One Gas (OGS) FY2025 results: revenue $2.4 billion, up 16.5% on the year
One Gas, Inc. (OGS) reported revenue of $2.4 billion for fiscal 2025, the year ended 31 December 2025, up 16.5% on the year before. Net income was $264 million, up 18.6%, and diluted earnings per share $4.37. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
From this 10-K
ONE Gas is a 100-percent regulated natural gas distribution utility headquartered in Tulsa, Oklahoma, serving approximately 2.3 million customers, mainly residential, commercial and transportation customers, in Oklahoma, Kansas and Texas. It is incorporated in Oklahoma, and its common stock is listed on the NYSE and the NYSE Texas.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 2,427 | 2,084 | 2,372 | +16.5% | |
| Cost of revenue | 999 | 778 | 1,135 | +28.3% | |
| Gross profit | 1,429 | 1,305 | 1,237 | +9.4% | |
| Gross margin | 58.8% | 62.6% | 52.2% | ||
| Operating income | 457 | 399 | 378 | +14.6% | |
| Operating margin | 18.8% | 19.2% | 15.9% | ||
| Interest expense | 143 | 147 | 115 | -3.0% | |
| Pre-tax income | 321 | 259 | 272 | +24.0% | |
| Income tax | 57.2 | 36.4 | 40.5 | +57.3% | |
| Effective tax rate | 17.8% | 14.0% | 14.9% | ||
| Net income | 264 | 223 | 231 | +18.6% | |
| Net margin | 10.9% | 10.7% | 9.7% | ||
| Diluted EPS | $4.37 | $3.91 | $4.14 | +11.8% |
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 579 | 368 | 940 | +57.1% | |
| Capital expenditure | 707 | 703 | 667 | +0.6% | |
| Free cash flow | -128 | -335 | 273 | ||
| Free cash flow margin | -5.3% | -16.1% | 11.5% | ||
| Cash from investing | -715 | -707 | -670 | ||
| Cash from financing | 91.7 | 378 | -249 | -75.8% | |
| Share-based compensation | 14.8 | 13.7 | 12.2 | +7.7% | |
| Dividends paid | 161 | 149 | 144 | +7.5% | |
| Dividend per share | $2.68 | $2.64 | $2.60 | +1.5% | |
| Diluted shares, weighted | 61m | 57m | 56m | +6.1% | |
| Shares outstanding at period end | 63m | 60m | 57m | +4.7% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 3,440 | 3,105 | 2,766 | +10.8% | |
| Debt | 3,374 | 3,329 | 3,049 | +1.3% | |
| Operating lease liabilities | 7.6 | 11.4 | 14.3 | -33.3% | |
| Other liabilities | 2,032 | 1,981 | 1,942 | +2.6% | |
| Total liabilities and equity | 8,853 | 8,426 | 7,771 | +5.1% | |
| Fixed assets | 7,122 | 6,646 | n/a | +7.2% | |
| Goodwill | 158 | 158 | 158 | 0.0% | |
| Investments | 0.0 | 45.4 | n/a | ||
| Cash and equivalents | 10.6 | 58.0 | 18.8 | -81.7% | |
| Receivables | 462 | 408 | 348 | +13.0% | |
| Other assets | 1,101 | 1,110 | 7,246 | -0.8% | |
| Total assets | 8,853 | 8,426 | 7,771 | +5.1% |
10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.