ONEOK INC /NEW/OKE
ONEOK INC /NEW/ Financial Overview 2021–2025
Updated Jul 10, 2026By deriving 90% of consolidated earnings from fee-based services, ONEOK has largely insulated its cash flows from commodity market whiplash. This structural revenue stability anchors the central investment thesis for the midstream operator: generating highly predictable capital to aggressively consolidate the U.S. pipeline sector while maintaining steady shareholder payouts. ONEOK demonstrated this acquisition muscle by swallowing Magellan Midstream for $14.1 billion in FY2023, followed by full buyouts of EnLink and Medallion partially funded through a $7.0 billion debt offering in FY2024.
Despite integrating these massive operations, the company optimized its balance sheet via the $1.2 billion divestiture of three interstate natural gas pipelines in FY2024. This capital discipline supported consistent cash returns across the measured period, as ONEOK's quarterly dividend climbed from $0.935 per share in FY2021 to $1.07 per share by FY2025. To backstop its expanded Permian Basin and Mid-Continent footprint, the company upsized its revolving credit facility to $3.5 billion in early FY2025. Investors weighed this debt-funded growth against the operator's enhanced scale, pricing the stock at $73.50 at the close of FY2025.
Recent Developments (Q4 2025 and Q1 2026)
Following strong execution through Q4 2025, ONEOK maintained robust momentum into Q1 2026, raising its full-year guidance amid surging commodity sales. Total Q1 2026 revenues jumped 19.6% to $9.618 billion, pushing net income up 21.7% to $774 million, or $1.23 per diluted share. Adjusted EBITDA expanded 12.5% to $1.997 billion. To support continued capacity additions like the Bighorn processing plant, quarterly capital expenditures increased 37.5% to $864 million. The company also refreshed its board in early 2026, adding two new independent directors ahead of scheduled spring retirements.
Bulls view the raised guidance and rapid revenue growth as clear validation of the operator's infrastructure expansion strategy. Conversely, bears might highlight the $60 million non-cash impairment charge on Powder Springs and accelerating capital expenditures as near-term risks to free cash flow. Shares traded at 17.3x trailing earnings as of April 29, 2026.
What to watch: execution against the raised 2026 financial guidance; progress on major Permian Basin capital projects.
Rev
$33.63B
FY2025
NI
$3.39B
FY2025
EPS
$5.43
FY2025
OCF
$5.60B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All OKE Financial Metrics(59)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Treasury Stock
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
ONEOK INC /NEW/ 8-K Report, Material Agreement (Aug 31, 2026)
ONEOK, Inc. has entered into a significant strategic transaction with AP Falcon Holdings LLC, an affiliate of Apollo Global Management, Inc. This transaction involves a $9 billion cash contribution from the Investor into a newly formed subsidiary, ONEOK Holdings, L.L.C., in exchange for Class B Units. Concurrently, ONEOK is contributing its existing operations (ONEOK, L.L.C.) to this holding company for Class A Units. This structure is designed to facilitate a larger acquisition and significant debt reduction for ONEOK, utilizing the proceeds from the Investor's contribution. The agreement outlines a new operating agreement for the holding company, detailing distribution mechanisms, performance-based allocations for the Class B Member, and robust buyout and conversion rights for the Class A Member over time. Key to investors is the clear framework for capital allocation and potential future liquidity events, ensuring alignment of interests while providing a structured exit or conversion path for the Investor. The transaction is subject to customary closing conditions and is expected to close by September 10, 2026, pending the consummation of a related reorganization and an acquisition of Brazos Midland, LLC.
ONEOK INC /NEW/ 8-K Report, Acquisition Completed (Aug 3, 2026)
ONEOK Inc. (OKE) has filed an 8-K report on August 3, 2026, to announce its financial results for the second quarter ended June 30, 2026. The company also provided an update on its financial guidance for the full year 2026, indicating an increase. This filing is primarily an informational update, with the detailed financial results and guidance revisions furnished via an attached news release (Exhibit 99.1). Investors should pay close attention to the news release for specifics on the quarter's performance and the revised 2026 outlook. The increase in financial guidance suggests that ONEOK is performing ahead of previous expectations, which is a positive signal for stakeholders. The report does not contain any significant new financial statements or exhibits beyond the press release itself.
ONEOK INC /NEW/ 8-K Report, Shareholder Vote Results (May 21, 2026)
This 8-K filing reports the outcomes of ONEOK, Inc.'s Annual Meeting of Shareholders held on May 20, 2026. The primary focus for investors is the shareholder voting results on key corporate governance matters. All director nominees were overwhelmingly elected to the Board of Directors for a one-year term, indicating strong shareholder confidence in the current leadership. Additionally, shareholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2026, a standard but crucial vote for financial transparency and integrity. Finally, the company's executive compensation program received an advisory approval from shareholders, signifying general support for the remuneration practices of the company's leadership.
ONEOK INC /NEW/ 8-K Report, Financial Results (Apr 28, 2026)
ONEOK Inc. (OKE) has filed an 8-K report on April 28, 2026, to announce its financial results for the first quarter ended March 31, 2026. A significant development from this filing is the company's decision to increase its financial guidance for the full year 2026. This positive revision suggests that ONEOK is performing better than previously anticipated and anticipates stronger financial outcomes for the remainder of the year. The accompanying news release, furnished as Exhibit 99.1, provides further details on these operational results and the updated guidance. Investors should review this exhibit for specific metrics and the reasoning behind the increased outlook. The company is emphasizing its positive performance and optimistic forecast, which could be a key driver for investor confidence.
ONEOK INC /NEW/ 8-K Report, Executive Changes (Mar 25, 2026)
ONEOK Inc. (OKE) filed an 8-K on March 25, 2026, to report the upcoming retirements of two long-standing Board members, Pattye L. Moore and Gerald B. Smith. Ms. Moore has decided to retire at the end of her current term and will not seek re-election at the upcoming 2026 annual meeting of shareholders, scheduled for May 20, 2026. Similarly, Mr. Smith will also not stand for re-election due to the company's mandatory age retirement policy. Importantly, both retirements are stated to be without any disagreement with the company's operations, policies, or practices, which should provide investor confidence regarding the stability of ONEOK's governance.
View all 8-K filings →