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Oneok (OKE) stock

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NYSE: OKE NYSE Oil & Gas Storage & Transportation Next results ~January 26, 2027

C Fundamentals grade

Oneok is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$100

Valuation models combined (3)

Base case. Range ~$89–$130. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book), the forward price-to-earnings vs peers counting double.

Price vs value

Modestly undervalued

The price is inside our value range, 8% below our base value.

Price used: $92.52, November 2, 2026

Oneok valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Oneok files

10-Q filed October 28: Oneok

Model value +32.3%

Revenue for the twelve months to September 2026 was $43.2bn, up 36.8% on a year earlier, slower than the 40.8% growth a quarter earlier. That growth ranks 2 of 22 among the oil & gas storage & transportation companies we cover. Free-cash-flow margin fell to 5.9% from 9.3% a year earlier. Operating margin narrowed to 14.2% from 18.3%. The diluted share count is up 2.8% on a year earlier, which dilutes existing holders. Our model value rises from $180 to $238 a share, against a share price of $97.07. The rating stays Buy. At that price, our model says the market is pricing in about 3.9% a year of cash-flow growth for five years, slower than the 21.2% a year revenue growth it has delivered.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed August 4: Oneok

Oneok's revenue reached $43.2bn in the twelve months to June 2026, a rise of 36.8% on the year before but a step down from 40.8% growth a quarter earlier. Among the 18 oil & gas storage and transportation companies we cover, that growth ranks second. Margins moved the other way: free-cash-flow margin slipped to 5.9% from 9.3%, while operating margin narrowed to 14.2% from 18.3%. The diluted share count climbed 2.8% on a year earlier, diluting existing holders. Our model value nonetheless rises, from $171 to $180 a share, against a share price of $96.01, keeping the rating at Buy. At that price, the market appears to be pricing in cash-flow growth of about 3.1% a year over five years, well below the 21.2% a year revenue growth Oneok has actually delivered.

10-Q on SEC EDGAR

Where Oneok stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $39.4bn, up 40.8% on a year earlier, about the same pace as a quarter earlier. That growth ranks 60 of 931 among all the companies we cover. Free-cash-flow margin fell to 7.4% from 10.3% a year earlier. Operating margin narrowed to 15.5% from 19.1%. The diluted share count is up 4.6% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 6 financial-health checks. Our cash-flow model value is $128 a share, against a share price of $92.78. At that price, our model says the market is pricing in about 9.0% a year of cash-flow growth for five years, slower than the 18.9% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Oneok's trailing-twelve-month revenue grew 36.8% year on year, with a free-cash-flow margin of 5.9%. Where it stands out: revenue growth of 36.8% ranks 3 of 29 oil & gas storage & transportation companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 13.4% while net income grew 21.8%: a 35pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 36.8% over the last 12 months, against a median of 8.8% for oil & gas storage & transportation companies we cover.

Things to watch

  • Margins narrowing. Operating margin is down 4.1 points on a year ago.
  • Share dilution. Diluted shares rose 2.8% in a year.
  • Growth easing. The growth rate is 4.0 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 6.8 points on a year ago.
  • Weak cash conversion. Free cash flow was 62% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$2.13 against an average estimate of $1.50: beat by 42.0%
Revenue
$12.46bn, up 44.3% on a year earlier
Guidance given
net income $3.5bn (2026); earnings per diluted share $5.53 (2026)
Next report
October 27, 2026; average EPS estimate $1.39

Oneok's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.6%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$43.2B
Operating margin
14.2%
Net margin
9.4%
EPS (TTM, diluted)
$6.44

Growth

Revenue growth
+36.8%
Change in growth rate
−4.0 pts
Share count change
+2.8%

Cash

Free cash flow (TTM)
$2.5B
FCF margin
5.9%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Our research
  3. Agreement
  4. Agreement
  5. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Oneok valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$100
Price used
$92.01close November 3, 2026
Implied change
▲ +9%
Uncertainty
Low

