Jun 2026 (Q2 FY26) — Aug 4, 2026
ONEOK Q2 FY26 — Raised Guidance, Record NGL Volumes, and Extended Cash Tax Runway
Read the full callONEOK (OKE) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
ONEOK earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 12,049 | +52.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 13.2 | −4.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 966 | +14.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Refined products pipeline expansion -- Kansas to Denver/DIA | Complete mid-2026, adding 35,000 bpd of capacity | Sep 2024 | as of August 1, our Denver area refined products expansion was placed in service. This project adds 35,000 barrels per day of capacity into one of the fastest-growing markets in our footprint | Achieved |
| Big Horn Delaware Basin gas processing plant | 300 MMcf/d capacity, approximately $365 million cost, completed mid-2027 | Jun 2025 | we've increased the capacity of our Bighorn plant to 400 million cubic feet per day from an initial capacity of 300 million cubic feet per day. Bighorn remains on schedule for completion in mid-2027. | Revised Up |
| Delaware Basin low-cost processing capacity expansion | Approximately 75-110 MMcf/d of low-cost expansion at existing Delaware facilities | Jun 2025 | we remain on track to complete 110 million cubic feet per day of Delaware Basin plant expansion projects during the third quarter | On Track |
2 of ONEOK INC /NEW/'s 29 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
- Raised 2026 financial guidance for the second time, increasing adjusted EBITDA midpoint by $250 million to $8.35 billion.
- Achieved record NGL throughput volumes, with Gulf Coast Permian NGL volumes increasing 15% year-over-year.
- Extended cash tax runway by approximately 2 years until 2031, due to $2.6 billion in cumulative cash tax benefits.
- Denver area refined products expansion placed in service, adding 35,000 barrels per day of capacity.
- Reached 80% targeted contracting threshold for 200,000 barrels per day of LPG export capacity.
Qualified
- NGL segment experienced a slight reduction in overall margin due to increased ethane recovery, which typically commands lower transport rates than C3+ products.
- Mid-Continent contracts rolling off may reprice at current market rates, potentially impacting future margins, though factored into guidance.
- Natural Gas Pipeline segment expects lower earnings in the second half of the year as Permian takeaway capacity comes online and Waha-Katy differentials narrow.
- Final Investment Decisions (FIDs) for large-scale AI data center projects have taken longer than anticipated.
Price
$92.42 −0.95% · −$0.89
Performance +35.7% 1Y
1Y: $68.09 on 17 Oct 2025 → $92.42. High $97.51 (8 Sept 2026), low $64.31 (4 Nov 2025).
- Previous close
- $93.31
- 52-week range
- $64.31 – $97.51
- One year
- +34.86%
Overview
- Symbol
- OKE
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 12 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Refined products pipeline expansion -- Kansas to Denver/DIA | Complete mid-2026, adding 35,000 bpd of capacity | Sep 2024 | as of August 1, our Denver area refined products expansion was placed in service. This project adds 35,000 barrels per day of capacity into one of the fastest-growing markets in our footprint | Achieved |
| Big Horn Delaware Basin gas processing plant | 300 MMcf/d capacity, approximately $365 million cost, completed mid-2027 | Jun 2025 | we've increased the capacity of our Bighorn plant to 400 million cubic feet per day from an initial capacity of 300 million cubic feet per day. Bighorn remains on schedule for completion in mid-2027. | Revised Up |
| Delaware Basin low-cost processing capacity expansion | Approximately 75-110 MMcf/d of low-cost expansion at existing Delaware facilities | Jun 2025 | we remain on track to complete 110 million cubic feet per day of Delaware Basin plant expansion projects during the third quarter | On Track |
Claimed
- Raised 2026 financial guidance for the second time, increasing adjusted EBITDA midpoint by $250 million to $8.35 billion.
- Achieved record NGL throughput volumes, with Gulf Coast Permian NGL volumes increasing 15% year-over-year.
- Extended cash tax runway by approximately 2 years until 2031, due to $2.6 billion in cumulative cash tax benefits.
- Denver area refined products expansion placed in service, adding 35,000 barrels per day of capacity.
- Reached 80% targeted contracting threshold for 200,000 barrels per day of LPG export capacity.
Qualified
- NGL segment experienced a slight reduction in overall margin due to increased ethane recovery, which typically commands lower transport rates than C3+ products.
- Mid-Continent contracts rolling off may reprice at current market rates, potentially impacting future margins, though factored into guidance.
- Natural Gas Pipeline segment expects lower earnings in the second half of the year as Permian takeaway capacity comes online and Waha-Katy differentials narrow.
- Final Investment Decisions (FIDs) for large-scale AI data center projects have taken longer than anticipated.
The full ledger
Open ONEOK INC /NEW/’s full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 29, 2026
ONEOK Q1 FY26 — Raises 2026 Financial Guidance on Strong Performance
Read the full callDec 2025 (Q4 FY25) — Feb 24, 2026
ONEOK Q4 FY25 — Double-Digit Earnings Growth and Strong Adjusted EBITDA
Read the full callEvery analysed call
ONEOK earnings calls (OKE)
Financials
What the filings say
Net profit, year on year: +15% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 5,023 | 7,000 | 8,043 | 7,887 | 8,634 | 9,065 | 9,618 | 12,049 |
| Operating profit | 1,128 | 1,568 | 1,220 | 1,431 | 1,558 | 1,532 | 1,428 | 1,593 |
| Operating margin | 22.5% | 22.4% | 15.2% | 18.1% | 18.0% | 16.9% | 14.8% | 13.2% |
| Interest | 325 | 448 | 442 | 438 | 450 | 453 | 439 | 434 |
| Profit before tax | 912 | 1,328 | 888 | 1,113 | 1,237 | 1,252 | 1,021 | 1,266 |
| Tax rate | 24.0% | 24.7% | 22.2% | 23.4% | 24.0% | 21.9% | 24.0% | 23.6% |
| Net profit | 693 | 923 | 636 | 841 | 939 | 977 | 774 | 966 |
| EPS ($ per share) | 1.18 | — | 1.04 | 1.34 | 1.49 | — | 1.23 | 1.53 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 4 | 4 | 5 | 5 | 5 | 6 | 6 | 7 |
| Reserves | 0 | 0 | 0 | 0 | 50 | 868 | 1,579 | 2,373 |
| Total liabilities | 11,652 | 15,586 | 17,036 | 17,606 | 17,885 | 27,782 | 41,936 | 44,072 |
| Fixed assets | 14,767 | 18,349 | 19,155 | 19,320 | 19,952 | 32,697 | 45,935 | 47,861 |
| Total assets | 18,232 | 21,812 | 23,079 | 23,622 | 24,379 | 44,266 | 64,069 | 66,641 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,187 | 1,947 | 1,899 | 2,546 | 2,906 | 4,421 | 4,888 | 5,599 |
| Cash from investing | -2,115 | -3,769 | -2,271 | -665 | -1,139 | -6,404 | -6,612 | -3,751 |
| Cash from financing | -97 | 1,831 | 875 | -2,259 | -1,693 | 2,101 | 2,119 | -2,503 |
| Net cash flow | — | 9 | 504 | -378 | 74 | 118 | 395 | -655 |
| Capital expenditure | -2,141 | -3,848 | -2,195 | -697 | -1,202 | -1,595 | -2,021 | -3,152 |
| Free cash flow | 45 | -1,902 | -296 | 1,849 | 1,704 | 2,826 | 2,867 | 2,447 |
OKE revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Refined Products and Crude Oil | 19% | — | 31% | 37% | 42% | 45% | 49% | 59% | +145.3% |
| Natural Gas Liquids | 73% | 65% | 53% | 49% | 45% | 44% | 38% | 38% | +18.7% |
| Natural Gas Gathering and Processing | 18% | 26% | 27% | 23% | 21% | 20% | 21% | 16% | +1.6% |
| Wholly Owned Interstate Natural Gas Pipelines | — | — | 6% | 5% | 5% | 6% | 7% | 4% | +10.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
OKE operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Active rigs Permian Basin | 16In the Permian Basin, we currently have 16 active rigs on our dedicated acreage.Source: earnings call transcript | — | 20Currently, we have 20 active rigs on our dedicated acreage, driving the need for recently announced capacity expansions, totaling more than 550 million cubic feet per day across the Midland and Delaware basins.Source: earnings call transcript | — | 11In the Permian basin process volumes increased 4% year-over-year, and we currently have 11 rigs operating across our footprint.Source: earnings call transcript | — | — |
| Active rigs Oklahoma | 14There are 14 rigs on our dedicated acreage in Oklahoma and a number of projects underway to connect and optimize these assets in the region.Source: earnings call transcript | 12In the Mid-Continent, there are 12 rigs running on our dedicated acreage in Oklahoma and a number of projects underway to connect and optimize assets in the region.Source: earnings call transcript | 11There are 11 rigs on our dedicated acreage in Oklahoma.Source: earnings call transcript | — | — | — | -8.3% |
| Active rigs Mid-Continent | — | — | — | 13We have 13 rigs currently operating across more than [ 1 million ] dedicated acres in the Mid-Con.Source: earnings call transcript | 11Mid-Continent producers continue to focus activity across both gas-focused and liquid-rich plays, and we have 11 rigs currently operating at costs more than 1 million dedicated acres in this region.Source: earnings call transcript | 11We currently have 11 rigs on our acreage in the Mid-Continent and 13 in the Rocky Mountain region, up 2 rigs in the Rockies compared with last quarter.Source: earnings call transcript | 0% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
33 filings between Nov 3, 2025 and Sep 23, 2026.
Open market
decisions to buy or sellPurchases
$165.0K
1 purchase by 1 insider
Sales
None
No insider sold shares.
Compensation
not trading decisions- 7
- Award — granted as compensation
- 12
- Option exercise — converted options into shares
- 12
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| DERKSEN BRIAN L | $165.0K | — | Nov 3, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 23, 2026 | BURDICK KEVIN L See Remarks | Option exercise | 2,895 | — |
| Sep 23, 2026 | SPEARS MARY M See Remarks | Tax withheld | 1,016 | $91.5K |
| Sep 23, 2026 | Taylor Lyndon C See Remarks | Option exercise | 6,369 | — |
| Sep 23, 2026 | BURDICK KEVIN L See Remarks | Tax withheld | 1,270 | $114.4K |
| Sep 23, 2026 | SWORDS SHERIDAN C See Remarks | Option exercise | 4,343 | — |
| Sep 23, 2026 | Taylor Lyndon C See Remarks | Tax withheld | 2,793 | $251.6K |
| Sep 23, 2026 | HULSE WALTER S III See Remarks | Tax withheld | 3,174 | $285.9K |
| Sep 23, 2026 | SWORDS SHERIDAN C See Remarks | Tax withheld | 1,905 | $171.6K |
| Sep 23, 2026 | HULSE WALTER S III See Remarks | Option exercise | 7,238 | — |
| Sep 23, 2026 | SPEARS MARY M See Remarks | Option exercise | 2,316 | — |
| May 28, 2026 | SPEARS MARY M See Remarks | Gift | 1,000 | $0 |
| May 20, 2026 | MCCOLLUM MARK A Director | Award | 1,845 | $170.0K |
| May 20, 2026 | EDWARDS JULIE H Director | Award | 1,845 | $170.0K |
| May 20, 2026 | Owodunni Precious W Director | Award | 1,845 | $170.0K |
| May 20, 2026 | HELDERMAN MARK W Director | Award | 3,039 | $280.0K |
| May 20, 2026 | RODRIGUEZ EDUARDO A Director | Award | 1,476 | $136.0K |
| Feb 22, 2026 | SWORDS SHERIDAN C See Remarks | Option exercise | 4,925 | — |
| Feb 22, 2026 | BURDICK KEVIN L See Remarks | Tax withheld | 2,538 | $221.6K |
| Feb 22, 2026 | BURDICK KEVIN L See Remarks | Option exercise | 5,629 | — |
| Feb 22, 2026 | HULSE WALTER S III See Remarks | Tax withheld | 3,454 | $301.7K |
| Feb 22, 2026 | HULSE WALTER S III See Remarks | Option exercise | 7,739 | — |
| Feb 22, 2026 | Taylor Lyndon C See Remarks | Tax withheld | 3,813 | $333.0K |
| Feb 22, 2026 | NORTON PIERCE See Remarks | Option exercise | 17,588 | — |
| Feb 22, 2026 | SPEARS MARY M See Remarks | Tax withheld | 1,074 | $93.8K |
| Feb 22, 2026 | Taylor Lyndon C See Remarks | Option exercise | 8,539 | — |
| Feb 22, 2026 | SPEARS MARY M See Remarks | Option exercise | 2,286 | — |
| Feb 22, 2026 | SWORDS SHERIDAN C See Remarks | Tax withheld | 2,226 | $194.4K |
| Feb 22, 2026 | NORTON PIERCE See Remarks | Tax withheld | 7,774 | $678.9K |
| Jan 30, 2026 | Lentz Randy N See Remarks | Tax withheld | 1,686 | $133.5K |
| Jan 30, 2026 | Lentz Randy N See Remarks | Option exercise | 6,557 | $519.2K |
| Jan 23, 2026 | Owodunni Precious W Director | Award | 727 | $56.7K |
| Jan 23, 2026 | MCCOLLUM MARK A Director | Award | 727 | $56.7K |
| Nov 3, 2025 | DERKSEN BRIAN L Director | Purchase | 2,500 | $165.0K |
| Jun 13, 2025 | SPEARS MARY M See Remarks | Tax withheld | 7 | $586 |
| Jun 13, 2025 | SPEARS MARY M See Remarks | Award | 14 | $1.2K |
| Jun 13, 2025 | Lentz Randy N See Remarks | Tax withheld | 4 | $335 |
| Jun 13, 2025 | Lentz Randy N See Remarks | Award | 14 | $1.2K |
| Jun 13, 2025 | SWORDS SHERIDAN C See Remarks | Tax withheld | 7 | $586 |
| Jun 13, 2025 | NORTON PIERCE See Remarks | Award | 14 | $1.2K |
| Jun 13, 2025 | SWORDS SHERIDAN C See Remarks | Award | 14 | $1.2K |
| Jun 13, 2025 | Taylor Lyndon C See Remarks | Award | 14 | $1.2K |
| Jun 13, 2025 | BURDICK KEVIN L See Remarks | Tax withheld | 7 | $586 |
| Jun 13, 2025 | Taylor Lyndon C See Remarks | Tax withheld | 7 | $586 |
| Jun 13, 2025 | BURDICK KEVIN L See Remarks | Award | 14 | $1.2K |
| Jun 13, 2025 | HULSE WALTER S III See Remarks | Tax withheld | 7 | $586 |
| Jun 13, 2025 | HULSE WALTER S III See Remarks | Award | 14 | $1.2K |
| Jun 13, 2025 | NORTON PIERCE See Remarks | Tax withheld | 7 | $586 |
| May 23, 2025 | EDWARDS JULIE H Director | Award | 3,450 | $279.9K |
| May 23, 2025 | RODRIGUEZ EDUARDO A Director | Award | 1,676 | $136.0K |
| May 23, 2025 | HELDERMAN MARK W Director | Award | 3,450 | $279.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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