ONEOK, Inc.

OKE · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$46,249	$58,554	$40,907	$29,365	$26,203	$17,115	$33,744	$24,058	$15,900	$12,121	$5,184	$10,426	$11,217	$7,716	$7,945	$5,165	$4,111	$2,661	$4,208	$4,229	$2,343	$2,537	$1,558	$1,679	$1,553	$1,230	$669	$801	$784	$651	$514	$421	$501	$396	$325	$307	$368	$208	$456	$392	$350
Enterprise value	$79,071	$95,211	$62,333	$42,846	$39,790	$30,928	$46,446	$33,427	$25,159	$24,553	$17,497	$21,925	$21,909	$16,585	$15,122	$11,403	$10,690	$9,746	$9,829	$9,017	$5,907	$5,143	$4,131	$3,497	$3,994	$3,538	$1,928	$1,343	$1,162	$1,052	$921	$844	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	13.63×	19.30×	15.39×	17.06×	17.48×	27.98×	26.41×	20.91×	41.08×	34.43×	21.16×	33.19×	42.08×	21.40×	22.03×	15.44×	13.46×	8.53×	13.80×	13.81×	4.29×	10.48×	13.85×	10.07×	15.29×	8.45×	18.94×	7.87×	13.22×	12.32×	12.01×	11.63×	13.04×	12.15×	9.04×	9.31×	10.06×	29.25×	23.51×	11.35×	9.33×
P/S (TTM) at period end	1.38×	2.70×	2.31×	1.31×	1.58×	2.00×	3.32×	1.91×	1.31×	1.36×	0.67×	0.85×	0.94×	0.76×	0.70×	0.41×	0.38×	0.16×	0.31×	0.36×	0.18×	0.42×	0.52×	0.80×	0.23×	0.19×	0.83×	0.44×	0.67×	0.53×	0.54×	0.53×	0.63×	0.58×	0.47×	0.46×	0.60×	0.36×	0.78×	0.53×	0.33×
P/B at period end	2.06×	3.44×	2.48×	4.52×	4.36×	2.83×	5.42×	3.66×	2.88×	64.22×	15.44×	17.61×	4.80×	3.62×	3.55×	2.11×	1.86×	1.27×	2.14×	1.91×	1.31×	1.58×	1.26×	1.23×	1.23×	1.00×	0.58×	0.69×	1.69×	1.54×	1.29×	1.11×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	10.90×	15.55×	12.88×	12.48×	12.36×	15.94×	19.43×	14.76×	13.99×	14.55×	12.95×	15.24×	19.56×	14.31×	13.73×	9.12×	9.12×	8.39×	9.36×	9.11×	8.23×	7.58×	6.81×	6.71×	8.80×	7.40×	14.93×	4.41×	5.73×	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	2.35×	4.39×	3.53×	1.91×	2.41×	3.62×	4.57×	2.65×	2.07×	2.75×	2.25×	1.80×	1.85×	1.63×	1.34×	0.90×	0.99×	0.60×	0.73×	0.76×	0.47×	0.86×	1.38×	1.66×	0.59×	0.53×	2.38×	0.73×	1.00×	0.86×	0.97×	1.06×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	15.1%	17.8%	16.1%	26.5%	24.9%	10.1%	20.5%	17.5%	7.0%	186.5%	73.0%	53.0%	11.4%	16.9%	16.1%	13.7%	13.8%	14.9%	15.5%	13.8%	30.5%	15.1%	9.1%	12.2%	8.0%	11.9%	3.1%	8.7%	12.8%	12.5%	10.8%	9.5%	–	–	–	–	–	–	–	–	–
Return on invested capital	8.0%	7.0%	8.2%	10.8%	10.0%	5.2%	7.8%	8.8%	5.4%	8.0%	5.8%	7.7%	5.3%	6.8%	7.8%	7.7%	7.0%	7.6%	7.9%	7.9%	6.2%	7.2%	7.3%	7.0%	5.3%	5.8%	2.2%	7.2%	9.6%	9.0%	8.2%	7.2%	–	–	–	–	–	–	–	–	–
Dividend yield	5.6%	4.0%	4.5%	5.7%	6.4%	9.4%	4.3%	5.5%	5.2%	4.3%	9.8%	4.3%	2.7%	3.4%	2.9%	3.7%	4.2%	6.1%	3.6%	3.2%	4.7%	3.5%	4.6%	4.4%	4.8%	5.7%	4.2%	6.8%	3.6%	4.3%	5.9%	7.1%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.71×	0.90×	0.90×	0.84×	0.75×	1.39×	0.73×	0.66×	0.66×	0.50×	0.60×	0.55×	0.88×	0.98×	0.71×	0.76×	0.78×	0.81×	1.02×	1.66×	1.05×	0.87×	0.93×	0.91×	0.87×	0.94×	0.75×	0.73×	1.10×	1.15×	1.12×	1.14×	–	–	–	–	–	–	–	–	–
Debt / equity	1.42×	1.88×	1.31×	2.10×	2.27×	2.36×	2.01×	1.43×	1.54×	44.14×	25.12×	12.09×	3.32×	3.06×	2.19×	1.77×	2.09×	2.03×	2.46×	1.83×	1.99×	1.57×	2.00×	1.31×	1.86×	1.77×	1.09×	0.46×	0.85×	0.95×	1.05×	1.13×	–	–	–	–	–	–	–	–	–
Effective tax rate	22.9%	24.3%	24.0%	23.5%	24.4%	23.6%	22.6%	23.9%	43.0%	22.2%	26.2%	18.4%	22.0%	21.1%	20.0%	28.4%	29.6%	24.4%	27.0%	26.8%	37.6%	38.2%	37.9%	39.7%	33.5%	38.6%	39.1%	39.5%	37.0%	38.5%	37.2%	36.8%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	626	586	485	448	447	432	415	414	300	212	211	210	210	211	214	216	213	212	219	229	216	211	194	201	199	197	202	122	111	109	107	107	106	106	107	108	112	112	112	110	106

