ONE Gas earnings date
ONE Gas (OGS) Q3 2026 Earnings Report
MX:OGS Q3 2026 EPS Results
- Actual EPS
- MXN 9.86
- Consensus EPS
- MXN 8.82
- Beat/Miss
- Beat by +MXN 1.04
- One Year Ago EPS
- MXN 8.18
MX:OGS Q3 2026 Revenue Results
- Actual Revenue
- MXN 7.28B
- Expected Revenue
- MXN 7.41B
- Beat/Miss
- Missed by -MXN 128.67M
- YoY Revenue Growth
- +3.21%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/02/2026
- Time
- After Close
- Conference Call
- Monday, November 2, 2026
ONE Gas's next earnings date is estimated for February 24, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive. ONE Gas reported 13% year-over-year adjusted EPS growth, raised 2026 guidance above its original range, held third-quarter O&M flat despite higher activity and external pressures, completed its 2026 financing plan, and described a growing pipeline of large load opportunities. The main challenges were warm-weather usage impacts, interest-rate and fuel-price headwinds, moderate expected fourth-quarter O&M growth, and below-trend 2027 earnings growth due to regulatory timing, but management characterized the structural benefits as outweighing the cyclical headwinds.
ONE Gas raised 2026 adjusted earnings per share guidance to $4.95-$5.01 and expects adjusted net income to range between $313 million and $317 million; it expects moderate O&M growth in the fourth quarter and maintains its long-term expectation for annual O&M growth of 3%-4%. The company continues to expect approximately $800 million of capital investment for the year, has no additional financing needs for the remainder of 2026, and expects to provide 2027 and long-term guidance in early December. It expects the LNG-related project to begin construction this quarter and enter service in the first quarter of 2027, Western Farmers to enter service in the third quarter of 2028, and currently has eight projects in late-stage development representing approximately 3 GW of generation and up to 1 BcF per day of potential demand, plus 20 additional opportunities in the early stages of evaluation.
- Third-Quarter EPS Growth and Raised 2026 GuidanceThird-quarter adjusted earnings per share increased 13% year-over-year to $0.53 from $0.47, driven by execution across the business. The company raised 2026 adjusted EPS guidance to $4.95-$5.01, with adjusted net income expected to range between $313 million and $317 million; the new EPS range is entirely above the original 2026 guidance.
- Operating Leverage and O&M ControlThird-quarter O&M expense was essentially flat year-over-year despite higher activity and external pressures. This was an improvement from the 7.5% year-over-year O&M increase during the first half of the year and reflected insourcing, tighter work planning, and disciplined cost management.
- Customer Growth and AffordabilityCustomer growth continued to support earnings, and ONE Gas said large load volumes allow system costs to be spread across a broader base. The company expects 2026 customer bills to remain flat to last year while continuing to provide natural gas service to 2.3 million customers.
- Capacity Release BenefitsThe gas supply team used available transportation capacity after entering the refill season with more gas in storage than planned. Through the first nine months of the year, capacity release benefits totaled $3.7 million, with an equal amount captured by customers under applicable sharing mechanisms.
- Completed 2026 Financing PlanThe company stated that it has no additional financing needs for the remainder of 2026. Existing forward sale agreements at approximately $82 per share cover the year's equity needs, and an August 10-year senior note issued at a 5.45% coupon addressed the year's long-term credit financing needs. The next debt maturity is not until the second quarter of 2029.
- Regulatory Rate Increases Across Three StatesCurrent rates in all three states reflect the full requested amounts in the 2026 interim filings. Kansas's Gas System Reliability Surcharge became effective in October and provides a $14.3 million annual revenue increase; Texas's GRIP filing became effective in July and provides a $36.9 million annual revenue increase; and Oklahoma interim rates became effective in June and provide a $28.7 million annual revenue increase.
