Company file · OKE
Oneok
Refined Products and Crude Oil was Oneok's fastest-growing segment in FY2025, up 192.4%
Revenue rose 55.0% to $33.6B in FY2025, from $21.7B in FY2024. Net income rose 11.8% to $3.4B. Natural Gas Liquids was the largest segment, at 41% of the segment total.
Key facts
In fiscal 2025, which ended Dec 31, 2025, Oneok (NYSE: OKE) took in $33.6B of revenue (up 55.0% on fiscal 2024); net income was $3.4B (up 11.8%). The most recent quarter, ended Sep 30, 2026, brought revenue of $12.5B, up 44.3% year over year, with net income of $1.4B. Natural Gas Liquids was the biggest single line by segment: 41% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 24, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By segment, FY2025
- LineAmountSharevs FY2024
- Natural Gas Liquids$16.0B41%+5.6%
- Refined Products and Crude Oil$13.0B34%+192.4%
- Natural Gas Gathering and Processing$7.7B20%+67.4%
- Wholly Owned Interstate Natural Gas Pipelines$1.8B5%+124.6%
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Natural Gas Liquids (41%), Refined Products and Crude Oil (34%), Natural Gas Gathering and Processing (20%) and Wholly Owned Interstate Natural Gas Pipelines (5%), as shares of the segment total. Total revenue was $33.6B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Oneok 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
By segment
Source: Oneok 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 55.0% in FY2025 to $33.6B, from $21.7B a year earlier. 10-K, FY2025
- Net income rose 11.8% in FY2025 to $3.4B, from $3.0B. 10-K, FY2025
- Operating cash flow rose 14.5% in FY2025 to $5.6B. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $12.5B, up 44.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Diluted shares rose 6.7% in FY2025, which spreads profit across more shares. 10-K, FY2025
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; operations and safety; regulation and climate policy. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Oneok is in the oil & gas storage & transportation industry, part of the energy sector. The SEC files it under Natural Gas Transmisison & Distribution.
Oneok reports 4 segments: Natural Gas Liquids, Refined Products and Crude Oil, Natural Gas Gathering and Processing and Wholly Owned Interstate Natural Gas Pipelines.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the oil & gas storage & transportation industry. They are not a summary of Oneok’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Commodity pricesOil, gas and refined-product prices drive revenue and spending.
- Operations and safetyAccidents, outages and weather can halt production or shipping.
- Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
- DemandEconomic activity and changes in fuel use affect volumes.
- Capital spendingProjects need large investment that may not earn what was planned.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $17.7B | $21.7B | $33.6B |
| Net income | $2.7B | $3.0B | $3.4B |
| Operating cash flow | $4.4B | $4.9B | $5.6B |
| Cash & equivalents (year end) | $338M | $733M | $78M |
| Total debt (year end) | $21.7B | $32.1B | $32.8B |
| Diluted shares | 485M | 586M | 626M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Related-party transactions
- Short selling
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Apr 1, 2026 | May 20, 2026 |
| 10-K | Feb 24, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Oneok
How does Oneok make money?
In fiscal 2025, revenue totaled $33.6B. By segment in FY2025: Natural Gas Liquids (41%), Refined Products and Crude Oil (34%), Natural Gas Gathering and Processing (20%) and Wholly Owned Interstate Natural Gas Pipelines (5%), as shares of the segment total. Total revenue was $33.6B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What was Oneok's revenue in fiscal 2025?
Revenue came to $33.6B in the year ended Dec 31, 2025. Going back two years, it was $17.7B in fiscal 2023 and $21.7B in fiscal 2024, so the latest year was up 55.0%. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
Is Oneok profitable?
Yes, by US accounting rules (GAAP): net income was $3.4B in fiscal 2025, up 11.8% from $3.0B a year earlier. For the quarter ended Sep 30, 2026, net income was $1.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.
What did Oneok report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $12.5B, against $8.6B in the same quarter a year before (up 44.3%), and net income of $1.4B, against $939M (up 43.8%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
How much cash and debt does Oneok have?
On Sep 30, 2026, cash and cash equivalents stood at $186M and total debt at $28.5B. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.
What are the main risks Oneok faces?
Oneok's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the oil & gas storage & transportation industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.
Where do these Oneok numbers come from?
Two filings Oneok made with the SEC: its fiscal 2025 10-K, filed Feb 24, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Oneok
- Citadel Advisors: 404,910 shares, reported value $35.2M at Jun 30, 2026 (+132.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 30,440 shares, reported value $2.6M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in OKE
- The editor holds no position in Oneok (OKE). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell OKE from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 3, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold OKE, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| OneokOKE | FY2025 | $33.6B | +55.0% | $3.4B |
| Williams CompaniesWMB | FY2025 | $14.9B | +17.9% | $2.6B |
| Kinder MorganKMI | FY2025 | $16.9B | +12.2% | $3.1B |
| Targa ResourcesTRGP | FY2025 | $17.0B | +3.9% | $1.9B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
More company files
- XOM ExxonMobil
- CVX Chevron
- COP ConocoPhillips
- MPC Marathon Petroleum
- VLO Valero Energy
- PSX Phillips 66
- EOG EOG Resources
- SLB Schlumberger
- OXY Occidental Petroleum
- BKR Baker Hughes
- FANG Diamondback Energy
- EQT
- DVN Devon Energy
- HAL Halliburton
- TPL Texas Pacific Land
- EXE Expand Energy
- AAPL Apple
- MSFT Microsoft
- NVDA Nvidia
- AMZN Amazon
- GOOGL Alphabet
- META
- BRK.B Berkshire Hathaway
- AVGO Broadcom
- JPM JPMorgan Chase
- LLY Eli Lilly
- MU Micron
- WMT Walmart
- AMD
- V Visa
New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.