OKE

MKT CAP:$55B

ONEOK, Inc.

Market Cap

$55B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$87.50+$13.16 (+17.70%)

Apr 24, 2026

Company Details

ONEOK, Inc., together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas P...

CEO

Pierce H. Norton

IPO Date

Oct 1, 1980

Website

www.oneok.com

Key Metrics TTM

Revenue

$27.6B

+55.5% YoY

Net Income

$3.4B

EPS (Diluted)

$5.55

Free Cash Flow

$3.1B

Revenue / Share

$43.75

Gross Margin

24.6%

Operating Margin

24.0%

Net Margin

12.3%

FCF Margin

11.3%

P/S

2.0x

P/E

16.2x

Earnings Reports

Q1 2026

Apr 28, 2026

PENDING

Q4 2025

Feb 24, 2026

$9.1BEPS $1.55

Q3 2025

Oct 29, 2025

$8.6B+71.9%EPS $1.49

Q3 2024

Oct 30, 2024

$5.0B+20.8%EPS $1.18

Q2 2024

Aug 6, 2024

$4.9B+34.6%EPS $1.33

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$3.5B	$689M	$647M
Q3 21	$4.8B	$784M	$744M
Q4 21	$5.7B	$795M	$754M
Q1 22	$5.7B	$787M	$737M
Q2 22	$6.3B	$812M	$771M
Q3 22	$6.0B	$841M	$795M
Q4 22	$5.0B	$981M	$757M
Q1 23	$4.5B	$747M	$1.5B
Q2 23	$3.6B	$632M	$585M
Q3 23	$4.2B	$859M	$816M
Q4 23	$5.2B	$1.3B	$1.2B
Q1 24	$4.8B	$1.1B	$1.1B
Q2 24	$4.9B	$1.3B	$1.2B
Q3 24	$5.0B	$1.2B	$1.1B
Q3 25	$8.6B	$1.7B	$1.6B
Q4 25	$9.1B	$2.7B	$2.7B

Valuation

Quarter	P/S	P/E
Q2 21	2.1x	18.4x
Q3 21	1.8x	18.4x
Q4 21	1.6x	17.9x
Q1 22	1.6x	21.1x
Q2 22	1.1x	16.1x
Q3 22	1.0x	14.9x
Q4 22	1.3x	17.6x
Q1 23	1.3x	12.3x
Q2 23	1.5x	11.7x
Q3 23	2.1x	14.7x
Q4 23	2.4x	15.7x
Q1 24	2.6x	20.7x
Q2 24	2.5x	18.7x
Q3 24	2.7x	19.1x
Q3 25	2.0x	15.0x
Q4 25	1.7x	13.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$545M	$397M
Q3 21	$413M	$247M
Q4 21	$1.1B	$849M
Q1 22	$462M	$205M
Q2 22	$787M	$485M
Q3 22	$616M	$289M
Q4 22	$1.0B	$724M
Q1 23	$1.2B	$932M
Q2 23	$772M	$467M
Q3 23	$920M	$522M
Q4 23	$1.5B	$905M
Q1 24	$596M	$84M
Q2 24	$1.4B	$951M
Q3 24	$1.3B	$783M
Q3 25	$1.6B	$820M
Q4 25	$1.5B	$576M

Capital Expenditures

Quarter	CapEx
Q2 21	$147M
Q3 21	$166M
Q4 21	$207M
Q1 22	$257M
Q2 22	$302M
Q3 22	$327M
Q4 22	$316M
Q1 23	$289M
Q2 23	$305M
Q3 23	$398M
Q4 23	$603M
Q1 24	$512M
Q2 24	$479M
Q3 24	$468M
Q3 25	$804M
Q4 25	$970M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+116.1%	+119.0%
Q3 21	+119.1%	+147.6%
Q4 21	+112.4%	+142.9%
Q1 22	+70.1%	+88.0%
Q2 22	+80.0%	+93.9%
Q3 22	+25.9%	+29.4%
Q4 22	-11.9%	-13.8%
Q1 23	-20.5%	-38.5%
Q2 23	-41.8%	-44.3%
Q3 23	-30.6%	-35.7%
Q4 23	+3.0%	-7.8%
Q1 24	+6.3%	+22.8%
Q2 24	+34.6%	+20.1%
Q3 24	+20.8%	+16.2%
Q3 25	+66.6%	+79.5%
Q4 25	+89.6%	+71.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$54M	0.9%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$53M	1.1%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$15M	$0	$15M
Q2 22	$136M	$0	$136M
Q3 22	$22M	$0	$22M
Q4 22	$220M	$0	$220M
Q1 23	$680M	$0	$680M
Q2 23	$106M	$0	$106M
Q3 23	$284M	$0	$284M
Q4 23	$338M	$0	$338M
Q1 24	$65M	$0	$65M
Q2 24	$36M	$0	$36M
Q3 24	$579M	$0	$579M
Q4 24	$733M	$0	$733M
Q1 25	$141M	$0	$141M
Q2 25	$97M	$0	$97M
Q3 25	$1.2B	$0	$1.2B
Q4 25	$78M	$0	$78M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	447M	+0.0%	+6.4%
Q3 21	448M	+0.2%	+0.5%
Q4 21	448M	0.0%	+0.6%
Q1 22	448M	+0.2%	+0.3%
Q2 22	448M	-0.0%	+0.3%
Q3 22	448M	+0.0%	+0.1%
Q4 22	449M	+0.2%	+0.3%
Q1 23	449M	+0.0%	+0.1%
Q2 23	449M	0.0%	+0.2%
Q3 23	458M	+2.0%	+2.2%
Q4 23	586M	+27.8%	+30.4%
Q1 24	586M	+0.0%	+30.4%
Q2 24	586M	+0.0%	+30.5%
Q3 24	587M	+0.2%	+28.0%
Q3 25	628M	+7.1%	+7.3%
Q4 25	631M	+0.5%	+7.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$1M	3K
Q3 21	$2M	3K
Q4 21	$2M	3K
Q1 22	$2M	3K
Q2 22	$2M	3K
Q3 22	$2M	3K
Q4 22	$2M	3K
Q1 23	$2M	3K
Q2 23	$1M	3K
Q3 23	$1M	3K
Q4 23	$1M	5K
Q1 24	$1M	5K
Q2 24	$1M	5K
Q3 24	$1M	5K
Q3 25	$2M	5K
Q4 25	$1M	6K

Revenue / Employee