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Friday 6 November 2026 Export OKE’s income statement to Excel — free account

ONEOK, Inc.

OKE Energy Oil & Gas Midstream

ONEOK, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $33.6 billion, up 55.0% from fiscal 2024.

Revenue
+44.3%
EPS
+47.2%
Free cash flow
−46.1%
Total debt
−15.7%

Quarter to September 2026, against a year earlier

86.62 1.98 −2.23%
Market cap
$54.4B
P/E
13.3×
Fwd P/E
15.2×
Dividend yield
4.94%
F-score
5/9
Altman Z
1.43
Beneish M
−2.14
Dividend safety
34/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Natural Gas Liquids
  • Refined Products and Crude Oil
  • Natural Gas Gathering and Processing
  • Natural Gas Pipelines

Every year since 2009 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.27%

Capital & Financial Ratios $m

Size
Market Cap 54,380.00
Revenue ttm 43,187.00
Net income ttm 4,105.00
Free cash flow ttm 2,528.00
Net debt Q 28,249.00
Valuation
P/E 13.32
Forward P/E 15.20
Price / sales 1.27
Forward P/S Powerpack
Price / FCF 21.62
Price / book 1.68
Financial health
Current ratio Q 0.84 (below 1: weak)
Debt / equity Q 0.88
Interest coverage Q 3.78
Growth
Revenue growth Q +44.26% (above 0%: growing)
Operating income growth Q +0.64% (above 0%: growing)
EPS, this year +15.22% (at or above 15%: strong)
EPS, next year A −1.71% (below 0%: weak)
Revenue, next year A +32.56% (at or above 10%: strong)
EPS, past 5 yrs +30.72% (at or above 15%: strong)
EPS, next 5 yrs A +8.15%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 2.6×; over the ten years it ranged from 1.6× in 2022 to 4.7× in 2024.
P/E against its own 10 years 10.78%
10-year low 10-year high
P/S against its own 10 years 16.43%
10-year low 10-year high
P/B against its own 10 years 2.97%
10-year low 10-year high
EV/Sales against its own 10 years 12.39%
10-year low 10-year high
EV/FCF against its own 10 years 65.88%
10-year low 10-year high

Dividends raised 4 years running

Yield
4.94%
Annual rate
4.28
Payout ratio
65.9%
Growth, 2018–26
+3.52%/yr
  1. 3.25 ’18
  2. 3.53 ’19 +9
  3. 3.74 ’20 +6
  4. 3.74 ’21 +0
  5. 3.74 ’22 +0
  6. 3.82 ’23 +2
  7. 3.96 ’24 +4
  8. 4.12 ’25 +4
  9. 4.28 ’26 +4
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 338 733 78 186
Receivables 1,705 2,326 3,010 4,175
Inventory 639 748 948 1,338
Other 426 431 452 554
3,108 4,238 4,488 6,253
2023 2024 2025 Q'26
Payables 1,564 2,187 2,838 4,219
ST’ Debt 484 1,059 1,241 1,500
Other 808 962 967 1,180
3,452 4,719 6,365 7,421

Compound Annual Growth %

10y 5y 3y
Sales 15.79% 31.53% 14.53%
Cash Flow 18.53% 24.14% 24.43%
Earnings 30.06% 40.87% 25.39%
Book Value 19.61% 30.15% 51.47%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.46 Actual 2.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.48 1.55 Beat by 0.07
Q1 FY26 1.26 1.30 Beat by 0.04
Q2 FY26 1.39 1.53 Beat by 0.14
Q3 FY26 1.46 2.13 Beat by 0.67
Q4 FY26 1.43 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.23 1.53 2.19 — —
’25 1.04 1.34 1.49 1.55 5.42
’24 1.09 1.33 1.18 1.57 5.17
’23 2.34 1.04 0.99 1.18 5.48
’22 0.87 0.92 0.96 1.08 3.84
’21 0.86 0.77 0.88 0.85 3.35
’20 (0.34) 0.32 0.70 0.69 1.42
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 9,618 12,049 12,455 — —
’25 8,043 7,887 8,634 9,065 33,629
’24 4,781 4,894 5,023 7,000 21,698
’23 4,521 3,732 4,189 5,235 17,677
’22 5,445 5,996 5,914 5,032 22,387
’21 3,195 3,389 4,536 5,420 16,540
’20 2,137 1,661 2,174 2,571 8,542
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 934 2,053 1,379 — —
’25 904 1,525 1,624 1,546 5,599
’24 596 1,430 1,251 1,611 4,888
’23 1,221 772 920 1,508 4,421
’22 463 787 616 1,040 2,906
’21 533 545 413 1,055 2,546
’20 423 314 367 796 1,899
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 70 1,440 442 — —
’25 275 776 820 576 2,447
’24 84 951 783 1,049 2,867
’23 932 467 522 905 2,826
’22 206 485 289 724 1,704
’21 357 397 247 848 1,849
’20 (527) (281) (13) 525 (296)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.7% a year for ten years. It grew 29.0% a year over the last ten.

