ONE Gas, Inc. reported significant financial performance improvements in its latest quarterly filing, with total revenues reaching $379.1 million for the three months ended September 30, 2025, compared to $340.4 million in the same period last year, marking an increase of 11%. For the nine months ended September 30, 2025, revenues totaled $1.738 billion, up from $1.453 billion in 2024, reflecting a 20% increase. The company's net income also rose, with $26.5 million, or $0.44 per diluted share, reported for the third quarter, compared to $19.3 million, or $0.34 per diluted share, in the prior year. Year-to-date net income was $177.9 million, or $2.94 per diluted share, up from $145.8 million, or $2.56 per diluted share, in 2024.
The increase in revenue and profitability can be attributed to several factors, including a rise in natural gas sales, which increased by 13% to $327.3 million for the third quarter, and a 21% increase to $1.567 billion for the nine-month period. Transportation revenues also saw a slight increase, while securitization customer charges rose marginally. Operating income for the third quarter was $65.4 million, up from $59.5 million, and for the nine months, it increased to $317.7 million from $274.6 million, driven by new rates and customer growth.
In terms of operational developments, ONE Gas reported an increase in its customer base, serving approximately 2.3 million customers across Oklahoma, Kansas, and Texas. The average number of customers grew by 12,000 in the third quarter and 15,000 year-to-date, reflecting ongoing system expansions and new customer connections. The company also reported a total of 58.4 billion cubic feet (Bcf) of natural gas delivered in the third quarter, slightly down from 59.8 Bcf in the previous year, while total volumes delivered for the nine months increased to 270.6 Bcf from 261.8 Bcf.
Strategically, ONE Gas amended its credit agreement in October 2025, increasing its capacity to $1.5 billion and extending the term to October 2030. The company also entered into a $250 million unsecured term loan agreement in August 2025, aimed at supporting working capital and capital expenditures. Additionally, the company declared a dividend of $0.67 per share in November 2025, reflecting its commitment to returning capital to shareholders.
Looking ahead, ONE Gas anticipates continued growth driven by customer expansion and regulatory rate increases. The company expects its capital expenditures for 2025 to be approximately $750 million, focusing on infrastructure improvements and system integrity. However, it remains cautious about potential impacts from regulatory changes, market conditions, and environmental regulations that could affect its operations and financial performance.
About ONE Gas, Inc.
One Gas, Inc. is a regulated natural gas distribution utility serving approximately 2.3 million customers across Oklahoma, Kansas, and Texas. It provides safe, reliable, and affordable energy through its three divisions, focusing on infrastructure safety, operational efficiency, and customer service. The company emphasizes safety, technology, and regulatory compliance to maintain its core value of delivering natural gas as a foundational energy source.
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