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ONEOK (OKE) Financials

ONEOK logo
$87.79 +2.63 (+3.08%)
Closing price 03:59 PM Eastern
Extended Trading
$87.06 -0.73 (-0.83%)
As of 05:06 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for ONEOK

Annual Income Statements for ONEOK

This table shows ONEOK's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 245 352 387 1,151 1,277 612 1,499 1,721 2,658 3,034 3,393
Consolidated Net Income / (Loss)		 379 743 594 1,155 1,279 613 1,500 1,722 2,659 3,112 3,462
Net Income / (Loss) Continuing Operations		 385 746 594 1,155 1,279 613 1,500 1,722 2,659 3,112 3,462
Total Pre-Tax Income 		522 958 1,041 1,518 1,651 802 1,984 2,250 3,497 4,110 4,490
Total Operating Income		 996 1,296 1,392 1,835 1,914 1,361 2,596 2,807 4,072 4,989 5,741
Total Gross Profit		 2,122 2,425 2,636 3,170 3,376 3,432 4,283 4,477 5,748 8,387 10,256
Total Revenue		 7,763 8,921 12,174 12,593 10,164 8,542 16,540 22,387 17,677 21,698 33,629
Operating Revenue		 7,763 8,921 12,174 12,593 10,164 8,542 16,540 22,387 17,677 21,698 33,629
Total Cost of Revenue		 5,641 6,496 9,538 9,423 6,788 5,110 12,257 17,910 11,929 13,311 23,373
Operating Cost of Revenue		 5,641 6,496 9,538 9,423 6,788 5,110 12,257 17,910 11,929 13,311 23,373
Total Operating Expenses		 1,126 1,129 1,244 1,335 1,462 2,071 1,687 1,670 1,676 3,398 4,515
Selling, General & Admin Expense		 606 658 724 803 864 761 900 958 1,319 2,162 2,585
Depreciation Expense		 355 392 406 429 477 579 622 626 769 1,134 1,514
Other Operating Expenses / (Income)		 88 89 98 104 119 124 165 86 -570 29 335
Restructuring Charge		 - - - - - - 0.00 0.00 158 73 81
Total Other Income / (Expense), net		 -474 -338 -351 -318 -263 -559 -612 -557 -575 -879 -1,251
Interest Expense		 417 470 486 470 492 713 733 676 866 1,371 1,783
Interest & Investment Income		 -53 140 155 166 219 129 122 148 202 439 386
Other Income / (Expense), net		 -4.39 -8.07 -20 -14 9.06 25 -1.00 -29 89 53 146
Income Tax Expense		 137 212 447 363 372 190 484 528 838 998 1,028
Preferred Stock Dividends Declared		 0.00 0.00 -0.77 1.10 1.10 1.10 1.00 1.00 1.00 1.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 134 391 206 3.33 - 0.00 - 0.00 0.00 77 69
Basic Earnings per Share		 $1.17 $1.67 $1.30 $2.80 $3.09 $1.42 $3.36 $3.85 $5.49 $5.19 $5.43
Weighted Average Basic Shares Outstanding		 210.21M 211.13M 297.48M 411.49M 413.56M 431.11M 446.40M 447.50M 484.30M 584.60M 624.80M
Diluted Earnings per Share		 $1.16 $1.66 $1.29 $2.78 $3.07 $1.42 $3.35 $3.84 $5.48 $5.17 $5.42
Weighted Average Diluted Shares Outstanding		 210.54M 212.38M 299.78M 414.20M 415.44M 431.78M 447.40M 448.40M 485.40M 586.50M 625.90M
Weighted Average Basic & Diluted Shares Outstanding		 209.40M 210.80M 298.30M 411.30M 413.32M 444.98M 446.21M 447.22M 583.16M 624.34M 629.78M
Cash Dividends to Common per Share		 $2.43 $0.00 $2.72 $3.25 $3.53 $3.74 $3.74 $3.74 $3.82 $3.96 $4.12

Quarterly Income Statements for ONEOK

This table shows ONEOK's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 453 688 639 780 692 923 636 841 939 977 774
Consolidated Net Income / (Loss)		 454 688 639 780 693 1,000 691 853 940 978 776
Net Income / (Loss) Continuing Operations		 454 688 639 780 693 1,000 691 853 940 978 776
Total Pre-Tax Income 		595 910 847 1,023 912 1,328 888 1,113 1,237 1,252 1,021
Total Operating Income		 739 1,099 1,064 1,229 1,128 1,568 1,220 1,431 1,558 1,532 1,428
Total Gross Profit		 1,390 1,934 1,884 2,003 1,996 2,504 2,388 2,527 2,672 2,669 2,565
Total Revenue		 4,189 5,235 4,781 4,894 5,023 7,000 8,043 7,887 8,634 9,065 9,618
Operating Revenue		 4,189 5,235 4,781 4,894 5,023 7,000 8,043 7,887 8,634 9,065 9,618
Total Cost of Revenue		 2,799 3,301 2,897 2,891 3,027 4,496 5,655 5,360 5,962 6,396 7,053
Operating Cost of Revenue		 2,799 3,301 2,897 2,891 3,027 4,496 5,655 5,360 5,962 6,396 7,053
Total Operating Expenses		 651 835 820 774 868 936 1,168 1,096 1,114 1,137 1,137
Selling, General & Admin Expense		 308 476 483 486 512 674 655 618 639 673 634
Depreciation Expense		 177 260 254 262 274 344 380 368 378 388 378
Other Operating Expenses / (Income)		 43 64 80 22 72 -145 91 88 87 69 118
Restructuring Charge		 123 - 3.00 4.00 10 - 42 22 10 7.00 7.00
Total Other Income / (Expense), net		 -144 -189 -217 -206 -216 -240 -332 -318 -321 -280 -407
Interest Expense		 215 305 300 298 325 448 442 438 450 453 439
Interest & Investment Income		 49 70 76 88 92 183 108 81 92 105 29
Other Income / (Expense), net		 22 46 7.00 4.00 17 25 2.00 39 37 68 3.00
Income Tax Expense		 141 222 208 243 219 328 197 260 297 274 245
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - 0.00 0.00 0.00 - 55 12 1.00 1.00 2.00
Basic Earnings per Share		 $0.99 $1.12 $1.09 $1.33 $1.18 $1.59 $1.04 $1.34 $1.49 $1.56 $1.23
Weighted Average Basic Shares Outstanding		 457.30M 484.30M 584.20M 584.60M 584.80M 584.60M 611.40M 627.20M 630.60M 624.80M 630.70M
Diluted Earnings per Share		 $0.99 $1.11 $1.09 $1.33 $1.18 $1.57 $1.04 $1.34 $1.49 $1.55 $1.23
Weighted Average Diluted Shares Outstanding		 458.20M 485.40M 585.70M 585.80M 586.70M 586.50M 612.50M 628.10M 631.50M 625.90M 631.60M
Weighted Average Basic & Diluted Shares Outstanding		 582.55M 583.16M 583.65M 584.07M 584.18M 624.34M 624.63M 629.76M 629.23M 629.78M 630.03M
Cash Dividends to Common per Share		 $0.96 - $0.99 $0.99 - - $1.03 $1.03 - - $1.07

