STOCK TITAN
  1. Home
  2. Sec-filings
  3. OGS
  4. [8-K] ONE Gas, Inc. Reports Material Event

ONE Gas (NYSE: OGS) Q1 profit rises as 2026 earnings guidance reaffirmed

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

ONE Gas, Inc. reported higher first quarter 2026 earnings and reaffirmed its full-year outlook. Net income was $128.7 million, or $2.04 per diluted share, compared with $119.4 million, or $1.98 per diluted share, a year earlier. Adjusted net income rose to $133.4 million, or $2.11 per diluted share.

Total revenues were $831.7 million versus $935.2 million in first quarter 2025, as weather across its service areas was 20.5 percent warmer than normal and 24.6 percent warmer than the prior year, with impacts cushioned by weather normalization mechanisms. Operating income increased to $189.6 million from $180.5 million, primarily driven by $27.3 million from new rates.

The company affirmed 2026 net income guidance of $294 million to $302 million, or $4.65 to $4.77 per diluted share, and adjusted net income guidance of $306 million to $314 million, or $4.83 to $4.95 per diluted share. The board declared a quarterly dividend of $0.68 per share, payable June 2, 2026, to shareholders of record on May 18, 2026. ONE Gas also highlighted an at-the-market equity distribution agreement permitting issuance of up to $225 million of common stock and expects approximately $800 million of 2026 capital investments, including asset removal costs.

Positive

  • None.

Negative

  • None.
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 revenue $831.7M Total revenues for the three months ended March 31, 2026
Q1 2025 revenue $935.2M Total revenues for the three months ended March 31, 2025
Q1 2026 net income $128.7M Net income for the three months ended March 31, 2026
Q1 2026 diluted EPS $2.04 per share Diluted earnings per share for the three months ended March 31, 2026
Q1 2026 adjusted net income $133.4M Adjusted net income (non-GAAP) for the three months ended March 31, 2026
Quarterly dividend $0.68 per share Dividend declared payable June 2, 2026 to shareholders of record May 18, 2026
2026 net income guidance $294M–$302M Expected 2026 GAAP net income range
ATM program capacity $225M Aggregate offering price under at-the-market equity distribution agreement
weather normalization mechanisms financial
"the impact on operating income was tempered by weather normalization mechanisms"
Weather normalization mechanisms are methods companies use to adjust reported sales, costs or performance to remove the effects of abnormal weather so results reflect typical conditions. For investors, this is like comparing seasonal sales after removing an unusually hot summer or cold winter — it makes underlying trends and management performance clearer, helping assess whether changes are due to real business shifts or just weather-driven swings.
Gas System Reliability Surcharge (GSRS) regulatory
"Kansas House Bill 2435 was signed into law, amending the Gas System Reliability Surcharge (GSRS) statute"
A gas system reliability surcharge (GSRS) is an extra charge added to customers’ gas bills that utilities use to pay for maintaining and upgrading pipelines, compressors, and other equipment that keep gas service running safely and without interruption. For investors, a GSRS matters because it affects a utility’s predictable cash flow and cost recovery—helping fund capital needs without large rate cases—while also shifting some operational costs to customers, which can influence regulatory scrutiny and long-term revenue stability.
Performance-Based Rate Change regulatory
"Oklahoma Natural Gas filed its annual Performance-Based Rate Change application"
A performance-based rate change is an adjustment to a price, fee or allowed return that automatically rises or falls depending on whether predefined performance targets are met. Think of it like a utility bill that increases when service meets quality goals or decreases when it falls short; for investors, these rules matter because they link a company’s revenue and profit to measurable outcomes, changing expected cash flow stability and incentives for management.
securitized utility tariff bonds financial
"Securitized utility tariff bonds, excluding current maturities, net of issuance costs"
adjusted net income financial
"adjusted net income was $133.4 million, or $2.11 per diluted share"
Adjusted net income is a company's reported profit after removing unusual, one-time, or non-operational items so the number reflects the business’s regular earning power. Investors use it like a cleaned-up scorecard — similar to judging a player’s season performance without a few fluke games — to compare companies or assess trends without being misled by rare gains or losses that won’t affect future cash flow.
Heating Degree Days technical
"Heating Degree Days Actual degree days 4,159"
Heating degree days (HDD) measure how cold a location is over time by adding up how many degrees the daily average temperature falls below a set comfortable threshold (commonly 65°F/18°C); each degree below that threshold for one day counts as one HDD. Investors use HDD to gauge likely demand for heating fuels, utility revenues, and seasonal sales—think of it like counting “cold units” that predict how much heating activity and related spending to expect.
Revenue $831.7M
Net income $128.7M
Diluted EPS $2.04
Adjusted net income $133.4M
Guidance

For 2026, net income is expected to be $294M–$302M (GAAP) and adjusted net income $306M–$314M, or $4.83–$4.95 per diluted share.