How we got here: the combined value of 3 valuation models built for a business like Oneok (see the models table below and how they are combined) , with a 7.82% cost of equity. The models span ~$89–~$130; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Oneok as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$89 ~$74–$120 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$93 ~$73–$120 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$160 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$100 ~$89–$130 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Oneok with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end Now
Share price$92.52
Market value$58.5bn
+ Net debt (− = net cash)$28.3bn
Enterprise value$86.8bn
Multiples
Price / sales 1.4x
Price / earnings 14.4x
Price / free cash flow 23.1x
EV / EBITDA 11.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard Oneok's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.5% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 29.2%, moving by 6.3 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 16.5%; its worst year was 11.9%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 8 of 10 years, at a median 8.1% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 41.3% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.81 +7% $43.6bn +30%
Next $6.19 +6% $43.1bn −1%

Next year's EPS estimate has moved +0.5% in 90 days, across 14 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.1% on 90 days ago. In the last 30 days, 0 analysts raised Oneok's forecast and 3 cut it.

Consensus EPS forecast Oneok, last 90 days
$5.60 $5.80 $6.00 $6.20 $6.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.69 Current fiscal year, 60 days ago: $5.78 Current fiscal year, 30 days ago: $5.69 Current fiscal year, 7 days ago: $5.84 Current fiscal year, Now: $5.81 $5.81 Next fiscal year, 90 days ago: $6.16 Next fiscal year, 60 days ago: $6.23 Next fiscal year, 30 days ago: $6.06 Next fiscal year, 7 days ago: $6.19 Next fiscal year, Now: $6.19 $6.19

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.69$6.16
60 days ago $5.78$6.23
30 days ago $5.69$6.06
7 days ago $5.84$6.19
Now $5.81$6.19

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.50 $2.13 +42.0%
Jun 2026 $1.46 $1.53 +4.8%
Mar 2026 $1.30 $1.23 −5.7%
Dec 2025 $1.49 $1.55 +3.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, April 28, 2026
  • Earnings per diluted share 2026 about $5.53 Raised
    “Earnings per diluted share increased to a midpoint of $5.53.” source
  • Net income 2026 about $3.5bn Raised
    “Net income increased to a midpoint of $3.5 billion.” source
  • Adjusted EBITDA 2026 about $8.25bn Non-GAAP Raised
    “Adjusted EBITDA increased to a midpoint of $8.25 billion.” source
  • 2026 net income guidance 2026 $3.21bn to $3.79bn Raised
    “ONEOK increased 2026 net income guidance to a range of $3.21 billion to $3.79 billion.” source
  • (adjusted EBITDA) guidance 2026 $8bn to $8.5bn Non-GAAP Raised
    “Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $8.0 billion to $8.5 billion.” source
  • Total 2026 capital expenditure guidance 2026 $2.7bn to $3.2bn Maintained
    “Total 2026 capital expenditure guidance remains unchanged at approximately $2.7 billion to $3.2 billion.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

22 analysts, Oct 2026
Buy941%
Hold1359%
Sell00%

Monthly trend

  1. Oct 2026271322
  2. Sep 2026271322
  3. Aug 2026281222
  4. Jul 202681423

Counts of recommendations published by analysts covering Oneok, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.4%
of tradable shares
Days to cover
6.35
at average volume
Short interest, 1 month
−6%
to September 30, 2026
Held by institutions
84%
of shares
Held by insiders
0.2%
of shares
Employees
6,326
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Oneok’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.21× the last 60 days’ realised volatility , richer than 57% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

OKE Oneok Grade C $92.77

Own 100 shares, sell the $100 call expiring December 18, 2026 (46 days) for $1.25 a share — $125 per contract.

Previous session · Bid $1.25, ask $1.60, quoted Mon 2 Nov, 17:32 New York time with OKE at $92.77. Option prices move with the shares: check the live chain at your broker before trading.

  • If OKE ends below $100: you keep your shares and the $125 — 1.4% extra on the position, 10.7% a year at that pace.
  • If it ends above $100: your shares are sold at $100, a total return of 9.1% including the premium — at or above our value of ~$100.
$848 $0 −$1.8k Break-even $91.52 Price $92.77 Our value $100
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$125
Annualised
10.7%
Break-even
$91.52
Max gain
$847.78
Chance of selling
~29%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Oneok in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Oneok
$10B $20B $30B $40B $50B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $17.7B Revenue (TTM), FY24 Q1: $17.9B Revenue (TTM), FY24 Q2: $19.1B Revenue (TTM), FY24 Q3: $19.9B Revenue (TTM), FY24 Q4: $21.7B Revenue (TTM), FY25 Q1: $25B Revenue (TTM), FY25 Q2: $28B Revenue (TTM), FY25 Q3: $31.6B Revenue (TTM), FY25 Q4: $33.6B Revenue (TTM), FY26 Q1: $35.2B Revenue (TTM), FY26 Q2: $39.4B Revenue (TTM), FY26 Q3: $43.2B $43.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $17.7B
FY24 Q1 $17.9B
FY24 Q2 $19.1B
FY24 Q3 $19.9B
FY24 Q4 $21.7B
FY25 Q1 $25B
FY25 Q2 $28B
FY25 Q3 $31.6B
FY25 Q4 $33.6B
FY26 Q1 $35.2B
FY26 Q2 $39.4B
FY26 Q3 $43.2B
Revenue growth, TTM YoY Oneok
-40% -20% 0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -21.0% Revenue growth, TTM YoY, FY24 Q1: -16.4% Revenue growth, TTM YoY, FY24 Q2: -0.5% Revenue growth, TTM YoY, FY24 Q3: 14.1% Revenue growth, TTM YoY, FY24 Q4: 22.7% Revenue growth, TTM YoY, FY25 Q1: 39.2% Revenue growth, TTM YoY, FY25 Q2: 46.4% Revenue growth, TTM YoY, FY25 Q3: 58.4% Revenue growth, TTM YoY, FY25 Q4: 55.0% Revenue growth, TTM YoY, FY26 Q1: 41.0% Revenue growth, TTM YoY, FY26 Q2: 40.8% Revenue growth, TTM YoY, FY26 Q3: 36.8% 36.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -21.0%
FY24 Q1 -16.4%
FY24 Q2 -0.5%
FY24 Q3 14.1%
FY24 Q4 22.7%
FY25 Q1 39.2%
FY25 Q2 46.4%
FY25 Q3 58.4%
FY25 Q4 55.0%
FY26 Q1 41.0%
FY26 Q2 40.8%
FY26 Q3 36.8%
Operating margin (TTM) Oneok
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 23.0% Operating margin (TTM), FY24 Q1: 20.3% Operating margin (TTM), FY24 Q2: 21.6% Operating margin (TTM), FY24 Q3: 22.7% Operating margin (TTM), FY24 Q4: 23.0% Operating margin (TTM), FY25 Q1: 20.6% Operating margin (TTM), FY25 Q2: 19.1% Operating margin (TTM), FY25 Q3: 18.3% Operating margin (TTM), FY25 Q4: 17.1% Operating margin (TTM), FY26 Q1: 16.9% Operating margin (TTM), FY26 Q2: 15.5% Operating margin (TTM), FY26 Q3: 14.2% 14.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 23.0%
FY24 Q1 20.3%
FY24 Q2 21.6%
FY24 Q3 22.7%
FY24 Q4 23.0%
FY25 Q1 20.6%
FY25 Q2 19.1%
FY25 Q3 18.3%
FY25 Q4 17.1%
FY26 Q1 16.9%
FY26 Q2 15.5%
FY26 Q3 14.2%
FCF margin (TTM) Oneok
5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.0% FCF margin (TTM), FY24 Q1: 11.0% FCF margin (TTM), FY24 Q2: 12.9% FCF margin (TTM), FY24 Q3: 13.7% FCF margin (TTM), FY24 Q4: 13.2% FCF margin (TTM), FY25 Q1: 12.3% FCF margin (TTM), FY25 Q2: 10.3% FCF margin (TTM), FY25 Q3: 9.3% FCF margin (TTM), FY25 Q4: 7.3% FCF margin (TTM), FY26 Q1: 6.4% FCF margin (TTM), FY26 Q2: 7.4% FCF margin (TTM), FY26 Q3: 5.9% 5.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.0%
FY24 Q1 11.0%
FY24 Q2 12.9%
FY24 Q3 13.7%
FY24 Q4 13.2%
FY25 Q1 12.3%
FY25 Q2 10.3%
FY25 Q3 9.3%
FY25 Q4 7.3%
FY26 Q1 6.4%
FY26 Q2 7.4%
FY26 Q3 5.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Oneok took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $33.6B
  2. Cost of revenue $23.4B · 69.5%
  3. Gross profit $10.3B · 30.5%
  4. Other operating costs $4.5B · 13.4%
  5. Operating income $5.7B · 17.1%
  6. Income tax $1B · 3.1%
  7. Interest and other $1.3B · 3.9%
  8. Net income $3.4B · 10.1%

Shares of revenue. Source: Oneok's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 10.8 12.7 14.8 10.2 11.9 12.2 7.8 8.9 12.2 12.6 10.2 8.5 16.5 22.4 17.7 21.7 33.6 43.2
Gross profit 2.0 2.1 2.4 1.6 1.6 2.1 2.1 2.4 2.6 3.2 3.4 3.4 4.3 4.5 5.7 8.4 10.3 10.9
EBITDA 1.2 1.2 1.5 1.2 1.1 1.4 1.4 1.7 1.8 2.3 2.4 1.9 3.2 3.4 4.8 6.1 7.3 7.7
Operating income 0.9 0.9 1.2 1.0 0.9 1.1 1.0 1.3 1.4 1.8 1.9 1.4 2.6 2.8 4.1 5.0 5.7 6.1
Net income 0.3 0.3 0.4 0.4 0.3 0.3 0.2 0.4 0.4 1.2 1.3 0.6 1.5 1.7 2.7 3.0 3.4 4.1
Diluted EPS $1.44 $1.55 $1.68 $1.71 $1.27 $1.49 $1.16 $1.66 $1.29 $2.78 $3.07 $1.42 $3.35 $3.84 $5.48 $5.17 $5.42 $6.44
Growth (year on year)
Revenue −33.1% +17.3% +16.8% −31.2% +16.6% +2.7% −36.3% +14.9% +36.5% +3.4% −19.3% −16.0% +93.6% +35.3% −21.0% +22.7% +55.0% +36.8%
EBITDA +0.9% +6.7% +17.7% −21.2% −3.4% +28.4% −6.1% +24.9% +6.6% +25.9% +5.6% −18.9% +65.9% +6.7% +41.0% +26.5% +18.5% +5.8%
Operating income −3.7% +6.8% +22.9% −17.7% −7.6% +29.9% −12.9% +30.1% +7.4% +31.9% +4.3% −28.9% +90.7% +8.1% +45.1% +22.5% +15.1% +6.0%
Net income — +9.6% +7.8% +0.0% −26.1% +17.8% −22.0% +43.7% +10.2% +197.0% +11.0% −52.1% +144.6% +14.9% +54.4% +14.1% +11.8% +21.8%
Diluted EPS — +8.0% +8.4% +1.8% −25.7% +17.3% −22.1% +43.1% −22.3% +115.5% +10.4% −53.7% +135.9% +14.6% +42.7% −5.7% +4.8% +18.5%
Margins
Gross margin 18.5% 16.3% 16.1% 16.1% 13.9% 17.3% 27.3% 27.2% 21.7% 25.2% 33.2% 40.2% 25.9% 20.0% 32.5% 38.7% 30.5% 25.2%
EBITDA margin 10.8% 9.9% 9.9% 11.4% 9.4% 11.8% 17.4% 18.9% 14.8% 18.0% 23.5% 22.7% 19.5% 15.3% 27.4% 28.2% 21.6% 17.8%
Operating margin 8.2% 7.4% 7.8% 9.4% 7.4% 9.4% 12.8% 14.5% 11.4% 14.6% 18.8% 15.9% 15.7% 12.5% 23.0% 23.0% 17.1% 14.2%
Net margin 2.8% 2.6% 2.4% 3.5% 2.2% 2.6% 3.2% 3.9% 3.2% 9.1% 12.6% 7.2% 9.1% 7.7% 15.0% 14.0% 10.1% 9.4%
Free-cash-flow margin 6.1% 2.0% 0.1% −8.7% −8.1% −4.0% −2.1% 8.2% 6.6% 0.4% −18.7% −3.5% 11.2% 7.6% 16.0% 13.2% 7.3% 5.9%
Cash flow
Cash from operations 1.5 0.8 1.4 1.0 1.3 1.3 1.0 1.4 1.3 2.2 1.9 1.9 2.5 2.9 4.4 4.9 5.6 5.9
Capital spending 0.8 0.6 1.3 1.9 2.3 1.8 1.2 0.6 0.5 2.1 3.8 2.2 0.7 1.2 1.6 2.0 3.2 3.4
Free cash flow 0.7 0.3 0.0 −0.9 −1.0 −0.5 −0.2 0.7 0.8 0.0 −1.9 −0.3 1.8 1.7 2.8 2.9 2.4 2.5
Stock-based pay 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 —
Free cash flow after stock pay 0.6 0.2 −0.0 −0.9 −1.0 −0.5 −0.2 0.7 0.8 0.0 −1.9 −0.3 1.8 1.7 2.8 2.8 2.4 —
Balance sheet
Cash 0.0 0.0 0.1 0.6 0.1 0.2 0.1 0.2 0.0 0.0 0.0 0.5 0.1 0.2 0.3 0.7 0.1 0.2
Total debt 4.6 4.3 4.9 7.3 8.4 8.3 9.0 9.5 9.2 9.5 12.8 14.4 13.8 13.7 22.8 32.1 32.8 28.5
Net debt (negative = net cash) 4.6 4.3 4.8 6.8 8.2 8.1 8.9 9.2 9.2 9.4 12.8 13.8 13.6 13.5 22.5 31.4 32.7 28.3
Diluted shares 213m 216m 214m 211m 210m 210m 211m 212m 300m 414m 415m 432m 447m 448m 485m 587m 626m 632m
Returned to shareholders
Dividends 0.2 0.2 0.2 0.3 0.3 0.4 0.5 0.5 0.8 1.3 1.5 1.6 1.7 1.7 1.8 2.3 2.6 2.7
Buybacks 0.0 0.0 0.3 0.2 0.0 0.0 — — — — — — — 0.0 0.0 0.2 0.1 —
Total returned 0.2 0.2 0.5 0.4 0.3 0.4 0.5 0.5 0.8 1.3 1.5 1.6 1.7 1.7 1.8 2.5 2.7 2.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $74.3bn
Short-term assets $6.3bnLonger-term assets $68.0bn
What it owes, and who funded it · $30.7bn
Short-term liabilities $7.4bnShareholders' equity $23.3bn
  • Short-term assets cover short-term liabilities $6.3bn of assets due within a year against $7.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $186m of cash against $28.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 122% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 213% to 122% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.9bn of operating cash flow against $28.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $6.1bn against $1.7bn of interest.

From Oneok's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$75M
Dividends (TTM)
$2.7B
Returned to shareholders
109%
of free cash flow
Buybacks, last 3 fiscal years
$234M
Diluted share count
+2.8%
year over year
Total shareholder yield
4.7%
dividends 4.6% + buybacks 0.1% of market value
Dividend payout ratio
66%
of net income paid out

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated OKE PAA EPD LNG KMI TRGP Median
Revenue, last 12 months $43.2bn $52.3bn $58.5bn $23.2bn $18.3bn $16.7bn $2.0bn
Revenue growth, last 12 months 36.8% 12.2% 6.8% 22.5% 11.7% −2.0% 8.8%
Revenue growth, 3-year average 35.2% 0.7% 3.8% −2.0% 4.9% −2.1% 4.0%
Revenue growth, latest quarter 44.3% 66.3% 60.8% 39.0% 9.3% 4.2% 10.7%
Gross margin 25.2% 7.8% 25.6% 42.6% 51.8% 43.2% 42.6%
Operating margin 14.2% 3.1% 13.4% 28.1% 29.0% 22.9% 27.3%
Operating margin, 3-year average 18.4% 2.4% 13.3% 35.9% 28.4% 18.4% 20.8%
Net margin 9.4% 5.3% 10.8% 13.1% 19.6% 13.5% 13.1%
Cash from operations / revenue 13.7% 5.7% 15.2% 30.9% 36.7% 25.6% 29.5%
Free-cash-flow margin 5.9% 4.5% 5.9% 16.3% 16.8% 4.4% 11.8%
Free-cash-flow margin, 3-year average 9.6% 4.4% 6.7% 15.8% 19.9% 3.2% 8.8%
Stock pay / revenue 0.4% 0.1% 0.4% 0.8% — 0.5% 0.5%
Change in share count 2.8% — −0.2% −5.6% 0.1% −1.5% 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth 36.8% 8.8% 3 of 29
Change in growth rate Growth -4.0pp +0.5pp 20 of 29
Gross margin Profitability 25.2% 35.5% 11 of 15
Operating margin Profitability 14.2% 28.1% 20 of 27
Net margin Profitability 9.4% 13.1% 19 of 29
Free-cash-flow margin Cash generation 5.9% 13.6% 18 of 28
Long-term debt as % of assets Balance sheet 36.3% 46.2% 10 of 26
Change in share count Balance sheet 2.8% 0.2% 15 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Commodity Sales $28.9B 85.9% ▲ 62.4%
Liquids Commodity $25.6B 88.5% ▲ 55.4%
Residue Natural Gas Sales $3.3B 11.5% ▲ 149.0%
Services $4.8B 14.1% ▲ 21.3%
Transportation and Storage Revenue $3.1B 66.0% ▲ 3.9%
Exchange Services and Natural Gas Gathering and Processing Revenue $1.5B 30.9% ▲ 93.4%
Other $144M 3.0% ▲ 4.3%

From Oneok's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$45.9B
Institutions reporting
1,652
Shares held vs prior quarter
▲ 5.5%
Positions opened / closed
93 / 123

Top buyers and sellers, Q2 2026: 799 institutions bought and 652 sold ; the biggest buyer was First Eagle Investment Management, LLC (+12.0M shares) and the biggest seller Blackstone Inc (−3.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.6B 64.5M 12.2% ▲ 8.7%
State Street Corp $3.8B 43.6M 8.3% ▲ 5.0%
Vanguard Capital Management LLC $3.6B 41.1M 7.8% ▲ 0.6%
Vanguard Portfolio Management LLC $2.7B 30.9M 5.9% ▲ 0.3%
First Eagle Investment Management, LLC $2.1B 23.7M 4.5% ▲ 102.7%
Charles Schwab Investment Management Inc $1.8B 20.4M 3.9% ▲ 10.9%
Geode Capital Management, LLC $1.5B 17.4M 3.3% ▲ 1.9%
Capital International Investors $1.5B 17.2M 3.3% ▲ 31.2%
Morgan Stanley $1B 11.9M 2.3% ▼ 5.6%
UBS Group AG $1B 11.6M 2.2% ▼ 8.8%
Invesco Ltd. $822M 9.5M 1.8% ▼ 0.3%
Norges Bank $574M 6.6M 1.3% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Oneok's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $165,000 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $165,000 net buying
Insider Date Trade Shares Price Value
Derksen Brian L Director November 3, 2025 Buy 2,500 $66.00 $165,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 77 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 3 sales of Oneok shares.

  • Kevin Hern(R-OK 1):Exchange, $500,001 - $1,000,000, traded September 11, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Exchange, $100,001 - $250,000, traded September 11, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded September 4, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • April 28, 2026
  • February 23, 2026
  • October 28, 2025
  • August 4, 2025
  • April 29, 2025

Recent SEC filings

Data status

When each part of this page on Oneok was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Oneok in brief

What does Oneok do?
Oneok is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is Oneok's stock ticker?
Oneok trades under the ticker OKE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Oneok's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Oneok reported revenue of $43.2B, 36.8% higher than a year earlier, according to its SEC filings.
What is Oneok's free cash flow?
Oneok's free-cash-flow margin is 5.9% of revenue over the trailing twelve months, ranking 18 of the 28 oil & gas storage & transportation companies we cover.
Who are Oneok's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., State Street Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Oneok buying back stock, and does it pay a dividend?
Oneok spent $75M on share repurchases over the trailing twelve months, and its diluted share count still rose 2.8% over the year.
What is Oneok's market cap?
On November 2, 2026, Oneok's market capitalisation was about $58.5B, with a price-to-earnings ratio of 14.4 and net debt of $28.3B. Market figures come from third-party market data and may be delayed.
Does Oneok pay a dividend?
Yes: Oneok paid $2.7B in dividends over the trailing twelve months, a dividend yield of 4.58% and a payout ratio of 65.7%.
How much debt does Oneok have?
Oneok's debt-to-equity ratio is 122.0%, from its latest balance sheet (212.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Oneok's competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to Oneok are Plains ALL American Pipeline LP, Enterprise Products Partners L.p., Cheniere Energy, Inc., Kinder Morgan and Targa Resources. The side-by-side comparison below sets their revenue, margins and growth against Oneok's.
Are insiders buying or selling Oneok stock?
Over the last 12 months, Oneok's directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Oneok's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Oneok announces its own schedule.