ONE Gas, Inc. OGS
ONE Gas, Inc. is incorporated under the laws of the state of Oklahoma. Our common stock is listed on the NYSE and the NYSE Texas under the trading symbol "OGS," and is included in the S&P MidCap 400 Index. We are a 100-percent regulated natural gas distribution utility, headquartered in Tulsa, Oklahoma, and one of the largest publicly traded natural gas utilities in the United States. We are the successor to the company founded in 1906 as Oklahoma Natural Gas Company, which became ONEOK, Inc. (NYSE: OKE) in 1980. On January 31, 2014, ONE Gas officially separated from ONEOK, Inc.
We provide natural gas distribution services to approximately 2.3 million customers. We are the largest natural gas distributor in Oklahoma and Kansas and the third largest in Texas, in terms of customers. We primarily serve residential, commercial, and transportation customers in all three states. Our largest natural gas distribution markets, in terms of customers, are Oklahoma City and Tulsa, Oklahoma; Kansas City, Wichita, and Topeka, Kansas; and Austin and El Paso, Texas. Our three divisions, Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service, distribute natural gas to approximately 89 percent, 72 percent, and 13 percent of the natural gas distribution customers in Oklahoma, Kansas, and Texas, respectively.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $2.58B | $1.81B | $1.53B | $1.65B | $1.63B | $1.54B | $1.43B |
| Cost of revenue | $998.9M | $778.3M | $1.13B | $1.46B | $775.0M | $537.4M | — | — | — | — |
| Gross profit | — | — | — | $1.12B | $1.03B | $992.8M | — | — | $925.1M | $885.4M |
| Operating income | $457.5M | $398.9M | $377.6M | $350.0M | $310.3M | $303.5M | $295.3M | $288.4M | $316.7M | $288.9M |
| Interest expense | $142.8M | $147.2M | $115.3M | $77.5M | $60.3M | $62.5M | $62.7M | $51.3M | $46.1M | $43.7M |
| Pre-tax income | $321.5M | $259.2M | $271.7M | $268.3M | $246.8M | $238.0M | $229.6M | $225.8M | $256.1M | $225.3M |
| Income tax | $57.2M | $36.4M | $40.5M | $46.5M | $40.3M | $41.6M | $42.9M | $53.5M | $93.1M | $85.2M |
| Net income | $264.2M | $222.8M | $231.2M | $221.7M | $206.4M | $196.4M | $186.7M | $172.2M | $163.0M | $140.1M |
| EPS, basic | 4.39 | 3.92 | 4.16 | 4.09 | 3.85 | 3.70 | 3.53 | 3.27 | 3.10 | 2.67 |
| EPS, diluted | 4.37 | 3.91 | 4.14 | 4.08 | 3.85 | 3.68 | 3.51 | 3.25 | 3.08 | 2.65 |
| Shares, diluted (wtd. avg.) | $60.5M | $57.0M | $55.9M | $54.3M | $53.7M | $53.4M | $53.2M | $53.0M | $53.0M | $53.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $10.6M | $58.0M | $39.4M | $18.1M | $8.9M | $8.0M | $17.9M | $21.3M | $14.4M | $14.7M |
| Short-term investments | $0 | $45.4M | — | — | — | — | — | — | — | — |
| Receivables | $461.6M | $408.4M | $347.9M | $553.8M | $341.8M | $293.0M | $250.0M | $295.4M | $298.8M | $290.9M |
| Total current assets | $915.9M | $929.9M | $765.2M | $1.22B | $2.22B | $539.9M | $506.2M | $543.3M | $589.0M | $568.9M |
| Property, plant and equipment | $7.12B | $6.65B | — | — | — | — | — | — | — | — |
| Goodwill | $158.0M | $158.0M | $158.0M | $158.0M | $158.0M | $158.0M | $158.0M | $158.0M | $158.0M | $158.0M |
| Other intangibles | — | — | — | $323.8M | $0 | — | — | — | — | — |
| Total assets | $8.85B | $8.43B | $7.77B | $7.78B | $8.40B | $6.03B | $5.71B | $5.47B | $5.21B | $4.94B |
| Accounts payable | $222.1M | $261.3M | $278.1M | $360.5M | $258.6M | $152.3M | $120.5M | $174.5M | $143.7M | $132.0M |
| Short-term debt | $249.7M | $14.0K | $773.0M | $12.0K | $0 | $0 | $0 | $0 | $0 | $7.0K |
| Total current liabilities | $1.53B | $1.46B | $1.48B | $1.19B | $980.5M | $797.1M | $872.7M | $698.9M | $673.3M | $443.9M |
| Long-term debt | $2.36B | $2.39B | $2.16B | $2.66B | $3.68B | $1.58B | $1.29B | $1.29B | $1.19B | $1.19B |
| Retained earnings | $909.4M | $809.6M | $737.7M | $651.9M | $565.2M | $483.6M | $402.5M | $320.9M | $246.1M | $161.0M |
| Total equity | $3.44B | $3.10B | $2.77B | $2.58B | $2.35B | $2.23B | $2.13B | $2.04B | $1.96B | $1.89B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $578.8M | $368.4M | $939.5M | $1.57B | -$1.54B | $364.5M | $310.3M | $467.7M | $253.8M | $290.6M |
| Stock-based compensation | $14.8M | $13.7M | $12.2M | $10.7M | $10.5M | $9.8M | $9.3M | $8.2M | $8.9M | $11.2M |
| Capital expenditure | $707.2M | $703.2M | $666.6M | $609.5M | $495.2M | $471.3M | $417.3M | $394.4M | $356.4M | $309.1M |
| Investing cash flow | -$715.3M | -$707.5M | -$669.6M | -$614.1M | -$501.1M | -$470.4M | -$422.9M | -$394.4M | -$355.7M | -$308.6M |
| Financing cash flow | $91.7M | $378.2M | -$248.6M | -$947.5M | $2.04B | $96.0M | $109.1M | -$66.3M | $101.7M | $30.2M |
| Dividends paid | $160.7M | $149.5M | $144.1M | $134.0M | $123.9M | $114.4M | $105.4M | $96.6M | $88.0M | $73.2M |
| Buybacks | — | — | — | — | — | — | $0 | $0 | $17.5M | $24.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001587732-26-000009.
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