ONEOK (OKE) Q3 2025 Financial Results Summary
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ONEOK, Inc. (OKE) Q3 2025 Financial Results Summary
Tulsa, Okla. – On October 28, 2025, ONEOK, Inc. (NYSE: OKE) announced higher financial results for the third quarter of 2025, affirming its 2025 net income and adjusted EBITDA guidance ranges.
Key Financial Highlights for Q3 2025 Compared to Q3 2024
- Net Income: $940 million, up 35.7% from $693 million.
- Diluted Earnings per Share: $1.49, an increase of 26.3% compared to $1.18.
- Adjusted EBITDA: $2.12 billion, marking a 37% rise from $1.54 billion.
- Operating Income: $1.56 billion, up 38% from $1.13 billion.
Segment Performance
1. Natural Gas Liquids Segment
– Adjusted EBITDA: $748 million, a rise of 19.9% from $624 million.
– Capital Expenditures: $218 million, down 11.8% from $247 million.
2. Refined Products and Crude Segment
– Adjusted EBITDA: $582 million, an increase of 32% from $441 million.
– Capital Expenditures: $214 million, higher compared to $45 million (notable increase).
3. Natural Gas Gathering and Processing Segment
– Adjusted EBITDA: $566 million, an increase of 77.8% from $318 million.
– Capital Expenditures: $302 million, up from $102 million.
4. Natural Gas Pipelines Segment
– Adjusted EBITDA: $200 million, a 20.5% increase from $166 million.
– Capital Expenditures: $55 million, relatively steady compared to $56 million.
Revenue Metrics
- Total Revenues: $8.63 billion, a significant increase of 72.8% from $5.02 billion.
- Commodity Sales: $7.42 billion, compared to $4.08 billion, showing a 82.6% growth.
Cost Metrics
- Operating Costs: $738 million, an increase of 26.8% from $582 million.
- Depreciation and Amortization: $378 million, increasing from $274 million.
Cash Flow Overview
- Operating Activities Cash Flow: $4.05 billion, an increase from $3.28 billion in the previous year.
- Investing Activities Cash Flow: Negative cash flow of $2.64 billion, compared to $1.83 billion.
- Financing Activities Cash Flow: Negative cash flow of $945 million, as compared to inflow of $4.68 billion.
Strategic Developments
- Organic Growth Projects:
- Bighorn natural gas processing plant announced, expected completion by mid-2027.
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Joint venture for the Eiger Express Pipeline established.
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Financing Activities:
- Completion of a $3 billion notes offering in August 2025.
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Increase in commercial paper program to $3.5 billion.
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Debt Management:
- Successful repayment of $387 million in senior notes.
Shareholder Returns
- Declared a quarterly dividend of $1.03 per share, annualized at $4.12.
- Share Repurchase:
- $119 million of senior notes repurchased for $96 million.
- 611,237 shares repurchased for $45 million from the $2 billion share repurchase program.
Conclusion
ONEOK’s financial performance in Q3 2025 indicates substantial growth driven by successful integrations from recent acquisitions and strong demand across its operational regions. The sustained increase in adjusted EBITDA and net income highlights the company’s capacity to generate value for its shareholders while managing operational efficiencies and costs.
Here are the extracted tables from the press release:
CONSOLIDATED STATEMENTS OF INCOME
(Millions of dollars, except per share amounts)
| 2025 | 2024 | 2025 | 2024 | |
|---|---|---|---|---|
| Revenues | ||||
| Commodity sales | $7,416 | $4,083 | $21,054 | $12,005 |
| Services and other | $1,218 | $940 | $3,510 | $2,693 |
| Total revenues | $8,634 | $5,023 | $24,564 | $14,698 |
| Cost of sales and fuel (exclusive of items shown separately below) | $5,962 | $3,027 | $16,977 | $8,815 |
| Operations and maintenance | $639 | $512 | $1,912 | $1,481 |
| Depreciation and amortization | $378 | $274 | $1,126 | $790 |
| General taxes | $99 | $70 | $284 | $239 |
| Transaction costs | $10 | $10 | $74 | $17 |
| Other operating expense (income), net | $(12) | $2 | $(18) | $(65) |
| Operating income | $1,558 | $1,128 | $4,209 | $3,421 |
| Equity in net earnings from investments | $92 | $92 | $281 | $256 |
| Other income, net | $37 | $17 | $78 | $28 |
| Interest expense (net of capitalized interest of $19, $19, $41 and $47, respectively) | $(450) | $(325) | $(1,330) | $(923) |
| Income before income taxes | $1,237 | $912 | $3,238 | $2,782 |
| Income taxes | $(297) | $(219) | $(754) | $(670) |
| Net income | $940 | $693 | $2,484 | $2,112 |
| Less: Net income attributable to noncontrolling interests | $1 | — | $68 | — |
| Net income attributable to ONEOK | $939 | $693 | $2,416 | $2,112 |
| Less: Preferred stock dividends | — | $1 | — | $1 |
| Net income available to common shareholders | $939 | $692 | $2,416 | $2,111 |
| Basic earnings per common share | $1.49 | $1.18 | $3.88 | $3.61 |
| Diluted earnings per common share | $1.49 | $1.18 | $3.87 | $3.60 |
| Average shares (millions) | ||||
| Basic | 630.6 | 584.8 | 623.1 | 584.5 |
| Diluted | 631.5 | 586.7 | 624.1 | 586.1 |
CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
| Sept. 30, 2025 | Dec. 31, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $1,199 | $733 |
| Accounts receivable, net | $2,580 | $2,326 |
| Inventories | $871 | $748 |
| Other current assets | $535 | $431 |
| Total current assets | $5,185 | $4,238 |
| Property, plant and equipment | ||
| Property, plant and equipment | $54,454 | $52,274 |
| Accumulated depreciation and amortization | $7,296 | $6,339 |
| Net property, plant and equipment | $47,158 | $45,935 |
| Other assets | ||
| Investments in unconsolidated affiliates | $2,773 | $2,316 |
| Goodwill | $8,108 | $8,091 |
| Intangible assets, net | $2,935 | $3,039 |
| Other assets | $457 | $450 |
| Total other assets | $14,273 | $13,896 |
| Total assets | $66,616 | $64,069 |
| Liabilities and equity | ||
| Current liabilities | ||
| Current maturities of long-term debt | $1,741 | $1,059 |
| Accounts payable | $2,569 | $2,187 |
| Commodity imbalances | $225 | $260 |
| Accrued interest | $450 | $511 |
| Other current liabilities | $750 | $702 |
| Total current liabilities | $5,735 | $4,719 |
| Long-term debt, excluding current maturities | $31,986 | $31,018 |
| Deferred credits and other liabilities | ||
| Deferred income taxes | $6,112 | $5,451 |
| Other deferred credits | $626 | $748 |
| Total deferred credits and other liabilities | $6,738 | $6,199 |
| Commitments and contingencies | ||
| Equity | ||
| Preferred stock, $0.01 par value: authorized 20,000 shares; issued and outstanding 0 shares at Sept. 30, 2025; issued and outstanding 20,000 shares at Dec. 31, 2024 | — | — |
| Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 655,909,018 shares and outstanding 629,838,019 shares at Sept. 30, 2025; issued 609,713,834 shares and outstanding 583,110,633 shares at Dec. 31, 2024 | $7 | $6 |
| Paid-in capital | $20,934 | $16,354 |
| Accumulated other comprehensive loss | $(65) | $(96) |
| Retained earnings | $2,048 | $1,579 |
| Treasury stock, at cost: 26,070,999 shares at Sept. 30, 2025, and 26,603,201 shares at Dec. 31, 2024 | $(843) | $(807) |
| Total ONEOK shareholders’ equity | $22,081 | $17,036 |
| Noncontrolling interests in consolidated subsidiaries | $76 | $5,097 |
| Total equity | $22,157 | $22,133 |
| Total liabilities and equity | $66,616 | $64,069 |