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Oneok OKE Q4 2025 Annual earnings

Reported February 23, 2026 · After market close

Revenue$9.1BBeat by $318.4M
EPS$1.55Beat by $0.05
Revenue estimate$8.7B
EPS estimate$1.50

Next report

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

Financials

Q4 2025

Income statement

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Revenue$9.1B+29.5%
Gross profit$2.7B+6.6%
Operating income$1.5B-2.3%
Net income$977.0M+5.9%
EPS (diluted)$1.55-1.3%

Balance sheet

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Cash & equivalents$78.0M-89.4%
Total debt$31.8B+1.9%
Total equity$22.5B+32.0%
Total assets$66.6B+4.0%

Cash flow

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Operating cash flow$1.5B-4.0%
CapEx$970.0M+72.6%
Free cash flow$576.0M-45.1%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$46.25B-21.0%
Enterprise value$77.98B-12.4%
P/E13.6×-5.7×
P/S1.4×-1.3×

Profitability

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Gross margin30.5%-8.2pp
Operating margin17.1%-5.9pp
Net margin10.1%-3.9pp
FCF margin7.3%-5.9pp

Returns & leverage

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Return on equity17.2%-0.9pp
Debt / equity1.4×-0.4×
Current ratio0.7×-0.2×

Segments

By product

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Liquids commodity sales$8.2B+26.6%
Transportation and storage revenue$900.0M-2.3%
Residue natural gas sales$885.0M+52.6%
Exchange services and natural gas gathering and processing revenue$314.0M+65.3%
Other revenue$46.0M-9.8%

By segment

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Refined Products and Crude Oil$4.0B+146%
Natural Gas Liquids$4.0B-12.1%
Natural Gas Gathering and Processing$1.8B-1.6%
Natural Gas Pipelines$527.0M+73.9%

FAQ

When did Oneok report Q4 2025 earnings?
Oneok (OKE) reported Q4 2025 earnings on February 23, 2026 after market close.
What were Oneok's Q4 2025 revenue and EPS?
Oneok reported revenue of $9.1B and eps of $1.55 for Q4 2025.
Did Oneok beat estimates in Q4 2025?
Revenue beat the consensus estimate of $8.7B by $318.4M. EPS beat the consensus estimate of $1.50 by $0.05.
How did Oneok's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 29.5% from $7.0B a year earlier and eps declined 1.3% from $1.57.
Where can I find Oneok's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001039684-26-000004) and the 10-K periodic report (0001039684-26-000006) directly on SEC EDGAR. The filing index links above go to sec.gov.