ONE Gas, Inc.
For the period ended May 21, 2026. Filed Apr 1, 2026.
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May 21, 2026 · Filed Apr 1, 2026
Contents
Appendix A Non-GAAP Disclosure Statement
Appendix A
NON-GAAP DISCLOSURE STATEMENT
This proxy statement includes financial results for ONE Gas with respect to adjusted net income and adjusted net income per share, which arenon-GAAP financial measures as defined by the Securities and Exchange Commission. Adjusted net income and adjusted net income per share are calculated as GAAP net income plus the deferral of an equity portion of a carrying cost attributable to shareholders’ investment capitalized for regulatory purposes but not for financial reporting purposes. These carrying costs relate to property, plant and equipment that has been placed in service, but not yet reflected in base rates. Adjusted net income and adjusted net income per share should not be considered in isolation or as a substitute for GAAP net income or GAAP earnings per share.
Management believes these non-GAAP measures provide useful information because they offer a more complete view of our overall regulatory economics, reflect the period-specific effects of certain regulatory mechanisms designed to mitigate regulatory lag associated with property, plant and equipment placed in service prior to regulatory action, and reflect the impact of regulatory timing differences that arise under the Company’s rate-setting framework. These adjustments, net of applicable tax effects, are expected to recur as a result of the Company’s regulatory framework and are a consistent part of our earnings profile.
The following table reconciles the Company’s GAAP net income and GAAP earnings per share to adjusted net income and adjusted net income per share:
| ONE Gas, Inc. | ||||
|---|---|---|---|---|
| Three Months EndedDecember 31, | Twelve Months Ended December 31, | |||
| 2025 | 2024 | 2025 | 2024 | |
| (Thousands of dollars, except per share amounts) | ||||
| Net income - GAAP | ||||
| Other income - deferred carrying cost(a) | $ 3,359 | $ 458 | $ 6,745 | $ 1,986 |
| Income taxes | $ - | $ - | $ - | $ - |
| Adjusted net income - non-GAAP | ||||
| Earnings per share - GAAP | ||||
| Basic | $ 1.43 | $ 1.35 | $ 4.39 | $ 3.92 |
| Diluted | $1.42 | $ 1.34 | $ 4.37 | $ 3.91 |
| Adjusted net income per share - non-GAAP | ||||
| Basic | $ 1.49 | $ 1.36 | $ 4.50 | $ 3.96 |
| Diluted | $ 1.48 | $ 1.35 | $ 4.48 | $ 3.94 |
| Average shares (thousands) | ||||
| Basic | 60,272 | 57,000 | 60,161 | 56,826 |
| Diluted | 60,777 | 57,415 | 60,513 | 57,033 |
| (a) | The allowance for earnings on shareholders’ investment capitalized for regulatory purposes but not for financial reporting purposes applied to property, plant and equipment placed in service, but not yet reflected in base rates as authorized by our regulators or state law. This increases book income but is non-taxable, creating a permanent tax difference. |
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