ONE Gas (OGS) grows 2025 earnings and guides higher adjusted EPS for 2026

Rhea-AI Filing Summary

ONE Gas reported stronger results for 2025, with fourth quarter net income of $86.3 million, or $1.42 per diluted share, up from $77.0 million, or $1.34 a year earlier. Full year 2025 net income rose to $264.2 million, or $4.37 per diluted share, compared with $222.9 million, or $3.91 in 2024.

Adjusted net income reached $271.0 million, or $4.48 per diluted share, versus $224.8 million, or $3.94 in 2024, reflecting non‑GAAP regulatory adjustments. Operating income increased to $457.5 million, driven mainly by $116.0 million from new rates and higher residential sales, partially offset by higher depreciation, employee costs and taxes.

For 2026, ONE Gas expects GAAP net income of $294 million to $302 million, or $4.65 to $4.77 per diluted share, and adjusted net income of $306 million to $314 million, or $4.83 to $4.95 per diluted share. The company plans about $800 million of 2026 capital investments and targets long‑term adjusted net income growth of 7–9%.

Positive

• Strong earnings growth and constructive guidance: 2025 net income rose from $222.9 million to $264.2 million, adjusted net income reached $271.0 million, and 2026 adjusted EPS is guided to $4.83–4.95, alongside targeted long‑term adjusted net income growth of 7–9%.

Negative

• None.

Insights

Utility sector equity analyst

ONE Gas posts solid 2025 growth and guides to further earnings gains.

ONE Gas delivered meaningful earnings expansion in 2025, with net income rising from $222.9 million to $264.2 million and operating income climbing to $457.5 million. The main driver was $116.0 million of new rates plus higher residential volumes across all three states.

Cost headwinds are visible: depreciation increased by $20.6 million, employee-related costs by $17.0 million, and ad-valorem taxes by $14.7 million. Even so, adjusted net income reached $271.0 million, and net interest expense excluding KGSS-I securities declined modestly.

Guidance for 2026 calls for GAAP net income of $294–302 million and adjusted net income of $306–314 million, with diluted adjusted EPS of $4.83–4.95. Management also targets long‑term adjusted net income growth of 7–9%, supported by about $800 million of planned 2026 capital investments focused on system integrity and customer growth.

0001587732false00015877322026-02-182026-02-18

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)			February 18, 2026
(Date of earliest event reported)			February 18, 2026

ONE Gas, Inc.

(Exact name of registrant as specified in its charter)

Oklahoma

001-36108

46-3561936

(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 class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

OGS

New 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 2.02						Results of Operations and Financial Condition
						On February 18, 2026, we announced our results of operations for the fourth quarter and year ended December 31, 2025. The news release is furnished as Exhibit 99.1 and incorporated by reference herein.
Item 7.01						Regulation FD Disclosure
						On February 18, 2026, we announced our results of operations for the fourth quarter and year ended December 31, 2025. The news release is furnished as Exhibit 99.1 and is incorporated by reference herein.
Item 9.01						Financial Statements and Exhibits
			(d)			Exhibits
Exhibit Number						Description
99.1						News release issued by ONE Gas, Inc. dated February 18, 2026.
104						Cover 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:			February 18, 2026			By:			/s/ Christopher P. Sighinolfi
									Christopher P. Sighinolfi Senior Vice President and Chief Financial Officer

3

Exhibit 99.1

February 18, 2026						Analyst Contact:			Erin Dailey 918-947-7441
						Media Contact:			Leah Harper 918-947-7123

ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results; Releases Non-GAAP Adjusted Financial Guidance

Analyst call and webcast scheduled tomorrow, Feb. 19 at 11 a.m. EST

TULSA, Okla. - Feb 18, 2026 - ONE Gas, Inc. (NYSE: OGS) today announced its fourth quarter and full year 2025 financial results, which include diluted earnings per share of $1.42 and $4.37, respectively. The Company also provided non‑GAAP adjustments to both earnings and its 2026 financial guidance to capture the full impact of a regulatory mechanism intended to mitigate regulatory lag. Adjusted net income was $1.48 per diluted share for the fourth quarter, and $4.48 per diluted share for the full year 2025. For 2026, non‑GAAP earnings are expected to range from $306 million to $314 million, or $4.83 to $4.95 per diluted share.

