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ONEOK INC /NEW/OKE

Sector
Energy
Industry
Natural Gas Transmisison & Distribution
Exchange
NYSE

Stock Price $OKE

Latest filings

You are here#18 of 25 in Energy by market cap

Filing record · 2016–202610-K1110-Q328-K365

OKE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 365 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jul ’17Jul ’17
  2. Material agreement8-K · May ’19May ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Material agreement8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $33.63B
YoY changeLargest recent move+93.6%in FY21Latest +55.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All OKE Financial Metrics59 metrics

Income Statement13

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

ONEOK INC /NEW/ Financial Overview 2021–2025

Updated Jul 10, 2026

By 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 billiona 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 billionb 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 billionc, 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 milliond 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.

03—Filings

Recent SEC Filings

  1. 8-KONEOK INC /NEW/ 8-K Report, Material Agreement (Sep 15, 2026)ONEOK, Inc. (NYSE: OKE) filed an 8-K reporting three developments tied to its debt management and equity financing program. First, on September 15, 2026, ONEOK, L.L.C. ("OpCo") set pricing and reported early results for cash tender offers covering 20 series of its senior notes, with an aggregate maximum tender amount of $2 billion. Holders tendered more than the cap at the September 14, 2026 Early Tender Deadline, so OpCo expects to accept $2 billion principal and does not expect to accept any tenders made after that deadline. Settlement is expected September 17, 2026. Early Tender Consideration per $1,000 principal ranged from roughly $707 to $955, based on Treasury yields plus fixed spreads of 30 to 120 basis points, with a $50 early tender premium applying to later tenders. Second, the company amended its $1 billion at-the-market equity distribution agreement with BofA Securities and Bank of America, N.A. The amendment, dated September 15, 2026, moves Legacy ONEOK's obligations to the successor parent, ONEOK, Inc., an Oklahoma corporation, following a reorganization. The amendment updates defined terms and corporate references, and the filing does not disclose any new share issuance. Taken together, the filing shows ONEOK actively managing its capital structure through a sizable liability-management transaction and reorganizing its corporate structure, with ONEOK, Inc. now serving as parent guarantor of OpCo's notes. The filing itself does not disclose the company's leverage, earnings, or the expected effect on interest expense, so those points require the 10-Q or the Offer to Purchase.
  2. 8-KONEOK INC /NEW/ 8-K Report, Material Agreement (Aug 31, 2026)ONEOK (OKE) filed an 8-K on August 31, 2026 disclosing three linked transactions announced August 30, 2026: a $9 billion nonvoting minority equity investment from Apollo-affiliated funds, a $4.425 billion cash acquisition of Brazos Midland's Permian Midland Basin gathering and processing assets, and a roughly $5 billion debt reduction program funded by the Apollo proceeds. Under the Contribution Agreement dated August 28, 2026, Apollo's affiliate contributes $9 billion for Class B units in a new holding company, ONEOK Holdings, L.L.C., which holds ONEOK, L.L.C. (OpCo). The Class B investor receives 15% of OpCo cash flow from operations during the Initial Period (rising to 20% at ONEOK's option or if leverage exceeds 4.50x), with its return capped at a 7.0% IRR for the first nine years. Distributions above that cap reduce the investor's capital balance, and value above the cap accrues to ONEOK common shareholders. Management says the transactions reduce pro forma 2027 debt-to-EBITDA to about 3.25x without issuing common equity, and they support potential dividend increases and buybacks. The Brazos acquisition implies about 7.5x estimated 2027 EBITDA including roughly $80 million of synergies, and about 6.0x estimated 2028 EBITDA. The company expects it to be immediately accretive to earnings and free cash flow per share, and to close in Q4 2026 subject to HSR clearance. The minority investment is expected to close in the first half of September 2026. The filing also describes a tender offer for up to $2 billion of 20 series of senior notes, with an early tender deadline of September 14, 2026 and an expiration of September 29, 2026, along with a reorganization that converts ONEOK into a subsidiary of a new holding company, Falcon TopCo, renamed ONEOK, Inc. Investors should weigh the accretion and deleveraging benefits against the structural complexity of the Apollo instrument. The Class B interest is structurally subordinate to all ONEOK senior debt, carries no liquidation preference, and imposes a distribution trigger that restricts ordinary shareholder dividends and buybacks while the investment is outstanding. Its economics also depend on distribution levels that the board controls, and the cap is set below the company's cost of public equity. The filing and accompanying press release contain extensive forward-looking statements, and the representations and warranties in the Contribution Agreement are qualified and should not be relied on as statements of fact.