Annual Cash Flow Statements for ONEOK

This table details how cash moves in and out of ONEOK's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -75 151 -212 -25 8.98 504 -378 74 118 395 -655
Net Cash From Operating Activities		 1,023 1,353 1,315 2,187 1,947 1,899 2,546 2,906 4,421 4,888 5,599
Net Cash From Continuing Operating Activities		 1,023 1,353 1,315 1,942 2,089 1,899 2,546 2,906 4,421 4,888 5,599
Net Income / (Loss) Continuing Operations		 379 743 594 1,155 1,279 613 1,500 1,722 2,659 3,112 3,462
Consolidated Net Income / (Loss)		 379 743 594 1,155 1,279 613 1,500 1,722 2,659 3,112 3,462
Depreciation Expense		 355 392 406 429 477 579 622 626 769 1,134 1,514
Non-Cash Adjustments To Reconcile Net Income		 384 47 70 12 -17 646 1.00 349 -194 -276 11
Changes in Operating Assets and Liabilities, net		 -95 171 245 582 209 62 423 209 1,187 918 612
Net Cash From Investing Activities		 -1,191 -615 -568 -2,115 -3,769 -2,271 -665 -1,139 -6,404 -6,612 -3,751
Net Cash From Continuing Investing Activities		 -1,191 -615 -568 -2,115 -3,769 -2,271 -665 -1,139 -6,404 -6,612 -3,751
Purchase of Property, Plant & Equipment		 -1,188 -625 -512 -2,141 -3,848 -2,195 -697 -1,202 -1,595 -2,021 -3,152
Acquisitions		 0.00 - - - - - 0.00 0.00 -5,015 -5,829 -25
Purchase of Investments		 -28 -68 -88 -0.17 - - -1.00 -3.00 -207 -111 -622
Divestitures		 - - - - - - - 0.00 0.00 1,200 0.00
Other Investing Activities, net		 -13 - 3.88 - -15 -107 14 46 413 149 48
Net Cash From Financing Activities		 93 -587 -959 -97 1,831 875 -2,259 -1,693 2,101 2,119 -2,503
Net Cash From Continuing Financing Activities		 93 -587 -959 -97 1,831 875 -2,259 -1,693 2,101 2,119 -2,503
Repayment of Debt		 -550 -1,105 -1,516 -1,561 -926 -1,514 -592 -890 -1,358 -2,138 -3,104
Repurchase of Preferred Equity		 - - - - - - - 0.00 0.00 -365 0.00
Repurchase of Common Equity		 - - - - - - - 0.00 0.00 -159 -75
Payment of Dividends		 -1,045 -1,067 -1,106 -1,339 -1,458 -1,605 -1,667 -1,672 -1,839 -2,313 -3,133
Issuance of Debt		 1,292 1,564 1,190 1,796 4,185 3,025 0.00 869 5,298 7,094 3,809
Cash Interest Paid		 368 461 432 418 435 761 692 582 653 1,297 1,732

Quarterly Cash Flow Statements for ONEOK

This table details how cash moves in and out of ONEOK's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 178 54 -273 -29 6,428 -5,731 -592 -44 1,102 -1,121 94
Net Cash From Operating Activities		 920 1,508 596 1,430 1,251 1,611 904 1,525 1,624 1,546 934
Net Cash From Continuing Operating Activities		 920 1,508 596 1,430 1,251 1,611 904 1,525 1,624 1,546 934
Net Income / (Loss) Continuing Operations		 454 688 639 780 693 1,000 691 853 940 978 776
Consolidated Net Income / (Loss)		 454 688 639 780 693 1,000 691 853 940 978 776
Depreciation Expense		 177 260 254 262 274 344 380 368 378 388 378
Non-Cash Adjustments To Reconcile Net Income		 78 -81 2.00 122 -7.00 -272 -7.00 16 3.00 -1.00 81
Changes in Operating Assets and Liabilities, net		 211 641 -299 266 291 539 -160 288 303 181 -301
Net Cash From Investing Activities		 -5,406 -645 -578 -756 -498 -4,780 -694 -814 -1,134 -1,109 -1,007
Net Cash From Continuing Investing Activities		 -5,406 -645 -578 -756 -498 -4,780 -694 -814 -1,134 -1,109 -1,007
Purchase of Property, Plant & Equipment		 -398 -603 -512 -479 -468 -562 -629 -749 -804 -970 -864
Purchase of Investments		 -3.00 -96 -92 -6.00 -4.00 -9.00 -82 -73 -344 -123 -183
Other Investing Activities, net		 1.00 29 26 80 1.00 15 17 8.00 14 9.00 40
Net Cash From Financing Activities		 4,664 -809 -291 -703 5,675 -2,562 -802 -755 612 -1,558 167
Net Cash From Continuing Financing Activities		 4,664 -809 -291 -703 5,675 -2,562 -802 -755 612 -1,558 167
Repayment of Debt		 -146 -253 -33 -305 -549 -1,571 -359 -580 -510 -1,685 14
Payment of Dividends		 -428 -556 -578 -578 -578 -579 -643 -1,180 -662 -648 -674
Issuance of Debt		 5,238 - 320 180 6,802 112 200 1,005 1,784 820 827

Annual Balance Sheets for ONEOK

This table presents ONEOK's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 15,446 16,139 16,846 18,232 21,812 23,079 23,622 24,379 44,266 64,069 66,641
Total Current Assets		 975 1,430 1,764 1,399 1,470 1,870 2,374 2,548 3,108 4,238 4,488
Cash & Equivalents		 98 249 37 12 21 524 146 220 338 733 78
Accounts Receivable		 594 872 1,203 819 835 830 1,442 1,532 1,705 2,326 3,010
Inventories, net		 205 201 433 438 507 371 581 581 639 748 948
Other Current Assets		 79 107 92 130 108 144 205 215 426 431 452
Plant, Property, & Equipment, net		 12,374 12,571 12,698 14,767 18,349 19,155 19,320 19,952 32,697 45,935 47,861
Plant, Property & Equipment, gross		 14,530 15,078 15,560 18,031 22,051 23,073 23,821 25,015 38,454 52,274 55,489
Accumulated Depreciation		 2,156 2,507 2,862 3,264 3,703 3,918 4,501 5,063 5,757 6,339 7,628
Total Noncurrent Assets		 2,097 2,138 2,383 2,066 1,993 2,054 1,927 1,879 8,461 13,896 14,292
Long-Term Investments		 948 959 1,003 969 862 805 798 802 1,874 2,316 2,889
Goodwill		 1,017 1,005 993 967 958 774 763 528 4,952 8,091 8,058
Intangible Assets		 - - - - - - - 225 1,316 3,039 2,901
Other Noncurrent Operating Assets		 113 163 181 130 173 475 366 324 319 450 444
Total Liabilities & Shareholders' Equity		 15,446 16,139 16,846 18,232 21,812 23,079 23,622 24,379 44,266 64,069 66,641
Total Liabilities		 11,680 12,710 11,161 11,652 15,586 17,036 17,606 17,885 27,782 41,936 44,072
Total Current Liabilities		 1,638 2,837 2,667 2,108 2,020 1,345 3,185 3,051 3,452 4,719 6,365
Short-Term Debt		 657 1,521 1,047 508 228 7.65 896 925 484 1,059 2,061
Accounts Payable		 616 875 1,141 1,116 1,210 719 1,332 1,359 1,564 2,187 2,838
Other Current Liabilities		 207 309 344 323 317 283 721 398 808 962 967
Other Current Nonoperating Liabilities		 158 132 135 161 191 245 236 233 381 511 499
Total Noncurrent Liabilities		 10,042 9,873 8,493 9,544 13,566 15,692 14,422 14,834 24,330 37,217 37,707
Long-Term Debt		 8,324 7,920 8,092 8,873 12,480 14,228 12,748 12,696 21,183 31,018 30,755
Noncurrent Deferred & Payable Income Tax Liabilities		 1,437 1,624 53 220 536 670 1,167 1,739 2,594 5,451 6,349
Other Noncurrent Operating Liabilities		 264 322 349 451 537 706 432 331 553 748 603
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - - - 0.00
Total Equity & Noncontrolling Interests		 3,766 3,429 5,685 6,580 6,226 6,042 6,015 6,494 16,484 22,133 22,569
Total Preferred & Common Equity		 336 189 5,528 6,580 6,226 6,042 6,015 6,494 16,484 17,036 22,485
Total Common Equity		 336 189 5,528 6,580 6,226 6,042 6,015 6,494 16,484 17,036 22,485
Common Stock		 1,381 1,237 6,593 7,620 7,408 7,358 7,219 7,258 16,326 16,360 20,968
Retained Earnings		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 50 868 1,579 2,373
Treasury Stock		 -918 -894 -877 -852 -808 -764 -732 -706 -677 -807 -829
Accumulated Other Comprehensive Income / (Loss)		 -127 -154 -189 -188 -374 -551 -471 -108 -33 -96 -27
Noncontrolling Interest		 3,431 3,240 157 - - - - - 0.00 5,097 84

