ONE Gas, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ONE Gas, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Revenue	1,427	1,540	1,634	1,653	1,530	1,809	2,578
Cost of revenue					537	775	1,459	1,135	778	999
Gross profit	885	925			993	1,034	1,119
Operating income	289	317	288	295	304	310	350	378	399	457
Interest expense	43.7	46.1	51.3	62.7	62.5	60.3	77.5	115	147	143
Other non-operating income	-19.9	-14.5	-11.4	-2.98	-3.02	-3.21	-4.18	9.48	7.57	6.8
Pre-tax income	225	256	226	230	238	247	268	272	259	321
Income tax	85.2	93.1	53.5	42.9	41.6	40.3	46.5	40.5	36.4	57.2
Net income	140	163	172	187	196	206	222	231	223	264
EPS, basic	2.67	3.10	3.27	3.53	3.70	3.85	4.09	4.16	3.92	4.39
EPS, diluted	2.65	3.08	3.25	3.51	3.68	3.85	4.08	4.14	3.91	4.37
Shares, basic (weighted)	52.5	52.5	52.7	52.9	53.1	53.6	54.2	55.6	56.8	60.2
Shares, diluted (weighted)	53	53	53	53.2	53.4	53.7	54.3	55.9	57	60.5
Dividend per share	1.40	1.68	1.84	2.00	2.16	2.32	2.48	2.60	2.64	2.68

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Cash and equivalents	14.7	14.4	21.3	17.9	7.99	8.85	9.68	18.8	58	10.6
Short-term investments									45.4	0
Receivables	291	299	295	250	293	342	554	348	408	462
Other current assets	20.7	17.8	20.5	30.9	35.4	27.7	30	34	35.2	7.2
Total current assets	569	589	543	506	540	2,225	1,218	765	930	916
Property, plant and equipment									6,646	7,122
Lease right-of-use assets			32	34.2	37.2	30.9	23.3	21	17.5	13.3
Goodwill	158	158	158	158	158	158	158	158	158	158
Intangible assets						0	324
Other non-current assets	43.8	47.2	46.2	87.9	96.9	104	117	94.6	105	120
Total assets	4,943	5,207	5,469	5,708	6,029	8,402	7,776	7,771	8,426	8,853
Accounts payable	132	144	175	120	152	259	360	278	261	222
Accrued liabilities	22.9	30.1	30.3		36.4
Short-term debt	0.01	0.01	0	0	0	0	0.01	773	0.01	250
Total current liabilities	444	673	699	873	797	980	1,189	1,477	1,458	1,532
Long-term debt	1,192	1,193	1,285	1,286	1,582	3,683	2,662	2,160	2,385	2,356
Lease liabilities				28	30.8		17.4	14.3	11.4	7.6
Other non-current liabilities	76.1	87.8	89.6	118	114	105	93.3	115	118	110
Total liabilities	3,055	3,247	3,426	3,579	3,795	6,053	5,192	5,005	5,321	5,413
Total debt	1,200	1,200	1,300	1,300	1,600	3,700	2,700	2,961	2,414	2,636
Paid-in capital	1,750	1,738	1,727	1,733	1,757	1,790	1,933	2,029	2,294	2,530
Retained earnings	161	246	321	403	484	565	652	738	810	909
Treasury stock	-18.1	-18.5	-2.15	0
Other comprehensive income	-4.72	-5.49	-4.09	-6.74	-7.78	-6.53	-0.7	-1.18	-0.13	0
Shareholders' equity	1,888	1,960	2,043	2,129	2,233	2,350	2,584	2,766	3,105	3,440
Total equity	1,888	1,960	2,043	2,129	2,233	2,350	2,584	2,766	3,105	3,440
Total liabilities and equity	4,943	5,207	5,469	5,708	6,029	8,402	7,776	7,771	8,426	8,853
Shares outstanding	52.3	52.3	52.6	52.8	53.2	53.6	55.3	56.5	59.9	62.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2023	FY2025
Net income	140	163	172	187	196	206	222	231	223	264
Stock-based compensation	11.2	8.88	8.2	9.31	9.8	10.5	10.7	12.2	13.7	14.8
Deferred income tax	86.8	92.4	53.2	13.3	18.5	43.4	-22	24.8	107	49.5
Change in receivables	-80	-15.1	0.84	30.4	-58.4	-57.9	-214	196	-67.3	-61.4
Change in inventory	16.7	-4.72	22.9	3.04	10.3	-85.7	-89.6	82.1	25.9	-15.3
Change in payables	27.6	1.95	36.9	-59.3	28.4	107	85.9	-90	-15	-35.4
Cash from operations	291	254	468	310	365	-1,536	1,571	940	368	579
Capital expenditures	-309	-356	-394	-417	-471	-495	-609	-667	-703	-707
Cash from investing	-309	-356	-394	-423	-470	-501	-614	-670	-707	-715
Debt issued	0	0	396	0	298	2,499	298	300	253	250
Debt repaid	0	0	-300	0	0	-400	-1,627
Stock issued	4.02	4.46	4.8	5.12	19.4	26.7	134	85.3	252	212
Share buybacks	-24.1	-17.5	0	0
Dividends paid	-73.2	-88	-96.6	-105	-114	-124	-134	-144	-149	-161
Cash from financing	30.2	102	-66.3	109	96	2,038	-947	-249	378	91.7
Net change in cash	12.2	-0.25	6.91	-3.47	-9.86	0.86	9.28	21.3	39.2	-44.8
Free cash flow	-18.5	-103	73.2	-107	-107	-2,031	961	273	-335	-128
Interest paid	42.1	44.4	49.4	61.2	60.1	70.1	84.9	80.7	149	139
Income taxes paid	-35.7	-1.39	0.8	30.2	30.4	-10.8	67.4	20.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $71.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	17.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.3%	Net income / average total assets.
Return on invested capital (ROIC)	6.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Operating income growth, 1y	14.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	8.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	18.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	6.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	11.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	3.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	57.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-28.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.48x	Current assets / current liabilities.
Quick ratio	0.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.01x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.8%	Total debt / total assets.
Liabilities / assets	59.9%	Total liabilities / total assets.
Net debt	$2.61B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	3.53x	Operating income / interest expense.
Working capital	-$714.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.38B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Days payables	48 days	365 x average accounts payable / cost of revenue.
FCF conversion	-60.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	133.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	-$2.74	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.19	Cash from operations / diluted weighted shares.
Book value per share	$56.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$53.82	Tangible book value / shares outstanding.
Cash per share	$0.13	(Cash + short-term investments) / shares outstanding.
Payout ratio	57.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.51B	Share price x shares outstanding.
Enterprise value	$7.13B	Market cap + total debt - cash - short-term investments.
P/E	15.7x	Market cap / net income. Only when net income is positive.
P/B	1.28x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.34x	Market cap / tangible book value, when positive.
P/OCF	8.72x	Market cap / cash from operations, when positive.
EV/EBIT	14.9x	Enterprise value / operating income, when both are positive.
FCF yield	-3.8%	Free cash flow / market cap.
Earnings yield	6.4%	Net income / market cap (the inverse of P/E).
Dividend yield	3.7%	Dividends paid over the period / market cap.
Shareholder yield	3.7%	(Dividends paid + share buybacks) / market cap.
PEG	6.76x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was ONE Gas, Inc. profitable in fiscal 2025?

Yes. Net income was $264.2M, a net margin of -.

How much free cash flow did ONE Gas, Inc. generate in fiscal 2025?

Cash from operations of $578.8M minus capital expenditures of $707.2M left free cash flow of -$128.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to ONE Gas, Inc.