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ONEOK (OKE) FY2025 results: revenue $33.6 billion, up 55.0% on the year

ONEOK Inc. (OKE) reported revenue of $33.6 billion for fiscal 2025, the year ended 31 December 2025, up 55.0% on the year before. Net income was $3.4 billion, up 11.8%, and diluted earnings per share $5.42. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.

Revenue
$33.6 billion
+55.0% on the year
FY2018FY2025
Operating margin
17.1%
23.0% a year earlier
FY2018FY2025
Net income
$3.4 billion
+11.8% on the year
FY2018FY2025
Diluted EPS
$5.42
+4.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 14 new.

  • Full-year diluted EPS rose to $5.42: Full-year 2025 diluted EPS was $5.42. Net income attributable to ONEOK was $3.39 billion, up 12%. Excluding 2024 divestiture gains, EPS rose 11%.
  • Adjusted EBITDA rose 18% for 2025: Full-year adjusted EBITDA was $8,020 million, against $6,784 million. Excluding transaction costs, it was $8,085 million.
  • Acquisitions and volumes lifted results: The company said results reflected the EnLink and Medallion acquisitions across its system, plus higher NGL and natural gas processing volumes.
  • Rocky Mountain NGL volumes up 15%: Rocky Mountain region NGL raw feed throughput rose 15% in the fourth quarter. Rocky Mountain natural gas volumes processed rose 3%.
  • Producer activity expected to moderate: Management expects continued 2026 growth to be partly offset by a moderation in producer activity, linked to the projected commodity price environment for the year.
Read the Q4 FY2025 earnings call summary

From this 10-K

ONEOK is an Oklahoma-incorporated midstream company that gathers, processes, fractionates, transports, stores and exports natural gas, natural gas liquids, Refined Products and crude oil through a pipeline network of approximately 60,000 miles. The filing describes it as one of the largest integrated energy infrastructure companies in North America. It reports four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. Each is primarily fee-based, and consolidated earnings were approximately 90% fee-based in 2025.

ONEOK Inc., the 10-K for 2025

ONEOK is an Oklahoma-incorporated midstream company that gathers, processes, fractionates, transports, stores and exports natural gas, natural gas liquids, Refined Products and crude oil through a pipeline network of approximately 60,000 miles. The filing describes it as one of the largest integrated energy infrastructure companies in North America. It reports four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. Each is primarily fee-based, and consolidated earnings were approximately 90% fee-based in 2025.

Gathering and processing

Raw natural gas is gathered at the wellhead, compressed and piped to processing plants, where the NGLs are removed and the residue methane is recompressed and delivered to pipelines, storage facilities and end users. The segment owns 22,600 miles of gathering pipelines and processing plants with 1.9 Bcf/d of capacity in the Rocky Mountain region, 3.5 Bcf/d in the Mid-Continent region and 1.8 Bcf/d in the Permian Basin, which were 78% utilised in 2025. Dedicated acreage runs to more than 3 million acres in the Williston Basin, more than 1 million across the Mid-Continent and more than 400 thousand in the Permian Basin. The company has announced the Bighorn plant in the Permian Basin, of 300 MMcf/d, able to treat natural gas carrying high levels of carbon dioxide, at a cost of about $365 million.

Natural gas liquids

NGLs extracted at the company's own and third-party processing plants are gathered, sent to fractionators to be separated into Purity NGLs, then stored or distributed to customers such as petrochemical companies, propane distributors, diluent users, ethanol producers, refineries and exporters. The segment holds 10,100 miles of gathering pipelines, 4,800 miles of distribution pipelines, fractionators with combined operating capacity of 1.2 MMBbl/d that were 94% utilised in 2025, one isomerization unit of 10 MBbl/d, one ethane/propane splitter of 40 MBbl/d, storage capacity of 40 MMBbl and eight Purity NGLs terminals. Primary markets are Conway in Kansas, Mont Belvieu in Texas, Louisiana and the upper Midwest. The Elk Creek pipeline expansion finished in 2025, taking that line to 435 MBbl/d and total capacity out of the Rocky Mountain region to 575 MBbl/d.

