ONEOK (OKE) Q3 FY2025 earnings: revenue $8.6 billion, up 71.9% on the year

ONEOK Inc. (OKE) reported revenue of $8.6 billion for Q3 FY2025, the quarter ended 30 September 2025, up 71.9% on the same quarter a year earlier. Net income was $939 million, up 35.5% on the year, and diluted earnings per share $1.49. The figures are the company's own, from the 10-Q it filed with the SEC on 29 October 2025.

Revenue

$8.6 billion

+71.9% on the year · +9.5% on the quarter

Q4 FY2023Q3 FY2025

Operating margin

18.0%

22.5% a year earlier

Q4 FY2023Q3 FY2025

Net income

$939 million

+35.5% on the year · +11.7% on the quarter

Q4 FY2023Q3 FY2025

Diluted EPS

$1.49

+26.3% on the year · +11.2% on the quarter

Q4 FY2023Q3 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Net income and EPS rose: The company reported net income of $940 million and diluted EPS of $1.49, compared with $693 million and $1.18 in third quarter 2024. Net income attributable to ONEOK was $939 million.
Adjusted EBITDA reached $2.12 billion: Adjusted EBITDA was $2,119 million, against $1,545 million in third quarter 2024. The figure includes $7 million of transaction costs.
Acquisitions and volumes drove results: The company said results were driven mainly by the EnLink and Medallion acquisitions across its system and by higher natural gas liquids and natural gas processing volumes.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Revenue	8,634	7,887	5,023	+9.5%	+71.9%
Cost of revenue	5,962	5,360	3,027	+11.2%	+97.0%
Gross profit	2,672	2,527	1,996	+5.7%	+33.9%
Gross margin	30.9%	32.0%	39.7%
Operating income	1,558	1,431	1,128	+8.9%	+38.1%
Operating margin	18.0%	18.1%	22.5%
Interest expense	450	438	325	+2.7%	+38.5%
Pre-tax income	1,237	1,113	912	+11.1%	+35.6%
Income tax	297	260	219	+14.2%	+35.6%
Effective tax rate	24.0%	23.4%	24.0%
Net income	939	841	693	+11.7%	+35.5%
Net margin	10.9%	10.7%	13.8%
Diluted EPS	$1.49	$1.34	$1.18	+11.2%	+26.3%

$ 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

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Operating cash flow	1,624	1,525	1,251	+6.5%	+29.8%
Capital expenditure	804	749	468	+7.3%	+71.8%
Free cash flow	820	776	783	+5.7%	+4.7%
Free cash flow margin	9.5%	9.8%	15.6%
Cash from investing	-1,134	-814	-498
Cash from financing	612	-755	5,675		-89.2%
Depreciation and amortisation	378	368	274	+2.7%	+38.0%
Buybacks	0.0	0.0	0.0
Dividends paid	648	644	578	+0.6%	+12.1%
Dividend per share	$1.03	$1.03	$0.99	0.0%	+4.0%
Diluted shares, weighted	632m	628m	587m	+0.5%	+7.6%
Shares outstanding at period end	630m	630m	584m	+0.0%	+7.8%

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

Balance sheet

$ million	Q3 FY2025	Q2 FY2025	Q3 FY2024	On the quarter	On the year
Shareholders' equity	22,081	21,830	16,887	+1.1%	+30.8%
Non-controlling interest	76.0	74.0	n/a	+2.7%
Debt	33,700	32,467	28,100	+3.8%	+19.9%
Other liabilities	10,759	10,153	6,063	+6.0%	+77.5%
Total liabilities and equity	66,616	64,524	51,050	+3.2%	+30.5%
Fixed assets	47,158	46,715	33,613	+0.9%	+40.3%
Goodwill	8,108	8,097	5,148	+0.1%	+57.5%
Intangible assets	2,935	2,969	1,283	-1.1%	+128.8%
Cash and equivalents	1,199	97.0	579	+1,136.1%	+107.1%
Receivables	2,580	2,484	1,252	+3.9%	+106.1%
Inventory	871	858	616	+1.5%	+41.4%
Other assets	3,765	3,304	8,559	+14.0%	-56.0%
Total assets	66,616	64,524	51,050	+3.2%	+30.5%

Questions

What was ONEOK's revenue in Q3 FY2025?

