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OKE

ONEOK, Inc.

OKE

ONEOK, Inc. • NYSE
$72.82 ▲ 1.83% (+1.31)
Market Cap $45.83 B
52w High $113.63
52w Low $64.02
Dividend Yield 4.12%
P/E 13.39
Volume 2.15M
Outstanding Shares 629.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.634B ▲ $97M ▲ $939M ▲ 10.876% ▲ $1.5 ▲ $2.065B ▲
Q2-2025 $7.887B ▼ $88M ▼ $841M ▲ 10.663% ▲ $1.34 ▲ $1.919B ▲
Q1-2025 $8.043B ▲ $91M ▼ $636M ▼ 7.907% ▼ $1.04 ▼ $1.71B ▼
Q4-2024 $7B ▲ $592M ▲ $923M ▲ 13.186% ▼ $1.58 ▲ $2.12B ▲
Q3-2024 $5.023B $72M $693M 13.797% $1.18 $1.511B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.199B ▲ $66.616B ▲ $44.459B ▲ $22.081B ▲
Q2-2025 $97M ▼ $64.524B ▲ $42.62B ▲ $21.83B ▲
Q1-2025 $141M ▼ $64.263B ▲ $42.143B ▲ $21.364B ▲
Q4-2024 $733M ▲ $64.069B ▲ $41.936B ▲ $17.036B ▲
Q3-2024 $579M $51.05B $34.163B $16.887B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $940M ▲ $1.624B ▲ $-1.134B ▼ $612M ▲ $1.102B ▲ $820M ▲
Q2-2025 $853M ▲ $1.525B ▲ $-814M ▼ $-755M ▲ $-44M ▲ $776M ▲
Q1-2025 $691M ▼ $904M ▼ $-694M ▲ $-802M ▲ $-592M ▲ $275M ▼
Q4-2024 $1B ▲ $1.611B ▲ $-4.78B ▼ $-2.562B ▼ $-5.731B ▼ $1.049B ▲
Q3-2024 $693M $1.251B $-498M $5.675B $6.428B $783M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Natural Gas Gathering And Processing
Natural Gas Gathering And Processing
 $1.83Bn ▲$2.20Bn ▲$1.85Bn ▼$1.84Bn ▼
Natural Gas Liquids
Natural Gas Liquids
 $4.52Bn ▲$4.27Bn ▼$3.87Bn ▼$3.90Bn ▲
Refined Products and Crude Oil
Refined Products and Crude Oil
 $1.64Bn ▲$2.47Bn ▲$2.91Bn ▲$3.63Bn ▲
Natural Gas Pipelines
Natural Gas Pipelines
 $300.00M ▲$460.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement ONEOK’s income statement shows a business that has grown substantially from its 2020 lows and has become more profitable over time. Revenue has moved up meaningfully, with a particularly large step-up following the Magellan acquisition, reflecting a broader set of pipelines and products. Margins have improved compared with earlier years: operating profit and EBITDA have risen faster than sales over the longer run, suggesting better efficiency, stronger asset utilization, and benefits from scale. Net income and earnings per share have climbed steadily, especially since 2021, though there was a slight dip in per‑share earnings in 2024 due mainly to share issuance for acquisitions and integration costs. Overall, the income statement points to a mature midstream business that has grown both in size and underlying profitability, but now carries the added complexity of integrating large acquisitions and managing a much bigger system.

Balance Sheet

Balance Sheet The balance sheet has transformed from a mid‑sized pipeline company into a much larger integrated infrastructure operator. Total assets have surged as ONEOK absorbed Magellan and other assets, which is consistent with the expanded pipeline network and storage footprint. Debt has also risen sharply, reflecting how these acquisitions were financed and the capital‑intensive nature of midstream infrastructure. Equity has grown as well, but not as fast as total assets and debt, which means leverage is higher than a few years ago. This is typical when a company does a major roll‑up, but it does increase financial risk and heightens the importance of steady cash flows and disciplined capital allocation. Cash on hand is relatively modest compared with the size of the business, which is common in this industry but leaves less cushion for shocks. In short, ONEOK now has a much bigger asset base backed by more debt, so monitoring leverage and credit quality is an ongoing watch point.