“Our team delivered strong operational and financial results in 2025, reflecting disciplined execution and a commitment to safely serving our communities,” said Robert S. McAnnally, president and chief executive officer. “Looking ahead, we see meaningful opportunity in both residential and large-load growth, supporting long-term value creation and affordability for our customers.”

FINANCIAL RESULTS & HIGHLIGHTS

•Fourth quarter 2025 net income was $86.3 million, or $1.42 per diluted share, compared with $77.0 million, or $1.34 per diluted share, in the same period last year;

•Fourth quarter 2025 adjusted net income was $89.7 million, or $1.48 per diluted share, compared with $77.5 million, or $1.35 per diluted share, in the same period last year;

•Full year 2025 net income was $264.2 million, or $4.37 per diluted share, compared with $222.9 million, or $3.91 per diluted share, in 2024;

•Full year 2025 adjusted net income was $271.0 million, or $4.48 per diluted share, compared with $224.8 million, or $3.94 per diluted share, in 2024;

•In December, the Company settled 2,633,700 million shares of our common stock under forward contracts for net proceeds of $205.0 million;

•Full year 2025 capital expenditures and asset removal costs were $759.5 million compared with $762.1 million in 2024; and

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•On Jan. 20, 2026, ONE Gas increased the dividend for the first quarter 2026 by 1 cent to $0.68 per share ($2.72 annualized), payable March 6, 2026, to shareholders of record at the close of business Feb. 20, 2026.

FOURTH QUARTER 2025 FINANCIAL PERFORMANCE

ONE Gas reported operating income of $139.7 million in the fourth quarter, compared with $124.3 million in the fourth quarter 2024, which primarily reflects:

•an increase of $23.8 million from new rates; and

•an increase of $1.3 million in residential sales due primarily to net customer growth in Oklahoma and Texas.

The increases were partially offset by:

•an increase of $4.2 million in employee-related costs, due in part to annual salary increases implemented during the quarter;

•an increase of $3.8 million in depreciation and amortization expense primarily from additional capital investment; and

•an increase of $3.3 million due to outside services, due in part to our decision to execute some projects earlier than initially planned.

Weather was 22.7 percent warmer than normal for the three months ended Dec. 31, 2025. The impact on operating income was mitigated by weather normalization mechanisms.

Excluding interest related to KGSS-I securitized bonds, net interest expense decreased $2.9 million for the three months ending Dec. 31, 2025. The decrease in interest expense is due primarily 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 $5.6 million and $12.3 million for the three months ended Dec. 31, 2025, and 2024, respectively.

Capital expenditures and asset removal costs were $184.1 million for the fourth quarter 2025 compared with $190.4 million in the same period last year, primarily representing expenditures for system integrity and extension of service to new areas.

FULL YEAR 2025 FINANCIAL PERFORMANCE

Operating income for the twelve-month 2025 period was $457.5 million, compared with $399.0 million in 2024, which primarily reflects:

•an increase of $116.0 million from new rates; and

•an increase of $6.6 million in residential sales due primarily to net customer growth in all three states.

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ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results;

February 18, 2026

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These increases were partially offset by:

•an increase of $20.6 million in depreciation expense due to additional capital expenditures being placed in service;

•an increase of $17.0 million in employee-related costs;

•an increase of $14.7 million in ad-valorem taxes; and

•a carrying charge of $2.9 million refunded to Oklahoma customers from the settlement of a disputed gas purchase invoice.

Excluding interest related to KGSS-I securitized bonds, net interest expense decreased $3.0 million for the twelve months ended Dec. 31, 2025. The decrease in interest expense is due primarily 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 EDIT of $17.6 million and $25.7 million for the twelve months ended Dec. 31, 2025, and 2024, respectively.

Capital expenditures and asset removal costs were $759.5 million for the twelve-month 2025 period compared with $762.1 million in the same period last year.

In December, the Company settled 2,633,700 million shares of our common stock under forward contracts for net proceeds of $205.0 million.

REGULATORY ACTIVITIES UPDATE

In June 2025, Texas Gas Service filed a rate case for customers in the Central-Gulf, West-North, and Rio Grande Valley service areas. The Railroad Commission of Texas ultimately approved a $14.4 million revenue increase and the consolidation of all service areas into a single division, based on a 59.9% equity ratio and a 9.8% ROE. New rates became effective January 27, 2026.