Understanding 8-K Material Events →
0001587732false00015877322026-05-042026-05-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Date of report)May 4, 2026
(Date of earliest event reported)May 4, 2026

ONE Gas, Inc.
(Exact name of registrant as specified in its charter)
Oklahoma001-3610846-3561936
(State or other jurisdiction(Commission(IRS Employer
of incorporation)File Number)Identification No.)

15 East Fifth Street; Tulsa, OK
(Address of principal executive offices)

74103
(Zip code)

(918) 947-7000
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01 per shareOGSNew York Stock Exchange
NYSE Texas

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


The information disclosed in Items 2.02 and 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.
Item 2.02Results of Operations and Financial Condition
On May 4, 2026, we announced our results of operations for the quarter ended March 31, 2026. The news release is furnished as Exhibit 99.1 and incorporated by reference herein.
Item 7.01Regulation FD Disclosure
On May 4, 2026, we announced our results of operations for the quarter ended March 31, 2026, affirmed our 2026 financial guidance and announced that our board of directors declared a cash dividend of 68 cents per share of common stock. The news release is furnished as Exhibit 99.1 and is incorporated by reference herein.
Item 8.01Other Events
On May 4, 2026, our board of directors declared a cash dividend of 68 cents per share of common stock, payable June 2, 2026, to shareholders of record at the close of business on May 18, 2026.
Item 9.01Financial Statements and Exhibits
(d)Exhibits
Exhibit
Number		Description
99.1
News release issued by ONE Gas, Inc. dated May 4, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

ONE Gas, Inc.
Date:May 4, 2026By:/s/ Christopher P. Sighinolfi
Christopher P. Sighinolfi
Senior Vice President and
Chief Financial Officer

3

Exhibit 99.1

logoletterheadb27.jpg

May 4, 2026Analyst Contact:Erin Dailey
918-947-7441
Media Contact:Leah Harper
918-947-7123

ONE Gas Announces First Quarter 2026 Financial Results; Affirms 2026 Financial Guidance

Declares Second Quarter Dividend

Analyst call and webcast scheduled tomorrow, May 5 at 11 a.m. EDT

TULSA, Okla. - May 4, 2026 - ONE Gas, Inc. (NYSE: OGS) today announced its first quarter 2026 financial results, affirmed its 2026 financial guidance and declared its quarterly dividend.

“Our positive performance through a historically warm winter underscores the resilience of our business model and our ability to drive long‑term value while sustaining customer affordability,” said Robert S. McAnnally, chief executive officer. “We are confident in our strategic plan and remain on track to achieve our 2026 financial guidance.”

FINANCIAL RESULTS & HIGHLIGHTS

•First quarter 2026 net income was $128.7 million, or $2.04 per diluted share, compared with $119.4 million, or $1.98 per diluted share, in the same period last year;
•First quarter 2026 adjusted net income was $133.4 million, or $2.11 per diluted share, compared with $120.1 million, or $1.99 per diluted share, in the same period last year;
•While weather across the Company's service areas was 20.5 percent warmer than normal and 24.6 percent warmer than the prior year, the impact on operating income was tempered by weather normalization mechanisms;
•In February 2026, the Company entered into an at-the-market equity distribution agreement under which it may issue and sell shares of common stock with an aggregate offering price up to $225 million;
•For the ninth consecutive year, ONE Gas was awarded the American Gas Association Safety Achievement Award for excellence in employee safety; and
•The board of directors declared a quarterly dividend of $0.68 per share ($2.72 annualized), payable on June 2, 2026, to shareholders of record at the close of business on May 18, 2026.
-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 2

FIRST QUARTER 2026 FINANCIAL PERFORMANCE

ONE Gas reported operating income of $189.6 million in the first quarter, compared with $180.5 million in the first quarter 2025, which primarily reflects an increase of $27.3 million from new rates.