Cash Flow

Cash Flow Cash generation is a relative strength. Operating cash flow has grown steadily over the past five years, tracking the rise in earnings and the shift toward more fee‑based, contract‑driven revenues. This provides a recurring cash foundation that is important given the higher debt load. Free cash flow has been consistently positive since 2021, after a heavy investment period in 2020. Capital spending remains substantial, reflecting ongoing pipeline expansions and the build‑out of new projects, but it is now better covered by internally generated cash. This gives ONEOK more flexibility to fund growth, service debt, and return capital to shareholders without relying entirely on new borrowing. The key risk is that the larger project pipeline and higher leverage raise the stakes: delays, cost overruns, or weaker volumes would matter more now than in the past. But as of the latest period, cash flow coverage of investment and financing needs appears solid.

Competitive Edge

Competitive Edge ONEOK now operates as one of the more diversified and integrated midstream platforms in North America. The combination with Magellan shifted the company from being primarily a natural gas and NGL player to a broader operator across natural gas, NGLs, crude oil, and refined products. This “one‑stop shop” model is a key competitive strength. Its pipelines and storage assets sit in highly strategic locations, connecting major producing basins with key refining centers, airports, population hubs, and export terminals. Replicating this network would require massive capital, time, and regulatory approvals, which creates high barriers to entry. Another important advantage is ONEOK’s heavy reliance on long‑term, fee‑based contracts. This structure cushions the business from commodity price swings and helps keep cash flows more predictable, which is especially valuable given the larger balance sheet. The main competitive risks are ongoing regulatory scrutiny, potential shifts in energy policy, and competition from other large midstream operators in growth basins and export markets. Still, the scale, integration, and contractual model support the view that ONEOK has a durable competitive foothold.

Innovation and R&D

Innovation and R&D While midstream is not typically thought of as a high‑tech sector, ONEOK is leaning into technology and the energy transition more than many peers. The company is deploying AI for predictive maintenance, leak detection, and demand forecasting, which can improve reliability, safety, and cost efficiency across its expanded network. Through its ventures arm, ONEOK is selectively backing technologies aimed at reducing emissions and improving asset monitoring, such as methane‑reduction solutions, waste‑heat power generation, and satellite‑based surveillance. These are incremental innovations that can both lower operating risk and support ESG credentials. Strategically, ONEOK is exploring carbon capture, hydrogen transport, and low‑carbon fuel blending, as well as electrifying parts of its compression fleet. These initiatives are still largely in early or exploratory stages, so their financial impact is uncertain, but they indicate a willingness to position existing infrastructure for a lower‑carbon future. Planned projects such as the LPG export terminal and various pipeline expansions also reflect a forward‑looking approach, tying North American production more tightly to global demand and emerging fuel corridors.

Summary

ONEOK has evolved into a larger, more diversified midstream infrastructure company with stronger earnings power but also higher financial leverage and operational complexity. On the upside, revenue and profits have grown meaningfully, cash flow is robust, and the business model is anchored by fee‑based contracts and a broad, strategically located asset base. The Magellan acquisition and other deals have deepened ONEOK’s moat, expanded its product mix, and created more ways to serve producers, refiners, and end‑markets, including exports. On the risk side, the company now carries considerably more debt, making it more sensitive to interest rates, volume shocks, or project setbacks. Integration execution, regulatory changes, and energy transition dynamics are important uncertainties to watch. Overall, ONEOK stands as a scaled, integrated midstream platform with solid cash generation and an active innovation agenda, but one that must carefully manage leverage, project risk, and the long‑term evolution of energy demand.

NEWS

November 11, 2025 · 4:19 PM UTC

ONEOK to Participate in Investor Conference

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October 28, 2025 · 4:15 PM UTC

ONEOK Announces Higher Third Quarter 2025 Earnings and Affirms 2025 Net Income and Adjusted EBITDA Guidance Ranges

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October 15, 2025 · 4:15 PM UTC

ONEOK Declares Quarterly Dividend

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October 7, 2025 · 4:15 PM UTC

ONEOK Third Quarter 2025 Conference Call and Webcast Scheduled

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October 6, 2025 · 9:54 PM UTC

ONEOK Update on Mont Belvieu, Texas, Incident

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