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. In the quarter to June 2026, revenue grew 52.8%, EPS grew 14.2%, free cash flow grew 85.6% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years, operating cash flow growth for five; insiders bought in the last twelve months.
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ONEOK, Inc. (OKE) Operating margin
ONEOK, Inc.'s operating margin over the twelve months to 30 June 2026 was 15.5%, down 1.6 percentage points from fiscal 2025 (17.1%). Over the past ten years it has ranged from 11.4% (fiscal 2017) to 23.0% (fiscal 2023); the current reading is higher than 73% of that period. That is below the Oil & Gas Midstream industry median of 34.2% and above the Energy sector median of 14.5%.
Operating margin, annual
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Annual newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| FY2025 | 17.1% | (5.92) |
| FY2024 | 23.0% | (0.05) |
| FY2023 | 23.0% | 10.50 |
| FY2022 | 12.5% | (3.16) |
| FY2021 | 15.7% | (0.24) |
| FY2020 | 15.9% | (2.89) |
| FY2019 | 18.8% | 4.25 |
| FY2018 | 14.6% | 3.15 |
| FY2017 | 11.4% | (3.10) |
| FY2016 | 14.5% | 1.70 |
Quarterly newest first
| Period | Operating margin | Change (points) |
|---|---|---|
| Jun 2026 | 13.2% | (1.63) |
| Mar 2026 | 14.9% | (2.05) |
| Dec 2025 | 16.9% | (1.14) |
| Sep 2025 | 18.0% | (0.10) |
| 42 more quarters | Free account |
Against its own ten years
Operating margin against peers
| Company | Operating margin |
|---|---|
| TRP TC Energy Corporation compare | 53.9% |
| MPLX MPLX LP compare | 44.4% |
| WMB Williams Companies, Inc. (The) compare | 38.2% |
| LNG Cheniere Energy, Inc. compare | 29.9% |
| KMI Kinder Morgan, Inc. compare | 29.1% |
| TRGP Targa Resources, Inc. compare | 22.9% |
| OKE ONEOK, Inc. | 15.5% |
| EPD Enterprise Products Partners L.P. compare | 13.4% |
| ET Energy Transfer LP compare | 10.0% |
| Oil & Gas Midstream industry median | 34.2% |
| Energy sector median | 14.5% |
| Market median | 0.00% |
What Operating margin is
EBIT Margin tells an investor how much operating profit, before interest and taxes, a company keeps from each unit of revenue.
EBIT ÷ Revenue
More on OKE
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
- The full statement