Financials · OKE

ONEOK Inc. (OKE) financials

For the twelve months ended Sep 30, 2026, ONEOK Inc. reported $43.19B of revenue and $4.07B of net income.

Revenue, TTM
$43.19B
Revenue growth, YoY
+36.8%
Net income, TTM
$4.07B
Net income growth, YoY
+19.5%
Net margin
9.4%
Free cash flow, TTM
$2.53B
EPS, diluted, TTM
$6.44
EPS growth, YoY
+18.4%
Cash
$186.00M
Total debt
$28.43B
P/E
13.20
P/S
1.24
Market cap
$53.71B
Annual revenue$33.63B
FY2016FY2025
Annual net income$3.39B
FY2016FY2025
Annual free cash flow$2.45B
FY2016FY2025

OKE revenue and earnings growth

OKE revenueQ3 2026$12.46B

Quarter YoY
+44.3%
QoQ
+3.4%
FY YoY
+55.0%
5Y CAGR
+31.5%
10Y CAGR
+15.8%

OKE revenue was $12.46B in fiscal Q3 2026 (ended Sep 30, 2026), up 44.3% from a year earlier and up 3.4% from the prior quarter. For the full fiscal 2025 it was $33.63B, up 55.0% from fiscal 2024. Compound annual growth was +31.5% over 5 years and +15.8% over 10 years. It rose in 7 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

OKE net incomeQ3 2026$1.35B

Quarter YoY
+43.8%
QoQ
+39.8%
FY YoY
+11.8%
5Y CAGR
+40.9%
10Y CAGR
+30.1%

OKE net income was $1.35B in fiscal Q3 2026 (ended Sep 30, 2026), up 43.8% from a year earlier and up 39.8% from the prior quarter. For the full fiscal 2025 it was $3.39B, up 11.8% from fiscal 2024. Compound annual growth was +40.9% over 5 years and +30.1% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

OKE EPSQ3 2026$2.13

Quarter YoY
+43.0%
QoQ
+39.2%
FY YoY
+4.8%
5Y CAGR
+30.7%

OKE diluted EPS was $2.13 in fiscal Q3 2026 (ended Sep 30, 2026), up 43.0% from a year earlier and up 39.2% from the prior quarter. For the full fiscal 2025 it was $5.42, up 4.8% from fiscal 2024. Compound annual growth was +30.7% over 5 years.

OKE free cash flowQ3 2026$442.00M

Quarter YoY
-46.1%
QoQ
-69.3%
FY YoY
-14.6%

OKE free cash flow was $442.00M in fiscal Q3 2026 (ended Sep 30, 2026), down 46.1% from a year earlier and down 69.3% from the prior quarter. For the full fiscal 2025 it was $2.45B, down 14.6% from fiscal 2024. It rose in 2 of the last 4 fiscal years.

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Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$33.63B$21.70B$17.68B$22.39B$16.54B$8.54B$10.16B$12.59B$12.17B$8.92B
Cost of revenue$23.37B$13.31B$11.93B$17.91B$12.26B$5.11B$6.79B$9.42B$9.54B$6.50B
Gross profit$10.26B$8.39B$5.75B$4.48B$4.28B$3.43B$3.38B$3.17B$2.64B$2.42B
Operating income$5.74B$4.99B$4.07B$2.81B$2.60B$1.36B$1.91B$1.84B$1.39B$1.30B
Interest expense$1.78B$1.37B$866.00M$676.00M$733.00M$712.89M$491.77M$469.62M$485.66M$469.65M
Pre-tax income$4.49B$4.11B$3.50B$2.25B$1.98B$802.32M$1.65B$1.52B$1.04B$957.96M
Income tax$1.03B$998.00M$838.00M$528.00M$484.00M$189.51M$372.41M$362.90M$447.28M$212.41M
Net income$3.39B$3.04B$2.66B$1.72B$1.50B$611.71M$1.28B$1.15B$387.84M$352.04M
EPS, basic$5.43$5.19$5.49$3.85$3.36$1.42$3.09$2.80$1.30$1.67
EPS, diluted$5.42$5.17$5.48$3.84$3.35$1.42$3.07$2.78$1.29$1.66
Diluted shares625.9M586.5M485.4M448.4M447.4M431.8M415.4M414.2M299.8M212.4M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$78.00M$733.00M$338.00M$220.00M$146.00M$524.00M$20.96M$11.97M$37.19M$248.88M
Receivables$3.01B$2.33B$1.71B$1.53B$1.44B$829.80M$835.12M$818.96M$1.20B$872.43M
Inventory$948.00M$748.00M$639.00M$432.00M$427.88M$227.81M$304.93M$296.67M$342.29M$140.03M
Current assets$4.49B$4.24B$3.11B$2.55B$2.37B$1.87B$1.47B$1.40B$1.76B$1.43B
Goodwill$8.06B$8.09B$4.95B$528.00M$527.59M$527.59M$681.00M$681.10M$681.10M$525.53M
Total assets$66.64B$64.07B$44.27B$24.38B$23.62B$23.08B$21.81B$18.23B$16.85B$16.14B
Current liabilities$6.37B$4.72B$3.45B$3.05B$3.18B$1.34B$2.02B$2.11B$2.67B$2.84B
Short-term debt$1.24B$1.06B$484.00M$925.00M$895.81M$7.65M$7.65M$507.65M$432.65M$410.65M
Long-term debt$30.75B$31.02B$21.18B$12.70B$12.75B$14.23B$12.48B$8.87B$8.09B$7.92B
Total debt$32.00B$32.08B$21.67B$13.62B$13.64B$14.24B$12.49B$9.38B$8.52B$8.33B
Total liabilities$44.07B$41.94B$27.78B$17.89B$17.61B$17.04B$15.59B$11.65B$11.16B$12.71B
Shareholders' equity$22.48B$22.13B$16.48B$6.49B$6.02B$6.04B$6.23B$6.58B$5.69B$3.43B

