Short answer

ONE Gas, Inc. (OGS) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026.

Top risk flagged: Regulatory risk from PHMSA, DOT, OSHA pipeline safety laws and June 2024 Supreme Court overturning Chevron Doctrine impacting regulatory interpretations

FY2025 key financial metrics · XBRL

Source: XBRL data from the ONE Gas, Inc. (OGS) FY2025 10-K on SEC EDGAR. USD.

AI summary of each section, grounded in the filing text

Core business: 100% regulated natural gas distribution utility serving 2.3 million customers in Oklahoma, Kansas, and Texas
New regulatory aggregation: Texas Gas Service customers aggregated into a single statewide service area in February 2026
Competitive positioning: Emphasis on safety, operational efficiency, and technology to maintain reliability amid energy alternatives competition
Workforce size: Approximately 4,000 employees as of February 1, 2026, with 700 unionized under collective bargaining agreements
Noteworthy: Oklahoma Natural Gas operates under a PBRC mechanism with a 9.4% authorized ROE and structured earnings sharing with customers

Revenue $2.43B, up 17% YoY from $2.08B in 2024; natural gas sales rose $332.2M (18%), driven by new rates and customer growth
Operating income $457.4M, up 15% from $399.0M; net income $264.2M, up 19% from $222.9M; operating margin approx. 18.8% vs 19.2% (calculated)
Best performing: Natural gas sales revenue $2.20B, +18% YoY; worst: Cost of natural gas $999M, increased 28%, affecting gross margin
Capital expenditures $759.5M, nearly flat vs $762.1M; $205M equity issuance settled; increased commercial paper capacity to $1.5B; dividend declared $0.68/share
Outlook: $800M capex planned in 2026; regulatory updates include Texas rate increases and pipeline infrastructure initiative with $120M investment through 2028

Regulatory risk from PHMSA, DOT, OSHA pipeline safety laws and June 2024 Supreme Court overturning Chevron Doctrine impacting regulatory interpretations
Economic risk of customer payment difficulties due to inflation, tariffs, and high interest rates, potentially increasing bad debt and financing needs
Natural gas supply and pipeline capacity reliance on third parties, exposed to disruption from severe weather, terrorism, cyber-attacks, and war events
Cybersecurity risk from evolving cyber and physical attacks on systems despite robust defenses, plus increased regulation from DHS and TSA on critical infrastructure
Financial risk from restrictive debt covenants and potential defaults that could trigger cross-defaults and higher borrowing costs, limiting operational flexibility

Generated from the filing text; verify against the original. How to read a 10-K

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