This increase was partially offset by:

•an increase of $6.8 million in employee-related costs due, in part, to planned investments in the Company’s workforce;
•an increase of $1.3 million in outside services; and
•a decrease of $8.9 million in revenue due to lower sales and transport volumes, net of the impact of weather normalization mechanisms.

Excluding interest related to KGSS-I securitized bonds, net interest expense decreased $3.0 million for the three months ending March 31, 2026. The decrease in interest expense is primarily due to commercial paper borrowings at lower rates and the implementation of Texas House Bill 4384.

Income tax expense includes a credit for amortization of the regulatory liability associated with excess deferred income taxes (EDIT) of $9.5 million and $8.1 million for the three months ended March 31, 2026, and 2025, respectively.

Capital expenditures and asset removal costs were $169.6 million for the first quarter 2026 compared with $177.7 million in the same period last year, primarily representing expenditures for system integrity and extension of service to new areas.

REGULATORY ACTIVITIES UPDATE

In April 2026, Kansas House Bill 2435 was signed into law, amending the Gas System Reliability Surcharge (GSRS) statute effective July 1, 2026. The amendment expands the qualifying infrastructure investments eligible for recovery to include all utility plant investments (excluding allocated corporate costs other than cyber-security related investments), increases the maximum monthly residential surcharge to $1.35 from $0.80 and provides added filing flexibility by allowing one GSRS filing per calendar year, rather than once every 365 days.

In March 2026, Texas Gas Service made a Gas Reliability Infrastructure Program filing for all customers requesting a $36.9 million revenue increase to be effective in July 2026.

In February 2026, Oklahoma Natural Gas filed its annual Performance-Based Rate Change application for the test year ended December 2025. The filing includes a requested $28.7 million base rate revenue increase, $2.6 million energy efficiency incentive and $14.4 million of estimated EDIT to be credited to customers in 2027. A hearing is scheduled for June 11, 2026. Rates may be implemented subject to refund on June 26, 2026.

2026 FINANCIAL GUIDANCE

-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 3
ONE Gas affirmed the financial guidance it issued on Dec. 1, 2025, as supplemented on Feb. 18, 2026. For 2026, net income is expected to be in the range of $294 million to $302 million, or $4.65 to $4.77 per diluted share, while adjusted net income is expected to be in the range of $306 million to $314 million, or $4.83 to $4.95 per diluted share. The Company continues to expect long-term GAAP and adjusted net income growth of 7 to 9 percent and GAAP and adjusted net income per diluted share growth of 5 to 7 percent, consistent with its established five-year financial outlook.

Capital investments, including asset removal costs, are expected to be approximately $800 million in 2026. Capital investments for extensions to new customers are expected to be approximately $230 million.

EARNINGS CONFERENCE CALL AND WEBCAST

The ONE Gas executive management team will host a conference call on Tuesday, May 5, 2026, at 11 a.m. Eastern Daylight Time (10 a.m. Central Daylight Time). The call also will be carried live on the ONE Gas website.

To participate in the telephone conference call, dial 800-715-9871, passcode 3280987, or log on to www.onegas.com/investors and select Events and Presentations.

If you are unable to participate in the conference call or the webcast, a replay will be available on the ONE Gas website, www.onegas.com, for 30 days. A recording will be available by phone for seven days. The playback call may be accessed at 1-800-770-2030, passcode 3280987.

NON-GAAP DISCLOSURE STATEMENT

This news release includes financial results and guidance for ONE Gas with respect to adjusted net income and adjusted net income per share, which are non-GAAP financial measures as defined by the Securities and Exchange Commission. Adjusted net income and adjusted net income per share are calculated as GAAP net income plus the deferral of an equity portion of a carrying cost attributable to shareholders’ investment capitalized for regulatory purposes but not for financial reporting purposes. These carrying costs relate to property, plant and equipment that has been placed in service, but not yet reflected in base rates. Adjusted net income and adjusted net income per share should not be considered in isolation or as a substitute for GAAP net income or GAAP earnings per share.

Management believes these non‑GAAP measures provide useful information because they offer a more complete view of our overall regulatory economics, reflect the period-specific effects of certain regulatory mechanisms designed to mitigate regulatory lag associated with property, plant and equipment placed in service prior to regulatory action, and reflect the impact of regulatory timing differences that arise under the Company’s rate-setting framework. These adjustments, net of applicable tax effects, are expected to recur as a result of the Company’s regulatory framework and are a consistent part of our earnings profile. A reconciliation of the Company’s GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share is provided in the Appendix. 