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$39,366	$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	$11,325	$12,679	$10,806	$16,157	$13,477	$11,896	$12,676	$5,988	$2,999	$2,104	$6,803	$6,643	$809	$1,835	$1,162	$1,224	$950	$792	$789	$677	$690	$668	$618	$571	$587	$737	$1,049
Cost of revenue	($28,653)	($23,373)	($13,311)	($11,929)	($17,910)	($12,257)	($5,110)	($6,788)	($9,423)	($9,538)	($6,496)	($5,641)	($10,089)	($10,222)	($8,540)	($9,745)	($10,617)	($8,808)	($14,222)	($11,667)	($11,063)	($11,521)	($4,933)	($1,863)	($1,129)	($5,894)	($5,846)	($524)	($1,220)	($726)	($808)	($568)	($432)	–	–	–	–	–	–	–	–	–
Gross profit	$10,713	$10,256	$8,387	$5,748	$4,477	$4,283	$3,432	$3,376	$3,170	$2,636	$2,425	$2,122	$2,107	$1,650	$1,644	$1,580	$2,062	$1,998	$1,936	$1,810	$833	$1,155	$1,056	$1,136	$976	$909	$797	$285	$615	$436	$417	$382	$360	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	–	–	–	–	–	–	–	–	($599)	($479)	($438)	($814)	($741)	–	–	–	–	($553)	($499)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($4,602)	($4,515)	($3,398)	($1,676)	($1,670)	($1,687)	($2,071)	($1,462)	($1,335)	($1,244)	($1,129)	($1,126)	($963)	($769)	($690)	($658)	($1,120)	($1,115)	($1,019)	($988)	($78)	($620)	($566)	($690)	($604)	($614)	($463)	($199)	($412)	($308)	($296)	($277)	($268)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($33,255)	($27,888)	($16,709)	($13,605)	($19,580)	($13,944)	($7,181)	($8,250)	($10,758)	($10,782)	($7,625)	($6,767)	($11,052)	($10,991)	($9,231)	($10,403)	($11,736)	($9,923)	($15,240)	($12,655)	($11,141)	($12,141)	($5,498)	($2,553)	($1,733)	($6,508)	($6,309)	($723)	($1,632)	($1,034)	($1,104)	($845)	($701)	–	–	–	–	–	–	–	–	–
Operating income	$6,111	$5,741	$4,989	$4,072	$2,807	$2,596	$1,361	$1,914	$1,835	$1,392	$1,296	$996	$1,144	$881	$953	$922	$943	$883	$917	$823	$755	$535	$490	$446	$371	$295	$334	$86	$203	$128	$120	$105	$92	$789	$677	$690	$668	$618	$571	$587	$737	$1,049
Earnings
EBITDA	$7,642	$7,255	$6,123	$4,841	$3,433	$3,218	$1,940	$2,391	$2,264	$1,798	$1,687	$1,351	$1,438	$1,120	$1,159	$1,102	$1,250	$1,172	$1,161	$1,051	$990	$718	$679	$607	$521	$454	$478	$129	$305	$203	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	–	$33	$39	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,776)	($1,783)	($1,371)	($866)	($676)	($733)	($713)	($492)	($470)	($486)	($470)	($417)	($356)	($271)	($238)	($240)	($292)	($301)	($264)	($256)	($240)	($148)	($103)	($200)	($109)	($141)	($80)	($28)	($35)	($34)	($35)	($37)	($34)	–	–	–	–	–	–	–	–	–
