion

-8.0% on the year

FY2016FY2023

Operating margin

15.9%

13.6% a year earlier

FY2016FY2023

Net income

$231 million

+4.3% on the year

FY2016FY2023

Diluted EPS

$4.14

+1.5% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,372	2,578	1,809	-8.0%
Cost of revenue	1,135	1,459	775	-22.2%
Gross profit	1,237	1,119	1,034	+10.6%
Gross margin	52.2%	43.4%	57.1%
Operating income	378	350	310	+7.9%
Operating margin	15.9%	13.6%	17.2%
Interest expense	115	77.5	60.3	+48.8%
Pre-tax income	272	268	247	+1.3%
Income tax	40.5	46.5	40.3	-13.0%
Effective tax rate	14.9%	17.3%	16.3%
Net income	231	222	206	+4.3%
Net margin	9.7%	8.6%	11.4%
Diluted EPS	$4.14	$4.08	$3.85	+1.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	940	1,571	-1,536	-40.2%
Capital expenditure	667	609	495	+9.4%
Free cash flow	273	961	-2,031	-71.6%
Free cash flow margin	11.5%	37.3%	-112.3%
Cash from investing	-670	-614	-501
Cash from financing	-249	-947	2,038
Share-based compensation	12.2	10.7	10.5	+13.4%
Dividends paid	144	134	124	+7.6%
Dividend per share	$2.60	$2.48	$2.32	+4.8%
Diluted shares, weighted	56m	54m	54m	+2.8%
Shares outstanding at period end	57m	55m	54m	+2.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	2,766	2,584	2,350	+7.0%
Debt	3,049	3,234	4,177	-5.7%
Operating lease liabilities	14.3	17.4	n/a	-17.8%
Other liabilities	1,942	1,940	1,875	+0.1%
Total liabilities and equity	7,771	7,776	8,402	-0.1%
Goodwill	158	158	158	0.0%
Intangible assets	n/a	324	0.0
Cash and equivalents	18.8	9.7	8.9	+94.6%
Receivables	348	554	342	-37.2%
Other assets	7,246	6,731	7,894	+7.7%
Total assets	7,771	7,776	8,402	-0.1%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.