10-KPeriod: FY2025

ONEOK INC /NEW/ Annual Report, Year Ended Dec 31, 2025

Filed February 24, 2026For Securities:OKE

Summary

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% 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.

Financial Highlights

52 data points
Beta

Revenue

$33.63B

30.5% Gross Margin

Net Income

$3.39B

10.1% Net Margin

EPS (Diluted)

$5.42

Total Assets

$66.64B

Cash & Equivalents

$78.00M

Free Cash Flow

$2.45B

Financial Statements
Beta
Revenue$33.63B
Cost of Revenue$23.37B
Gross Profit$10.26B
Operating Income$5.74B
Net Income$3.39B
EPS (Basic)$5.43
EPS (Diluted)$5.42
Shares Outstanding (Basic)624.80M
Shares Outstanding (Diluted)625.90M

Key Highlights

  • 1Completed 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.
  • 2Achieved approximately 90% of consolidated earnings from fee-based services, reducing exposure to commodity price volatility.
  • 3Increased quarterly dividend to $1.07 per share in January 2026, reflecting confidence in cash flow generation and commitment to shareholder returns.
  • 4Repurchased $62 million of outstanding common stock under its $2.0 billion share repurchase program during 2025.
  • 5Announced 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.
  • 6Received an MSCI ESG Rating of AA and maintained strong ESG risk ratings, underscoring a commitment to sustainability and responsible operations.
  • 7Reported 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.

Frequently Asked Questions

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.

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.

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.

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.