01—Abstract
Summary
Summary of the 10-K filed February 24, 2026. Cited figures are marked; the original filing is the authoritative source.
ONEOK, Inc. (OKE) demonstrated robust performance in the fiscal year ending December 31, 2025, driven by significant acquisitions and strong operational execution across its four reportable segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude.
The company successfully integrated the EnLink and Medallion acquisitions, contributing to a full year of earnings from these operations and bolstering overall financial results. Approximately 90%a of ONEOK's consolidated earnings were fee-based, providing a stable revenue stream largely insulated from direct commodity price volatility.
Capital allocation remained focused on prudent financial strength, with a dividend increase and ongoing share repurchases. ONEOK also continues to prioritize safety, environmental responsibility, and employee engagement as core components of its business strategy.
02—Key points
Key Highlights
- Completed the significant EnLink Acquisition on January 31, 2025, and the Delaware Basin JV Acquisition on May 28, 2025, which are expected to enhance the company's integrated asset base and market position.
- Achieved approximately 90% of consolidated earnings from fee-based services, reducing exposure to commodity price volatility.
- Increased quarterly dividend to $1.07 per share in January 2026, reflecting confidence in cash flow generation and commitment to shareholder returns.
- Repurchased $62 million of outstanding common stock under its $2.0 billion share repurchase program during 2025.
- Announced plans for significant capital projects, including the Bighorn natural gas processing plant in the Permian Basin and expansions in the Permian Basin, indicating continued investment in growth.
- Received an MSCI ESG Rating of AA and maintained strong ESG risk ratings, underscoring a commitment to sustainability and responsible operations.
- Reported increased earnings across most segments, driven by full-year contributions from acquired assets and higher processing volumes, despite some offsets from lower realized NGL prices and asset divestitures.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, ONEOK Inc kept $0.10.
- Revenue$33.63B100.0%
- Cost of revenue−$23.37B69.5%
- Gross profit$10.26B30.5%
- Operating costs−$4.51B13.4%
- Operating income$5.74B17.1%
- Interest, other & tax−$2.35B7.0%
- Net income$3.39B10.1%
Where FY2025 revenue went
$33.63B- Cost of revenue: $23.37B, 70% of revenue
- Operating costs: $4.51B, 13% of revenue
- Net income: $3.39B, 10% of revenue
- Interest, other & tax: $2.35B, 7.0% of revenue
Kept 10% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 24, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $33.63B$21.70B | +55.0% |
| Cost of Revenue | $23.37B$13.31B | +75.6% |
| Gross Profit | $10.26B$8.39B | +22.3% |
| Operating Income | $5.74B$4.99B | +15.1% |
| Net Income | $3.39B$3.03B | +11.8% |
| EPS (Basic) | $5.43$5.19 | +4.6% |
| EPS (Diluted) | $5.42$5.17 | +4.8% |
| Shares Outstanding (Basic) | 624.80M584.60M | +6.9% |
| Shares Outstanding (Diluted) | 625.90M586.50M | +6.7% |
05—Questions
Frequently Asked Questions
What were the key acquisitions completed by ONEOK in 2025?
ONEOK completed two significant acquisitions in 2025: the EnLink Acquisition on January 31, 2025, and the Delaware Basin JV Acquisition on May 28, 2025. These transactions are expected to enhance the company's scale, asset integration, and market presence.
How is ONEOK exposed to commodity price volatility?
ONEOK's business model is primarily fee-based, with approximately 90% of its consolidated earnings derived from fee-based services. This structure significantly reduces direct exposure to commodity price volatility. However, the Natural Gas Gathering and Processing and Natural Gas Liquids segments have some exposure through fee with POP contracts and optimization/marketing activities.
What is ONEOK's capital allocation strategy?
ONEOK's capital allocation strategy focuses on maintaining financial strength and flexibility. This includes funding high-return capital projects, growing its dividend, reducing debt, and repurchasing shares under its authorized program. The company recently increased its quarterly dividend and continues to execute its share repurchase program.
What are ONEOK's key growth initiatives and capital projects?
ONEOK is investing in several growth initiatives and capital projects, including the construction of the Bighorn natural gas processing plant in the Permian Basin, expansion of existing Permian Basin facilities, and the development of the Texas City Logistics and MBTC Pipeline joint ventures. These projects are designed to expand processing capacity, enhance NGL export capabilities, and connect supply to demand centers.
06—Continue