ONE Gas raises capex 7% to $800M, adds non-GAAP EPS metric; Kansas expands rate recovery

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~1 min read

Key Changes

• high

  Kansas HB 2435 expands GSRS to cover all utility plant investments (except allocated corporate costs) and raises residential surcharge cap from $0.80 to $1.35/month, effective July 1, 2026, reducing regulatory lag on capital recovery.

  MD&A: Kansas GSRS statute expansion verify on EDGAR →
• high

  Company introduced non-GAAP adjusted EPS ($2.11 vs. GAAP $2.04 in Q1 2026), adding back deferred carrying costs on property placed in service but not yet in rates under Texas HB 4384 and similar mechanisms.

  MD&A: non-GAAP adjusted net income disclosure verify on EDGAR →
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  Operating income growth slowed to $9.1M (vs. $34.6M prior year) as new rate revenue fell to $27.3M from $51.9M, offset by $6.8M higher employee costs and $8.9M lower volumes despite 24.6% warmer weather.

  MD&A: operating income drivers verify on EDGAR →