ONEOK (OKE) FY2020 results: revenue $8.5 billion, down 16.0% on the year
ONEOK Inc. (OKE) reported revenue of $8.5 billion for fiscal 2020, the year ended 31 December 2020, down 16.0% on the year before. Net income was $613 million, down 52.1%, and diluted earnings per share $1.42. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$8.5 billion
-16.0% on the year
FY2013FY2020
Operating margin
15.9%
18.8% a year earlier
FY2013FY2020
Net income
$613 million
-52.1% on the year
FY2013FY2020
Diluted EPS
$1.42
-53.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
8,542
10,164
12,593
-16.0%
Cost of revenue
5,110
6,788
9,423
-24.7%
Gross profit
3,432
3,376
3,170
+1.7%
Gross margin
40.2%
33.2%
25.2%
Operating income
1,361
1,914
1,835
-28.9%
Operating margin
15.9%
18.8%
14.6%
Interest expense
713
492
470
+45.0%
Pre-tax income
802
1,651
1,518
-51.4%
Income tax
190
372
363
-49.1%
Effective tax rate
23.6%
22.6%
23.9%
Net income
613
1,279
1,152
-52.1%
Net margin
7.2%
12.6%
9.1%
Diluted EPS
$1.42
$3.07
$2.78
-53.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
1,899
1,947
2,187
-2.5%
Capital expenditure
2,195
3,848
2,141
-43.0%
Free cash flow
-296
-1,902
45.2
Free cash flow margin
-3.5%
-18.7%
0.4%
Cash from investing
-2,271
-3,769
-2,115
Cash from financing
875
1,831
-97.0
-52.2%
Depreciation and amortisation
579
477
429
+21.4%
Share-based compensation
29.4
37.1
31.7
-20.9%
Dividends paid
1,605
1,458
1,335
+10.1%
Dividend per share
$3.74
$3.53
$3.25
+5.9%
Diluted shares, weighted
432m
415m
414m
+3.9%
Shares outstanding at period end
445m
413m
412m
+7.7%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,042
6,226
6,580
-2.9%
Non-controlling interest
n/a
n/a
0.0
Short-term borrowings
0.0
n/a
0.0
Debt
14,200
12,707
9,400
+11.7%
Operating lease liabilities
87.6
13.5
n/a
+548.5%
Finance lease liabilities
n/a
24.3
26.2
Other liabilities
2,749
2,841
2,226
-3.2%
Total liabilities and equity
23,079
21,812
18,232
+5.8%
Fixed assets
19,155
18,349
14,767
+4.4%
Goodwill
528
681
681
-22.5%
Intangible assets
246
277
286
-11.1%
Cash and equivalents
524
21.0
12.0
+2,402.6%
Receivables
830
835
819
-0.6%
Inventory
228
305
297
-25.3%
Other assets
1,568
1,345
1,370
+16.6%
Total assets
23,079
21,812
18,232
+5.8%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.