ONEOK Inc. Q3 FY2023 results: revenue $4.2 billion, down 29.2% on the year

ONEOK Inc. (OKE) reported revenue of $4.2 billion for Q3 FY2023, the quarter ended 30 September 2023, down 29.2% on the same quarter a year earlier. Net income was $453 million, up 5.0% on the year, and diluted earnings per share $0.99. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$4.2 billiondown 29.2%

Net income$453 millionup 5.0%

Diluted EPS$0.99

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	4,189	n/a	n/a	n/a
Cost of revenue	2,799	n/a	n/a	n/a
Gross profit	1,390	n/a	n/a	n/a
Gross margin	33.2%	n/a	n/a
Operating income	739	n/a	n/a	n/a
Operating margin	17.6%	n/a	n/a
Interest expense	215	n/a	n/a	n/a
Pre-tax income	595	n/a	n/a	n/a
Income tax	141	n/a	n/a	n/a
Effective tax rate	23.7%	n/a	n/a
Net income	453	n/a	n/a	n/a
Net margin	10.8%	n/a	n/a
Diluted EPS	$0.99	n/a	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	920	n/a	n/a	n/a
Capital expenditure	398	n/a	n/a	n/a
Free cash flow	522	n/a	n/a	n/a
Free cash flow margin	12.5%	n/a	n/a
Depreciation and amortisation	177	n/a	n/a	n/a
Dividends paid	428	n/a	n/a	n/a
Dividend per share	$0.95	n/a	n/a	n/a
Diluted shares, weighted	458m	n/a	n/a	n/a
Shares outstanding at period end	583m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	43,939	n/a	n/a	n/a
Cash and equivalents	284	n/a	n/a	n/a
Receivables	1,571	n/a	n/a	n/a
Inventory	869	n/a	n/a	n/a
Goodwill	5,682	n/a	n/a	n/a
Long-term debt	22,000	n/a	n/a	n/a
Borrowings, as the company tags them	23,096	n/a	n/a	n/a
Operating lease liabilities	77.0	n/a	n/a	n/a
Shareholders' equity	16,299	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	4,189	5,235	4,781	4,894	5,023	7,000	8,043	7,887	8,634	9,065	9,618	12,049
Cost of revenue	2,799	3,301	2,897	2,891	3,027	4,496	5,655	5,360	5,962	6,396	7,053	9,242
Gross profit	1,390	1,934	1,884	2,003	1,996	2,504	2,388	2,527	2,672	2,669	2,565	2,807
Gross margin	33%	37%	39%	41%	40%	36%	30%	32%	31%	29%	27%	23%
Operating income	739	1,099	1,064	1,229	1,128	1,568	1,220	1,431	1,558	1,532	1,428	1,593
Operating margin	18%	21%	22%	25%	22%	22%	15%	18%	18%	17%	15%	13%
Interest expense	215	305	300	298	325	448	442	438	450	453	439	434
Pre-tax income	595	910	847	1,023	912	1,328	888	1,113	1,237	1,252	1,021	1,266
Tax rate	24%	24%	25%	24%	24%	25%	22%	23%	24%	22%	24%	24%
Net income	453	689	639	780	693	923	636	841	939	977	774	966
Net margin	11%	13%	13%	16%	14%	13%	8%	11%	11%	11%	8%	8%
Diluted EPS	$0.99	$1.11	$1.09	$1.33	$1.18	$1.57	$1.04	$1.34	$1.49	$1.55	$1.23	$1.53
Operating cash flow	920	1,508	596	1,430	1,251	1,611	904	1,525	1,624	1,546	934	2,053
Capital expenditure	398	603	512	479	468	562	629	749	804	970	864	613
Free cash flow	522	905	84.0	951	783	1,049	275	776	820	576	70.0	1,440
Buybacks	n/a	n/a	0.0	0.0	0.0	159	30.0	0.0	0.0	45.0	n/a	n/a
Dividends paid	428	556	578	578	578	579	643	644	648	648	674	674
Shares outstanding	583m	583m	584m	584m	584m	583m	625m	630m	630m	630m	630m	630m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0001039684-23-000081: the filing on EDGAR. All of ONEOK Inc.'s filings: EDGAR company page.

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