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Oneok OKE Q2 2025 earnings

Reported August 4, 2025 · After market close

Revenue$7.9BBeat by $199.0M
EPS$1.34Beat by $0.01
Revenue estimate$7.7B
EPS estimate$1.33

Next report

Oct 27, 2026 (In 3 weeks)
Revenue estimate$10.5B
EPS estimate$1.46

Financials

Q2 2025

Income statement

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Revenue$7.9B+61.2%
Gross profit$2.5B+26.2%
Operating income$1.4B+16.4%
Net income$841.0M+7.8%
EPS (diluted)$1.34+0.8%

Balance sheet

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Cash & equivalents$97.0M+169%
Total debt$30.8B+50.3%
Total equity$21.8B+30.6%
Total assets$64.5B+44.9%

Cash flow

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Operating cash flow$1.5B+6.6%
CapEx$749.0M+56.4%
Free cash flow$776.0M-18.4%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$50.32B+5.6%
Enterprise value$81.05B+19.0%
P/E16.3×-2.3×
P/S1.8×-0.7×

Profitability

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Gross margin33.7%-4.1pp
Operating margin19.1%-2.5pp
Net margin11.1%-2.3pp
FCF margin10.3%-2.6pp

Returns & leverage

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Return on equity16.1%-5.4pp
Debt / equity1.4×+0.2×
Current ratio0.6×0.0×

Segments

By product

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Liquids commodity sales$7.2B+59.8%
Transportation and storage revenue$746.0M+6.0%
Residue natural gas sales$705.0M+317%
Exchange services and natural gas gathering and processing revenue$383.0M—
Other revenue$42.0M+27.3%

By segment

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Natural Gas Liquids$3.9B+9.7%
Refined Products and Crude Oil$2.9B+187%
Natural Gas Gathering and Processing$1.8B+118%

FAQ

When did Oneok report Q2 2025 earnings?
Oneok (OKE) reported Q2 2025 earnings on August 4, 2025 after market close.
What were Oneok's Q2 2025 revenue and EPS?
Oneok reported revenue of $7.9B and eps of $1.34 for Q2 2025.
Did Oneok beat estimates in Q2 2025?
Revenue beat the consensus estimate of $7.7B by $199.0M. EPS beat the consensus estimate of $1.33 by $0.01.
How did Oneok's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 61.2% from $4.9B a year earlier and eps grew 0.8% from $1.33.
Where can I find Oneok's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001039684-25-000110) and the 10-Q periodic report (0001039684-25-000114) directly on SEC EDGAR. The filing index links above go to sec.gov.