Pre-tax income	$4,776	$4,490	$4,110	$3,497	$2,250	$1,984	$802	$1,651	$1,518	$1,041	$958	$522	$820	$755	$859	$806	$754	$687	$795	$683	$722	$646	$392	$345	$258	$156	$234	$58	$168	$94	$86	$68	$57	–	–	–	–	–	–	–	–	–
Income tax expense	($1,115)	($1,028)	($998)	($838)	($528)	($484)	($190)	($372)	($363)	($447)	($212)	($137)	($151)	($166)	($181)	($162)	($214)	($203)	($194)	($185)	($194)	($243)	($150)	($131)	($102)	($52)	($90)	($23)	($67)	($35)	($33)	($25)	($21)	($751)	($644)	($654)	($635)	($582)	($564)	($568)	($702)	($1,012)
Net income	$3,656	$3,393	$3,035	$2,659	$1,722	$1,500	$613	$1,279	$1,152	$388	$352	$245	$314	$267	$361	$361	$335	$305	$312	$305	$306	$547	$242	$112	$167	$102	$146	$35	$102	$59	$53	$43	$36	$38	$33	$36	$33	$37	$7	$19	$34	$38
Per share
Diluted EPS (GAAP)	$5.80	$5.42	$5.17	$5.48	$3.84	$3.35	$1.42	$3.07	$2.78	$1.29	$1.66	$1.16	$1.49	$1.27	$1.71	$1.68	$1.55	$1.44	$1.48	$1.40	$1.34	$2.53	$1.15	$0.61	$0.70	$0.43	$0.62	$0.18	$0.56	$0.53	$0.48	$0.40	$0.34	$0.36	$0.30	$0.33	$0.30	$0.32	$0.06	$0.17	$0.31	$0.35
Basic EPS (GAAP)	$5.80	$5.43	$5.19	$5.49	$3.85	$3.36	$1.42	$3.09	$2.80	$1.30	$1.67	$1.17	$1.50	$1.29	$1.75	$1.72	$1.57	$1.45	$1.50	$1.42	$1.37	$2.72	$1.19	$0.74	$0.70	$0.43	$0.62	$0.19	$0.61	$0.53	$0.48	$0.40	$0.34	$0.36	$0.30	$0.33	$0.30	$0.32	$0.06	$0.17	$0.31	$0.35
Basic shares outstanding	631	625	585	484	448	446	431	414	411	297	211	210	209	206	206	209	213	211	209	215	224	201	204	161	200	199	117	122	122	111	109	107	107	106	106	107	108	112	112	112	110	106
Margins
Gross margin	27.2%	30.5%	38.7%	32.5%	20.0%	25.9%	40.2%	33.2%	25.2%	21.7%	27.2%	27.3%	17.3%	13.9%	16.1%	13.9%	16.3%	18.5%	12.0%	13.4%	7.0%	9.1%	17.6%	37.9%	46.4%	13.4%	12.0%	35.3%	33.5%	37.5%	34.0%	40.2%	45.4%	–	–	–	–	–	–	–	–	–
Operating margin	15.5%	17.1%	23.0%	23.0%	12.5%	15.7%	15.9%	18.8%	14.6%	11.4%	14.5%	12.8%	9.4%	7.4%	9.4%	8.1%	7.4%	8.2%	5.7%	6.1%	6.3%	4.2%	8.2%	14.9%	17.7%	4.3%	5.0%	10.6%	11.1%	11.0%	9.8%	11.1%	11.5%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	9.3%	10.1%	14.0%	15.0%	7.7%	9.1%	7.2%	12.6%	9.1%	3.2%	3.9%	3.2%	2.6%	2.2%	3.5%	3.2%	2.6%	2.8%	1.9%	2.3%	2.6%	4.3%	4.0%	3.8%	7.9%	1.5%	2.2%	4.4%	5.5%	5.1%	4.3%	4.5%	4.6%	4.9%	4.8%	5.2%	4.9%	5.9%	1.2%	3.3%	4.7%	3.6%