2026 FINANCIAL GUIDANCE

On Dec. 1, 2025, ONE Gas announced that its 2026 net income is expected to be in the range of $294 million to $302 million, with earnings per diluted share of $4.65 to $4.77.

The Company expects 2026 adjusted net income to be in the range of $306 million to $314 million, with adjusted net income per diluted share of $4.83 to $4.95.

ONE Gas expects long‑term adjusted net income growth of 7 to 9 percent and adjusted net income per diluted share growth of 5 to 7 percent, consistent with its established five‑year financial outlook. These growth rates are based on adjusted 2025 actual results, including adjusted net income of $271 million and adjusted net income per diluted share of $4.48.

Capital investments, including asset removal costs, are expected to be approximately $800 million in 2026, primarily targeted for system integrity and replacement projects. Capital investments for extensions to new customers are expected to be approximately $230 million of the $800 million.

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ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results;

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EARNINGS CONFERENCE CALL AND WEBCAST

The ONE Gas executive management team will host a conference call on Thursday, February 19, 2026, at 11 a.m. Eastern Standard Time (10 a.m. Central Standard Time). The call also will be carried live on the ONE Gas website.

To participate in the telephone conference call, dial 833-470-1428, passcode 246604, 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 866-813-9403, passcode 437369.

NON-GAAP DISCLOSURE STATEMENT

This press 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. 

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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

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February 18, 2026

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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;

•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;

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ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results;

February 18, 2026

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•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.

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ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results;

February 18, 2026

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APPENDIX

ONE Gas, Inc.
CONSOLIDATED STATEMENTS OF INCOME
						Three Months Ended												Twelve Months Ended
						December 31,												December 31,
						2025						2024						2025						2024
						(Thousands of dollars, except per share amounts)
Total revenues						$	689,372					$	630,703					$	2,427,428					$	2,083,558
Cost of natural gas						291,895						263,740						998,913						778,333
Operating expenses
Operations and maintenance						155,017						144,853						558,497						530,256
Depreciation and amortization						79,305						75,452						317,256						296,699
General taxes						23,423						22,348						95,295						79,371
Total operating expenses						257,745						242,653						971,048						906,326
Operating income						139,732						124,310						457,467						398,899
Other income, net						1,348						105						6,801						7,572
Interest expense, net						(36,460)						(39,760)						(142,809)						(147,235)
Income before income taxes						104,620						84,655						321,459						259,236
Income taxes						(18,314)						(7,633)						(57,235)						(36,386)
Net income						$	86,306					$	77,022					$	264,224					$	222,850
Earnings per share
Basic						$	1.43					$	1.35					$	4.39					$	3.92
Diluted						$	1.42					$	1.34					$	4.37					$	3.91
Average shares (thousands)
Basic						60,272						57,000						60,161						56,826
Diluted						60,777						57,415						60,513						57,033
Dividends declared per share of stock						$	0.67					$	0.66					$	2.68					$	2.64

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February 18, 2026

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APPENDIX

ONE Gas, Inc.
CONSOLIDATED BALANCE SHEETS
			December 31,						December 31,
			2025						2024
Assets			(Thousands of dollars)
Property, plant and equipment
Property, plant and equipment			$	9,734,150					$	9,124,134
Accumulated depreciation and amortization			2,611,952						2,478,261
Net property, plant and equipment			7,122,198						6,645,873
Current assets
Cash and cash equivalents			10,620						57,995
Restricted cash and cash equivalents			23,107						20,542
Total cash, cash equivalents and restricted cash and cash equivalents			33,727						78,537
Accounts receivable, net			461,631						408,448
Materials and supplies			97,595						91,662
Income tax receivable			55,552						53,624
Natural gas in storage			176,451						161,184
Regulatory assets			49,504						101,210
Other current assets			41,424						35,216
Total current assets			915,884						929,881
Goodwill and other assets
Regulatory assets			256,225						278,006
Securitized intangible asset, net			233,786						265,951
Goodwill			157,953						157,953
Pension and other postemployment benefits			47,012						42,882
Other assets			120,026						105,025
Total goodwill and other assets			815,002						849,817
Total assets			$	8,853,084					$	8,425,571