Quarterly Balance Sheets for ONEOK

This table presents ONEOK's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 24,038 43,939 44,266 44,390 44,535 51,050 64,069 64,263 64,524 66,616 68,203
Total Current Assets		 1,863 3,188 3,108 2,950 2,475 2,876 4,238 4,116 3,896 5,185 5,543
Cash & Equivalents		 106 284 338 65 36 579 733 141 97 1,199 172
Accounts Receivable		 1,023 1,571 1,705 1,699 1,330 1,252 2,326 2,651 2,484 2,580 3,670
Inventories, net		 460 1,011 639 951 824 773 748 905 858 871 1,136
Other Current Assets		 274 322 426 235 285 272 431 419 457 535 565
Plant, Property, & Equipment, net		 20,229 32,089 32,697 32,807 33,415 33,613 45,935 46,230 46,715 47,158 48,304
Plant, Property & Equipment, gross		 25,601 37,626 38,454 38,796 39,627 40,073 52,274 52,888 53,689 54,454 56,272
Accumulated Depreciation		 5,372 5,537 5,757 5,989 6,212 6,460 6,339 6,658 6,974 7,296 7,968
Total Noncurrent Assets		 1,946 8,662 8,461 8,633 8,645 14,561 13,896 13,917 13,913 14,273 14,356
Long-Term Investments		 885 1,795 1,874 1,939 1,937 1,925 2,316 2,405 2,446 2,773 2,985
Goodwill		 748 5,682 4,952 5,056 5,112 5,148 8,091 8,094 8,097 8,108 8,058
Intangible Assets		 - 861 1,316 1,311 1,297 1,283 3,039 3,002 2,969 2,935 2,868
Other Noncurrent Operating Assets		 313 324 319 327 299 6,205 450 416 401 457 445
Total Liabilities & Shareholders' Equity		 24,038 43,939 44,266 44,390 44,535 51,050 64,069 64,263 64,524 66,616 68,203
Total Liabilities		 16,820 27,640 27,782 27,945 27,826 34,163 41,936 42,143 42,620 44,459 45,715
Total Current Liabilities		 1,517 3,298 3,452 4,194 3,979 3,557 4,719 6,183 6,646 5,735 7,811
Short-Term Debt		 0.00 500 484 1,554 1,534 1,257 1,059 2,259 2,842 1,741 2,888
Accounts Payable		 880 1,619 1,564 1,480 1,271 1,247 2,187 2,437 2,453 2,569 3,572
Other Current Liabilities		 293 741 808 723 654 584 741 1,026 877 975 836
Other Current Nonoperating Liabilities		 214 218 381 268 355 253 511 461 474 450 515
Total Noncurrent Liabilities		 15,303 24,342 24,330 23,751 23,847 30,606 37,217 35,960 35,974 38,724 37,904
Long-Term Debt		 12,742 21,450 21,183 20,447 20,339 26,880 31,018 29,781 29,625 31,986 30,764
Noncurrent Deferred & Payable Income Tax Liabilities		 2,168 2,349 2,594 2,745 2,956 3,154 5,451 5,591 5,775 6,112 6,531
Other Noncurrent Operating Liabilities		 330 466 553 559 552 572 748 588 574 626 609
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - - - 41
Total Equity & Noncontrolling Interests		 7,218 16,299 16,484 16,445 16,709 16,887 22,133 22,120 21,904 22,157 22,447
Total Preferred & Common Equity		 7,218 16,299 16,484 16,445 16,709 16,887 17,036 21,364 21,830 22,081 22,357
Total Common Equity		 7,218 16,299 16,484 16,445 16,709 16,887 17,036 21,364 21,830 22,081 22,357
Common Stock		 7,275 16,321 16,326 16,309 16,344 16,368 16,360 20,728 20,930 20,941 20,972
Retained Earnings		 711 737 868 927 1,126 1,237 1,579 1,569 1,765 2,048 2,469
Treasury Stock		 -693 -691 -677 -663 -653 -650 -807 -810 -802 -843 -818
Accumulated Other Comprehensive Income / (Loss)		 -75 -68 -33 -128 -108 -68 -96 -123 -63 -65 -266
Noncontrolling Interest		 - - 0.00 - - - 5,097 756 74 76 90

