Income StatementBalance SheetCash FlowSegments
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Oneok Business Segments

Business, geographic, and product segment breakdowns

Oneok generates $35.2B in annual revenue across 4 key segments: Natural Gas Gathering and Processing ($4.5B), Natural Gas Liquids ($11.8B), Natural Gas Pipelines ($1.1B), and Refined Products and Crude Oil ($12.4B). The company-wide operating margin is 16.9%. Based on the Q1 2026 filing.

Natural Gas Gathering and Processing (TTM)$4.5BNatural Gas Liquids (TTM)$11.8BNatural Gas Pipelines (TTM)$1.1BRefined Products and Crude Oil (TTM)$12.4B
Latest FilingQ1 2026
Report Date2026-04-29
Market Cap$55.7B
P/E Ratio15.78
ROE16.15%

Products & Services

Total revenues (Note J)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Liquids commodity sales$6.5B$7.2B$7.2B$7.8B$8.2B$8.6B
Residue natural gas sales$580.0M$1.0B$705.0M$764.0M$885.0M$1.2B
Transportation and storage revenue$921.0M$814.0M$746.0M$780.0M$820.0M$801.0M
Exchange services and natural gas gathering and processing revenue$190.0M$287.0M$383.0M$409.0M$394.0M$343.0M
Other revenue$51.0M$38.0M$42.0M$40.0M$46.0M$42.0M

Business Segments

Adjusted EBITDA from unconsolidated affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$54.0M$61.0M$55.0M$63.0M$65.0M$78.0M
Natural Gas Liquids$25.0M$28.0M$22.0M$26.0M$25.0M$27.0M
Refined Products and Crude Oil$130.0M$48.0M$34.0M$40.0M$44.0M$24.0M
Natural Gas Gathering and Processing$0.0$2.0M$1.0M$1.0M$1.0M$1.0M

CapEx

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Gathering and Processing$173.0M$241.0M$341.0M$302.0M$430.0M$317.0M
Natural Gas Liquids$202.0M$171.0M$135.0M$218.0M$234.0M$310.0M
Refined Products and Crude Oil$96.0M$141.0M$184.0M$214.0M$213.0M$180.0M
Natural Gas Pipelines$71.0M$62.0M$52.0M$55.0M$68.0M$46.0M

Cost of Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil$932.0M$1.8B$2.2B$2.9B$3.3B$4.1B
Natural Gas Liquids$3.6B$3.5B$3.0B$3.0B$3.1B$2.8B
Natural Gas Gathering and Processing$1.1B$1.5B$1.1B$1.0B$1.0B$1.3B
Natural Gas Pipelines$94.0M$261.0M$219.0M$255.0M$270.0M$310.0M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Gathering and Processing$110.0M$126.0M$122.0M$126.0M$127.0M$135.0M
Refined Products and Crude Oil$100.0M$116.0M$106.0M$108.0M$108.0M$109.0M
Natural Gas Liquids$101.0M$113.0M$112.0M$116.0M$127.0M$107.0M
Natural Gas Pipelines$31.0M$23.0M$25.0M$25.0M$25.0M$25.0M

Direct Operating Costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Gathering and Processing$238.0M$257.0M$236.0M$244.0M$251.0M$245.0M
Refined Products and Crude Oil$238.0M$224.0M$217.0M$231.0M$234.0M$228.0M
Natural Gas Liquids$217.0M$210.0M$203.0M$202.0M$216.0M$208.0M
Natural Gas Pipelines$76.0M$52.0M$56.0M$59.0M$64.0M$60.0M

Equity in net earnings from investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$41.0M$39.0M$38.0M$39.0M$54.0M$58.0M
Natural Gas Liquids$22.0M$27.0M$18.0M$24.0M$22.0M$24.0M
Refined Products and Crude Oil$121.0M$40.0M$25.0M$28.0M$29.0M$7.0M
Natural Gas Gathering and Processing-$1.0M$2.0M$0.0$1.0M$0.0$0.0

Goodwill, Measurement Period Adjustment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Gathering and Processing$0.0$2.0M$2.0M$2.0M$2.0M—
Natural Gas Liquids$0.0-$11.3M-$11.3M-$11.3M-$11.3M—
Natural Gas Pipelines$0.0$500.0K$500.0K$500.0K$500.0K—
Refined Products and Crude$41.3M$1.0M$1.0M$1.0M$1.0M—

Impairment of equity investments (Note H)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil—————$60.0M
Natural Gas Gathering and Processing—————$0.0
Natural Gas Liquids—————$0.0
Natural Gas Pipelines—————$0.0

Investments in unconsolidated affiliates

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil$1.0B$1.0B$1.0B$1.3B$1.3B$1.2B
Natural Gas Pipelines$764.0M$811.0M$843.0M$860.0M$929.0M$1.0B
Natural Gas Liquids$484.0M$524.0M$550.0M$597.0M$652.0M$718.0M
Natural Gas Gathering and Processing$33.0M$37.0M$39.0M$40.0M$40.0M$40.0M

Noncash compensation expense and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil$14.0M$14.0M$7.0M$17.0M$11.0M$32.0M
Natural Gas Liquids$5.0M$6.0M$13.0M$6.0M$7.0M$9.0M
Natural Gas Gathering and Processing$4.0M$5.0M$9.0M$6.0M$34.0M$7.0M
Natural Gas Pipelines$2.0M$0.0$3.0M$1.0M$3.0M$5.0M

Segment adjusted EBITDA

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Liquids$696.0M$635.0M$673.0M$748.0M$723.0M$706.0M
Refined Products and Crude Oil$603.0M$471.0M$557.0M$582.0M$567.0M$492.0M
Natural Gas Gathering and Processing$489.0M$491.0M$540.0M$566.0M$541.0M$467.0M
Natural Gas Pipelines$417.0M$212.0M$188.0M$200.0M$261.0M$339.0M

Total revenues (Note J)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Refined Products and Crude Oil$1.6B$2.5B$2.9B$3.6B$4.0B$4.7B
Natural Gas Liquids$4.5B$4.3B$3.9B$3.9B$4.0B$3.6B
Natural Gas Gathering and Processing$1.8B$2.2B$1.8B$1.8B$1.8B$2.0B
Natural Gas Pipelines$303.0M$464.0M$405.0M$450.0M$527.0M$626.0M

Goodwill (Note F)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Natural Gas Pipelines$353.0M———$355.0M—