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February 18, 2026

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APPENDIX

ONE Gas, Inc.
CONSOLIDATED BALANCE SHEETS
(Continued)
			December 31,						December 31,
			2025						2024
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 62,692,392 shares at December 31, 2025; issued and outstanding 59,876,861 shares at December 31, 2024			$	627					$	599
Paid-in capital			2,530,137						2,294,469
Retained earnings			909,355						809,606
Accumulated other comprehensive income (loss)			4						(126)
Total equity			3,440,123						3,104,548
Other long-term debt, excluding current maturities, net of issuance costs			2,133,018						2,131,718
Securitized utility tariff bonds, excluding current maturities, net of issuance costs			223,020						253,568
Total long-term debt, excluding current maturities, net of issuance costs			2,356,038						2,385,286
Total equity and long-term debt			5,796,161						5,489,834
Current liabilities
Current maturities of other long-term debt, net of issuance costs			249,674						14
Current maturities of securitized utility tariff bonds, net of issuance costs			30,566						28,956
Notes payable			737,400						914,600
Accounts payable			222,102						261,321
Accrued taxes other than income			75,568						75,608
Regulatory liabilities			57,277						22,525
Customer deposits			52,871						56,243
Other current liabilities			106,400						99,009
Total current liabilities			1,531,858						1,458,276
Deferred credits and other liabilities
Deferred income taxes			963,874						891,738
Regulatory liabilities			451,620						467,563
Other deferred credits			109,571						118,160
Total deferred credits and other liabilities			1,525,065						1,477,461
Commitments and contingencies
Total liabilities and equity			$	8,853,084					$	8,425,571

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ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results;

February 18, 2026

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APPENDIX

ONE Gas, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
			Year Ended December 31,
			2025						2024
			(Thousands of dollars)
Operating activities
Net income			$	264,224					$	222,850
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			317,256						296,699
Deferred income taxes			49,507						106,522
Share-based compensation expense			14,791						13,733
Provision for doubtful accounts			8,207						6,705
Proceeds from government securitization of winter weather event costs			—						—
Changes in assets and liabilities:
Accounts receivable			(61,390)						(67,289)
Materials and supplies			(5,933)						(14,013)
Income tax receivable			(1,928)						(49,677)
Natural gas in storage			(15,267)						25,913
Asset removal costs			(52,268)						(58,952)
Accounts payable			(35,397)						(15,014)
Accrued taxes other than income			(40)						6,815
Customer deposits			(3,372)						(5,944)
Regulatory assets and liabilities - current			68,397						(90,829)
Regulatory assets and liabilities - noncurrent			36,660						19,354
Other assets and liabilities - current			(708)						(17,091)
Other assets and liabilities - noncurrent			(3,906)						(11,371)
Cash provided by operating activities			578,833						368,411
Investing activities
Capital expenditures			(707,226)						(703,165)
Other investing expenditures			(12,724)						(10,402)
Other investing receipts			4,626						6,072
Cash used in investing activities			(715,324)						(707,495)
Financing activities
Borrowings (repayments) of notes payable, net			(177,200)						826,100
Issuance of other long-term debt, net of premiums and discounts			250,000						253,467
Long-term debt financing costs			(432)						(2,193)
Repayment of other long-term debt			(15)						(773,013)
Repayment of securitized utility tariff bonds			(29,493)						(27,939)
Issuance of common stock			212,183						252,379
Dividends paid			(160,705)						(149,456)
Tax withholdings related to net share settlements of stock compensation			(2,657)						(1,111)
Cash provided by financing activities			91,681						378,234
Change in cash, cash equivalents, restricted cash and restricted cash equivalents			(44,810)						39,150
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period			78,537						39,387
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period			$	33,727					$	78,537
Supplemental cash flow information:
Cash paid for interest, net of amounts capitalized			$	138,987					$	148,987
Cash paid for other state income taxes			$	540					$	366
Cash received for state income taxes			$	(1,523)					$	(4,546)
Cash paid (received) for federal income taxes			$	10,113					$	(16,280)

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ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results;