---------------------------------------------------------------------------------------------------------------------
-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 4
ONE Gas, Inc. (NYSE: OGS) is a 100% regulated natural gas utility, and trades on the New York Stock Exchange and the NYSE Texas under the symbol “OGS.” ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.

Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.

For more information and the latest news about ONE Gas, visit onegas.com and follow its social channels: @ONEGas, Facebook, LinkedIn and YouTube.

Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. The forward-looking statements relate to our anticipated financial performance, liquidity, management’s plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "should," "goal," "forecast," "guidance," "could," "may," "continue," "might," "potential," "scheduled," "likely," and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, costs, liquidity, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:

•our ability to recover costs, income taxes and amounts equivalent to the cost of property, plant and equipment, regulatory assets and our allowed rate of return in our regulated rates or other recovery mechanisms;
•cyber-attacks, which, according to experts, continue to increase in volume and sophistication, or breaches of technology systems that could disrupt our operations or result in the loss or exposure of confidential or sensitive customer, employee, vendor, counterparty, or Company information; further, increased remote working arrangements have required enhancements and modifications to our information technology infrastructure (e.g. Internet, Virtual Private Network, remote collaboration systems, etc.), and any failures of the technologies, including third-party service providers, that facilitate working remotely could limit our ability to conduct ordinary operations or expose us to increased risk or effect of an attack;
•our ability to manage our operations and maintenance costs;
•changes in regulation of natural gas distribution services, particularly those in Oklahoma, Kansas and Texas;
•the economic climate and, particularly, its effect on the natural gas requirements of our residential and commercial customers;
•the length and severity of a pandemic or other health crisis which could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period;
•competition from alternative forms of energy, including, but not limited to, electricity, solar power, wind power, geothermal energy and biofuels;
•adverse weather conditions and variations in weather, including seasonal effects on demand and/or supply, the occurrence of severe storms in the territories in which we operate, climate change, and the related effects on supply, demand, and costs;
•indebtedness could make us more vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantage compared with competitors;
•our ability to secure reliable, competitively priced and flexible natural gas transportation, storage, and supply, including decisions by natural gas producers to reduce production or shut-in producing natural gas wells and expiration of existing supply and transportation and storage arrangements that are not replaced with contracts with similar terms and pricing;
•our ability to complete necessary or desirable expansion or infrastructure development projects, which may delay or prevent us from serving our customers or expanding our business;
•operational and mechanical hazards or interruptions;
-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 5
•adverse labor relations;
•the effectiveness of our strategies to reduce earnings lag, revenue protection strategies and risk mitigation strategies, which may be affected by risks beyond our control such as commodity price volatility, counterparty performance or creditworthiness and interest rate risk;
•the capital-intensive nature of our business, and the availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets and other sources of liquidity;
•our ability to obtain capital on commercially reasonable terms, or on terms acceptable to us, or at all;
•limitations on our operating flexibility, earnings and cash flows due to restrictions in our financing arrangements;
•cross-default provisions in our borrowing arrangements, which may lead to our inability to satisfy all of our outstanding obligations in the event of a default on our part;
•changes in the financial markets during the periods covered by the forward-looking statements, particularly those affecting the availability of capital and our ability to refinance existing debt and fund investments and acquisitions to execute our business strategy;
•actions of rating agencies, including the ratings of debt, general corporate ratings and changes in the rating agencies’ ratings criteria;
•changes in inflation and interest rates;
•our ability to recover the costs of upstream transportation, storage, and natural gas purchased for our customers and any related financing required to support our purchase of natural gas supply;
•impact of potential impairment charges;
•volatility and changes in markets for natural gas and our ability to secure additional and sufficient liquidity on reasonable commercial terms to cover costs associated with such volatility;
•possible loss of local distribution company franchises or other adverse effects caused by the actions of municipalities;
•payment and performance by counterparties and customers as contracted and when due, including our counterparties maintaining ordinary course terms of supply and payments;
•changes in existing or the addition of new environmental, safety, tax, cybersecurity and other laws or regulations to which we and our subsidiaries are subject, including those that may require significant expenditures, significant increases in operating costs or, in the case of noncompliance, substantial fines or penalties;
•the effectiveness of our risk-management policies and procedures, and employees violating our risk-management policies;
•the uncertainty of estimates, including accruals and costs of environmental remediation;
•advances in technology, including technologies that increase efficiency or that improve electricity’s competitive position relative to natural gas;
•population growth rates and changes in the demographic patterns of the markets we serve in Oklahoma, Kansas and Texas, and economic conditions in these areas;
•acts of nature and naturally occurring disasters;
•political unrest and the potential effects of threatened or actual terrorism and war;
•the sufficiency of insurance coverage to cover losses;
•the effects of our strategies to reduce tax payments;
•changes in accounting standards;
•changes in corporate governance standards;
•existence of material weaknesses in our internal controls;
•our ability to comply with all covenants in our indentures and the ONE Gas Credit Agreement, a violation of which, if not cured in a timely manner, could trigger a default of our obligations;
•our ability to attract and retain talented employees, management and directors, and shortage of skilled-labor;
•unexpected increases in the costs of providing health care benefits, along with pension and postemployment health care benefits, as well as declines in the discount rates on, declines in the market value of the debt and equity securities of, and increases in funding requirements for, our defined benefit plans; and
•our ability to successfully complete merger, acquisition or divestiture plans, regulatory or other limitations imposed as a result of a merger, acquisition or divestiture, and the success of the business following a merger, acquisition or divestiture.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in Part 1, Item 1A, Risk Factors, in our Annual Report. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.
-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 6
APPENDIX