Annual Metrics And Ratios for ONEOK

This table displays calculated financial ratios and metrics derived from ONEOK's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -36.34% 14.91% 36.46% 3.44% -19.29% -15.96% 93.63% 35.35% -21.04% 22.75% 54.99%
EBITDA Growth		 -5.59% 24.73% 5.86% 26.56% 6.68% -18.14% 63.74% 5.81% 44.83% 25.27% 19.83%
EBIT Growth		 -11.46% 29.84% 6.50% 32.80% 5.61% -27.94% 87.23% 7.05% 49.78% 21.17% 16.76%
NOPAT Growth		 -21.15% 37.13% -21.30% 75.98% 6.15% -29.86% 88.76% 9.46% 44.12% 22.01% 17.18%
Net Income Growth		 -42.82% 96.07% -20.17% 94.61% 10.70% -52.07% 144.77% 14.80% 54.41% 17.04% 11.25%
EPS Growth		 -22.15% 43.10% -22.29% 115.50% 10.43% -53.75% 135.92% 14.63% 42.71% -5.66% 4.84%
Operating Cash Flow Growth		 -20.44% 32.30% -2.79% 66.24% -10.97% -2.45% 34.07% 14.14% 52.13% 10.56% 14.55%
Free Cash Flow Firm Growth		 95.36% 2,023.33% -224.18% 113.12% -1,031.58% 100.79% 17,077.43% -19.76% -876.89% 16.31% 127.49%
Invested Capital Growth		 7.15% -0.56% 18.05% 8.78% 20.57% 5.63% -1.33% 1.94% 87.27% 42.27% 2.41%
Revenue Q/Q Growth		 -10.53% -13.65% 36.75% -35.76% 43.91% 45.89% 20.81% -1.70% 1.16% 8.85% 6.54%
EBITDA Q/Q Growth		 -3.58% 5.36% 4.71% 3.11% 1.82% 4.33% 3.62% 3.20% 11.06% 9.43% 0.69%
EBIT Q/Q Growth		 -5.96% 6.57% 5.82% 3.47% 1.46% 4.12% 4.49% 3.81% 10.28% 9.75% 0.12%
NOPAT Q/Q Growth		 -10.31% 11.48% -19.70% 23.38% 1.21% 3.82% 3.92% 4.79% 8.69% 10.20% 0.42%
Net Income Q/Q Growth		 -37.73% 42.76% -17.93% 24.60% 2.19% -1.96% 5.02% 6.52% 8.27% 11.14% -0.63%
EPS Q/Q Growth		 -22.15% 22.06% -19.38% 26.94% 1.99% -2.07% 3.08% 6.96% 0.37% 9.77% -0.37%
Operating Cash Flow Q/Q Growth		 -7.87% 8.28% -3.79% 15.34% -2.52% 10.21% 11.32% -0.51% 11.84% 2.15% -1.15%
Free Cash Flow Firm Q/Q Growth		 94.88% 39.47% -11.17% -66.65% -39.72% 101.27% 7.79% 2.70% 2.35% -301.88% 161.41%
Invested Capital Q/Q Growth		 1.15% -0.55% -0.89% 3.34% 5.62% -0.13% -0.58% -0.30% -0.40% 20.81% 1.06%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 27.34% 27.18% 21.65% 25.18% 33.22% 40.18% 25.89% 20.00% 32.52% 38.65% 30.50%
EBITDA Margin		 17.34% 18.82% 14.60% 17.86% 23.61% 23.00% 19.45% 15.21% 27.89% 28.46% 22.01%
Operating Margin		 12.83% 14.53% 11.43% 14.58% 18.83% 15.94% 15.70% 12.54% 23.04% 22.99% 17.07%
EBIT Margin		 12.78% 14.43% 11.26% 14.46% 18.92% 16.23% 15.69% 12.41% 23.54% 23.24% 17.51%
Profit (Net Income) Margin		 4.88% 8.33% 4.88% 9.17% 12.58% 7.17% 9.07% 7.69% 15.04% 14.34% 10.29%
Tax Burden Percent		 72.66% 77.61% 57.03% 76.09% 77.44% 76.38% 75.60% 76.53% 76.04% 75.72% 77.10%
Interest Burden Percent		 52.62% 74.39% 75.90% 83.35% 85.84% 57.89% 76.45% 80.99% 84.04% 81.52% 76.27%
Effective Tax Rate		 26.17% 22.17% 42.97% 23.91% 22.56% 23.62% 24.40% 23.47% 23.96% 24.28% 22.90%
Return on Invested Capital (ROIC)		 6.42% 8.53% 6.17% 9.61% 8.88% 5.54% 10.25% 11.18% 11.11% 8.59% 8.46%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.71% 5.31% 3.76% 6.73% 6.90% 2.16% 6.72% 7.89% 8.44% 5.89% 5.24%
Return on Net Nonoperating Assets (RNNOA)		 3.34% 12.14% 6.85% 9.22% 11.09% 4.45% 14.63% 16.35% 12.03% 7.53% 7.02%
Return on Equity (ROE)		 9.76% 20.67% 13.02% 18.83% 19.97% 9.99% 24.88% 27.53% 23.14% 16.12% 15.49%
Cash Return on Invested Capital (CROIC)		 -0.49% 9.09% -10.38% 1.21% -9.77% 0.07% 11.58% 9.27% -49.65% -26.31% 6.08%
Operating Return on Assets (OROA)		 6.46% 8.15% 8.32% 10.38% 9.61% 6.18% 11.11% 11.57% 12.12% 9.31% 9.01%
Return on Assets (ROA)		 2.47% 4.71% 3.60% 6.59% 6.39% 2.73% 6.42% 7.17% 7.75% 5.75% 5.30%
Return on Common Equity (ROCE)		 1.17% 1.51% 8.17% 18.59% 19.97% 9.99% 24.88% 27.53% 23.14% 13.99% 13.69%
Return on Equity Simple (ROE_SIMPLE)		 112.92% 393.92% 10.74% 17.55% 20.54% 10.14% 24.94% 26.52% 16.13% 18.27% 0.00%
Net Operating Profit after Tax (NOPAT)		 735 1,008 794 1,397 1,483 1,040 1,963 2,148 3,096 3,778 4,427
NOPAT Margin		 9.47% 11.30% 6.52% 11.09% 14.59% 12.17% 11.87% 9.60% 17.52% 17.41% 13.16%
Net Nonoperating Expense Percent (NNEP)		 4.70% 3.22% 2.41% 2.88% 1.98% 3.38% 3.53% 3.29% 2.67% 2.70% 3.22%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 10.64% 8.12% 6.97% 7.99%
Cost of Revenue to Revenue		 72.66% 72.82% 78.35% 74.82% 66.78% 59.82% 74.11% 80.00% 67.48% 61.35% 69.50%
SG&A Expenses to Revenue		 7.80% 7.38% 5.95% 6.38% 8.50% 8.91% 5.44% 4.28% 7.46% 9.96% 7.69%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 14.50% 12.66% 10.22% 10.60% 14.38% 24.24% 10.20% 7.46% 9.48% 15.66% 13.43%
Earnings before Interest and Taxes (EBIT)		 992 1,288 1,371 1,821 1,923 1,386 2,595 2,778 4,161 5,042 5,887
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,346 1,679 1,778 2,250 2,400 1,965 3,217 3,404 4,930 6,176 7,401
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.76 39.14 2.38 2.28 3.58 2.24 3.72 4.02 2.34 3.41 2.03
Price to Tangible Book Value (P/TBV)		 0.00 0.00 2.90 2.68 4.23 2.57 4.26 4.55 3.77 9.83 3.96
Price to Revenue (P/Rev)		 0.38 0.83 1.08 1.19 2.19 1.59 1.35 1.17 2.18 2.67 1.36
Price to Earnings (P/E)		 12.01 20.98 34.02 13.05 17.44 22.16 14.94 15.18 14.50 19.13 13.45
Dividend Yield		 17.29% 7.01% 7.92% 8.89% 6.55% 12.26% 7.45% 6.40% 5.77% 3.99% 5.68%
Earnings Yield		 8.33% 4.77% 2.94% 7.66% 5.73% 4.51% 6.69% 6.59% 6.89% 5.23% 7.44%
Enterprise Value to Invested Capital (EV/IC)		 1.21 1.60 1.54 1.55 1.87 1.38 1.85 2.00 1.60 1.78 1.43
Enterprise Value to Revenue (EV/Rev)		 1.84 2.11 1.76 1.86 3.36 3.11 2.13 1.73 3.28 4.25 2.25
Enterprise Value to EBITDA (EV/EBITDA)		 10.63 11.23 12.05 10.41 14.22 13.51 10.93 11.40 11.77 14.92 10.21
Enterprise Value to EBIT (EV/EBIT)		 14.43 14.65 15.62 12.86 17.74 19.15 13.55 13.97 13.94 18.28 12.83
Enterprise Value to NOPAT (EV/NOPAT)		 19.45 18.70 27.00 16.76 23.01 25.53 17.92 18.06 18.74 24.40 17.07
Enterprise Value to Operating Cash Flow (EV/OCF)		 13.99 13.94 16.29 10.71 17.52 13.98 13.81 13.35 13.12 18.85 13.49
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 17.55 0.00 133.69 0.00 2,055.49 15.85 21.79 0.00 0.00 23.75
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.38 2.75 1.61 1.43 2.04 2.37 2.28 2.11 1.31 1.45 1.45
Long-Term Debt to Equity		 2.21 2.31 1.42 1.35 2.01 2.37 2.13 1.97 1.29 1.40 1.36
Financial Leverage		 1.95 2.29 1.82 1.37 1.61 2.06 2.18 2.07 1.42 1.28 1.34
Leverage Ratio		 3.95 4.39 3.62 2.86 3.13 3.66 3.87 3.84 2.99 2.81 2.92
Compound Leverage Factor		 2.08 3.27 2.75 2.38 2.68 2.12 2.96 3.11 2.51 2.29 2.23
