Q1 26 EPS
$N/A
Q1 26 Revenue
N/A
vs S&P Since Q1 26
+0.2%
BEATING MARKET
OKE +5.1% vs S&P +4.8%
Market Reaction
Did OKE Beat Earnings? Q1 2026 Results
ONEOK closed out 2025 on a strong note, posting fourth-quarter earnings per share of $1.55 against a consensus estimate of $1.54, a modest beat of 0.65%, while revenue of $9.06 billion topped expectations of $8.22 billion by 10.28% and surged 29.5% y… Read more ONEOK closed out 2025 on a strong note, posting fourth-quarter earnings per share of $1.55 against a consensus estimate of $1.54, a modest beat of 0.65%, while revenue of $9.06 billion topped expectations of $8.22 billion by 10.28% and surged 29.5% year over year. The standout revenue result reflects the meaningful scale added through ONEOK's acquisitions of EnLink and Medallion, which drove broad-based volume growth across gathering, processing, and liquids segments and pushed full-year adjusted EBITDA to $8.02 billion, up 18%. Year-over-year EPS comparisons carry a nuance: Q4 2024 included $237 million in pretax gains from asset divestitures, making the underlying earnings growth, which management pegs at 11% on an adjusted basis, more substantial than headline figures suggest. For those tracking the full picture on OKE, the company's 2026 outlook targets adjusted EBITDA of $7.90 billion to $8.30 billion, with management flagging moderating producer activity and WTI crude around $55–$60 per barrel as key variables, even as a freshly raised quarterly dividend of $1.07 per share signals continued confidence.
Key Takeaways
- • 18% increase in full-year adjusted EBITDA driven by EnLink and Medallion acquisition contributions
- • 15% increase in Rocky Mountain region NGL raw feed throughput volumes
- • 3% increase in Rocky Mountain region natural gas volumes processed
- • $475 million of cumulative acquisition-related synergies achieved through year-end 2025
- • Approximately 90% fee-based earnings in 2025
- • Extinguished nearly $3.1 billion of long-term debt in 2025
OKE Forward Guidance & Outlook
ONEOK's 2026 guidance targets net income of $3.19 billion to $3.71 billion (midpoint $3.45 billion), diluted EPS of $5.04 to $5.87 (midpoint $5.45), and adjusted EBITDA of $7.9 billion to $8.3 billion (midpoint $8.1 billion). Total capital expenditures are expected between $2.7 billion and $3.2 billion. Growth is expected from continued acquisition synergies (~$150 million incremental in 2026), fee-based volume growth, and completed projects. The company assumes WTI crude oil prices of approximately $55–$60 per barrel, and notes growth may be partially offset by moderating producer activity due to the projected commodity price environment.
OKE YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“ONEOK delivered another year of double-digit earnings growth in 2025, with increased volumes and continued synergy capture from a multi-year acquisition plan highlighting the value created by our integrated systems.”
— Pierce H. Norton II, Q1 2026 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 | — |