FirmAtlas
Company handbook · OKE · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
OKE · CIK 1039684 · LATEST FILING: 10-Q JUN '26 · FILED AUG 4, 2026
ONEOK, Inc.
$93.31
+2.66 (+2.93%)
Close, Oct 16, 2026 · 52-week $64–100
Last fiscal year
ONEOK, Inc. reported revenue of $33.6B for the year ended Dec 31, 2025 (FY25), up 55.0% from FY24. Net income was $3.4B, operating cash flow $5.6B and free cash flow $2.4B. Source: 10-K filed Feb 24, 2026.
Market cap
$58.8B
P/E
16.1
EV/EBITDA
12.4x
Dist. yield
4.54%
ROIC
8.6%
Coverage
2.17x
Revenue 1Y
55.0%/yr
EPS 1Y
4.8%/yr
Units 1Y
+8%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOPierce H. Norton II
HQTulsa, OK
AuditorPricewaterhouseCoopers LLP
Employees6,326
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.4%
7.5%
10.0%
38.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$16.2B deployed
Capex
$5.2B
32.0%
Acquisitions
$5.9B
36.2%
Distributions
$4.9B
30.3%
Buybacks
$234M
1.4%
Operating cash flow over the period: $10.5B. Total debt changed by −$525M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY16).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
21,698
33,629+55.0%
39,366
YoY
+55.0%
Operating income
4,989
5,741+15.1%
6,111
Operating margin
23.0%
17.1%−5.9 pp
—
D&A
1,134
1,514+33.5%
—
EBITDA
6,123
7,255+18.5%
—
EBITDA margin
28.2%
21.6%−6.6 pp
—
Interest expense
1,371
1,783+30.1%
—
Interest coverage
4.47x
4.07x−0.40x
—
Net income
3,035
3,393+11.8%
3,656
YoY
+11.8%
Net margin
14.0%
10.1%−3.9 pp
—
Earnings per unit (diluted, $)
5.17
5.42+4.8%
5.80
YoY
+4.8%
Balance sheet
Total assets
64,069
66,641+4.0%
68,549
Cash & short-term investments
733
78−89.4%
—
Net PP&E
45,935
47,861+4.2%
—
Other assets
17,401
18,702+7.5%
—
Total liabilities
47,033
44,156−6.1%
45,612
Total debt
32,100
31,575−1.6%
32,999
Other liabilities
14,933
12,581−15.8%
—
Partners’ capital
17,036
22,485+32.0%
22,937
Units outstanding (M)
583
630+8.0%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,888
5,599+14.5%
6,157
Net income
3,112
3,462+11.2%
—
Depreciation & amortization
1,134
1,514+33.5%
—
Stock-based compensation
102
92−9.8%
—
Working capital & other
540
531−1.7%
—
Cash from investing
(6,612)
(3,751)n/m
—
Capex
(2,021)
(3,152)n/m
—
Acquisitions
(5,829)
(25)n/m
—
Other investing
1,238
(574)−146.4%
—
Cash from financing
2,119
(2,503)−218.1%
—
Debt raised
7,094
2,989−57.9%
—
Debt repaid
(2,003)
(2,979)n/m
—
Distributions
(2,313)
(2,583)n/m
—
Buybacks
(159)
(75)n/m
—
Other financing
(500)
145n/m
—
Net change in cash
395
(655)−265.8%
—
Free cash flow (OCF − capex)
2,867
2,447−14.6%
2,906
Where the cash went
Operating cash flow
4,888
5,599+14.5%
6,157
Reinvested in the business
7,850
3,177−59.5%
—
% of operating cash flow
160.6%
56.7%
Capex
2,021
3,152+56.0%
3,251
Acquisitions
5,829
25−99.6%
—
Free cash flow
2,867
2,447−14.6%
2,906
YoY
−14.6%
Returned to unitholders
2,472
2,658+7.5%
—
% of free cash flow
86.2%
108.6%
Distributions
2,313
2,583+11.7%
—
Buybacks
159
75−52.8%
—
Change in total debt
—
(525)
—
Cash left over
—
(761)
—
FCF conversion (FCF ÷ net income)
94.5%
72.1%−22.3 pp
—
Owner earnings
—
1,522
—
Owner earnings margin
—
4.5%
—
Buyback yield
0.3%
0.2%−0.1 pp
—
Returns & ratios
Distribution coverage
2.11x
2.17x+0.05x
—
Distribution / unit ($)
3.97
4.10+3.4%
—
Net debt / EBITDA
5.12x
4.34x−0.78x
—
Interest coverage
4.47x
4.07x−0.40x
—
ROIC (all capital)
7.8%
8.6%+0.8 pp
—
Debt / EBITDA
5.24x
4.35x−0.89x
—
Debt / equity
1.88x
1.40x−0.48x
—
ROE
17.8%
15.1%−2.7 pp
—
ROCE
8.4%
9.5%+1.1 pp
—
FCF / unit ($)
4.92
3.89−21.0%
—
EV / EBITDA (year end)
14.68x
10.72x−3.96x
—
Distribution yield (year end)
4.0%
5.6%+1.6 pp
—
Price / DCF proxy
15.60x
10.41x−5.18x
—
Net debt is 4.3x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
8,634
9,065
9,618
12,049
vs year-ago quarter
Operating income
1,558
1,532
1,428
1,593
Net income
939
977
774
966
vs year-ago quarter
Net margin
10.9%
10.8%
8.0%
8.0%
Earnings per unit (diluted, $)
1.49
1.55
1.23
1.53
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
66,616
66,641
68,203
68,549
Cash & equivalents
1,199
78
172
161
Total debt
35,441
31,575
33,647
32,999
Partners’ capital
22,081
22,485
22,357
22,937
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,624
1,546
934
2,053
Capex
804
970
864
613
Free cash flow
820
576
70
1,440
vs year-ago quarter