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ONE Gas, Inc., together with its subsidiaries, operates as a regulated natural gas distribution utility company in the United States. The company offers natural gas distribution services. As of December 31, 2025, it owned 43,200 miles of distribution pipelines and 2,200 miles of transmission pipelines. The company serves approximately 2.3 million residential, commercial, industrial, transportation, and wholesale customers in Oklahoma, Kansas, and Texas. ONE Gas, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.4B | $782M | $264M | $-128M | 7.7% | 16.5% | 18.6% |
| 2024 | $2.1B | $703M | $223M | $-335M | 7.2% | -12.2% | -3.6% |
| 2023 | $2.4B | $667M | $231M | $273M | 8.4% | -8.0% | 4.3% |
| 2022 | $2.6B | $574M | $222M | $961M | 8.6% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2025 |
|---|---|
| Total Revenue | 2,427.43 |
| Operating Revenue | 2,357.82 |
| Cost Of Revenue | 1,557.41 |
| Gross Profit | 870.02 |
| Operating Expense | 412.55 |
| Total Expenses | 1,969.96 |
| Operating Income | 457.47 |
| Total Operating Income As Reported | 457.47 |
| EBITDA | 781.52 |
| Normalized EBITDA | 776.51 |
| EBIT | 464.27 |
| Interest Expense | 142.81 |
| Net Interest Income | -142.81 |
| Other Non Operating Income Expenses | 1.78 |
| Other Income Expense | 6.80 |
| Interest Expense Non Operating | 142.81 |
| Net Non Operating Interest Income Expense | -142.81 |
| Pretax Income | 321.46 |
| Tax Provision | 57.24 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | 0.89 |
| Net Income Continuous Operations | 264.22 |
| Net Income From Continuing And Discontinued Operation | 264.22 |
| Net Income From Continuing Operation Net Minority Interest | 264.22 |
| Net Income | 264.22 |
| Net Income Common Stockholders | 264.22 |
| Net Income Including Noncontrolling Interests | 264.22 |
| Normalized Income | 260.10 |
| Diluted NI Availto Com Stockholders | 264.22 |
| Basic Average Shares | 60.16 |
| Diluted Average Shares | 60.51 |
| Reconciled Depreciation | 317.26 |
| Reconciled Cost Of Revenue | 1,557.41 |
| Total Unusual Items | 5.02 |
| Total Unusual Items Excluding Goodwill | 5.02 |
| Gain On Sale Of Security | 5.02 |
| Depreciation Amortization Depletion Income Statement | 317.26 |
| Depreciation And Amortization In Income Statement | 317.26 |
| Other Taxes | 95.30 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| ONE Gas, Inc.this co. | OGS | $4.9B | 18.36 | 1.41 | 7.7% | 10.51 |
| Southwest Gas Holdings, Inc. | SWX | $6.3B | 14.34 | 1.59 | 11.1% | 10.69 |
| Portland General Electric Company | POR | $5.7B | 18.79 | 1.39 | 7.4% | 9.09 |
| New Jersey Resources Corporation | NJR | $5.5B | 16.42 | 2.30 | 14.0% | 12.47 |
| Black Hills Corporation | BKH | $5.5B | 18.77 |
| - |
| - |
| - |
| - |
| 1.43 |
| 7.6% |
| 11.98 |
| Brookfield Infrastructure Corporation | BIPC | $5.1B | - | - | 18.6% | 6.17 |
| Fluence Energy, Inc. | FLNC | $5.0B | -103.57 | 11.65 | -11.2% | -276.81 |
| Spire Inc. | SR | $4.8B | 17.65 | 1.52 | 8.6% | 11.95 |
| NorthWestern Energy Group, Inc. | NWE | $4.3B | 23.64 | 1.48 | 6.3% | 13.13 |
| Peer Median | - | 17.65 | 1.52 | 8.1% | 11.32 | |