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$5.60B$4.89B$4.42B$2.91B$2.55B$1.90B$1.95B$2.19B$1.32B$1.35B
Capital expenditures$3.15B$2.02B$1.59B$1.20B$697.00M$2.20B$3.85B$2.14B$512.39M$624.63M
Free cash flow$2.45B$2.87B$2.83B$1.70B$1.85B-$296.31M-$1.90B$45.24M$803.02M$728.59M
Investing cash flow-$3.75B-$6.61B-$6.40B-$1.14B-$665.00M-$2.27B-$3.77B-$2.11B-$567.63M-$615.45M
Financing cash flow-$2.50B$2.12B$2.10B-$1.69B-$2.26B$875.00M$1.83B-$97.05M-$959.46M-$586.52M
Dividends paid$2.58B$2.31B$1.84B$1.67B$1.67B$1.61B$1.46B$1.34B$829.41M$517.60M
Share repurchases$75.00M$159.00M$0$0------
Stock-based compensation------$37.15M$31.66M$26.26M$40.56M
Depreciation and amortization$1.51B$1.13B$769.00M$626.00M$622.00M$578.66M$476.54M$428.56M$406.33M$391.58M

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY55.0%22.7%-21.0%35.4%93.6%-16.0%-19.3%3.4%36.5%14.9%
Net income growth, YoY11.8%14.1%54.4%14.9%145.1%-52.1%10.9%197.0%10.2%43.7%
EPS growth, YoY4.8%-5.7%42.7%14.6%135.9%-53.7%10.4%115.5%-43.1%
Gross margin30.5%38.7%32.5%20.0%25.9%40.2%33.2%25.2%21.7%27.2%
Operating margin17.1%23.0%23.0%12.5%15.7%15.9%18.8%14.6%11.4%14.5%
Net margin10.1%14.0%15.0%7.7%9.1%7.2%12.6%9.1%3.2%3.9%
Free cash flow margin7.3%13.2%16.0%7.6%11.2%-3.5%-18.7%0.4%6.6%8.2%
Return on equity15.1%13.7%16.1%26.5%24.9%10.1%20.5%17.5%6.8%10.3%
Return on assets5.1%4.7%6.0%7.1%6.3%2.7%5.9%6.3%2.3%2.2%
Current ratio0.710.900.900.840.751.390.730.660.660.50
Debt to equity1.421.451.312.102.272.362.011.431.502.43

Source: XBRL data ONEOK Inc. files with the SEC, latest filing dated Oct 28, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 2-for-1, first reported Aug 1, 2012.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

OKE peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
OKE$43.19B+36.8%$4.07B9.4%$53.71B
SHEL$273.73B-5.3%$17.84B6.5%$274.09B
TTE$201.20B-6.2%$13.13B6.5%$191.61B
PBR$89.19B-2.4%$19.63B22.0%$119.38B
CNQC$38.76B+8.7%C$10.82B27.9%$100.44B
E€82.15B-7.5%€2.61B3.2%$87.24B
EOG$29.73B+31.7%$8.19B27.5%$77.17B
OXY$22.00B+7.8%$6.53B29.7%$56.35B
FANG$18.61B+21.1%$2.34B12.6%$49.96B

OKE FAQ

9 questions
  • What is OKE revenue?
    ONEOK Inc. (OKE) reported $43.19B of revenue for the twelve months ended Sep 30, 2026. That is up 36.8% from the year before. Revenue for fiscal 2025 was $33.63B.
  • Is OKE profitable?
    Yes. ONEOK Inc. earned $4.07B in net income for the twelve months ended Sep 30, 2026, a net margin of 9.4%.
  • How much cash and debt does OKE have?
    ONEOK Inc. reported $186.00M in cash and cash equivalents and $28.43B of debt on its most recent balance sheet in SEC filings.
  • How fast is OKE revenue growing?
    ONEOK Inc.'s revenue changed +55.0% in fiscal 2025, to $33.63B. Its compound annual growth rate was +31.5% over 5 years and +15.8% over 10 years.
  • What is OKE gross margin?
    ONEOK Inc.'s gross profit was $10.88B on $43.19B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 25.2%.
  • What is OKE free cash flow?
    ONEOK Inc. generated $2.53B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $5.91B less capital expenditures.
  • What is OKE earnings per share?
    Diluted earnings per share were $6.44 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did OKE last report financial results?
    The latest statements here come from ONEOK Inc.'s 10-Q filed on Oct 28, 2026, covering the period ended Sep 30, 2026.
  • Where does this OKE financial data come from?
    Quantisnow builds these statements from the structured XBRL data ONEOK Inc. files with the SEC. It is provided for information only and is not investment advice.