Pipelines and storage

This segment takes residue natural gas from third parties and from the company's own plants and moves or stores it for end users such as large industrial customers and the utilities serving commercial and residential consumers, and it can reach international markets through liquified natural gas exports and cross-border pipelines. Intrastate pipeline and storage assets sit in Oklahoma, Texas, Louisiana and Kansas, with 74 Bcf of working gas storage capacity, of which 50 Bcf is at the ONEOK Gas Storage facilities connected to ONEOK Gas Transportation. Connections reach export markets in Mexico via Roadrunner and supply areas in Canada and the United States via Northern Border and Matterhorn. The filing states that most capacity is subscribed under long-term, firm fee-based contracts, so this segment carries little volumetric risk.

Refined products and crude

The fourth segment transports, stores and distributes Refined Products and crude oil, and gathers crude oil. Products carried include gasoline, distillates, aviation fuel and certain NGLs, moving from refinery connections or pipeline interconnections to retail fueling stations, convenience stores, travel centers, railroads, airports and other users. The filing describes the system as one of the longest common carrier pipeline systems for Refined Products in the United States, running from the Texas Gulf Coast across a 15-state area. Assets are 9,800 miles of Refined Products pipelines, 1,100 miles of crude oil transportation pipelines, 2,100 miles of crude oil gathering pipelines, 53 Refined Products terminals, two marine terminals and 100 MMBbl of storage. Terminals at East Houston, Cushing and Corpus Christi add storage, distribution and blending.

Deals and people

The EnLink Acquisition closed on 31 January 2025, each publicly held EnLink common unit exchanged for 0.1412 of a ONEOK share, with 41 million shares issued at a fair value of $4.0 billion on the closing date; EnLink is now a wholly owned subsidiary. The Delaware Basin JV Acquisition completed on 28 May 2025 for $941 million. The company has announced joint ventures with MPLX LP for a 400 MBbl/d liquified petroleum gas export terminal at Texas City, Texas and a pipeline to it from Mont Belvieu, and, through the existing Matterhorn joint venture, the approximately 450-mile Eiger Express Pipeline designed to move up to about 3.7 Bcf/d from the Permian Basin to Katy, Texas. It had 6,326 employees at the end of 2025.

From ONEOK's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue33,62921,69817,677+55.0%
Cost of revenue23,37313,31111,929+75.6%
Gross profit10,2568,3875,748+22.3%
Gross margin30.5%38.7%32.5%
Operating income5,7414,9894,072+15.1%
Operating margin17.1%23.0%23.0%
Interest expense1,7831,371866+30.1%
Pre-tax income4,4904,1103,497+9.2%
Income tax1,028998838+3.0%
Effective tax rate22.9%24.3%24.0%
Net income3,3933,0352,659+11.8%
Net margin10.1%14.0%15.0%
Diluted EPS$5.42$5.17$5.48+4.8%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,5994,8884,421+14.5%
Capital expenditure3,1522,0211,595+56.0%
Free cash flow2,4472,8672,826-14.6%
Free cash flow margin7.3%13.2%16.0%
Cash from investing-3,751-6,612-6,404
Cash from financing-2,5032,1192,101
Depreciation and amortisation1,5141,134769+33.5%
Share-based compensation92.010263.0-9.8%
Buybacks75.01590.0-52.8%
Dividends paid2,5832,3131,839+11.7%
Dividend per share$4.12$3.96$3.82+4.0%
Diluted shares, weighted626m586m485m+6.7%
Shares outstanding at period end630m583m583m+8.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity22,48517,03616,484+32.0%
Non-controlling interest84.05,0970.0-98.4%
Redeemable equity0.0n/an/a
Short-term borrowingsn/a0.00.0
Debt32,81632,10021,700+2.2%
Operating lease liabilities18315474.0+18.8%
Other liabilities11,0739,6826,008+14.4%
Total liabilities and equity66,64164,06944,266+4.0%
Fixed assets47,86145,93532,697+4.2%
Goodwill8,0588,0914,952-0.4%
Intangible assets2,9013,0391,316-4.5%
Cash and equivalents78.0733338-89.4%
Receivables3,0102,3261,705+29.4%
Inventory948748639+26.7%
Other assets3,7853,1972,619+18.4%
Total assets66,64164,06944,266+4.0%

10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.