OGSMEDIUM SIGNALFINANCIAL10-K

ONE Gas delivered strong operational performance with 43% revenue growth and 57% operating cash flow increase, but experienced a concerning 82% decline in cash reserves.

The substantial revenue growth and improved cash generation demonstrate strong underlying business momentum, likely driven by rate increases and customer growth. However, the dramatic reduction in cash and equivalents from $58M to $10.6M raises questions about capital allocation decisions and liquidity management that warrant investor attention.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

ONE Gas showed robust top-line growth with revenue jumping 42.5% to $2.6B and operating cash flow surging 57% to $578.8M, indicating strong operational execution and cash generation capabilities. Net income grew a more modest 18.6% to $264.2M, suggesting some margin pressure despite the revenue gains. The most concerning development is the sharp 82% decline in cash reserves to just $10.6M, which dramatically reduces financial flexibility despite the 11% increase in stockholders' equity to $3.4B.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-81.7%
$58.0M$10.6M

Cash declined 81.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Operating Cash Flow
Cash Flow
+57.1%
$368.4M$578.8M

Operating cash flow surged 57.1% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
+42.5%
$1.8B$2.6B

Strong top-line growth of 42.5% — accelerating demand or successful expansion into new markets.

Net Income
P&L
+18.6%
$222.8M$264.2M

Net income grew 18.6% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+14.6%
$399.0M$457.5M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Stockholders Equity
Balance Sheet
+10.8%
$3.1B$3.4B

Equity base grew 10.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
ADDED
On February 13, 2026, we had 62,692,484 shares of common stock outstanding.
Form 10-K Summary 84 Signatures 85 As used in this Annual Report, references to we, our, us, or the Company refer to ONE Gas, Inc., an Oklahoma corporation, and its predecessors and subsidiaries, unless the context indicates otherwise.
Amended and Restated Equity Compensation Plan (2018) EDIT Excess deferred income taxes resulting from a change in enacted tax rates EPA United States Environmental Protection Agency EPS Earnings per share ERT Emergency Response Time; calculated as the time between the creation of an emergency order and the arrival of a first company responder to the scene expressed as the percentage of emergency orders with a response time of 30 minutes or less ESPP The ONE Gas, Inc.
MGP Manufactured gas plant MMcf Million cubic feet Moody s Moody s Investors Service, 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.
Capital Investments - A significant portion of our capital spending is focused on the safety, integrity, and reliability of our natural gas distribution system in a way that serves our customers energy needs responsibly and sustainably.
We invest capital to meet growing customer demand, support economic development, and manage our technology needs.
REMOVED
On February 14, 2025, we had 59,877,552 shares of common stock outstanding.
Form 10-K Summary 81 Signatures 82 As used in this Annual Report, references to we, our, us or the Company refer to ONE Gas, Inc., an Oklahoma corporation, and its predecessors and subsidiaries, unless the context indicates otherwise.
Amended and Restated Equity Compensation Plan (2018) EDIT Excess deferred income taxes resulting from a change in enacted tax rates EPA United States Environmental Protection Agency EPS Earnings per share ER Emissions Reduction; measured by the reduction of MTCO2e emissions through planned vintage main replacements and service line replacements.
ERT Emergency Response Time; calculated as the time between the creation of an emergency order and the arrival of a first company responder to the scene expressed as the percentage of emergency orders with a response time of 30 minutes or less ESPP The ONE Gas, Inc.
LDC Local distribution company MGP Manufactured gas plant Mcf Thousand cubic feet MMcf Million cubic feet Moody s Moody s Investors Service, Inc.
MTCO2e Metric ton of carbon dioxide equivalent NYSE New York Stock Exchange OCC Oklahoma Corporation Commission ONE Gas ONE Gas, Inc.
We provide natural gas distribution services to approximately 2.3 million customers and 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.
Capital Investments - A significant portion of our capital spending is focused on the safety, integrity and reliability of our natural gas distribution system.
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →