ONEOK (OKE) Q2 2026: Earnings Growth Continues — Positive Outlook

ONEOK, Inc. (NYSE: OKE) reported a strong second quarter for 2026, with net income rising by 13% to $967 million, translating to $1.53 per diluted share. This marks an increase from $853 million, or $1.34 per diluted share, in the same quarter of 2025. Additionally, adjusted EBITDA grew by 7% to $2.12 billion, up from $1.98 billion year-over-year.

This quarter's performance is a positive indicator for shareholders, reflecting the company's ability to capitalize on increased volumes across its business segments, particularly in natural gas liquids (NGLs) and refined products. The results demonstrate ONEOK's operational strength and strategic positioning in a favorable market environment.

Key Financial Metrics:

• Net Income: $967 million (up 13% YoY from $853 million)
• Earnings Per Share (EPS): $1.53 (up from $1.34)
• Adjusted EBITDA: $2.12 billion (up 7% YoY from $1.98 billion)
• Total Revenues: $12.05 billion (up from $7.89 billion)
• Operating Income: $1.59 billion (up from $1.43 billion)

Volume Highlights:

• Refined Products Volumes Shipped: Increased by 8%
• NGL Raw Feed Throughput Volumes: Increased by 7%, with a notable 15% increase in the Gulf Coast/Permian region
• Natural Gas Volumes Processed: Increased by 2%

Dividend and Guidance Changes:

In July 2026, ONEOK declared a quarterly dividend of $1.07 per share, which annualizes to $4.28 per share. The company also raised its 2026 financial guidance, now projecting:

• Net Income: Midpoint increased to $3.6 billion
• Earnings Per Diluted Share: Midpoint increased to $5.68
• Adjusted EBITDA: Midpoint increased to $8.35 billion

The guidance increase reflects ongoing strong performance across business segments and strategic growth opportunities.

Analyst Opinion:

This quarter's results are encouraging for shareholders, showcasing a robust operational performance and effective management strategies. The increase in both net income and adjusted EBITDA, alongside a raised guidance outlook, suggests that ONEOK is well-positioned to navigate the current market dynamics. The company's ability to expand its infrastructure and optimize its operations further strengthens its long-term value proposition.

Forward Catalysts:

Investors should keep an eye on the completion of several strategic growth projects that are nearing completion, which are expected to enhance connectivity across key markets. Additionally, monitoring the performance of NGL volumes and refined products in the upcoming quarters will be crucial, as these segments have shown significant growth potential. The next earnings call will provide further insights into ONEOK's operational strategies and market outlook.

In summary, ONEOK's second-quarter results reflect a solid trajectory of growth and operational efficiency, making it a favorable investment in the current energy landscape.

Here are the extracted tables in Markdown format:

CONSOLIDATED STATEMENTS OF INCOME

(Millions of dollars, except per share amounts)

Note: The amounts in the following tables are in thousands/millions.

Description	2026	2025	2026	2025
Revenues
Commodity sales	$10,814	$6,726	$19,259	$13,638
Services and other	$1,235	$1,161	$2,408	$2,292
Total revenues	$12,049	$7,887	$21,667	$15,930
Cost of sales and fuel (exclusive of items shown separately below)	$9,242	$5,360	$16,295	$11,015
Operations and maintenance	$715	$618	$1,349	$1,273
Depreciation and amortization	$387	$368	$765	$748
General taxes	$108	$88	$220	$185
Transaction costs	$4	$22	$11	$64
Other operating expense (income), net	—	—	$6	($6)
Operating income	$1,593	$1,431	$3,021	$2,651
Equity in net earnings from investments	$103	$81	$192	$189
Impairment of equity investments	—	—	($60)	—
Other income, net	$4	$39	$7	$41
Interest expense (net of capitalized interest of $35, $12, $62 and $22, respectively)	($434)	($438)	($873)	($880)
Income before income taxes	$1,266	$1,113	$2,287	$2,001
Income taxes	($299)	($260)	($544)	($457)
Net income	$967	$853	$1,743	$1,544
Less: Net income attributable to noncontrolling interests	$1	$12	$3	$67
Net income attributable to ONEOK	$966	$841	$1,740	$1,477
Basic earnings per common share	$1.53	$1.34	$2.76	$2.38
Diluted earnings per common share	$1.53	$1.34	$2.75	$2.38
Average shares (millions)
Basic	630.9	627.2	630.8	619.3
Diluted	632.0	628.1	631.8	620.3

CONSOLIDATED BALANCE SHEETS

(Millions of dollars)

Description	June 30, 2026	Dec. 31, 2025
Assets
Current assets
Cash and cash equivalents	$161	$78
Accounts receivable, net	$3,550	$3,010
Inventories	$1,056	$948
Other current assets	$543	$452
Total current assets	$5,310	$4,488
Property, plant and equipment
Property, plant and equipment	$57,094	$55,489
Accumulated depreciation and amortization	$8,320	$7,628
Net property, plant and equipment	$48,774	$47,861
Other assets
Investments in unconsolidated affiliates	$3,139	$2,889
Goodwill	$8,058	$8,058
Intangible assets, net	$2,835	$2,901
Other assets	$433	$444
Total other assets	$14,465	$14,292
Total assets	$68,549	$66,641
Liabilities, redeemable noncontrolling interests and equity
Current liabilities
Current maturities of long-term debt	$750	$1,241
Short-term borrowings	$1,499	$820
Accounts payable	$3,533	$2,838
Accrued interest	$459	$499
Other current liabilities	$963	$967
Total current liabilities	$7,204	$6,365
Long-term debt, excluding current maturities	$30,773	$30,755
Deferred credits and other liabilities
Deferred income taxes	$6,892	$6,349
Other deferred credits	$599	$603
Total deferred credits and other liabilities	$7,491	$6,952
Commitments and contingencies
Redeemable noncontrolling interests in consolidated subsidiaries	$44	—
Equity
Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 655,909,018 shares and outstanding 630,362,380 shares at June 30, 2026; issued 655,909,018 shares and outstanding 629,707,691 shares at Dec. 31, 2025	$7	$7
Paid-in capital	$21,007	$20,961
Accumulated other comprehensive loss	($28)	($27)
Retained earnings	$2,759	$2,373
Treasury stock, at cost: 25,546,638 shares at June 30, 2026, and 26,201,327 shares at Dec. 31, 2025	($808)	($829)
Total ONEOK shareholders’ equity	$22,937	$22,485
Noncontrolling interests in consolidated subsidiaries	$100	$84
Total equity	$23,037	$22,569
Total liabilities, redeemable noncontrolling interests and equity	$68,549	$66,641

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