ONEOK, Inc. (OKE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$1.45	$1.53	+5.5%	—	—	—
Q2 26	$1.3	$1.3	0.0%	—	—	—
Q1 26	$1.32	$1.35	+2.3%	—	—	—
Q4 25	$1.44	$1.49	+3.5%	—	—	—
Q3 25	$1.33	$1.34	+0.8%	—	—	—
Q2 25	$1.24	$1.04	-16.1%	—	—	—
Q1 25	$1.54	$1.57	+1.9%	—	—	—
Q4 24	$1.23	$1.18	-4.1%	—	—	—
Q3 24	$1.19	$1.33	+11.8%	—	—	—
Q2 24	$1.15	$1.09	-5.2%	—	—	—
Q1 24	$1.2	$1.18	-1.7%	—	—	—
Q4 23	$1.05	$0.99	-5.7%	—	—	—
Q3 23	$1.02	$1.04	+2.0%	—	—	—
Q2 23	$2.28	$1.08	-52.6%	—	—	—
Q1 23	$1.02	$1.08	+5.9%	—	—	—
Q4 22	$0.96	$1.03	+7.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.43	—	—	$33.6B	—
FY24	—	$5.19	—	—	$21.7B	—
FY23	—	$5.49	—	—	$17.7B	—
FY22	—	$3.85	—	—	$22.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$8.9B	$12.2B	$12.6B	$10.2B	$8.5B	$16.5B	$22.4B	$17.7B	$21.7B	$33.6B
YoY change	+14.9%	+36.5%	+3.44%	-19.3%	-16%	+93.6%	+35.4%	-21%	+22.7%	+55%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	8.9B	12.2B	12.6B	10.2B	8.5B	16.5B	22.4B	17.7B	21.7B	33.6B
Cost of revenue	6.9B	9.9B	9.9B	7.3B	5.7B	12.9B	18.5B	12.7B	14.4B	24.9B
Gross profit	2B	2.2B	2.7B	2.9B	2.9B	3.7B	3.9B	5B	7.3B	8.7B
Gross margin	22.8%	18.3%	21.8%	28.5%	33.4%	22.1%	17.2%	28.2%	33.4%	26%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	-1.3M	-2M	-105M	-786M	-305M	-43M
Operating income	1.3B	1.4B	1.8B	1.9B	2B	2.6B	2.8B	4.2B	5.1B	5.8B
Operating margin	14.4%	11.6%	14.6%	18.9%	23%	15.7%	12.5%	23.9%	23.3%	17.3%
Non-operating income, net	141.5M	119.6M	152.7M	225.8M	-453.4M	121M	119M	133M	419M	451M
Pretax income	958M	1B	1.5B	1.7B	802.3M	2B	2.3B	3.5B	4.1B	4.5B
Income tax	212.4M	447.3M	362.9M	372.4M	189.5M	484M	528M	838M	998M	1B
Net income	743.5M	593.5M	1.2B	1.3B	612.8M	1.5B	1.7B	2.7B	3.1B	3.5B
Net margin	8.33%	4.88%	9.17%	12.6%	7.17%	9.07%	7.69%	15%	14.3%	10.3%
EBITDA	1.8B	2B	2.4B	2.6B	2.7B	3.3B	3.6B	5.3B	6.7B	7.9B
EPS	1.67	1.3	2.8	3.09	1.42	3.36	3.85	5.49	5.19	5.43
Diluted EPS	1.66	1.29	2.78	3.07	1.42	3.35	3.84	5.48	5.17	5.42

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	4.2B	5.2B	4.8B	4.9B	5B	7B	8B	7.9B	8.6B	9.1B	9.6B	12B
Cost of revenue	3B	3.6B	3.2B	3.2B	3.3B	4.8B	6B	5.7B	6.3B	6.8B	7.4B	9.6B
Gross profit	1.2B	1.7B	1.6B	1.7B	1.7B	2.2B	2B	2.2B	2.3B	2.3B	2.2B	2.4B
Gross margin	29%	32%	34.1%	35.6%	34.3%	30.9%	25%	27.4%	26.6%	25.2%	22.7%	20.1%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	-1M	-4M	-6M	-61M	2M	-240M	-6M	—	-12M	-25M	6M	—
Operating income	862M	1.1B	1.1B	1.2B	1.1B	1.6B	1.3B	1.5B	1.6B	1.5B	1.4B	1.6B
Operating margin	20.6%	21.5%	22.3%	25.1%	22.7%	23.2%	15.7%	18.4%	18.2%	17%	14.9%	13.3%
Non-operating income, net	-52M	91M	83M	92M	99M	152M	68M	98M	119M	166M	25M	103M
Pretax income	595M	910M	847M	1B	912M	1.3B	888M	1.1B	1.2B	1.3B	1B	1.3B
Income tax	141M	222M	208M	243M	219M	328M	197M	260M	297M	274M	245M	299M
Net income	454M	688M	639M	780M	693M	1B	691M	853M	940M	978M	776M	967M
Net margin	10.8%	13.1%	13.4%	15.9%	13.8%	14.3%	8.59%	10.8%	10.9%	10.8%	8.07%	8.03%
EBITDA	1.1B	1.5B	1.4B	1.6B	1.5B	2.2B	1.8B	1.9B	2.1B	2.1B	1.9B	2.1B
EPS	0.99	—	1.09	1.33	1.18	1.58	1.04	1.34	1.49	1.55	1.23	1.53
Diluted EPS	0.99	—	1.09	1.33	1.18	1.57	1.04	1.34	1.49	1.55	1.23	1.53

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	12.1B	—	—	31.3B	16.5B	26.2B	29.4B	34B	—	45.9B	55.9B
Enterprise value	21.3B	—	—	44B	30.4B	39.8B	42.9B	55.4B	—	78.7B	88.9B
Shares outstanding	211.1M	297.5M	411.5M	413.6M	431.1M	446.4M	447.5M	484.3M	584.6M	624.8M	624.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.3	—	—	24.5	27	17.5	17.1	12.8	—	13.3	15.3
P/S	1.36	—	—	3.08	1.94	1.59	1.31	1.92	—	1.37	1.42
P/B	3.53	—	—	5.03	2.74	4.36	4.53	2.06	—	2.03	2.44
EV/EBITDA	11.8	—	—	17.2	11.2	11.9	12.1	10.5	—	10	11.6
EV/Sales	2.39	—	—	4.33	3.55	2.41	1.92	3.14	—	2.34	2.26
Earnings yield	6.13%	—	—	4.09%	3.7%	5.72%	5.86%	7.82%	—	7.54%	6.53%
FCF yield	6.01%	—	—	-6.08%	-1.79%	7.05%	5.8%	8.31%	—	5.33%	1.61%
PEG	—	—	—	—	—	—	—	—	—	—	1.08

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	22.8%	18.3%	21.8%	28.5%	33.4%	22.1%	17.2%	28.2%	33.4%	26%	20.1%
Operating margin	14.4%	11.6%	14.6%	18.9%	23%	15.7%	12.5%	23.9%	23.3%	17.3%	13.3%
Net margin	8.33%	4.88%	9.17%	12.6%	7.17%	9.07%	7.69%	15%	14.3%	10.3%	9.29%
ROE	21.7%	10.4%	17.6%	20.5%	10.1%	24.9%	26.5%	16.1%	14.1%	15.3%	16.3%
ROA	4.61%	3.52%	6.34%	5.86%	2.66%	6.35%	7.06%	6.01%	4.86%	5.2%	5.77%
ROIC	7.93%	5.43%	8.74%	7.84%	7.57%	10%	10.8%	8.48%	7.17%	8.12%	8.41%
Return on tangible assets	5.26%	3.99%	7.09%	6.43%	2.85%	6.79%	7.53%	8.38%	7.44%	7.74%	7.83%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.5	0.66	0.66	0.73	1.39	0.75	0.84	0.9	0.9	0.71	0.74
Quick ratio	0.43	0.5	0.46	0.48	1.11	0.56	0.64	0.67	0.74	0.56	0.59
Debt / equity	2.75	1.61	1.43	2.04	2.37	2.28	2.11	1.32	1.45	1.45	1.43
Debt / assets	0.58	0.54	0.52	0.58	0.62	0.58	0.56	0.49	0.5	0.49	0.48
Net debt / EBITDA	5.08	4.66	3.9	4.97	5.09	4.07	3.8	4.05	4.69	4.16	4.02
Interest coverage	3.04	3.14	4.23	4.36	2.13	3.71	4.33	5.04	4	3.52	3.69
Effective tax rate	22.2%	43%	23.9%	22.6%	23.6%	24.4%	23.5%	24%	24.3%	22.9%	23.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	42.3	40.9	30.6	24.6	19.8	37.1	50	36.5	37.1	53.8	62.4
EPS (basic)	1.67	1.3	2.8	3.09	1.42	3.36	3.85	5.49	5.19	5.43	5.43
EPS (diluted)	1.66	1.29	2.78	3.07	1.42	3.35	3.84	5.48	5.17	5.42	5.79
Book value per share	16.2	19.1	16	15.1	14	13.5	14.5	34	37.9	36.1	36.4
FCF per share	3.45	2.7	0.11	-4.6	-0.69	4.14	3.81	5.84	4.9	3.92	4.6
Cash per share	1.18	0.13	0.03	0.05	1.22	0.33	0.49	0.7	1.25	0.12	0.26
Capex per share	—	—	—	—	—	—	—	—	—	5.04	5.14

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	9.37%	8.26%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	56.3%	52.8%
Payout ratio	69.6%	139.7%	115.6%	114%	262%	111.1%	97.1%	69.2%	74.3%	74.6%	72.5%
Dividend yield	4.27%	—	—	4.66%	9.7%	6.36%	5.69%	5.41%	—	5.62%	4.83%

Yield

4.83%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.07

ex-dividend Aug 3, 2026

Payout ratio

73%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 3, 2026	$1.07
May 4, 2026	$1.07
Feb 2, 2026	$1.07

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$4.2B	$5.2B	$4.8B	$4.9B	$5B	$7B	$8B	$7.9B	$8.6B	$9.1B	$9.6B	$12B
YoY change	-29.2%	+4.03%	+5.75%	+31.1%	+19.9%	+33.7%	+68.2%	+61.2%	+71.9%	+29.5%	+19.6%	+52.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	248.9M	37.2M	12M	21M	524.5M	146.4M	220M	338M	733M	78M
Receivables	872.4M	1.2B	819M	835.1M	829.8M	1.4B	1.5B	1.7B	2.3B	3B
Inventory	200.9M	432.6M	437.8M	506.7M	371M	580.9M	581M	787M	748M	948M
Total current assets	1.4B	1.8B	1.4B	1.5B	1.9B	2.4B	2.5B	3.1B	4.2B	4.5B
Property, plant & equipment	-1.5B	-1.9B	-856.6M	422.3M	-1.7B	-2.4B	-2.3B	-2.9B	-3.1B	-3.5B
Goodwill & intangibles	2B	2B	1.9B	1.9B	1.5B	1.5B	1.5B	12.5B	22.3B	21.9B
Total assets	16.1B	16.8B	18.2B	21.8B	23.1B	23.6B	24.4B	44.3B	64.1B	66.6B
Accounts payable	874.7M	1.1B	1.1B	1.2B	719.3M	1.3B	1.4B	1.6B	2.2B	2.8B
Short-term debt	1.5B	1B	509.4M	229.5M	21.3M	909.6M	937M	507M	1.1B	2.1B
Total current liabilities	2.8B	2.7B	2.1B	2B	1.3B	3.2B	3.1B	3.5B	4.7B	6.4B
Long-term debt	7.9B	8.1B	8.9B	12.5B	14.3B	12.8B	12.8B	21.3B	31B	30.8B
Total liabilities	12.7B	11.2B	11.7B	15.6B	17B	17.6B	17.9B	27.8B	41.9B	44.1B
Shareholders' equity	3.4B	5.7B	6.6B	6.2B	6B	6B	6.5B	16.5B	22.1B	22.6B
Total debt	9.4B	9.1B	9.4B	12.7B	14.3B	13.7B	13.7B	21.8B	32.1B	32.8B
Net debt	9.2B	9.1B	9.4B	12.7B	13.8B	13.6B	13.5B	21.4B	31.3B	32.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	284M	338M	65M	36M	579M	733M	141M	97M	1.2B	78M	172M	161M
Receivables	1.6B	1.7B	1.7B	1.3B	1.3B	2.3B	2.7B	2.5B	2.6B	3B	3.7B	3.5B
Inventory	1B	787M	951M	824M	773M	748M	905M	858M	871M	948M	1.1B	1.1B
Total current assets	3.2B	3.1B	3B	2.5B	2.9B	4.2B	4.1B	3.9B	5.2B	4.5B	5.5B	5.3B
Property, plant & equipment	-5.5B	-2.9B	-6B	-6.2B	-6.5B	-3.1B	-6.7B	-7B	-7.3B	-3.5B	-8B	-8.3B
Goodwill & intangibles	13.1B	12.5B	12.7B	12.8B	12.9B	22.3B	22.2B	22.1B	22.1B	21.9B	21.9B	21.8B
Total assets	43.9B	44.3B	44.4B	44.5B	51B	64.1B	64.3B	64.5B	66.6B	66.6B	68.2B	68.5B
Accounts payable	1.6B	1.6B	1.5B	1.3B	1.2B	2.2B	2.4B	2.5B	2.6B	2.8B	3.6B	3.5B