February 18, 2026

Page 11

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												Twelve Months Ended
						December 31,												December 31,
						2025						2024						2025						2024
						(Thousands of dollars, except per share amounts)
Net income - GAAP						$	86,306					$	77,022					$	264,224					$	222,850
Other income - deferred carrying cost(a)						3,359						458						6,745						1,986
Income taxes						—						—						—						—
Adjusted net income - non-GAAP						$	89,665					$	77,480					$	270,969					$	224,836
Earnings per share - GAAP
Basic						$	1.43					$	1.35					$	4.39					$	3.92
Diluted						$	1.42					$	1.34					$	4.37					$	3.91
Adjusted net income per share - non-GAAP
Basic						$	1.49					$	1.36					$	4.50					$	3.96
Diluted						$	1.48					$	1.35					$	4.48					$	3.94
Average shares (thousands)
Basic						60,272						57,000						60,161						56,826
Diluted						60,777						57,415						60,513						57,033
(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 base 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						—						—						—
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)
Basic						62,995						62,995						62,995
Diluted						63,350						63,350						63,350
(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 base rates as authorized by our regulators or state law. This increases book income but is non-taxable, creating a permanent tax difference.

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ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results;

February 18, 2026

Page 12

APPENDIX

ONE Gas, Inc.

KGSS-I SECURITIZATION

In November 2022, Kansas Gas Service Securitization I, L.L.C. (KGSS-I) issued $336 million of securitized utility tariff bonds. KGSS-I used the proceeds from the issuance to purchase the Securitized Utility Tariff Property from Kansas Gas Service, pay for debt issuance costs, and reimburse Kansas Gas Service for upfront securitization costs paid on behalf of KGSS-I.

Revenues for the three months ended December 31, 2025, include $11.4 million associated with KGSS-I, which is offset by $7.8 million in operating and amortization expense and $3.6 million in interest expense, net. Compared to the same three month period last year, revenues increased $0.7 million and interest expense, net, decreased $0.4 million , offset by a $1.1 million increase in operating and amortization expense.

Revenues for the twelve months ended December 31, 2025, include $47.4 million associated with KGSS-I, which is offset by $32.6 million in operating and amortization expense and $14.7 million in interest expense, net. Compared to the same twelve month period last year, revenues increased $3.1 million and interest expense, net, decreased $1.5 million, offset by a $4.5 million increase in amortization and operating expense.

The following table summarizes the impact of KGSS-I on the consolidated balance sheets, for the periods indicated:

			December 31,						December 31,
			2025						2024
			(Thousands of dollars)
Restricted cash and cash equivalents			$	23,107					$	20,542
Accounts receivable			4,463						4,659
Securitized intangible asset, net			233,786						265,951
Total assets			$	261,356					$	291,152
Current maturities of securitized utility tariff bonds, net of issuance costs			$	30,566					$	28,956
Accounts payable			136						319
Accrued interest			5,894						6,568
Securitized utility tariff bonds, excluding current maturities, net of discounts and issuance costs $4.3 million and $4.8 million, as of December 31, 2025 and December 31, 2024, respectively			223,020						253,568
Paid-in capital			1,680						1,681
Retained earnings			60						60
Total liabilities and equity			$	261,356					$	291,152

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ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results;

February 18, 2026

Page 13

The following table summarizes the impact of KGSS-I on the consolidated statements of income, for the periods indicated:

			Three Months Ended												Year Ended
			December 31,												December 31,
			2025						2024						2025						2024
			(Thousands of dollars)
Operating revenues			$	11,387					$	10,649					$	47,446					$	44,390
Operating expense			(110)						(111)						(442)						(443)
Amortization expense			(7,688)						(6,559)						(32,164)						(27,668)
Interest income			125						132						551						671
Interest expense			(3,678)						(4,075)						(15,246)						(16,806)
Income before income taxes			36						36						145						144
Income taxes			—						—						—						(26)
Net income			$	36					$	36					$	145					$	118

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ONE Gas Announces Fourth Quarter and Full Year 2025 Financial Results;