ONE Gas, Inc.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
 March 31,
(Unaudited)20262025
(Thousands of dollars, except per share amounts)
Total revenues$831,711 $935,190 
Cost of natural gas393,576 512,462 
Operating expenses
Operations and maintenance146,947 135,295 
Depreciation and amortization76,785 81,704 
General taxes24,811 25,230 
Total operating expenses248,543 242,229 
Operating income189,592 180,499 
Other income (expense), net
(2,097)518 
Interest expense, net(32,358)(35,697)
Income before income taxes155,137 145,320 
Income taxes(26,464)(25,901)
Net income
$128,673 $119,419 
Earnings per share
Basic$2.05 $1.99 
Diluted$2.04 $1.98 
Average shares (thousands)
Basic62,913 60,077 
Diluted63,204 60,266 
Dividends declared per share of stock$0.68 $0.67 

-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 7
APPENDIX

ONE Gas, Inc.
CONSOLIDATED BALANCE SHEETS
 March 31,December 31,
(Unaudited)20262025
Assets
(Thousands of dollars)
Property, plant and equipment  
Property, plant and equipment$9,852,116 $9,734,150 
Accumulated depreciation and amortization2,640,623 2,611,952 
Net property, plant and equipment7,211,493 7,122,198 
Current assets  
Cash and cash equivalents11,354 10,620 
Restricted cash and cash equivalents11,639 23,107 
Total cash, cash equivalents and restricted cash and cash equivalents22,993 33,727 
Accounts receivable, net405,157 461,631 
Materials and supplies92,987 97,595 
Income tax receivable55,552 55,552 
Natural gas in storage123,920 176,451 
Regulatory assets61,487 49,504 
Other current assets34,544 41,424 
Total current assets796,640 915,884 
Goodwill and other assets  
Regulatory assets252,048 256,225 
Securitized intangible asset, net226,359 233,786 
Goodwill157,953 157,953 
Pension and other postemployment benefits47,175 47,012 
Other assets133,933 120,026 
Total goodwill and other assets817,468 815,002 
Total assets$8,825,601 $8,853,084 





















