ONEOK, Inc. (OKE) Q4 2025 Financial Results Summary

ONEOK, Inc. (NYSE: OKE) announced its fourth-quarter and full-year 2025 financial results on February 23, 2026. The results reflect continued growth, marked by an increase in net income and adjusted EBITDA compared to 2024.

Fourth-Quarter 2025 Highlights

• Net income: $978 million, or $1.55 per diluted share
• Adjusted EBITDA: $2.15 billion
• Rocky Mountain NGL raw feed throughput volumes: Increased by 15%
• Rocky Mountain natural gas volumes processed: Increased by 3%

Full-Year 2025 Highlights

• Net income: $3.46 billion (including noncontrolling interests)
• Net income attributable to ONEOK: $3.39 billion, resulting in $5.42 per diluted share
  • Represents a 12% increase in net income attributable to ONEOK from 2024.
  • 11% increase in EPS (excluding gains from nonstrategic asset divestitures)
• Adjusted EBITDA: $8.02 billion (or $8.085 billion excluding transaction costs), marking an 18% increase
• Rocky Mountain NGL raw feed throughput volumes: Increased by 15%
• Rocky Mountain natural gas volumes processed: Increased by 3%

Key Financial Metrics

• Operating income: $1.53 billion for Q4 2025; $5.74 billion for the full year
• Operating costs: $767 million for Q4 2025; $2.96 billion for the full year
• Depreciation and amortization: $388 million for Q4 2025; $1.51 billion for the full year
• Equity in net earnings from investments: $105 million for Q4 2025; $386 million for the full year
• Maintenance capital: $181 million for Q4 2025; $576 million for the full year
• Total capital expenditures: $970 million for Q4 2025; $3.15 billion for the full year

Shareholder Returns

• In January 2026, ONEOK increased its quarterly dividend by 4%, bringing it to $1.07 per share, or $4.28 per share annualized.
• In 2025, ONEOK repurchased $62 million worth of common stock and extinguished nearly $3.1 billion of long-term debt, including $1.75 billion in Q4 2025.

Future Financial Guidance for 2026

• Projected net income midpoint: $3.45 billion
• Projected diluted earnings per share midpoint: $5.45
• Projected adjusted EBITDA midpoint: $8.1 billion
• Expected capital expenditures: approximately $2.7 billion to $3.2 billion

Operational Highlights

• Achieved $475 million of cumulative acquisition-related synergies through 2025.
• Approximately 90% of earnings in 2025 were fee-based.
• Announced the expansion of the Eiger Express Pipeline to 3.7 billion cubic feet per day (Bcf/d) from 2.5 Bcf/d, fully subscribed under long-term contracts.
• As of year-end 2025, achieved more than 80% of its 2030 combined Scope 1 and Scope 2 emissions reduction target.

Business Segment Performance for 2025

• Natural Gas Liquids Segment:
  • Q4 adjusted EBITDA: $723 million (up 4% vs. Q4 2024)
  • Full-year adjusted EBITDA: $2.78 billion (up 9% vs. 2024)
• Refined Products and Crude Segment:
  • Q4 adjusted EBITDA: $567 million (down 6% vs. Q4 2024)
  • Full-year adjusted EBITDA: $2.18 billion (up 15% vs. 2024)
• Natural Gas Gathering and Processing Segment:
  • Q4 adjusted EBITDA: $541 million (up 11% vs. Q4 2024)
  • Full-year adjusted EBITDA: $2.14 billion (up 44% vs. 2024)
• Natural Gas Pipelines Segment:
  • Q4 adjusted EBITDA: $261 million (down 37% vs. Q4 2024)
  • Full-year adjusted EBITDA: $861 million (down 4% vs. 2024)

For further financial detail and segment performance, ONEOK invites stakeholders to join the earnings conference call on February 24, 2026, and access additional materials at ONEOK’s financial reports.

Here are the extracted tables from the provided press release:

CONSOLIDATED STATEMENTS OF INCOME

(Millions of dollars, except per share amounts)

Note: All amounts are in thousands.

	Three Months Ended		Years Ended
	Dec. 31, 2025	2024	Dec. 31, 2025	2024
Revenues
Commodity sales	$7,824	$5,775	$28,878	$17,780
Services and other	1,241	1,225	4,751	3,918
Total revenues	9,065	7,000	33,629	21,698
Cost of sales and fuel	6,396	4,496	23,373	13,311
Operations and maintenance	673	681	2,585	2,162
Depreciation and amortization	388	344	1,514	1,134
General taxes	94	95	378	334
Transaction costs	7	56	81	73
Other operating income, net	(25)	(240)	(43)	(305)
Operating income	1,532	1,568	5,741	4,989
Equity in net earnings from investments	105	183	386	439
Other income, net	68	25	146	53
Interest expense (net of capitalized interest of $27, $15, $68 and $62, respectively)	(453)	(448)	(1,783)	(1,371)
Income before income taxes	1,252	1,328	4,490	4,110
Income taxes	(274)	(328)	(1,028)	(998)
Net income	978	1,000	3,462	3,112
Less: Net income attributable to noncontrolling interests	1	77	69	77
Net income attributable to ONEOK	977	923	3,393	3,035
Less: Preferred stock dividends	—	—	—	1
Net income available to common shareholders	$977	$923	$3,393	$3,034
Basic earnings per common share	1.55	1.58	5.43	5.19
Diluted earnings per common share	1.55	1.57	5.42	5.17
Average shares (millions)
Basic	630.0	584.7	624.8	584.6
Diluted	631.2	586.8	625.9	586.5

CONSOLIDATED BALANCE SHEETS

(Millions of dollars)

Note: All amounts are in millions.

	Dec. 31, 2025	2024
Assets
Current assets
Cash and cash equivalents	$78	$733
Accounts receivable, net	3,010	2,326
Inventories	948	748
Other current assets	452	431
Total current assets	4,488	4,238
Property, plant and equipment
Property, plant and equipment	55,489	52,274
Accumulated depreciation and amortization	7,628	6,339
Net property, plant and equipment	47,861	45,935
Other assets
Investments in unconsolidated affiliates	2,889	2,316
Goodwill	8,058	8,091
Intangible assets, net	2,901	3,039
Other assets	444	450
Total other assets	14,292	13,896
Total assets	$66,641	$64,069
Liabilities and equity
Current liabilities
Current maturities of long-term debt	$1,241	$1,059
Short-term borrowings	820	—
Accounts payable	2,838	2,187
Commodity imbalances	217	260
Accrued interest	499	511
Other current liabilities	750	702
Total current liabilities	6,365	4,719
Long-term debt, excluding current maturities	30,755	31,018
Deferred credits and other liabilities
Deferred income taxes	6,349	5,451
Other deferred credits	603	748
Total deferred credits and other liabilities	6,952	6,199
Commitments and contingencies