February 18, 2026

Page 14

APPENDIX

ONE Gas, Inc.
INFORMATION AT A GLANCE
			Three Months Ended																					Year Ended
			December 31,																					December 31,
(Unaudited)			2025									2024												2025									2024
			(Millions of dollars)
Natural gas sales			$			629.1						$			573.4						$			2,196.3						$			1,864.1
Transportation revenues						39.1									37.4									144.9									138.7
Securitization customer charges						11.4									10.7									47.4									44.4
Other revenues						9.8									9.2									38.8									36.4
Total revenues			$			689.4						$			630.7						$			2,427.4						$			2,083.6
Cost of natural gas						291.9									263.7									998.9									778.3
Operating costs						178.4									167.3									653.8									609.6
Depreciation and amortization						79.3									75.5									317.3									296.7
Operating income			$			139.8						$			124.2						$			457.4						$			399.0
Net income			$			86.3						$			77.0						$			264.2						$			222.9
Capital expenditures and asset removal costs			$			184.1						$			190.4						$			759.5						$			762.1
Volumes (Bcf)
Natural gas sales
Residential						34.9									33.7									114.1									104.1
Commercial and industrial						11.2									10.8									40.3									36.9
Other						0.8									0.6									3.0									2.1
Total sales volumes delivered						46.9									45.1									157.4									143.1
Transportation						56.8									57.3									216.9									221.0
Total volumes delivered						103.7									102.4									374.3									364.1
Average number of customers (in thousands)
Residential						2,115									2,101									2,118									2,103
Commercial and industrial						161									162									163									163
Other						3									3									3									3
Transportation						11									12									11									12
Total customers						2,290									2,277									2,295									2,281
Heating Degree Days
Actual degree days						2,921									2,864									8,995									7,991
Normal degree days						3,777									3,784									9,730									9,728
Percent colder (warmer) than normal weather						(23)		%							(24)		%							(8)		%							(18)		%
Statistics by State
Oklahoma
Average number of customers (in thousands)						929									924									931									924
Actual degree days						1,002									985									3,082									2,783
Normal degree days						1,320									1,320									3,356									3,359
Percent colder (warmer) than normal weather						(24)		%							(25)		%							(8)		%							(17)		%
Kansas
Average number of customers (in thousands)						651									648									653									651
Actual degree days						1,520									1,433									4,463									3,863
Normal degree days						1,807									1,791									4,728									4,690
Percent colder (warmer) than normal weather						(16)		%							(20)		%							(6)		%							(18)		%
Texas
Average number of customers (in thousands)						710									706									711									706
Actual degree days						399									446									1,450									1,345
Normal degree days						650									673									1,646									1,679
Percent colder (warmer) than normal weather						(39)		%							(34)		%							(12)		%							(20)		%

###

FAQ

How did ONE Gas (OGS) perform financially in the fourth quarter of 2025?

ONE Gas reported fourth quarter 2025 net income of $86.3 million, or $1.42 per diluted share, up from $77.0 million, or $1.34, a year earlier. Adjusted net income was $89.7 million, or $1.48 per diluted share.

What were ONE Gas (OGS) full year 2025 earnings and adjusted results?

For 2025, ONE Gas generated net income of $264.2 million, or $4.37 per diluted share, versus $222.9 million, or $3.91, in 2024. Adjusted net income was $271.0 million, or $4.48 per diluted share, up from $224.8 million, or $3.94.

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

ONE Gas expects 2026 GAAP net income between $294 million and $302 million, with diluted EPS of $4.65–4.77. Adjusted net income is projected at $306–314 million, or $4.83–4.95 per diluted share, based on non‑GAAP regulatory adjustments.

How much will ONE Gas (OGS) invest in capital projects in 2026?

ONE Gas plans approximately $800 million of 2026 capital investments, including asset removal costs. Most spending targets system integrity and replacement projects, with about $230 million allocated to system extensions that connect new customers in its Kansas, Oklahoma and Texas service territories.

What dividend changes did ONE Gas (OGS) announce for early 2026?

On January 20, 2026, ONE Gas increased its first quarter 2026 dividend by 1 cent to $0.68 per share, or $2.72 annualized. The dividend is payable March 6, 2026, to shareholders of record as of the close of business on February 20, 2026.

What long-term growth outlook did ONE Gas (OGS) share?

ONE Gas reiterated expectations for long‑term adjusted net income growth of 7–9% and adjusted earnings per share growth of 5–7%. These targets are based on 2025 adjusted results of $271 million in adjusted net income and $4.48 in adjusted diluted EPS.

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