Debt to Total Capital		 70.45% 73.36% 61.65% 58.78% 67.14% 70.33% 69.52% 67.82% 56.79% 59.17% 59.25%
Short-Term Debt to Total Capital		 5.15% 11.82% 7.06% 3.18% 1.20% 0.04% 4.54% 4.58% 1.27% 1.95% 3.72%
Long-Term Debt to Total Capital		 65.30% 61.54% 54.58% 55.60% 65.94% 70.29% 64.98% 63.24% 55.52% 57.22% 55.53%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 26.91% 25.18% 1.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.40% 0.15%
Common Equity to Total Capital		 2.63% 1.47% 37.29% 41.22% 32.86% 29.67% 30.48% 32.18% 43.21% 31.43% 40.60%
Debt to EBITDA		 6.67 5.62 5.14 4.17 5.30 7.29 4.26 4.02 4.39 5.19 4.43
Net Debt to EBITDA		 5.89 4.90 4.56 3.73 4.93 6.61 3.97 3.72 3.95 4.70 4.03
Long-Term Debt to EBITDA		 6.18 4.72 4.55 3.94 5.21 7.29 3.99 3.75 4.30 5.02 4.16
Debt to NOPAT		 12.21 9.36 11.51 6.72 8.58 13.78 6.99 6.37 7.00 8.49 7.41
Net Debt to NOPAT		 10.79 8.16 10.20 6.01 7.99 12.50 6.51 5.90 6.28 7.68 6.74
Long-Term Debt to NOPAT		 11.32 7.85 10.20 6.35 8.43 13.77 6.53 5.94 6.84 8.21 6.95
Altman Z-Score		 0.81 1.06 1.64 1.75 1.58 1.07 1.78 2.15 1.56 1.45 1.43
Noncontrolling Interest Sharing Ratio		 88.06% 92.71% 37.28% 1.28% 0.00% 0.00% 0.00% 0.00% 0.00% 13.20% 11.59%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.60 0.50 0.66 0.66 0.73 1.39 0.75 0.84 0.90 0.90 0.71
Quick Ratio		 0.42 0.40 0.46 0.39 0.42 1.01 0.50 0.57 0.59 0.65 0.49
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -56 1,075 -1,335 175 -1,632 13 2,219 1,780 -13,830 -11,574 3,182
Operating Cash Flow to CapEx		 86.35% 225.83% 256.72% 102.11% 50.59% 86.50% 365.28% 241.76% 277.18% 241.86% 177.63%
Free Cash Flow to Firm to Interest Expense		 -0.13 2.29 -2.75 0.37 -3.32 0.02 3.03 2.63 -15.97 -8.44 1.78
Operating Cash Flow to Interest Expense		 2.45 2.88 2.71 4.66 3.96 2.66 3.47 4.30 5.11 3.57 3.14
Operating Cash Flow Less CapEx to Interest Expense		 -0.39 1.61 1.65 0.10 -3.87 -0.42 2.52 2.52 3.26 2.09 1.37
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.51 0.56 0.74 0.72 0.51 0.38 0.71 0.93 0.52 0.40 0.51
Accounts Receivable Turnover		 11.59 12.17 11.73 12.46 12.29 10.26 14.56 15.06 10.92 10.77 12.60
Inventory Turnover		 28.58 32.02 30.11 21.65 14.37 11.64 25.75 30.83 19.56 19.19 27.56
Fixed Asset Turnover		 0.65 0.72 0.96 0.92 0.61 0.46 0.86 1.14 0.67 0.55 0.72
Accounts Payable Turnover		 7.48 8.72 9.47 8.35 5.84 5.30 11.95 13.31 8.16 7.10 9.30
Days Sales Outstanding (DSO)		 31.49 30.00 31.11 29.30 29.70 35.57 25.06 24.24 33.42 33.90 28.96
Days Inventory Outstanding (DIO)		 12.77 11.40 12.12 16.86 25.39 31.34 14.17 11.84 18.66 19.02 13.24
Days Payable Outstanding (DPO)		 48.77 41.88 38.56 43.71 62.54 68.90 30.55 27.42 44.72 51.43 39.24
Cash Conversion Cycle (CCC)		 -4.51 -0.48 4.67 2.45 -7.45 -1.98 8.69 8.66 7.37 1.49 2.96
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,857 11,791 13,919 15,141 18,255 19,282 19,026 19,394 36,320 51,672 52,917
Invested Capital Turnover		 0.68 0.75 0.95 0.87 0.61 0.46 0.86 1.17 0.63 0.49 0.64
Increase / (Decrease) in Invested Capital		 791 -66 2,128 1,222 3,114 1,027 -256 368 16,926 15,352 1,245
Enterprise Value (EV)		 14,307 18,860 21,425 23,414 34,116 26,548 35,171 38,795 58,008 92,155 75,557
Market Capitalization		 2,942 7,387 13,169 15,014 22,278 13,554 22,396 26,128 38,553 58,030 45,624
Book Value per Share		 $1.60 $0.90 $14.42 $15.99 $15.07 $13.60 $13.49 $14.53 $28.30 $29.16 $35.73
Tangible Book Value per Share		 ($3.26) ($3.88) $11.83 $13.64 $12.75 $11.86 $11.78 $12.84 $17.54 $10.11 $18.32
Total Capital		 12,747 12,870 14,824 15,961 18,947 20,366 19,734 20,183 38,151 54,210 55,385
Total Debt		 8,981 9,441 9,139 9,381 12,721 14,324 13,719 13,689 21,667 32,077 32,816
Total Long-Term Debt		 8,324 7,920 8,092 8,873 12,493 14,316 12,823 12,764 21,183 31,018 30,755
Net Debt		 7,935 8,233 8,099 8,400 11,838 12,994 12,775 12,667 19,455 29,028 29,849
Capital Expenditures (CapEx)		 1,184 599 512 2,141 3,848 2,195 697 1,202 1,595 2,021 3,152
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -104 -135 107 -214 -343 8.38 -61 202 -198 -155 106
Debt-free Net Working Capital (DFNWC)		 -6.07 114 144 -202 -322 533 86 422 140 578 184
Net Working Capital (NWC)		 -663 -1,407 -903 -710 -550 525 -810 -503 -344 -481 -1,877
Net Nonoperating Expense (NNE)		 356 265 200 242 204 427 463 426 437 666 965
Net Nonoperating Obligations (NNO)		 8,091 8,362 8,234 8,561 12,029 13,239 13,011 12,900 19,836 29,539 30,348
Total Depreciation and Amortization (D&A)		 355 392 406 429 477 579 622 626 769 1,134 1,514
Debt-free, Cash-free Net Working Capital to Revenue		 -1.34% -1.51% 0.88% -1.70% -3.38% 0.10% -0.37% 0.90% -1.12% -0.71% 0.32%
Debt-free Net Working Capital to Revenue		 -0.08% 1.28% 1.19% -1.61% -3.17% 6.24% 0.52% 1.89% 0.79% 2.66% 0.55%
Net Working Capital to Revenue		 -8.54% -15.77% -7.42% -5.64% -5.41% 6.15% -4.90% -2.25% -1.95% -2.22% -5.58%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.17 $1.67 $1.30 $2.80 $3.09 $1.42 $3.36 $3.85 $5.49 $5.19 $5.43
Adjusted Weighted Average Basic Shares Outstanding		 210.21M 211.13M 297.48M 411.49M 413.56M 431.11M 446.40M 447.51M 484.30M 584.60M 624.80M
Adjusted Diluted Earnings per Share		 $1.16 $1.66 $1.29 $2.78 $3.07 $1.42 $3.35 $3.84 $5.48 $5.17 $5.42
Adjusted Weighted Average Diluted Shares Outstanding		 210.54M 212.38M 299.78M 414.20M 415.44M 431.78M 447.40M 448.45M 485.40M 586.50M 625.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 209.99M 210.76M 410.63M 411.61M 413.32M 444.98M 446.21M 447.22M 583.16M 624.34M 629.78M
Normalized Net Operating Profit after Tax (NOPAT)		 793 1,001 802 1,396 1,485 1,504 1,963 2,148 3,216 3,833 4,489
Normalized NOPAT Margin		 10.22% 11.22% 6.59% 11.09% 14.61% 17.60% 11.87% 9.60% 18.20% 17.66% 13.35%
Pre Tax Income Margin		 6.72% 10.74% 8.55% 12.05% 16.24% 9.39% 12.00% 10.05% 19.78% 18.94% 13.35%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.38 2.74 2.82 3.88 3.91 1.94 3.54 4.11 4.80 3.68 3.30
NOPAT to Interest Expense		 1.76 2.15 1.63 2.97 3.01 1.46 2.68 3.18 3.58 2.76 2.48
EBIT Less CapEx to Interest Expense		 -0.46 1.47 1.77 -0.68 -3.91 -1.14 2.59 2.33 2.96 2.20 1.53
NOPAT Less CapEx to Interest Expense		 -1.08 0.87 0.58 -1.59 -4.81 -1.62 1.73 1.40 1.73 1.28 0.71
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 275.59% 143.51% 186.29% 115.89% 114.00% 261.97% 111.13% 97.10% 69.16% 74.33% 90.50%
Augmented Payout Ratio		 275.59% 143.51% 186.29% 115.89% 114.00% 261.97% 111.13% 97.10% 69.16% 79.43% 92.66%

