Q1 25 EPS
$1.04
Q1 25 Revenue
$8.04B
vs S&P Since Q1 25
-17.5%
TRAILING MARKET
OKE +12.5% vs S&P +30.0%
Market Reaction
Did OKE Beat Earnings? Q1 2025 Results
ONEOK delivered a transformative first quarter in 2025, posting earnings of $1.04 per diluted share on revenue of $8.04 billion, nearly double the $4.78 billion recorded a year earlier, as the company's acquisition-driven expansion reshaped its finan… Read more ONEOK delivered a transformative first quarter in 2025, posting earnings of $1.04 per diluted share on revenue of $8.04 billion, nearly double the $4.78 billion recorded a year earlier, as the company's acquisition-driven expansion reshaped its financial profile. The headline revenue surge was powered primarily by the January 31 closing of the EnLink Midstream acquisition, which alongside existing Medallion contributions drove natural gas processed volumes to 5,250 MMcf/d from 2,187 MMcf/d in the prior-year period. Adjusted EBITDA climbed 23% to $1.77 billion, with the Natural Gas Gathering and Processing segment leading the way at $491 million, up from $306 million, as EnLink added $213 million in contributions and Rocky Mountain volumes grew 7%. Net income came in at $636 million, with the modest year-over-year EPS dip largely reflecting acquisition-related dilution and $42 million in transaction costs. Management affirmed its full-year 2025 guidance and unveiled plans for a 400,000 barrel-per-day LPG export terminal in Texas, a strategic pivot toward international NGL demand that investors will be watching closely through the rest of the year.
Key Takeaways
- • Full quarter of adjusted EBITDA contributions from EnLink and Medallion acquisitions
- • 15% increase in Rocky Mountain region NGL raw feed throughput volumes year-over-year
- • 7% increase in Rocky Mountain region natural gas volumes processed year-over-year
- • Higher volumes delivered to Overland Pass Pipeline
- • Higher BridgeTex and Saddlehorn earnings from unconsolidated affiliates
- • Natural gas processed volumes increased to 5,250 MMcf/d from 2,187 MMcf/d
- • Crude oil volumes shipped surged to 1,846 MBbl/d from 747 MBbl/d
OKE YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“ONEOK's solid first quarter results highlight the strength of our integrated system, disciplined growth strategy and dedicated employees.”
— Pierce H. Norton II, Q1 2025 Earnings Press Release
OKE Earnings Trends
OKE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
OKE EPS Trend
Earnings per share: estimate vs actual
OKE Revenue Trend
Quarterly revenue: estimate vs actual
OKE Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $1.54 | $1.55 | +0.65% | $9.07B | — |
| FY Full Year | $5.38 | $5.42 | +0.67% | $33.63B | +2.58% |
| Q3 25 | — | $1.49 | — | $8.63B | — |
| Q2 25 BEAT | $1.33 | $1.34 | +0.95% | $7.89B | -5.30% |
| Q1 25 | — | $1.04 | — | $8.04B | — |