Analyst consensus

Hold39 analysts

Bearish · 0 · Hold · 22 · Bullish · 17

Earnings history

	EPS	Estimate
Q3 2024	$1.18	$1.23	Miss
Q4 2024	$1.57	$1.46	Beat
Q1 2025	$1.04	$1.24	Miss
Q2 2025	$1.34	$1.33	Beat
Q3 2025	$1.49	$1.44	Beat
Q4 2025	$1.55	$1.50	Beat
Q1 2026	$1.23	$1.30	Miss
Q2 2026	$1.53	$1.46	Beat

Peers

Company overview

IPO dateOct 1, 1980

CEOPierce H. Norton

Employees6,326

SectorEnergy

IndustryOil & Gas Midstream

CountryUS

ExchangeNew York Stock Exchange

Websitewww.oneok.com

ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. Its primary focus is the comprehensive management of natural gas, encompassing gathering, processing, storage, and transportation. These operations are structured into three distinct segments: Natural Gas Gathering and Processing, Natural Gas Liquids (NGL), and Natural Gas Pipelines. The company owns an extensive system of natural gas gathering pipelines and processing plants, predominantly situated in the Mid-Continent and Rocky Mountain regions. Furthermore, ONEOK manages both federally (FERC) and state-regulated interstate and intrastate natural gas transmission pipelines, alongside crucial natural gas storage facilities. A significant component of ONEOK's business is dedicated to Natural Gas Liquids. The company handles the entire NGL value chain, from collecting, treating, and fractionating to transporting, storing, marketing, and distributing these products. Its NGL infrastructure includes a broad network of gathering and distribution pipelines across Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado. Additionally, NGL terminal and storage assets are maintained in Kansas, Missouri, Nebraska, Iowa, and Illinois. ONEOK also operates pipelines for NGL distribution and refined petroleum products throughout Kansas, Missouri, Nebraska, Iowa, Illinois, and Indiana, supported by integrated truck and rail loading and unloading facilities connected to its NGL fractionation, storage, and pipeline network. The company's substantial physical footprint comprises approximately 17,500 miles of natural gas gathering pipelines, 1,500 miles of FERC-regulated interstate natural gas pipelines, and 5,100 miles of state-regulated intrastate transmission pipelines. The NGL segment benefits from six storage facilities and eight product terminals. Separately, ONEOK also owns and leases a parking garage and excess office space in downtown Tulsa, Oklahoma. ONEOK serves a wide and varied customer base throughout the energy sector. This includes integrated and independent exploration and production (E&P) companies, natural gas and NGL gathering and processing enterprises, crude oil and natural gas producers, propane distributors, municipalities, and ethanol producers. The company also supports petrochemical, refining, and NGL marketing firms, as well as natural gas distribution utilities, electric power generation companies, and various other energy producers, processors, and marketers. Founded in 1906, ONEOK, Inc. is headquartered in Tulsa, Oklahoma.

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