Summary
ONEOK, Inc. reported a strong third quarter and first nine months of 2025, driven by significant acquisitions and continued operational strength across its segments. Total revenues for the quarter and year-to-date saw substantial increases compared to the prior year, reflecting the integration of EnLink and Medallion Midstream. The company's strategic focus on fee-based contracts with strong counterparties continues to provide a stable revenue stream, with approximately 90% of consolidated earnings expected to be fee-based for 2025. Financially, ONEOK demonstrated robust profitability, with net income attributable to ONEOK increasing significantly year-over-year for both the quarter and nine-month periods. Diluted Earnings Per Share (EPS) also saw healthy growth, reflecting improved operational performance and successful acquisitions. The company maintained a strong liquidity position with substantial cash and cash equivalents and an undrawn credit facility, further supported by recent debt issuances which were partly used to manage existing debt maturities. Management anticipates sufficient resources to fund ongoing operations, capital expenditures, and dividends.
Financial Highlights
51 data points| Revenue | $8.63B |
| Cost of Revenue | $5.96B |
| Gross Profit | $2.67B |
| Operating Income | $1.56B |
| Net Income | $939.00M |
| EPS (Basic) | $1.49 |
| EPS (Diluted) | $1.49 |
| Shares Outstanding (Basic) | 630.60M |
| Shares Outstanding (Diluted) | 631.50M |
Key Highlights
- 1Significant revenue growth driven by acquisitions (EnLink and Medallion) and operational expansion, with total revenues increasing by $3.6 billion in Q3 and $9.9 billion year-to-date compared to 2024.
- 2Net income attributable to ONEOK rose by $246 million in Q3 and $304 million year-to-date, reflecting improved profitability and successful integration of acquired assets.
- 3Diluted EPS increased to $1.49 in Q3 and $3.87 year-to-date, demonstrating enhanced earnings per share for common shareholders.
- 4ONEOK continues to execute its growth strategy with substantial capital expenditures planned, including the Bighorn plant and Eiger Express Pipeline, indicating a focus on long-term expansion.
- 5The company maintains a strong liquidity position with $1.2 billion in cash and cash equivalents at quarter-end and an undrawn $3.5 billion credit facility.
- 6Strategic debt management included a $3.0 billion senior unsecured notes offering in August 2025 to fund operations and repay existing debt, alongside active debt repurchases and maturities.
- 7Approximately 90% of consolidated earnings are expected to be fee-based in 2025, supported by long-term contracts, providing revenue stability against commodity price volatility.