Q2 25 EPS
$1.34
BEAT +0.95%
Est. $1.33
Q2 25 Revenue
$7.89B
MISS 5.30%
Est. $8.33B
vs S&P Since Q2 25
+1.6%
BEATING MARKET
OKE +16.4% vs S&P +14.8%
Market Reaction
Did OKE Beat Earnings? Q2 2025 Results
ONEOK delivered a mixed second quarter for 2025, posting earnings per diluted share of $1.34 against a consensus estimate of $1.33, a beat of roughly 0.95%, while revenue of $7.89 billion trailed the $8.33 billion consensus by 5.30%, even as the top … Read more ONEOK delivered a mixed second quarter for 2025, posting earnings per diluted share of $1.34 against a consensus estimate of $1.33, a beat of roughly 0.95%, while revenue of $7.89 billion trailed the $8.33 billion consensus by 5.30%, even as the top line surged 61.2% year over year. The dramatic revenue growth tells the real story: ONEOK's transformative acquisitions of EnLink and Medallion have fundamentally reshaped the company's scale, with adjusted EBITDA climbing to $1.98 billion from $1.62 billion a year ago and net income rising to $841 million. The Natural Gas Gathering and Processing segment was the standout contributor, with EnLink alone adding $240 million to that segment's adjusted EBITDA. Rocky Mountain NGL raw feed throughput hit record levels, and crude oil volumes shipped more than doubled to 1,782 MBbl/d. Management reaffirmed full-year 2025 guidance, signaling confidence that acquisition synergies and organic growth will sustain momentum, a trajectory investors will be watching closely into year-end results.
Key Takeaways
- • Positive impact of EnLink and Medallion acquisitions across ONEOK's system
- • Record Rocky Mountain region NGL raw feed throughput volumes with 11% YoY increase
- • EnLink contributed $240 million increase to Natural Gas Gathering and Processing adjusted EBITDA
- • EnLink and Medallion contributed $89 million increase to Refined Products and Crude adjusted EBITDA
- • Higher volumes from increased production in Mid-Continent and Rocky Mountain regions
- • Crude oil volumes shipped surged to 1,782 MBbl/d from 731 MBbl/d reflecting Medallion acquisition
- • Natural gas processed volumes increased to 5,573 MMcf/d from 2,326 MMcf/d
- • Partially offset by divestiture of certain non-strategic assets in 2024
- • Lower realized NGL prices partially offset volume gains
OKE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“ONEOK's higher second-quarter performance reflects the strategy of our contiguous integrated business model and sustained demand for the critical energy services we provide. Our strategic acquisitions are delivering tangible benefits as we continue to make meaningful progress on acquisition-related synergies and organic growth.”
— Pierce H. Norton II, Q2 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 | — |