ONEOK Q4 Earnings Top Estimates, Revenues Rise Year Over Year

ONEOK Inc. OKE reported fourth-quarter 2025 operating earnings per share (EPS) of $1.55, which topped the Zacks Consensus Estimate of $1.48 by 4.73%. The bottom line decreased 1.27% from the year-ago quarter’s figure of $1.57.

OKE reported earnings of $5.42 per share for 2025 compared with $5.17 in 2024, which reflects a year-over-year increase of 5.22%.

OKE’s Total Revenues

Operating revenues for the quarter totaled $9.07 billion, which missed the Zacks Consensus Estimate of $9.49 billion by 4.50%. The top line rose 29.5% from $7.0 billion in the prior-year quarter.

OKE reported total revenues of $33.63 billion for 2025 compared with $21.7 billion in 2024, which reflects a year-over-year increase of 54.99%.

Highlights of OKE’s Earnings Release

Adjusted EBITDA came in at $2.15 billion, down 1.33% year over year.

Operating income totaled $1.53 billion, down 2.30% from the prior-year level of $1.57 billion.

ONEOK incurred interest expenses of $453 million, up 1.12% from $448 million recorded in the year-ago period.

The total natural gas processed was 5,706 million cubic feet of gas per day (MMcf/d), up 143.64% year over year.

The company reported natural gas transportation capacity contracted to 7,509 million dekatherms per day (MDth/d), which decreased 10.55% year over year.

OKE’s Financial Highlights

As of Dec. 31, 2025, ONEOK had cash and cash equivalents worth $78 million compared with $733 million as of Dec. 31, 2024.

As of Dec. 31, 2025, long-term debt (excluding current maturities) totaled $30.76 billion compared with $31.02 billion as of Dec. 31, 2024.

Cash provided by operating activities for 2025 amounted to $5.59 billion compared with $4.89 billion in the corresponding period of 2024.

OKE’s 2026 Guidance

ONEOK anticipates its consolidated 2026 net income in the band of $3.19-$3.71 billion. It continues to expect adjusted EBITDA in the range of $7.9-$8.30 billion. 

EPS is expected in the range of $5.04-$5.87. 

OKE projects its capital expenditure to be in the range of $2.7-$3.2 billion. Capital expenditure guidance includes the Medford fractionator rebuild, Denver-area refined products expansion, natural gas processing projects in the Permian Basin and infrastructure related to the Texas City export terminal joint venture.

OKE’s Zacks Rank

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

Upcoming Releases

Sempra SRE is scheduled to report fourth-quarter results on Feb. 26. The Zacks Consensus Estimate for earnings is pegged at $1.13 per share, which suggests a year-over-year decrease of 24.67%.

The Zacks Consensus Estimate for 2025 sales is pinned at $3.64 billion, which implies a year-over-year fall of 3.13%.

Talen Energy Corporation TLN is scheduled to report fourth-quarter results on Feb. 26. The Zacks Consensus Estimate for earnings is pegged at $2.80 per share, which suggests a year-over-year increase of 54.70%.

The Zacks Consensus Estimate for 2025 sales is pinned at $752.49 million, which implies year-over-year growth of 61.13%.

Kimbell Royalty KRP is scheduled to report fourth-quarter results on Feb. 26. The Zacks Consensus Estimate for earnings is pegged at 14 cents per share, which suggests a year-over-year increase of 240.0%.

The Zacks Consensus Estimate for 2025 sales is pinned at $77.51 million, which implies year-over-year growth of 16.18%.

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

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