ONE Gas Reports Q2 2026 Financial Results with Increased Net Income and Customer Growth

ONE Gas, Inc. reported its financial results for the second quarter of 2026, revealing a net income of $46.8 million, or $0.74 per diluted share, compared to $32.0 million, or $0.53 per diluted share, in the same period last year. For the first half of 2026, net income reached $175.5 million, or $2.78 per diluted share, up from $151.5 million, or $2.51 per diluted share, in the prior year. Total revenues for the second quarter were $411.6 million, a decrease of 3% from $423.7 million in the same quarter of 2025. The decline in revenue was attributed to lower natural gas sales, which fell to $357.8 million from $369.5 million year-over-year.

The company experienced a significant increase in operating income, which rose to $82.7 million for the second quarter, up from $71.9 million in the prior year, driven by new rate increases and customer growth. Operating expenses also increased, with costs rising to $238.7 million from $233.9 million, primarily due to higher employee-related costs and outside services. The total number of customers served by ONE Gas increased to approximately 2.3 million, reflecting a net addition of about 4,800 new customer connections in the second quarter alone.

In terms of strategic developments, ONE Gas has been actively pursuing regulatory approvals for rate increases across its service areas. In July 2026, Kansas Gas Service submitted a request for a $14.3 million increase related to its Gas System Reliability Surcharge, while Texas Gas Service received approval for a $36.9 million increase effective July 2026. These regulatory initiatives are part of the company's ongoing efforts to enhance infrastructure and service reliability.

The company’s capital expenditures for the first half of 2026 totaled $357.9 million, slightly lower than the $367.8 million spent in the same period of 2025. ONE Gas anticipates capital expenditures for the full year to be approximately $800 million, focusing on pipeline integrity and system enhancements. As of June 30, 2026, the company maintained a total debt-to-capital ratio of 47.1%, well within the limits set by its credit agreements.

Looking ahead, ONE Gas remains optimistic about its growth prospects, supported by a stable customer base and ongoing regulatory initiatives aimed at improving service and infrastructure. The company continues to monitor market conditions and regulatory changes that may impact its operations and financial performance.