ONEOK (OKE) reported revenue of $8.6 billion for Q3 FY2025, the quarter ended 30 September 2025, up 71.9% on the same quarter a year earlier.

How much did ONEOK earn in Q3 FY2025?

Net income for Q3 FY2025 was $939 million, up 35.5% on the year, and diluted earnings per share $1.49.

When did ONEOK report Q3 FY2025 results?

ONEOK filed its 10-Q for the quarter ended 30 September 2025 with the SEC on 29 October 2025.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,420	5,445	5,997	5,914	5,032	4,521	3,732	4,189	5,235	4,781	4,894	5,023	7,000	8,043	7,887	8,634	9,065	9,618	12,049	12,455
Cost of revenue	4,319	4,366	4,878	4,773	3,893	3,347	2,482	2,799	3,301	2,897	2,891	3,027	4,496	5,655	5,360	5,962	6,396	7,053	9,242	9,612
Gross profit	1,101	1,079	1,119	1,141	1,139	1,174	1,250	1,390	1,934	1,884	2,003	1,996	2,504	2,388	2,527	2,672	2,669	2,565	2,807	2,843
Gross margin	20%	20%	19%	19%	23%	26%	33%	33%	37%	39%	41%	40%	36%	30%	32%	31%	29%	27%	23%	23%
Operating income	652	662	689	699	757	1,497	737	739	1,099	1,064	1,229	1,128	1,568	1,220	1,431	1,558	1,532	1,428	1,593	1,568
Operating margin	12%	12%	11%	12%	15%	33%	20%	18%	21%	22%	25%	22%	22%	15%	18%	18%	17%	15%	13%	13%
Interest expense	178	172	171	167	166	166	180	215	305	300	298	325	448	442	438	450	453	439	434	415
Pre-tax income	510	514	545	564	627	1,379	613	595	910	847	1,023	912	1,328	888	1,113	1,237	1,252	1,021	1,266	1,358
Tax rate	26%	24%	24%	23%	23%	24%	24%	24%	24%	25%	24%	24%	25%	22%	23%	24%	22%	24%	24%	-2%
Net income	379	391	414	431	486	1,049	468	453	689	639	780	693	923	636	841	939	977	774	966	1,350
Net margin	7%	7%	7%	7%	10%	23%	13%	11%	13%	13%	16%	14%	13%	8%	11%	11%	11%	8%	8%	11%
Diluted EPS	$0.84	$0.87	$0.92	$0.96	$1.09	$2.34	$1.04	$0.99	$1.11	$1.09	$1.33	$1.18	$1.57	$1.04	$1.34	$1.49	$1.55	$1.23	$1.53	$2.13
Operating cash flow	1,055	462	787	616	1,040	1,221	772	920	1,508	596	1,430	1,251	1,611	904	1,525	1,624	1,546	934	2,053	1,379
Capital expenditure	207	257	302	327	316	289	305	398	603	512	479	468	562	629	749	804	970	864	613	937
Free cash flow	849	205	485	289	724	932	467	522	905	84.0	951	783	1,049	275	776	820	576	70.0	1,440	442
Buybacks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	159	30.0	0.0	0.0	45.0	n/a	n/a	n/a
Dividends paid	417	417	418	418	418	427	428	428	556	578	578	578	579	643	644	648	648	674	674	674
Shares outstanding	446m	447m	447m	447m	447m	447m	448m	583m	583m	584m	584m	584m	583m	625m	630m	630m	630m	630m	630m	630m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 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.

10-Q for the period ended 30 September 2025, filed 29 October 2025: the filing.