01—Abstract
Summary
Summary of the 10-Q filed October 29, 2025. Cited figures are marked; the original filing is the authoritative source.
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%a 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.
02—Key points
Key Highlights
- Significant 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.
- Net 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.
- Diluted EPS increased to $1.49 in Q3 and $3.87 year-to-date, demonstrating enhanced earnings per share for common shareholders.
- ONEOK 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.
- The 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.
- Strategic 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.
- Approximately 90% of consolidated earnings are expected to be fee-based in 2025, supported by long-term contracts, providing revenue stability against commodity price volatility.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q3 FY2025, ONEOK Inc kept $0.11.
- Revenue$8.63B100.0%
- Cost of revenue−$5.96B69.1%
- Gross profit$2.67B30.9%
- Operating costs−$1.11B12.9%
- Operating income$1.56B18.0%
- Interest, other & tax−$619.0M7.2%
- Net income$939.0M10.9%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 29, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $8.63B$5.02B | +71.9% |
| Cost of Revenue | $5.96B$3.03B | +97.0% |
| Gross Profit | $2.67B$2.00B | +33.9% |
| Operating Income | $1.56B$1.13B | +38.1% |
| Net Income | $939.00M$692.00M | +35.7% |
| EPS (Basic) | $1.49$1.18 | +26.3% |
| EPS (Diluted) | $1.49$1.18 | +26.3% |
| Shares Outstanding (Basic) | 630.60M584.80M | +7.8% |
| Shares Outstanding (Diluted) | 631.50M586.70M | +7.6% |
05—Questions
Frequently Asked Questions
What were the main drivers of ONEOK's revenue growth in the third quarter and year-to-date 2025?
ONEOK's revenue growth was primarily driven by the successful integration of significant acquisitions, notably the EnLink and Medallion Midstream transactions. These acquisitions expanded the company's asset base and market reach, contributing to substantial increases in total revenues across multiple segments.
How has ONEOK managed its debt and liquidity following recent acquisitions and financings?
ONEOK has proactively managed its debt and liquidity. In August 2025, the company completed a $3.0 billion senior unsecured notes offering, part of which was used to repay existing debt. Liquidity remains strong, supported by $1.2 billion in cash and cash equivalents and an undrawn $3.5 billion credit facility. The company also continued its share repurchase program, demonstrating a balanced approach to capital allocation.
What is ONEOK's strategy regarding commodity price risk and revenue stability?
ONEOK's strategy to mitigate commodity price risk focuses on its predominantly fee-based business model. Approximately 90% of its consolidated earnings are expected to be fee-based in 2025, supported by long-term contracts with minimum volume commitments and take-or-pay provisions. This structure provides significant revenue stability, even amidst fluctuating commodity prices.
What are ONEOK's key capital projects, and how are they being financed?
Key capital projects include the Bighorn natural gas processing plant and the Eiger Express Pipeline. The company also announced plans for the Texas City Logistics export terminal and MBTC Pipeline joint ventures. These projects are primarily financed through operating cash flows and a combination of short-term and long-term debt. ONEOK anticipates total capital expenditures of $2.8 billion to $3.2 billion for 2025.
06—Continue