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Why Is ONE Gas (OGS) Up 0.7% Since Last Earnings Report?
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A month has gone by since the last earnings report for ONE Gas (OGS - Free Report) . Shares have added about 0.7% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is ONE Gas due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.
ONE Gas Q4 Earnings Beat Estimates, Revenues Increase Y/Y
ONE Gas, Inc. reported fourth quarter 2025 operating earnings per share (EPS) of $1.48, which beat the Zacks Consensus Estimate of $1.42 by 4%. In the year-ago quarter, the company reported earnings of $1.35.
OGS reported 2025 adjusted earnings of $4.48 per share compared with $3.94 in 2024, reflecting a year-over-year increase of 13.71%.
OGS’ Revenues
ONE Gas recorded revenues of $689.4 million, which beat the Zacks Consensus Estimate of $675 million by 2.1%. The top line increased 9.31% from $630.7 million in the prior-year quarter. OGS reported total revenues of $2.43 billion in 2025 compared with $2.08 billion in 2024, reflecting a year-over-year increase of 16.5%.
Highlights of OGS’ Earnings Release
Total natural gas volumes delivered were 103.7 billion cubic feet, up 1.27% on a year-over-year basis. OGS served 2,290,000 customers, increased 0.57% year over year.
Total operating expenses were $257.7 million, up 6.22% from $242.7 million recorded in the year-ago quarter. The increase in expenses was due to a rise in operations and maintenance expenses, depreciation and amortization expenses, as well as general taxes.
Operating income totaled $139.7 million, up 12.41% from $124.3 million recorded in the year-ago quarter.
OGS incurred net interest expenses of $36.5 million, down 8.30% from $39.8 million recorded in the year-ago quarter.
OGS’ Financial Highlights
As of Dec. 31, 2025, OGS had cash and cash equivalents of $10.6 million compared with $58 million as of Dec. 31, 2024.
Total long-term debt (excluding current maturities) was $2.36 billion as of Dec. 31, 2025, compared with $2.39 billion as of Dec. 31, 2024.
Cash provided by operating activities during 2025 was $578.8 million compared with $368.4 million in the year-ago period.
Capital expenditure for the year totaled $707.2 million compared with $703.2 million in 2024.
OGS’ 2026 Guidance
OGS expects its 2026 adjusted net income to be in the range of $306-$314 million.
The company projects 2026 adjusted earnings to be in the range of $4.83 to $4.95 per share. The Zacks Consensus Estimate for earnings is pegged at $4.71, which is below the company’s guidance range.
ONE Gas projects its long term adjusted net income to grow by 7-9% and adjusted net income per diluted share growth of 5-7%, in its five-year financial plan. In 2026, OGS plans to make capital investments, including asset removal costs, of $800 million to maintain its system integrity and its replacement projects.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended upward during the past month.
VGM Scores
At this time, ONE Gas has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, ONE Gas has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry Player
ONE Gas is part of the Zacks Utility - Gas Distribution industry. Over the past month, MDU Resources (MDU - Free Report) , a stock from the same industry, has gained 0.7%. The company reported its results for the quarter ended December 2025 more than a month ago.
MDU Resources reported revenues of $534 million in the last reported quarter, representing a year-over-year change of -0.3%. EPS of $0.37 for the same period compares with $0.34 a year ago.
MDU Resources is expected to post earnings of $0.39 per share for the current quarter, representing a year-over-year change of -2.5%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #4 (Sell) for MDU Resources. Also, the stock has a VGM Score of D.
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Why Is ONE Gas (OGS) Up 0.7% Since Last Earnings Report?
A month has gone by since the last earnings report for ONE Gas (OGS - Free Report) . Shares have added about 0.7% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is ONE Gas due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts.
ONE Gas Q4 Earnings Beat Estimates, Revenues Increase Y/Y
ONE Gas, Inc. reported fourth quarter 2025 operating earnings per share (EPS) of $1.48, which beat the Zacks Consensus Estimate of $1.42 by 4%. In the year-ago quarter, the company reported earnings of $1.35.
OGS reported 2025 adjusted earnings of $4.48 per share compared with $3.94 in 2024, reflecting a year-over-year increase of 13.71%.
OGS’ Revenues
ONE Gas recorded revenues of $689.4 million, which beat the Zacks Consensus Estimate of $675 million by 2.1%. The top line increased 9.31% from $630.7 million in the prior-year quarter.
OGS reported total revenues of $2.43 billion in 2025 compared with $2.08 billion in 2024, reflecting a year-over-year increase of 16.5%.
Highlights of OGS’ Earnings Release
Total natural gas volumes delivered were 103.7 billion cubic feet, up 1.27% on a year-over-year basis. OGS served 2,290,000 customers, increased 0.57% year over year.
Total operating expenses were $257.7 million, up 6.22% from $242.7 million recorded in the year-ago quarter. The increase in expenses was due to a rise in operations and maintenance
expenses, depreciation and amortization expenses, as well as general taxes.
Operating income totaled $139.7 million, up 12.41% from $124.3 million recorded in the year-ago quarter.
OGS incurred net interest expenses of $36.5 million, down 8.30% from $39.8 million recorded in the year-ago quarter.
OGS’ Financial Highlights
As of Dec. 31, 2025, OGS had cash and cash equivalents of $10.6 million compared with $58 million as of Dec. 31, 2024.
Total long-term debt (excluding current maturities) was $2.36 billion as of Dec. 31, 2025, compared with $2.39 billion as of Dec. 31, 2024.
Cash provided by operating activities during 2025 was $578.8 million compared with $368.4 million in the year-ago period.
Capital expenditure for the year totaled $707.2 million compared with $703.2 million in 2024.
OGS’ 2026 Guidance
OGS expects its 2026 adjusted net income to be in the range of $306-$314 million.
The company projects 2026 adjusted earnings to be in the range of $4.83 to $4.95 per share. The Zacks Consensus Estimate for earnings is pegged at $4.71, which is below the company’s guidance range.
ONE Gas projects its long term adjusted net income to grow by 7-9% and adjusted net income per diluted share growth of 5-7%, in its five-year financial plan.
In 2026, OGS plans to make capital investments, including asset removal costs, of $800 million to maintain its system integrity and its replacement projects.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended upward during the past month.
VGM Scores
At this time, ONE Gas has a poor Growth Score of F, however its Momentum Score is doing a lot better with an A. However, the stock has a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. Interestingly, ONE Gas has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry Player
ONE Gas is part of the Zacks Utility - Gas Distribution industry. Over the past month, MDU Resources (MDU - Free Report) , a stock from the same industry, has gained 0.7%. The company reported its results for the quarter ended December 2025 more than a month ago.
MDU Resources reported revenues of $534 million in the last reported quarter, representing a year-over-year change of -0.3%. EPS of $0.37 for the same period compares with $0.34 a year ago.
MDU Resources is expected to post earnings of $0.39 per share for the current quarter, representing a year-over-year change of -2.5%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #4 (Sell) for MDU Resources. Also, the stock has a VGM Score of D.