ONEOK (OKE) Q3 FY2026 earnings: revenue $12.5 billion, up 44.3% on the year

ONEOK Inc. (OKE) reported revenue of $12.5 billion for Q3 FY2026, the quarter ended 30 September 2026, up 44.3% on the same quarter a year earlier. Net income was $1.4 billion, up 43.8% on the year, and diluted earnings per share $2.13. The figures are the company's own, from the 10-Q it filed with the SEC on 28 October 2026.

Revenue$12.5 billionup 44.3%

Net income$1.4 billionup 43.8%

Diluted EPS$2.13

QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 6 raised, 2 lowered, 2 new.

Net income attributable rose to $1.35 billion: Net income attributable to ONEOK was $1.35 billion, or $2.13 per diluted share, against $939 million and $1.49 a year earlier. Nine-month figures are $3.09 billion and $4.89 per share.
Adjusted EBITDA reached $2.24 billion: The company reported third-quarter net income attributable of $1.35 billion and adjusted EBITDA of $2.24 billion, against $2.12 billion a year earlier. Nine-month adjusted EBITDA was $6.36 billion.
NGL throughput rose 6%, Gulf Coast/Permian 16%: NGL raw feed throughput volumes rose 6%, with the Gulf Coast/Permian region up 16%. The company cited higher volumes as a driver of third-quarter results.

Read the earnings call summary

The quarter, against the one before and a year earlier

Line	Q3 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Revenue	12,455	12,049	8,634	+44.3%
Cost of revenue	9,612	9,242	5,962	+61.2%
Gross profit	2,843	2,807	2,672	+6.4%
Gross margin	22.8%	23.3%	30.9%
Operating income	1,568	1,593	1,558	+0.6%
Operating margin	12.6%	13.2%	18.0%
Interest expense	415	434	450	-7.8%
Pre-tax income	1,358	1,266	1,237	+9.8%
Income tax	-26.0	299	297	n/a
Effective tax rate	-1.9%	23.6%	24.0%
Net income	1,350	966	939	+43.8%
Net margin	10.8%	8.0%	10.9%
Diluted EPS	$2.13	$1.53	$1.49	+43.0%

$ 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 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Operating cash flow	1,379	2,053	1,624	-15.1%
Capital expenditure	937	613	804	+16.5%
Free cash flow	442	1,440	820	-46.1%
Free cash flow margin	3.5%	12.0%	9.5%
Cash from investing	-1,128	-782	-1,134	n/a
Cash from financing	3,774	-1,282	612	+516.7%
Depreciation and amortisation	395	387	378	+4.5%
Buybacks	n/a	n/a	0.0	n/a
Dividends paid	674	674	648	+4.0%
Dividend per share	$1.07	$1.07	$1.03	+3.9%
Diluted shares, weighted	633m	632m	632m	+0.2%
Shares outstanding at period end	630m	630m	630m	+0.1%

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 FY2026	Q2 FY2026	Q3 FY2025	Change on the year
Shareholders' equity	23,316	22,937	22,081	+5.6%
Non-controlling interest	9,144	100	76.0	+11931.6%
Redeemable equity	50.0	44.0	n/a	n/a
Short-term borrowings	85.0	n/a	n/a	n/a
Debt	28,400	33,022	33,700	-15.7%
Other liabilities	13,297	12,446	10,759	+23.6%
Total liabilities and equity	74,292	68,549	66,616	+11.5%
Fixed assets	49,375	48,774	47,158	+4.7%
Goodwill	8,058	8,058	8,108	-0.6%
Intangible assets	2,801	2,835	2,935	-4.6%
Cash and equivalents	186	161	1,199	-84.5%
Receivables	4,175	3,550	2,580	+61.8%
Inventory	1,338	1,056	871	+53.6%
Other assets	8,359	4,115	3,765	+122.0%
Total assets	74,292	68,549	66,616	+11.5%

Questions

What was ONEOK's revenue in Q3 FY2026?

ONEOK (OKE) reported revenue of $12.5 billion for Q3 FY2026, the quarter ended 30 September 2026, up 44.3% on the same quarter a year earlier.

How much did ONEOK earn in Q3 FY2026?

Net income for Q3 FY2026 was $1.4 billion, up 43.8% on the year, and diluted earnings per share $2.13.

When did ONEOK report Q3 FY2026 results?

ONEOK filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 28 October 2026.

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 2026, filed 28 October 2026: the filing.