-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 8
APPENDIX

ONE Gas, Inc.
CONSOLIDATED BALANCE SHEETS
(Continued)
 March 31,December 31,
(Unaudited)20262025
Equity and Liabilities
(Thousands of dollars)
Equity and long-term debt
Common stock, $0.01 par value:
authorized 250,000,000 shares; issued and outstanding 62,761,990 shares at March 31, 2026; issued and outstanding 62,692,392 shares at December 31, 2025
$628 $627 
Paid-in capital2,530,435 2,530,137 
Retained earnings994,838 909,355 
Accumulated other comprehensive income (loss)(179)4 
Total equity3,525,722 3,440,123 
Other long-term debt, excluding current maturities, net of issuance costs2,133,350 2,133,018 
Securitized utility tariff bonds, excluding current maturities, net of issuance costs206,970 223,020 
Total long-term debt, excluding current maturities, net of issuance costs2,340,320 2,356,038 
Total equity and long-term debt5,866,042 5,796,161 
Current liabilities  
Current maturities of other long-term debt, net of issuance costs249,798 249,674 
Current maturities of securitized utility tariff bonds, net of issuance costs31,404 30,566 
Notes payable759,700 737,400 
Accounts payable137,587 222,102 
Accrued taxes other than income71,272 75,568 
Regulatory liabilities21,638 57,277 
Customer deposits54,901 52,871 
Other current liabilities75,980 106,400 
Total current liabilities1,402,280 1,531,858 
Deferred credits and other liabilities  
Deferred income taxes999,420 963,874 
Regulatory liabilities441,041 451,620 
Other deferred credits116,818 109,571 
Total deferred credits and other liabilities1,557,279 1,525,065 
Commitments and contingencies
Total liabilities and equity$8,825,601 $8,853,084 
-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 9
APPENDIX
ONE Gas, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
(Unaudited)20262025
 
(Thousands of dollars)
Operating activities  
Net income$128,673 $119,419 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization76,785 81,704 
Deferred income taxes23,293 19,146 
Share-based compensation expense3,837 3,656 
Provision for doubtful accounts2,896 2,331 
Changes in assets and liabilities:
Accounts receivable53,578 (40,690)
Materials and supplies4,608 3,681 
Natural gas in storage52,531 92,498 
Asset removal costs(13,081)(11,089)
Accounts payable(78,600)(72,871)
Accrued taxes other than income(4,296)2,245 
Customer deposits2,030 (1,320)
Regulatory assets and liabilities - current(51,927)73,872 
Regulatory assets and liabilities - noncurrent5,894 9,425 
Other assets and liabilities - current(26,105)(11,650)
Other assets and liabilities - noncurrent(3,803)7,102 
Cash provided by operating activities
176,313 277,459 
Investing activities  
Capital expenditures(156,533)(166,597)
Other investing expenditures(2,697)(2,427)
Other investing receipts5,130 1,179 
Cash used in investing activities
(154,100)(167,845)
Financing activities  
Borrowings (repayments) of notes payable, net
22,300 (102,700)
Repayment of other long-term debt(4)(4)
Repayment of securitized utility tariff bonds(15,356)(14,547)
Dividends paid(42,678)(40,153)
Tax withholdings related to net share settlements of stock compensation(4,050)(2,559)
Construction advances6,841 — 
Cash provided by financing activities(32,947)(159,963)
Change in cash, cash equivalents, restricted cash and restricted cash equivalents(10,734)(50,349)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period33,727 78,537 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$22,993 $28,188 
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized
$32,628 $36,268 
Cash paid (received) for state income taxes$— $— 
Cash paid (received) for federal income taxes
$— $— 

-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 10
APPENDIX
The following table reconciles the Company’s GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share:

ONE Gas, Inc.
Three Months Ended
 March 31,
20262025
(Thousands of dollars, except per share amounts)
Net income - GAAP$128,673 $119,419 
Other income - deferred carrying cost (a)4,725 648 
Income taxes (a)— — 
Adjusted net income - non-GAAP$133,398 $120,067 
Earnings per share - GAAP
Basic$2.05 $1.99 
Diluted$2.04 $1.98 
Adjusted net income per share - non-GAAP
Basic$2.12 $2.00 
Diluted$2.11 $1.99 
Average shares (thousands)
Basic62,91360,077
Diluted63,20460,266
(a) The allowance for earnings on shareholders’ investment capitalized for regulatory purposes but not for financial reporting purposes applied to property, plant and equipment placed in service, but not yet reflected in rates as authorized by our regulators or state law. This increases book income but is non-taxable, creating a permanent tax difference.

