ONEOK, Inc.

ONEOK, Inc. Earnings Recaps

OKE Financials 2 recaps
Q1 2026 Apr 30, 2026

ONEOK shares closed up 3.0% following first quarter earnings, as the company raised 2026 guidance for net income and adjusted EBITDA. Management cited improved market conditions and solid volume growth, offsetting a non-cash joint venture impairment in the quarter.

Key takeaways
  • 2026 guidance raised: Net income now projected at ~$3.5 billion and adjusted EBITDA to ~$8.25 billion midpoint, reflecting improved market dynamics and segment outperformance.
  • Q1 net income was $776 million ($1.23 per diluted share), up 12% year-over-year, despite a $60 million after-tax noncash impairment in the refined products and crude joint venture.
  • Adjusted EBITDA reached approximately $2 billion for the quarter, a 13% increase from the prior year, driven by volume growth across integrated systems.
  • Balance sheet actions included redeeming $500 million in debt and entering a $1.2 billion term loan, maintaining capital flexibility.
  • Capital expenditure guidance for 2026 remains unchanged at $2.7 to $3.2 billion; operational execution continues in line with annual seasonal patterns.
Full recap
Q3 2025 Oct 31, 2025

ONEOK reported a robust third quarter in 2025, achieving a net income of $940 million and an adjusted EBITDA growth of 7% sequentially, driven by increased operational volumes and successful integration of recent acquisitions.

Key takeaways
  • Achieved third quarter net income of $940 million, or $1.49 per share, up 10% from the previous quarter.
  • Expects to realize $250 million in synergy-related adjusted EBITDA in 2025, having surpassed $500 million in synergies since the Magellan acquisition.
  • Increased adjusted EBITDA to $2.12 billion, aided by strong performance in natural gas liquids and gathering operations, despite transaction costs.
  • Completed significant projects that add nearly 600,000 barrels per day of NGL pipeline capacity, enhancing operating leverage.
  • Share repurchases of over 600,000 shares and retiring $500 million in senior notes reflect a disciplined capital allocation strategy.
Full recap