Quarterly Metrics And Ratios for ONEOK

This table displays calculated financial ratios and metrics derived from ONEOK's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 629,783,634.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 629,783,634.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.23
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -29.17% 4.03% 5.75% 31.14% 19.91% 33.72% 68.23% 61.16% 71.89% 29.50% 19.58%
EBITDA Growth		 10.48% 53.72% -20.52% 62.50% 51.28% 37.86% 20.91% 22.94% 39.04% 2.63% 12.92%
EBIT Growth		 9.97% 51.26% -28.84% 64.40% 50.46% 39.13% 14.10% 19.22% 39.30% 0.44% 17.10%
NOPAT Growth		 5.17% 42.31% -29.51% 66.54% 52.01% 42.10% 18.27% 17.04% 38.13% 1.36% 14.32%
Net Income Growth		 5.09% 41.86% -39.08% 66.67% 52.64% 45.35% 8.14% 9.36% 35.64% -2.20% 12.30%
EPS Growth		 3.13% 1.83% -53.42% 27.88% 19.19% 41.44% -4.59% 0.75% 26.27% -1.27% 18.27%
Operating Cash Flow Growth		 49.35% 45.00% -51.19% 85.23% 35.98% 6.83% 51.68% 6.64% 29.82% -4.03% 3.32%
Free Cash Flow Firm Growth		 -7,594.88% -7,561.79% -1,475.96% -3,049.22% 66.86% 11.95% 14.60% 15.13% -54.20% 99.66% 97.66%
Invested Capital Growth		 87.45% 87.27% 92.93% 92.06% 17.30% 42.27% 41.86% 41.49% 22.42% 2.41% 2.73%
Revenue Q/Q Growth		 12.25% 24.97% -8.67% 2.36% 2.64% 39.36% 14.90% -1.94% 9.47% 4.99% 6.10%
EBITDA Q/Q Growth		 1.96% 49.79% -5.69% 12.83% -5.08% 36.50% -17.29% 14.73% 7.34% 0.76% -9.00%
EBIT Q/Q Growth		 1.47% 50.46% -6.46% 15.13% -7.14% 39.13% -23.29% 20.29% 8.50% 0.31% -10.56%
NOPAT Q/Q Growth		 0.21% 47.35% -3.39% 16.74% -8.53% 37.75% -19.60% 15.52% 7.95% 1.08% -9.31%
Net Income Q/Q Growth		 -2.99% 51.54% -7.12% 22.07% -11.15% 44.30% -30.90% 23.44% 10.20% 4.04% -20.65%
EPS Q/Q Growth		 -4.81% 12.12% -1.80% 22.02% -11.28% 33.05% -33.76% 28.85% 11.19% 4.03% -20.65%
Operating Cash Flow Q/Q Growth		 19.17% 63.91% -60.48% 139.93% -12.52% 28.78% -43.89% 68.69% 6.49% -4.80% -39.59%
Free Cash Flow Firm Q/Q Growth		 -2,990.68% 2.14% -4.87% 0.58% 67.52% -159.98% -1.72% 1.21% 40.98% 99.43% -599.42%
Invested Capital Q/Q Growth		 89.47% -0.40% 1.07% 0.69% 15.72% 20.81% 0.78% 0.44% 0.11% 1.06% 1.10%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 33.18% 36.94% 39.41% 40.93% 39.74% 35.77% 29.69% 32.04% 30.95% 29.44% 26.67%
EBITDA Margin		 22.39% 26.84% 27.71% 30.55% 28.25% 27.67% 19.92% 23.30% 22.85% 21.93% 18.81%
Operating Margin		 17.64% 20.99% 22.25% 25.11% 22.46% 22.40% 15.17% 18.14% 18.04% 16.90% 14.85%
EBIT Margin		 18.17% 21.87% 22.40% 25.19% 22.80% 22.76% 15.19% 18.64% 18.47% 17.65% 14.88%
Profit (Net Income) Margin		 10.84% 13.14% 13.37% 15.94% 13.80% 14.29% 8.59% 10.82% 10.89% 10.79% 8.07%
Tax Burden Percent		 76.30% 75.60% 75.44% 76.25% 75.99% 75.30% 77.82% 76.64% 75.99% 78.12% 76.00%
Interest Burden Percent		 78.19% 79.48% 79.09% 82.97% 79.65% 83.36% 72.67% 75.71% 77.55% 78.25% 71.35%
Effective Tax Rate		 23.70% 24.40% 24.56% 23.75% 24.01% 24.70% 22.18% 23.36% 24.01% 21.89% 24.00%
Return on Invested Capital (ROIC)		 8.41% 10.07% 10.81% 13.01% 8.59% 8.32% 6.64% 8.71% 9.10% 8.49% 7.53%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.75% 9.20% 9.79% 12.04% 7.87% 7.59% 5.61% 7.75% 8.23% 7.76% 6.51%
Return on Net Nonoperating Assets (RNNOA)		 11.42% 13.11% 13.35% 16.24% 10.92% 9.70% 7.30% 10.16% 11.82% 10.39% 8.90%
Return on Equity (ROE)		 19.83% 23.18% 24.16% 29.25% 19.51% 18.02% 13.94% 18.87% 20.92% 18.88% 16.42%
Cash Return on Invested Capital (CROIC)		 -50.66% -49.65% -53.54% -51.89% -7.27% -26.31% -25.78% -25.22% -10.89% 6.08% 5.95%
Operating Return on Assets (OROA)		 9.28% 11.26% 11.67% 14.03% 9.57% 9.12% 6.98% 9.55% 9.91% 9.08% 7.91%
Return on Assets (ROA)		 5.54% 6.77% 6.96% 8.88% 5.79% 5.72% 3.95% 5.54% 5.84% 5.55% 4.29%
Return on Common Equity (ROCE)		 19.83% 23.18% 24.16% 29.25% 19.51% 15.64% 13.67% 18.83% 20.88% 16.70% 16.10%
Return on Equity Simple (ROE_SIMPLE)		 15.07% 0.00% 13.68% 15.33% 16.58% 0.00% 14.81% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 564 831 803 937 857 1,181 949 1,097 1,184 1,197 1,085
NOPAT Margin		 13.46% 15.87% 16.79% 19.15% 17.06% 16.87% 11.80% 13.91% 13.71% 13.20% 11.28%
Net Nonoperating Expense Percent (NNEP)		 0.66% 0.87% 1.02% 0.97% 0.71% 0.73% 1.03% 0.96% 0.87% 0.73% 1.01%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.18% - - - 2.18% 1.75% 2.02% 2.12% 2.16% 1.93%
Cost of Revenue to Revenue		 66.82% 63.06% 60.59% 59.07% 60.26% 64.23% 70.31% 67.96% 69.05% 70.56% 73.33%
SG&A Expenses to Revenue		 7.35% 9.09% 10.17% 10.01% 10.19% 9.63% 8.14% 7.84% 7.40% 7.42% 6.59%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 15.54% 15.95% 17.15% 15.82% 17.28% 13.37% 14.52% 13.90% 12.90% 12.54% 11.82%
Earnings before Interest and Taxes (EBIT)		 761 1,145 1,071 1,233 1,145 1,593 1,222 1,470 1,595 1,600 1,431
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 938 1,405 1,325 1,495 1,419 1,937 1,602 1,838 1,973 1,988 1,809
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.65 2.34 2.77 2.81 3.15 3.41 2.90 2.31 2.08 2.03 2.55
Price to Tangible Book Value (P/TBV)		 2.76 3.77 4.52 4.57 5.09 9.83 6.03 4.68 4.16 3.96 4.98
Price to Revenue (P/Rev)		 1.54 2.18 2.54 2.46 2.67 2.67 2.48 1.80 1.46 1.36 1.62
Price to Earnings (P/E)		 10.97 14.50 20.28 18.37 19.02 19.13 20.44 16.28 13.76 13.45 16.12
Dividend Yield		 6.32% 5.77% 4.93% 4.83% 4.31% 3.99% 4.03% 5.01% 5.59% 5.68% 4.60%
Earnings Yield		 9.12% 6.89% 4.93% 5.44% 5.26% 5.23% 4.89% 6.14% 7.27% 7.44% 6.20%
Enterprise Value to Invested Capital (EV/IC)		 1.29 1.60 1.79 1.81 1.84 1.78 1.77 1.54 1.45 1.43 1.64
Enterprise Value to Revenue (EV/Rev)		 2.68 3.28 3.66 3.50 3.96 4.25 3.69 2.87 2.40 2.25 2.49
Enterprise Value to EBITDA (EV/EBITDA)		 10.56 11.77 14.29 12.96 13.97 14.92 14.29 11.82 10.31 10.21 11.51
Enterprise Value to EBIT (EV/EBIT)		 12.42 13.94 17.60 15.90 17.17 18.28 17.75 14.80 12.89 12.83 14.36
Enterprise Value to NOPAT (EV/NOPAT)		 16.46 18.74 23.76 21.35 23.00 24.40 23.51 19.69 17.19 17.07 19.18
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.86 13.12 17.28 15.03 16.48 18.85 17.74 15.19 13.38 13.49 15.55
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23.75 27.87
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.35 1.31 1.34 1.31 1.67 1.45 1.45 1.48 1.52 1.45 1.50
Long-Term Debt to Equity		 1.32 1.29 1.24 1.22 1.59 1.40 1.35 1.35 1.44 1.36 1.37
Financial Leverage		 1.47 1.42 1.36 1.35 1.39 1.28 1.30 1.31 1.44 1.34 1.37
Leverage Ratio		 3.02 2.99 2.92 2.87 2.86 2.81 2.82 2.82 3.01 2.92 2.97