  3. 8-KONEOK INC /NEW/ 8-K Report, Acquisition Completed (Aug 3, 2026)ONEOK (OKE) reported higher second-quarter 2026 results on August 3, 2026, with net income up 13% to $967 million ($1.53 per diluted share) and adjusted EBITDA up 7% to $2.12 billion versus the prior-year quarter. Growth was led by record NGL raw feed throughput (up 7%, including a 15% increase in the Gulf Coast/Permian region), an 8% increase in refined products volumes shipped, and stronger optimization and marketing activity, particularly favorable Waha-to-Katy price differentials in Natural Gas Pipelines. Segment results were mixed: Natural Gas Pipelines and Refined Products and Crude improved sharply, while NGL adjusted EBITDA slipped 2% and Natural Gas Gathering and Processing was roughly flat for the quarter. Management raised 2026 guidance for the second time this year, moving the midpoints to $3.6 billion of net income, $5.68 of diluted EPS and $8.35 billion of adjusted EBITDA (ranges of $3.41–$3.79 billion and $8.2–$8.5 billion). Capital expenditure guidance was held at $2.7–$3.2 billion. The company declared a quarterly dividend of $1.07 per share ($4.28 annualized), and the Greater Denver refined products pipeline expansion reached mechanical completion in early August 2026. Balance-sheet and cash-flow data show total debt of roughly $33 billion at June 30, 2026 (including $1.5 billion of short-term borrowings), operating cash flow of $2.99 billion for the first six months, and dividends paid of $1.35 billion, which exceeded operating cash flow after capital spending. The results also include a $60 million noncash impairment of a Refined Products and Crude joint-venture investment in the first half. Investors should note that the first-half increase in net income partly reflects commodity marketing gains that can be volatile.
  4. 8-KONEOK INC /NEW/ 8-K Report, Shareholder Vote Results (May 21, 2026)ONEOK, Inc. (OKE) filed this Form 8-K under Item 5.07 to report the final results of its Annual Meeting of Shareholders, held May 20, 2026. The filing covers only shareholder voting outcomes. It contains no financial results, guidance, or transaction disclosures, so it does not change the company's reported financial position. All three proposals were approved. Shareholders elected all ten director nominees to one-year terms expiring at the 2027 annual meeting, ratified PricewaterhouseCoopers LLP as the independent auditor for fiscal 2026, and approved the advisory (non-binding) say-on-pay resolution on executive compensation. Support was strongest for the auditor ratification, at about 98.6% of votes cast. Director support ranged from roughly 93.6% to 97.9% of votes cast, and say-on-pay received about 94.2%. For investors, the most notable detail is the level of dissent on compensation and board composition. Roughly 5% of votes cast opposed the say-on-pay proposal, and Randall J. Larson drew the weakest director support, with about 5.6% of votes cast against him and about 0.7% abstaining. These results are generally favorable and indicate broad shareholder approval, but they are worth monitoring alongside the proxy statement for any governance or compensation concerns.
  5. 8-KONEOK INC /NEW/ 8-K Report, Financial Results (Apr 28, 2026)ONEOK (NYSE: OKE) reported first-quarter 2026 net income of $776 million, up 12% from $691 million a year earlier, or $1.23 per diluted share versus $1.04. Adjusted EBITDA rose 13% to $2.0 billion ($1,997 million vs. $1,775 million). Results were driven by higher NGL raw feed throughput (up 15%), refined products volumes (up 12%), and natural gas processed volumes (up 5%). The Natural Gas Pipelines segment was the standout, with adjusted EBITDA up 60% to $339 million, aided by $70 million of favorable Waha-to-Katy price differentials and $19 million from Winter Storm Fern. Natural Gas Gathering and Processing was the weak spot, with adjusted EBITDA down 5% to $467 million on lower realized NGL and natural gas prices. Quarterly results also absorbed a $60 million noncash impairment on a Refined Products and Crude joint-venture investment, which reduced EPS by about 7 cents. Management raised 2026 guidance, citing a more constructive market environment beginning late in the first quarter. Net income guidance rose to $3.21 billion to $3.79 billion (midpoint $3.5 billion, or $5.53 per diluted share), and adjusted EBITDA guidance rose to $8.0 billion to $8.5 billion (midpoint $8.25 billion). Capital expenditure guidance was unchanged at roughly $2.7 billion to $3.2 billion. Balance sheet activity included short-term borrowings rising to $1.6 billion from $820 million, a $1.2 billion term loan in April, and redemption of $491 million of 4.85% senior notes due July 2026. The company also declared a quarterly dividend of $1.07 per share ($4.28 annualized). Investors should note that first-quarter operating cash flow of $934 million did not fully cover capital expenditures of $864 million plus dividends of $674 million, so the funding gap was bridged with short-term borrowings. The quarter's strength was partly tied to market-driven factors such as price differentials and winter weather, which may not recur evenly. Guidance raises rest on the company's view of the second half of the year, so investors may want to watch how volumes and commodity-linked earnings hold up against those assumptions in upcoming quarters.
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04—See also

Related Companies

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