- Texas Legislative Benefits and Improved ExecutionTexas House Bill 4384 provided incremental benefits by reducing regulatory lag on eligible capital placed into service between rate filings. Management said the expected benefit from the legislation increased from approximately $0.35 of adjusted EPS to approximately $0.45 in 2026 due to improved field and back-office processes that accelerated project closure and service activation.
- Improved Safety and Locating PerformanceLine locate tickets increased 7% year-over-year, while damages per 1,000 locate tickets decreased 5%. Management attributed the improvement to insourcing, which provides greater control over training, scheduling, and work quality, along with continued progress in line locating and Watch and Protect initiatives.
- Capital Program on TrackONE Gas completed approximately $229 million of projects during the third quarter and $587 million through September. The company continues to expect approximately $800 million of capital investment for 2026, with an increasing percentage supporting growth projects in addition to system integrity, safety, and reliability.
- Large Load Project Revenue and Capital OpportunityFour large load projects represent approximately $22 million of additional annual revenue and $200 million of associated capital. The projects include data center, advanced manufacturing, and LNG-related opportunities and are intended to increase revenue, improve utilization of existing assets, and support customer affordability.
- Data Center and Advanced Manufacturing ProjectsThe Oklahoma City data center project uses the existing system with targeted additions, and its line is complete with the customer expected to initiate service this month. The advanced manufacturing facility project in El Paso is complete and will support 100 MW of on-site generation.
- New LNG and CNG OpportunitiesA Texas LNG-related opportunity entered the project funnel after the second-quarter call; commercial and technical reviews are complete, construction is expected to begin this quarter, and service is expected in the first quarter of 2027. ONE Gas also said it is in very late-stage discussions on another Texas opportunity involving CNG and electric generation for the grid.
- Growing Large Load PipelineONE Gas has eight projects in late-stage development, representing approximately 3 GW of generation and up to 1 BcF per day of potential demand. The company also has 20 additional opportunities in the early stages of evaluation.
- Western Farmers Project Remains on ScheduleWestern Farmers remains the company's largest project under development and is on schedule for an in-service date in the third quarter of 2028. The project involves construction of a 43-mile, 24-inch pipeline to support a gas-fired generation facility in southern Oklahoma.
- Structural Growth Benefits Identified for the FutureManagement identified structural benefits from Texas legislation, the expanded Kansas GSRS mechanism, insourcing and O&M improvements, and the growing large load opportunity set. Management said these structural benefits greatly outweigh the cyclical headwinds in its view.
- Dividend MaintainedThe ONE Gas board declared a quarterly dividend of $0.68 per share, unchanged from the previous quarter.
- Operational and Regulatory PreparednessManagement said weather normalization mechanisms functioned as designed, the system had been hardened following Winter Storm Uri, and the company experienced very few outages during that storm. Management expressed confidence entering 2027 from both an operational and regulatory perspective.
MX:OGS Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 24, 2027 | 2026 (Q4) | 28.49- | 27.53 | ― | ― |
| Nov 02, 2026 | 2026 (Q3) | 8.829.86 | 8.18 | 20.45% (+1.67) | |
| Aug 04, 2026 | 2026 (Q2) | 11.7915.25 | 9.86 | 54.72% (+5.39) | |
| May 04, 2026 | 2026 (Q1) | 40.3239.25 | 36.83 | 6.57% (+2.42) | |
| Feb 18, 2026 | 2025 (Q4) | 26.5027.53 | 24.92 | 10.45% (+2.60) | |
| Sep 30, 2025 | 2025 (Q3) | 7.768.18 | 6.32 | 29.41% (+1.86) | |
| Aug 06, 2025 | 2025 (Q2) | 9.849.86 | 8.93 | 10.42% (+0.93) | |
| May 05, 2025 | 2025 (Q1) | 34.4736.83 | 32.55 | 13.14% (+4.28) | |
| Feb 19, 2025 | 2024 (Q4) | 24.8124.92 | 23.62 | 5.51% (+1.30) | |
| Nov 04, 2024 | 2024 (Q3) | 7.256.32 | 8.37 | -24.44% (-2.05) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
