📈 Price History

Ratio Health

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📊 Sector Averages

About

ONE Gas, Inc., together with its subsidiaries, operates as a regulated natural gas distribution utility company in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding OGS

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	146.8K	$12.6M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used phrases like 'strong performance,' 'consistent execution,' 'raising our full-year 2025 financial guidance,' and provided specific updated net income and EPS ranges ($261M-$267M, $4.32-$4.42). They detailed regulatory approvals and dollar amounts (e.g., $41.1M Oklahoma increase) and explicitly stated forward equity proceeds of ~$226M.

Q3 2025

Confident Specific

Management raised and tightened full-year guidance, highlighted project delivered ahead of schedule/under budget, and repeatedly expressed confidence in growth opportunities and regulatory tailwinds.

Q4 2025

Confident Specific

Management repeatedly emphasized meeting or exceeding EPS guidance for the 12th consecutive year and highlighted specific achievements like 3 Bcf gas delivery during Winter Storm Fern with no disruptions. They provided detailed numerical explanations for the non-GAAP adjustment, including prior $2 million delta expanding to $7 million in 2025 and projected $12 million in 2026.

Q1 2026 latest

Confident Specific

Management emphasized strong Q1 results with adjusted EPS up 6% year-over-year despite historically warm winter, and twice affirmed 2026 guidance. They provided detailed regulatory filings, quantified storage savings of $98 million, and cited specific operational initiatives like insourcing and AI efficiency.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management clearly demonstrated that even extreme weather (warmest winter in decades) did not derail earnings or guidance, thanks to regulatory mechanisms and operational flexibility. The reaffirmed 2026 guidance, coupled with tangible large-load progress (one signed data center deal and six late-stage projects), supports a growth narrative beyond traditional utility expansion. Cost discipline through insourcing and AI is also encouraging. However, the mild winter created a temporary cash flow lag and a reduced need for storage injections, which will normalize over the remainder of the year. Investors should watch the Q3 Kansas GSRS filing and what weather normalization adjustments materialize in Q2 and Q3. Overall, the call reinforced confidence in long-term targets consistent with the prior outlook.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED ONE Gas Q1 2026 adjusted EPS $2.11, affirms full-year guidance $4.83-$4.95

Revenue & Profitability

Adjusted net income for Q1 2026 was $133.4 million ($2.11 per diluted share), up from $120.1 million ($1.99) in Q1 2025. Revenues increased approximately $27 million from new rates. Depreciation and amortization expense decreased 6% year-over-year, and interest expense decreased 9%. The company affirmed full-year 2026 adjusted net income guidance of $306-$314 million and adjusted EPS of $4.83-$4.95.

Outlook

Management affirmed 2026 guidance despite a historically warm winter, citing structural benefits like capacity release and discretionary cost deferrals. They see growing demand from large load customers including data centers, manufacturing and grid-connected utility generation. No explicit macro headwinds were discussed, but the company noted the supportive regulatory environment in Texas (House Bill 4384) and steady customer growth in metropolitan areas.

Growth Drivers

Residential customer growth continued with over 6,300 new meters installed through April, driven by Oklahoma City and El Paso. The company is advancing six large-load projects in late-stage discussion that could support up to 3 GW of generation and 1 BCF/day of demand. It signed a transportation agreement to supply 20 million cubic feet of natural gas per day to an Oklahoma data center. The Western Farmers 43-mile pipeline project in Southern Oklahoma is on track for 2028 in-service.

Balance Sheet & CapEx

Capital projects in Q1 2026 totaled $170 million, in line with the prior year. The company is investing in the Western Farmers pipeline (43 miles, 24-inch) and a 1.6-mile pipeline for a manufacturing facility near El Paso. It also deployed artificial intelligence to automate tasks, generating over 12,000 hours of annualized labor savings. Under its five-year plan, the company expects compound annual O&M expense growth of 3%-4%.

Margins

The company is focused on managing O&M expense growth, targeting a 3%-4% compound annual growth rate over its five-year plan. Q1 O&M expenses increased 8.6% year-over-year, driven by employee costs and higher line locating activity. Management noted discretionary levers such as deferring non-time-sensitive projects to offset weather impacts. Insourcing of line locating and Watch and Protect functions are expected to improve efficiency and provide savings.

Key Risks

Weather remains a key risk, as the Q1 2026 experienced one of the warmest winters on record, which reduced earnings despite weather normalization mechanisms. Storage-related cash flows were affected and are expected to normalize later in the year. O&M expense volatility due to line locating activity and employee costs was noted. Regulatory risk includes timing of rate case approvals and surcharge filings.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-05

Second quarter adjusted EPS rose 52% year-over-year, driven by new rates, legislative benefits, and disciplined cost management. Full-year guidance was raised to the upper half of the range, supported by strong project execution and regulatory approvals.

Q1 2026 Q1 2026 2026-05-05

Adjusted EPS rose 6% year-over-year despite a record warm winter, with strong customer growth and disciplined cost management. Affirmed 2026 guidance and continued capital deployment support long-term growth, while regulatory filings and operational efficiencies drive resilience.

Q4 2025 Q4 2025 2026-02-19

Full-year 2025 results met revised EPS guidance, with net income and adjusted EPS both rising year-over-year. Regulatory changes in Texas and proposed Kansas legislation are expanding capital recovery and impacting financial reporting, while strong operational execution and customer growth support long-term outlook.

Q3 2025 Q3 2025 2025-11-04

Q3 net income rose to $26.5M on higher rates and customer growth, with 2025 EPS guidance narrowed to $4.34–$4.40. Major capital projects and Texas legislation support structural growth above the 4%–6% range, while operational improvements and disciplined capital allocation continue.

Q2 2025 Q2 2025 2025-08-06

Second quarter net income rose to $32 million, with full-year 2025 guidance raised on strong customer growth and favorable Texas legislation. Capital needs are well covered, and major projects like the Austin System Reinforcement remain on track.

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