Compound Leverage Factor		 2.36 2.37 2.31 2.38 2.28 2.34 2.05 2.14 2.34 2.29 2.12
Debt to Total Capital		 57.47% 56.79% 57.23% 56.69% 62.49% 59.17% 59.16% 59.71% 60.35% 59.25% 59.94%
Short-Term Debt to Total Capital		 1.30% 1.27% 4.04% 3.98% 2.79% 1.95% 4.17% 5.23% 3.12% 3.72% 5.14%
Long-Term Debt to Total Capital		 56.17% 55.52% 53.18% 52.72% 59.70% 57.22% 54.99% 54.49% 57.24% 55.53% 54.80%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 9.40% 1.40% 0.14% 0.14% 0.15% 0.23%
Common Equity to Total Capital		 42.53% 43.21% 42.77% 43.31% 37.51% 31.43% 39.45% 40.15% 39.51% 40.60% 39.82%
Debt to EBITDA		 4.96 4.39 4.80 4.24 4.99 5.19 4.97 4.78 4.59 4.43 4.42
Net Debt to EBITDA		 4.49 3.95 4.36 3.85 4.54 4.70 4.57 4.40 4.05 4.03 4.01
Long-Term Debt to EBITDA		 4.85 4.30 4.46 3.94 4.76 5.02 4.62 4.36 4.35 4.16 4.04
Debt to NOPAT		 7.73 7.00 7.97 6.98 8.21 8.49 8.17 7.96 7.65 7.41 7.37
Net Debt to NOPAT		 7.00 6.28 7.24 6.35 7.48 7.68 7.52 7.33 6.75 6.74 6.68
Long-Term Debt to NOPAT		 7.56 6.84 7.41 6.49 7.84 8.21 7.59 7.26 7.26 6.95 6.74
Altman Z-Score		 1.06 1.34 1.46 1.53 1.42 1.28 1.33 1.20 1.21 1.22 1.34
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 13.20% 1.96% 0.19% 0.19% 11.59% 1.99%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.97 0.90 0.70 0.62 0.81 0.90 0.67 0.59 0.90 0.71 0.71
Quick Ratio		 0.56 0.59 0.42 0.34 0.51 0.65 0.45 0.39 0.66 0.49 0.49
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -16,448 -16,095 -16,879 -16,781 -5,451 -14,171 -14,416 -14,241 -8,405 -48 -338
Operating Cash Flow to CapEx		 231.16% 250.08% 116.41% 298.54% 267.31% 286.65% 143.72% 203.60% 201.99% 159.38% 108.10%
Free Cash Flow to Firm to Interest Expense		 -76.50 -52.77 -56.26 -56.31 -16.77 -31.63 -32.61 -32.51 -18.68 -0.11 -0.77
Operating Cash Flow to Interest Expense		 4.28 4.94 1.99 4.80 3.85 3.60 2.05 3.48 3.61 3.41 2.13
Operating Cash Flow Less CapEx to Interest Expense		 2.43 2.97 0.28 3.19 2.41 2.34 0.62 1.77 1.82 1.27 0.16
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.51 0.52 0.52 0.56 0.42 0.40 0.46 0.51 0.54 0.51 0.53
Accounts Receivable Turnover		 10.59 10.92 12.58 16.23 14.12 10.77 11.48 14.66 16.47 12.60 11.14
Inventory Turnover		 14.69 19.56 15.23 18.52 13.58 19.19 17.32 22.04 26.12 27.56 24.27
Fixed Asset Turnover		 0.67 0.67 0.68 0.71 0.61 0.55 0.63 0.70 0.78 0.72 0.74
Accounts Payable Turnover		 7.64 8.16 8.99 11.05 8.46 7.10 8.20 9.96 11.25 9.30 8.24
Days Sales Outstanding (DSO)		 34.47 33.42 29.02 22.48 25.85 33.90 31.81 24.90 22.16 28.96 32.77
Days Inventory Outstanding (DIO)		 24.84 18.66 23.96 19.71 26.87 19.02 21.08 16.56 13.97 13.24 15.04
Days Payable Outstanding (DPO)		 47.78 44.72 40.61 33.02 43.17 51.43 44.49 36.66 32.43 39.24 44.27
Cash Conversion Cycle (CCC)		 11.53 7.37 12.37 9.17 9.55 1.49 8.40 4.80 3.70 2.96 3.53
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 36,465 36,320 36,710 36,964 42,773 51,672 52,075 52,302 52,362 52,917 53,498
Invested Capital Turnover		 0.63 0.63 0.64 0.68 0.50 0.49 0.56 0.63 0.66 0.64 0.67
Increase / (Decrease) in Invested Capital		 17,012 16,926 17,682 17,718 6,308 15,352 15,365 15,338 9,589 1,245 1,423
Enterprise Value (EV)		 46,878 58,008 65,584 66,931 78,860 92,155 92,197 80,347 75,784 75,557 87,552
Market Capitalization		 26,930 38,553 45,587 47,031 53,227 58,030 61,947 50,349 45,953 45,624 56,926
Book Value per Share		 $36.41 $28.30 $28.15 $28.63 $28.91 $29.16 $34.22 $34.95 $35.06 $35.73 $35.50
Tangible Book Value per Share		 $21.79 $17.54 $17.25 $17.65 $17.90 $10.11 $16.45 $17.23 $17.53 $18.32 $18.15
Total Capital		 38,326 38,151 38,446 38,582 45,024 54,210 54,160 54,371 55,884 55,385 56,140
Total Debt		 22,027 21,667 22,001 21,873 28,137 32,077 32,040 32,467 33,727 32,816 33,652
Total Long-Term Debt		 21,527 21,183 20,447 20,339 26,880 31,018 29,781 29,625 31,986 30,755 30,764
Net Debt		 19,948 19,455 19,997 19,900 25,633 29,028 29,494 29,924 29,755 29,849 30,495
Capital Expenditures (CapEx)		 398 603 512 479 468 562 629 749 804 970 864
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 106 -198 245 -6.00 -3.00 -155 51 -5.00 -8.00 106 448
Debt-free Net Working Capital (DFNWC)		 390 140 310 30 576 578 192 92 1,191 184 620
Net Working Capital (NWC)		 -110 -344 -1,244 -1,504 -681 -481 -2,067 -2,750 -550 -1,877 -2,268
Net Nonoperating Expense (NNE)		 110 143 164 157 164 181 258 244 244 219 309
Net Nonoperating Obligations (NNO)		 20,166 19,836 20,265 20,255 25,886 29,539 29,955 30,398 30,205 30,348 31,010
Total Depreciation and Amortization (D&A)		 177 260 254 262 274 344 380 368 378 388 378
Debt-free, Cash-free Net Working Capital to Revenue		 0.61% -1.12% 1.37% -0.03% -0.02% -0.71% 0.20% -0.02% -0.03% 0.32% 1.27%
Debt-free Net Working Capital to Revenue		 2.23% 0.79% 1.73% 0.16% 2.89% 2.66% 0.77% 0.33% 3.77% 0.55% 1.76%
Net Working Capital to Revenue		 -0.63% -1.95% -6.94% -7.87% -3.42% -2.22% -8.28% -9.84% -1.74% -5.58% -6.44%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.99 $1.12 $1.09 $1.33 $1.18 $1.59 $1.04 $1.34 $1.49 $1.56 $1.23
Adjusted Weighted Average Basic Shares Outstanding		 457.30M 484.30M 584.20M 584.60M 584.80M 584.60M 611.40M 627.20M 630.60M 624.80M 630.70M
Adjusted Diluted Earnings per Share		 $0.99 $1.11 $1.09 $1.33 $1.18 $1.57 $1.04 $1.34 $1.49 $1.55 $1.23
Adjusted Weighted Average Diluted Shares Outstanding		 458.20M 485.40M 585.70M 585.80M 586.70M 586.50M 612.50M 628.10M 631.50M 625.90M 631.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 582.55M 583.16M 583.65M 584.07M 584.18M 624.34M 624.63M 629.76M 629.23M 629.78M 630.03M
Normalized Net Operating Profit after Tax (NOPAT)		 658 831 803 937 865 1,181 982 1,114 1,192 1,202 1,091
Normalized NOPAT Margin		 15.70% 15.87% 16.79% 19.15% 17.22% 16.87% 12.21% 14.12% 13.80% 13.26% 11.34%
Pre Tax Income Margin		 14.20% 17.38% 17.72% 20.90% 18.16% 18.97% 11.04% 14.11% 14.33% 13.81% 10.62%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.54 3.75 3.57 4.14 3.52 3.56 2.76 3.36 3.54 3.53 3.26
NOPAT to Interest Expense		 2.62 2.72 2.68 3.14 2.64 2.64 2.15 2.50 2.63 2.64 2.47
EBIT Less CapEx to Interest Expense		 1.69 1.78 1.86 2.53 2.08 2.30 1.34 1.65 1.76 1.39 1.29
NOPAT Less CapEx to Interest Expense		 0.77 0.75 0.97 1.54 1.20 1.38 0.72 0.79 0.84 0.50 0.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 69.30% 69.16% 88.48% 83.56% 81.79% 74.33% 75.16% 92.06% 87.94% 90.50% 89.20%
Augmented Payout Ratio		 69.30% 69.16% 88.48% 83.56% 81.79% 79.43% 81.13% 97.90% 93.37% 92.66% 89.20%