ONE Gas, Inc.
2026 Financial Guidance: Reconciliation of non-GAAP to GAAP:
Low
Mid
High
(Thousands of dollars, except per share amounts)
Net income - GAAP$294,000 $298,000 $302,000 
Other income - deferred carrying cost (a)11,890 11,919 12,000 
Income taxes (a)— — — 
Adjusted net income - non-GAAP$305,890 $309,919 $314,000 
Earnings per share - GAAP
Basic$4.67 $4.73 $4.79 
Diluted$4.65 $4.71 $4.77 
Adjusted net income per share - non-GAAP
Basic$4.86 $4.92 $4.98 
Diluted$4.83 $4.89 $4.95 
Average shares (thousands)
Basic62,99562,99562,995
Diluted63,35063,35063,350
(a) The allowance for earnings on shareholders’ investment capitalized for regulatory purposes but not for financial reporting purposes applied to property, plant and equipment placed in service, but not yet reflected in rates as authorized by our regulators or state law. This increases book income but is non-taxable, creating a permanent tax difference.
-more-
ONE Gas Announces First Quarter Financial Results
May 4, 2026
Page 11
APPENDIX
ONE Gas, Inc.
INFORMATION AT A GLANCE
Three Months Ended
March 31,
(Unaudited)
20262025
 (Millions of dollars)
Natural gas sales $769.9$870.4
Transportation revenues40.143.8
Securitization customer charges11.011.6
Other revenues10.79.4
Total revenues$831.7$935.2
Cost of natural gas393.5512.5
Operating costs 171.8160.5
Depreciation and amortization76.881.7
Operating income $189.6$180.5
Net income$128.7$119.4
Capital expenditures and asset removal costs$169.6$177.7
Volumes (Bcf)
Natural gas sales
Residential44.058.9
Commercial and industrial15.019.2
Other0.91.2
Total sales volumes delivered59.979.3
Transportation59.165.3
Total volumes delivered119.0144.6
Average number of customers (in thousands)
Residential2,1382,125
Commercial and industrial163165
Other33
Transportation1112
Total customers2,3152,305
Heating Degree Days
Actual degree days4,1595,513
Normal degree days5,2325,231
Percent colder (warmer) than normal weather(21)%5 %
Statistics by State
Oklahoma
Average number of customers (in thousands)
939934
Actual degree days
1,4111,916
Normal degree days
1,7981,797
Percent colder (warmer) than normal weather
(22)%7 %
Kansas
Average number of customers (in thousands)
660659
Actual degree days
2,0702,610
Normal degree days
2,4862,486
Percent colder (warmer) than normal weather
(17)%5 %
Texas
Average number of customers (in thousands)
716712
Actual degree days
678987
Normal degree days
948948
Percent colder (warmer) than normal weather
(28)%4 %
###

Source: View Original Filing on SEC EDGAR

FAQ

How did ONE Gas (OGS) perform financially in the first quarter of 2026?

ONE Gas delivered higher earnings in first quarter 2026, with net income of $128.7 million versus $119.4 million a year earlier. Diluted earnings per share were $2.04, up from $1.98, supported by new rates and despite significantly warmer-than-normal winter weather.

What were ONE Gas (OGS) first quarter 2026 revenues and operating income?

ONE Gas reported first quarter 2026 total revenues of $831.7 million compared with $935.2 million in 2025. Operating income increased to $189.6 million from $180.5 million, primarily reflecting $27.3 million from new rates, partly offset by higher employee-related costs and lower volumes.

What 2026 earnings guidance did ONE Gas (OGS) reaffirm?

ONE Gas reaffirmed 2026 net income guidance of $294 million to $302 million, or $4.65 to $4.77 per diluted share. Adjusted net income is expected between $306 million and $314 million, or $4.83 to $4.95 per diluted share, consistent with its previously issued financial outlook.

What dividend did ONE Gas (OGS) declare for the second quarter of 2026?

The board declared a quarterly cash dividend of $0.68 per share, or $2.72 annualized. It is payable June 2, 2026, to shareholders of record at the close of business on May 18, 2026, continuing the company’s regular cash return to shareholders.

What capital investment plans does ONE Gas (OGS) have for 2026?

ONE Gas expects approximately $800 million of 2026 capital investments, including asset removal costs. About $230 million of that total is planned for extensions to new customers, with the remainder focused on system integrity and infrastructure across its regulated natural gas utilities.

What equity issuance capacity does ONE Gas (OGS) have under its ATM program?

In February 2026, ONE Gas entered into an at-the-market equity distribution agreement. Under this program, it may issue and sell shares of common stock with an aggregate offering price of up to $225 million, providing additional flexibility to fund capital needs.

How did unusually warm weather affect ONE Gas (OGS) in first quarter 2026?

Weather across ONE Gas service areas was 20.5 percent warmer than normal and 24.6 percent warmer than the prior year. This reduced sales and transport volumes, but weather normalization mechanisms tempered the impact on operating income during the quarter.

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents