ONEOK Q3 Earnings Beat Estimates, Revenues Up Year Over Year

ONEOK Inc. OKE reported third-quarter 2025 operating earnings per share (EPS) of $1.49, which topped the Zacks Consensus Estimate of $1.46 by 2.1%. The bottom line also increased 26.3% from the year-ago quarter’s figure of $1.18.

OKE’s Total Revenues

Operating revenues for the quarter totaled $8.63 billion, which missed the Zacks Consensus Estimate of $10.05 billion by 14.1%. However, the top line rose 71.9% from $5.02 billion in the prior-year quarter.

Highlights of OKE’s Earnings Release

Adjusted EBITDA came in at $2.12 billion, up 37.2% year over year.

Operating income totaled $1.56 billion, up 38.1% from the prior-year level of $1.13 billion.

ONEOK incurred interest expenses of $450 million, up 38.5% from $325 million recorded in the year-ago period.

The total natural gas processed was 5,852 million cubic feet of gas per day (MMcf/d), up 142.8% year over year.

The company reported natural gas transportation capacity contracted of 4,657 million dekatherms per day (MDth/d), which increased 3.2% year over year.

OKE’s Financial Highlights

As of Sept. 30, 2025, ONEOK had cash and cash equivalents worth $1.20 billion compared with $0.73 billion as of Dec. 31, 2024.

As of Sept. 30, 2025, long-term debt (excluding current maturities) totaled $31.99 billion compared with $31.02 billion as of Dec. 31, 2024.

Cash provided by operating activities for the first nine months of 2025 amounted to $4.05 billion compared with $3.28 billion in the corresponding period of 2024.

OKE’s 2025 Guidance

ONEOK anticipates its consolidated 2025 net income in the band of $3.17-$3.65 billion. It continues to expect adjusted EBITDA in the range of $8-$8.45 billion.

Interest expenses, net of capitalized interest, are now expected in the range of $1.82-$1.78 billion compared to the previous range of $1.77-$1.73 billion.

Diluted EPS is expected in the range of $4.97-$5.77. The Zacks Consensus Estimate for earnings is pegged at $5.41, which is higher than the midpoint of the company’s guided range.

OKE’s Zacks Rank

ONEOK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Energy Transfer LP ET is slated to report third-quarter results on Nov. 5, after market close. The Zacks Consensus Estimate for earnings is pegged at 34 cents per unit, which indicates a year-over-year rise of 6.3%.

ET’s long-term (three to five years) earnings growth rate is 12.24%. The Zacks Consensus Estimate for third-quarter sales stands at $22.91 billion, which suggests year-over-year growth of 10.3%.

Plains All American Pipeline PAA is slated to report third-quarter results on Nov. 5, before market open. The Zacks Consensus Estimate for earnings is pegged at 36 cents per unit, which calls for a year-over-year fall of 2.7%.

The Zacks Consensus Estimate for third-quarter sales stands at $13.10 billion, which suggests year-over-year growth of 2.8%.

Delek Logistics Partners, LP DKL is scheduled to release third-quarter results on Nov. 7, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.11 per unit, which indicates a year-over-year increase of 56.3%.

DKL’s long-term earnings growth rate is 11.32%. The Zacks Consensus Estimate for third-quarter sales is pegged at $254.4 million, which implies a year-over-year rise of 18.8%.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research