Financials Breakdown Chart

Key Financial Trends

Here are the most relevant takeaways from ONEOK (NYSE: OKE) using the latest quarterly data (Q4 2025) and context from the prior four years. The bullets below focus on items that could meaningfully impact a retail investor's view of the stock.

  • Strong quarterly profitability: Q4 2025 Operating Revenue was $9.07B with Total Gross Profit of $2.67B and Total Operating Income of $1.53B, yielding a solid operating margin (about 17%). Net income attributable to common shareholders was $0.977B, with basic and diluted EPS around $1.56 and $1.55.
  • Healthy operating cash flow and manageable capex: Cash flow from continuing operating activities in Q4 2025 was $1.546B. Cash used for property, plant & equipment was $0.970B, leaving a rough free cash flow of about $0.57B for the quarter, supporting dividends and debt activity.
  • Steady dividend framework: The company maintains a visible dividend program, with cash dividends per share around $1.03 in recent quarters (examples include Q1 2025 and Q2 2025), indicating ongoing shareholder distributions alongside earnings.
  • Solid equity base supporting capitalization: Total equity sits around $22B in the latest period, with Total Liabilities roughly $44B and Total Assets near $66B, signaling a solid capitalization framework to absorb debt and cyclicality in energy markets.
  • Reasonable cost discipline in the latest quarter: Selling, General & Administrative expense was $0.673B on $9.07B of revenue in Q4 2025, about 7.4% of revenue, suggesting efficient overhead relative to scale.
  • Debt load remains high but typical for the sector: Long-term debt sits around $32B in recent periods, with Total Liabilities above $44B. This is industry-standard for a midstream player but represents a meaningful ballast to consider (neutral assessment of leverage risk).
  • Revenue cyclicality tied to energy markets: The business shows notable quarterly and year-to-year revenue fluctuation consistent with energy demand and commodity price cycles (neutral on near-term predictability).
  • Liquidity metrics show pressure at times: Current assets and current liabilities give a near-term liquidity picture that can appear tight (current ratio historically around or below 1 in some periods), a neutral factor to monitor.
  • Cash balance declined due to investing/financing outflows: The quarterly net change in cash was negative (e.g., about -$1.12B in Q4 2025), driven by sizable investing and financing activity, which may pressure liquidity in tighter markets.
  • Persistent financing outflows: Net cash from financing activities has been negative in multiple recent quarters, reflecting debt repayments and distributions that outpace new borrowings or equity funding (negative liquidity impulse).
05/11/26 05:07 PM ETAI Generated. May Contain Errors.

ONEOK Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ONEOK's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

ONEOK's net income appears to be on an upward trend, with a most recent value of $3.46 billion in 2025, rising from $379.20 million in 2015. The previous period was $3.11 billion in 2024. View ONEOK's forecast to see where analysts expect ONEOK to go next.

ONEOK's total operating income in 2025 was $5.74 billion, based on the following breakdown:
  • Total Gross Profit: $10.26 billion
  • Total Operating Expenses: $4.52 billion

Over the last 10 years, ONEOK's total revenue changed from $7.76 billion in 2015 to $33.63 billion in 2025, a change of 333.2%.

ONEOK's total liabilities were at $44.07 billion at the end of 2025, a 5.1% increase from 2024, and a 277.3% increase since 2015.

In the past 10 years, ONEOK's cash and equivalents has ranged from $11.98 million in 2018 to $733 million in 2024, and is currently $78 million as of their latest financial filing in 2025.

Over the last 10 years, ONEOK's book value per share changed from 1.60 in 2015 to 35.73 in 2025, a change of 2,127.0%.


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Financial statements for NYSE:OKE last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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