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ONE Gas: Are Infrastructure Expansion and Pipeline Growth Setting Up the Next Leg Higher? – Major Drivers, Financial Forecasts, DCF & Comparable Valuation, ESG & Other Risks (3/26)

ONE Gas reported full-year 2025 results in line with the revised guidance it raised midyear. Net income reached $264 million, or $4.37 per diluted share, up from $223 million, or $3.91 per share, in 2024. This marked the twelfth straight year the company met or exceeded the midpoint of its initial EPS guidance. Capital expenditures totaled $760 million, focused on system growth and reliability. Operationally, the company pointed to strong performance during Winter Storm Fern, the first major multi-day freeze since 2021. ONE Gas delivered more than 3 billion cubic feet of gas at peak demand without supply disruptions. Investments made after Winter Storm Uri strengthened the system through added storage, diversified gas sourcing, and roughly 25% more winter peak capacity.