Implied
12.7%
10 years, reported
29.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 8,921 12,174 12,593 10,164 8,542 16,540 22,387 17,677 21,698 33,629 43,187 +15.9% 44,579 43,245 45,053 +10.2%
Gross margin, % 27.18 21.65 25.18 33.22 40.18 25.89 20.00 32.52 38.65 30.50 25.20 +3.3 pt
EBT 958 1,041 1,518 1,651 802 1,984 2,250 3,497 4,110 4,490 4,897 +18.7%
EBT margin, % 10.74 8.55 12.05 16.24 9.39 12.00 10.05 19.78 18.94 13.35 11.34 +2.6 pt
Net income 743 594 1,155 1,279 613 1,500 1,722 2,659 3,112 3,462 4,105 +18.6%
Per share, $
Per share, $ Revenue 42.25 40.92 30.60 24.58 19.81 37.05 50.03 36.50 37.12 53.82 68.43 +2.7%
Earnings 1.67 1.30 2.80 3.09 1.42 3.36 3.85 5.49 5.19 5.43 6.50 +14.0%
Cash flow 6.41 4.42 5.31 4.71 4.41 5.70 6.49 9.13 8.36 8.96 9.37 +3.8%
Capex (2.84) (1.72) (5.20) (9.31) (5.09) (1.56) (2.69) (3.29) (3.46) (5.04) (5.36) +6.6%
Free cash flow 3.57 2.70 0.11 (4.60) (0.69) 4.14 3.81 5.84 4.90 3.92 4.01 +1.0%
Book value 16.24 19.11 15.99 15.05 14.02 13.47 14.51 34.04 37.86 36.12 51.43 +9.3%
Shares, m 211 297 411 414 431 446 448 484 585 625 629 +12.8%
Valuation, ×
Valuation, × P/E 34.97 40.78 19.27 24.49 28.01 17.44 16.65 12.80 19.38 13.56 13.32 22.7
P/S 1.39 1.34 1.76 3.08 1.94 1.59 1.28 1.95 2.71 1.37 1.27 1.8
P/B 3.62 2.86 3.37 5.03 2.74 4.36 4.41 2.09 2.65 2.03 1.68 3.3
EV/Sales 2.30 2.03 2.51 4.31 3.54 2.40 1.88 3.15 4.15 2.31 1.92 2.9
EV/FCF 27.17 30.81 697.74 (23.01) (102.11) 21.49 24.66 19.72 31.40 31.81 32.80 76.0
Cash, $m
Cash, $m Operating cash flow 1,353 1,315 2,187 1,947 1,899 2,546 2,906 4,421 4,888 5,599 5,912 +17.1%
Capex (599) (512) (2,141) (3,848) (2,195) (697) (1,202) (1,595) (2,021) (3,152) (3,384) +20.3%
Free cash flow 754 803 45 (1,902) (296) 1,849 1,704 2,826 2,867 2,447 2,528 +14.0%
Balance, $m
Balance, $m Working capital (1,407) (903) (710) (550) 525 (810) (503) (344) (481) (1,877) (1,168) +3.3%
Net debt 8,082 8,487 9,369 12,466 13,712 13,497 13,401 21,329 31,344 31,918 28,249 +16.5%
Shareholders’ equity 3,429 5,685 6,580 6,226 6,042 6,015 6,494 16,484 22,133 22,569 32,460 +23.3%
Returns, %
Returns, % ROA 2.23 2.35 6.56 6.38 2.73 6.42 7.17 7.74 5.60 5.19 5.77 +3.0 pt
ROIC 7.04 6.14 7.19 6.40 4.31 8.32 8.82 6.73 5.83 6.59 6.30 (0.5) pt
ROE 9.79 8.49 18.76 19.95 9.97 24.86 27.52 23.14 15.71 15.18 14.89 +5.4 pt
People
People Employees 2,384 2,470 2,684 2,882 2,886 2,847 2,966 4,775 5,177 6,326 — +11.5%
Revenue/emp, $m 3.74 4.93 4.69 3.53 2.96 5.81 7.55 3.70 4.19 5.32 — +4.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

