ONEOK, Inc. Q3 2026 Earnings Recap

ONEOK shares fell 1.5% after earnings, a roughly flat reaction. The quarter included higher 2026 guidance, but reported earnings also benefited from a one-time tax item and transaction-related gains, while the company raised its capital spending outlook.

Key Takeaways

• Adjusted EBITDA was $2.24 billion, up 6% year over year; net income attributable to ONEOK was $1.35 billion, or $2.13 per diluted share.
• Net income included a $336 million one-time, noncash tax benefit. Adjusted EBITDA included a $53 million net transaction-related benefit, primarily from debt-extinguishment gains.
• ONEOK raised its 2026 adjusted EBITDA midpoint by $200 million to approximately $8.55 billion. Management attributed $100 million of the increase to stronger base-business performance, with the balance reflecting transaction benefits and Brazos, net of transaction costs.
• 2026 capital expenditure expectations increased to approximately $3.5 billion, from a prior expectation of approaching the $3.2 billion high end, partly due to Brazos and growth projects pulled forward from 2027.
• The company set a debt-to-EBITDA target of approximately 3.25x or lower, with 3.5x now the upper end of its targeted range; management also reiterated a mid- to high-single-digit adjusted EBITDA growth target for the next 5–7 years.