Sunday 1 November 2026 Export OKE’s income statement to Excel — free account

ONEOK, Inc.

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

Revenue: +52.8%
EPS: +14.2%
Free cash flow: +85.6%
Total debt: +0.83%

Quarter to June 2026, against a year earlier

97.07 1.25 +1.30%

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Market cap: $60.4B
P/E: 16.7×
Fwd P/E: 15.2×
Dividend yield: 5.47%
F-score: 5/9
Altman Z: 1.43
Beneish M: −2.14
Dividend safety: 34/100

Overview Business Profile Earnings & Analysis Segments Filings

ONEOK, Inc. (OKE) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2020	FY2019	FY2018	FY2017
Commodity sales	7,255 84.93%	8,916 87.72%	11,396 90.49%	9,863 81.01%
Services and other	1,287 15.07%	1,248 12.28%	1,198 9.51%	2,311 18.99%
Also reported: a second breakdown of the same revenue
NGL and Condensate Sales	6,478 75.83%	7,945 78.16%	10,301 81.80%	—
Residue natural gas sales	769 9.01%	966 9.50%	1,091 8.66%	—
Transportation and storage revenue	638 7.47%	648 6.38%	603 4.79%	—
Exchange services and natural gas gathering and processing revenue	631 7.38%	579 5.69%	568 4.51%	—
Other revenue	26 0.31%	27 0.27%	29 0.23%	—
Revenue	8,542	10,164	12,593	12,174

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Natural Gas Liquids	16,010 47.61%	15,167 69.90%	14,429 81.63%	19,067 85.17%	14,392 87.01%	7,090 83.00%	8,533 83.95%	10,935 86.83%	10,626 87.29%	7,676 86.04%	6,580 84.75%	10,545 86.47%	10,778 90.79%	9,257 90.89%	—	—	—
Refined Products and Crude Oil	13,039 38.77%	4,460 20.55%	1,071 6.06%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Natural Gas Gathering and Processing	7,684 22.85%	4,589 21.15%	4,056 22.95%	6,533 29.18%	4,461 26.97%	1,820 21.31%	2,369 23.30%	3,035 24.10%	3,027 24.86%	2,052 23.00%	1,837 23.66%	2,968 24.33%	2,051 17.28%	1,516 14.88%	—	—	—
Natural Gas Pipelines	1,846 5.49%	822 3.79%	623 3.52%	579 2.59%	607 3.67%	480 5.62%	472 4.64%	432 3.43%	420 3.45%	379 4.25%	332 4.28%	350 2.87%	326 2.74%	320 3.15%	—	—	—
Other and Eliminations	—	—	—	—	—	(848) (9.93%)	(1,209) (11.89%)	(1,808) (14.35%)	(1,899) (15.60%)	(1,186) (13.29%)	(986) (12.70%)	(1,668) (13.68%)	(1,283) (10.81%)	(909) (8.92%)	(915) (6.18%)	(1,116) (8.80%)	(1,061) (9.82%)
Oneok Partners	—	—	—	—	—	—	—	—	—	—	—	—	—	—	11,323 76.47%	8,676 68.43%	6,474 59.92%
Energy Services	—	—	—	—	—	—	—	—	—	—	—	—	—	—	2,777 18.76%	3,301 26.04%	3,554 32.89%
Distribution Regulated	—	—	—	—	—	—	—	—	—	—	—	—	—	—	1,621 10.95%	1,817 14.33%	1,839 17.02%
Eliminations	(4,950) (14.72%)	(3,340) (15.39%)	(2,502) (14.15%)	(3,792) (16.94%)	(2,920) (17.65%)	—	—	—	—	—	—	—	—	—	—	—	—
Total Segments	—	—	—	—	—	9,390	11,373	14,401	14,073	10,107	8,749	13,863	—	—	—	—	—
Revenue	33,629	21,698	17,677	22,387	16,540	8,542	10,164	12,593	12,174	8,921	7,763	12,195	11,872	10,184	14,806	12,679	10,806

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Natural Gas Liquids	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural Gas Pipelines	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural Gas Gathering and Processing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other and Eliminations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Oneok Partners	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Distribution Regulated	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Energy Services	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average Conway-to-Mont Belvieu OPIS price differential - ethane in ethane/propane mix	Q3 FY2026	$0.05	$0.01	+400.00%
Natural gas processed	Q3 FY2026	5.9B	—	—
Natural gas transportation capacity contracted	Q3 FY2026	7.8M	4.7M	+67.06%
Raw feed throughput	Q3 FY2026	1.7M	1.6M	+5.53%
Remaining performance obligations	Q2 FY2026	$6.8B	$7.0B	−2.14%
Total crude oil volume shipped	Q3 FY2026	1.7M	1.8M	−6.62%
Total refined products volume shipped	Q3 FY2026	1.6M	1.5M	+5.83%
Transportation capacity contracted	Q3 FY2026	92.0%	97.0%	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q1 FY2020	Q4 FY2019	Q3 FY2019	Q2 FY2019	Q1 FY2019	Q4 FY2018	Q3 FY2018	Q2 FY2018	Q1 FY2018
Average Conway-to-Mont Belvieu OPIS price differential - ethane in ethane/propane mix	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas processed	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas transportation capacity contracted	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Raw feed throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total crude oil volume shipped	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total refined products volume shipped	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transportation capacity contracted	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.