Short-term debt	532M	507M	1.6B	1.5B	1.3B	1.1B	2.3B	2.8B	1.7B	2.1B	2.9B	2.2B
Total current liabilities	3.3B	3.5B	4.2B	4B	3.6B	4.7B	6.2B	6.6B	5.7B	6.4B	7.8B	7.2B
Long-term debt	21.5B	21.3B	20.4B	20.3B	26.9B	31B	29.8B	29.6B	32B	30.8B	30.8B	30.8B
Total liabilities	27.6B	27.8B	27.9B	27.8B	34.2B	41.9B	42.1B	42.6B	44.5B	44.1B	45.7B	45.5B
Shareholders' equity	16.3B	16.5B	16.4B	16.7B	16.9B	22.1B	22.1B	21.9B	22.2B	22.6B	22.5B	23.1B
Total debt	22.1B	21.8B	22B	21.9B	28.1B	32.1B	32B	32.5B	33.7B	32.8B	33.7B	33B
Net debt	21.8B	21.4B	21.9B	21.8B	27.6B	31.3B	31.9B	32.4B	32.5B	32.7B	33.5B	32.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	743.5M	593.5M	1.2B	1.3B	612.8M	1.5B	1.7B	2.7B	3.1B	3.5B
Depreciation & amortization	391.6M	406.3M	428.6M	476.5M	578.7M	622M	626M	769M	1.1B	1.5B
Stock-based compensation	40.6M	26.3M	31.7M	37.1M	—	—	—	—	—	—
Change in working capital	1.7M	-181.4M	136M	-165.8M	-160.5M	-143M	-58M	358M	-43M	-380M
Operating cash flow	1.4B	1.3B	2.1B	2B	1.3B	2.5B	2.9B	4.4B	5.2B	5.6B
Capital expenditure	—	—	—	—	—	—	—	—	—	-3.2B
Investing cash flow	-42.9M	-84M	-1.9M	-18.6M	-107M	13M	43M	-4.9B	-4.6B	-3.8B
Dividends paid	-517.6M	-829.4M	-1.3B	-1.5B	-1.6B	-1.7B	-1.7B	-1.8B	-2.3B	-2.6B
Share repurchases	—	—	—	—	—	—	—	—	-524M	-75M
Financing cash flow	-586.5M	-959.5M	-97M	1.8B	875M	-2.2B	-1.7B	2.1B	2.1B	-2.5B
Net change in cash	759.4M	254.8M	2B	3.8B	2B	331.8M	1.3B	1.7B	2.6B	-655M
Free cash flow	728.6M	803M	45.2M	-1.9B	-296.3M	1.8B	1.7B	2.8B	2.9B	2.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	454M	688M	639M	780M	693M	1B	691M	853M	940M	978M	776M	967M
Depreciation & amortization	177M	260M	254M	262M	274M	344M	380M	368M	378M	388M	378M	387M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	74M	328M	-502M	203M	66M	190M	-344M	55M	-58M	-33M	-605M	356M
Operating cash flow	921M	1.5B	594M	1.4B	1.3B	1.9B	911M	1.5B	1.6B	1.5B	934M	2.1B
Capital expenditure	—	—	—	—	—	—	—	-749M	-804M	-970M	-864M	-613M
Investing cash flow	-5B	-74M	-91M	-283M	-85M	-4.2B	-65M	-814M	-1.1B	-1.1B	-1B	-782M
Dividends paid	-428M	-556M	-578M	-578M	-578M	-579M	-643M	-644M	-648M	-648M	-674M	-674M
Share repurchases	—	—	—	—	—	—	-30M	0	0	-45M	—	—
Financing cash flow	4.7B	-809M	-291M	-703M	5.9B	-2B	-802M	-725M	-1.1B	-2.4B	167M	-1.9B
Net change in cash	575M	627M	212M	443M	7B	-4.4B	44M	-14M	-652M	-1.9B	94M	-611M
Free cash flow	522M	905M	84M	951M	783M	1B	275M	776M	820M	576M	70M	1.4B

Date	Ratio
Feb 3, 2014	11422:10000
Jun 4, 2012	2:1
Jun 12, 2001	2:1
Mar 1, 1990	2:1

ONEOK, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history