ONEOK is a midstream energy company: it moves and processes oil and natural gas after they are produced and before they reach many of their end users. Founded in 1906 and headquartered in Tulsa, it is led by President and Chief Executive Officer Pierce H. Norton II.

The company gathers raw natural gas from wells, removes natural gas liquids, or NGLs, and delivers the remaining gas to pipelines, storage facilities and customers. NGLs include products such as ethane and propane. ONEOK transports and separates those liquids into individual products for customers including petrochemical companies, propane distributors, refineries and exporters.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Natural Gas Liquids 16,010 47.61%
Refined Products and Crude Oil 13,039 38.77%
Natural Gas Gathering and Processing 7,684 22.85%
Natural Gas Pipelines 1,846 5.49%
Gross margin 30.50%
Operating margin 17.07%
Pre-tax margin 13.35%

Revenue by segment since 2009

ONEOK, Inc. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMB Williams Companies, Inc. (The) $80.3B 24.7× 29.8× +10.26% (above 0%: growing) +16.89% (above 0%: growing) −262.96% (below 0%: shrinking) 80.83% 35.25% Compare
EPD Enterprise Products Partners L.P. $79.1B 12.2× 12.6× +49.28% (above 0%: growing) +22.95% (above 0%: growing) +1,121.03% (above 0%: growing) 10.94% 11.09% Compare
KMI Kinder Morgan, Inc. $67.3B 18.7× 22.0× +9.29% (above 0%: growing) +21.43% (above 0%: growing) −1.32% (below 0%: shrinking) 65.44% 25.60% Compare
ET Energy Transfer LP $66.1B 12.6× 12.0× +85.94% (above 0%: growing) +17.86% (above 0%: growing) +215.45% (above 0%: growing) 17.71% 7.50% Compare
TRP TC Energy Corporation $65.2B 26.0× 23.4× +5.59% (above 0%: growing) +18.28% (above 0%: growing) +24.24% (above 0%: growing) 70.23% 54.92% Compare
TRGP Targa Resources, Inc. $58.3B 24.1× 27.8× +34.87% (above 0%: growing) +38.01% (above 0%: growing) +265.70% (above 0%: growing) 36.08% 19.58% Compare
MPLX MPLX LP $57.3B 13.2× 14.0× −0.39% (below 0%: shrinking) −23.83% (below 0%: shrinking) −23.76% (below 0%: shrinking) 56.01% 40.94% Compare
LNG Cheniere Energy, Inc. $57.1B 19.4× 27.5× +39.00% (above 0%: growing) +19.12% (above 0%: growing) +163.53% (above 0%: growing) 39.30% 31.02% Compare
OKE ONEOK, Inc. $54.4B 13.3× 15.2× +44.26% (above 0%: growing) +47.18% (above 0%: growing) −46.10% (below 0%: shrinking) 22.83% 12.59%
Median of peers $65.6B 19.1× 22.7× +22.57% +18.70% +93.89% 47.66% 28.31%

All 57 Oil & Gas Midstream stocks →

From the latest earnings call

Updated

  • CEO Pierce Norton said ONEOK sees demand for natural gas across power generation, industry and exports, with opportunities extending into processing, liquids and crude.
  • CFO Walt Hulse said ONEOK intends to operate with lower leverage and expects the Brazos acquisition to defer meaningful cash tax payments until 2032.

Pay and ownership Proxy statement filed 1 April 2026

Ownership

Directors and executive officers, together less than 1%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

ONEOK, Inc. (OKE) Latest News

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10 Sep

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OKE metrics, ten years each

stockrow.com/OKE · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com