ONEOK Inc (OKE)
ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines, fractionation, terminal and storage facilities; and transports refined products, including gasoline, diesel fuel, aviation fuel, kerosene, and heating oil. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities; it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases buildings, warehouses, office space, land, and equipment, including pipeline equipment, pipeline capacity, rail cars, and information technology equipment. Further, the company transports, stores, and distributes refined products, purity NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and diluent users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
- Symbol
- OKE
- Exchange
- NYSE
- Sector
- Energy
- Industry
- Oil & Gas Midstream
- Market cap
- $56.79B
- 52 week range
- 64.02 - 99.85
Valuation
- Share price
- $90.59 (close of 2026-09-23)
- P/E (TTM)
- 15.51x
- Price to book
- 2.47x
- Price to free cash flow
- 19.54x
- Enterprise value
- $89.65B
- Book value per share
- $36.55
Price performance
| Period | Change |
|---|
| 1 day | -1.32% |
| 5 days | -4.36% |
| 1 month | -2.94% |
| 3 months | +2.87% |
| 6 months | +0.75% |
| Year to date | +23.25% |
| 1 year | +24.78% |
| 3 years | +36.87% |
| 5 years | +57.67% |
| 10 years | +86.32% |
| All time | +2228.79% |
Profitability and growth
- Return on equity
- 15.03%
- Return on invested capital
- 8.52%
- Return on assets
- 5.09%
- Return on capital employed
- 9.52%
- Gross margin
- 30.50%
- Net margin
- 10.09%
- EBITDA margin
- 21.57%
- Revenue growth
- 54.99%
- Net income growth
- 11.80%
- Free cash flow growth
- -14.65%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 5.12%
- Current ratio
- 0.74x
- Net debt to EBITDA
- 4.07x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $33.63B
- Cost of revenue
- $23.37B
- Gross profit
- $10.26B
- EBITDA
- $7.25B
- Net income
- $3.39B
- Earnings per share
- $5.43
- Shares outstanding
- 624.80M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $33.63B | $10.26B | $3.39B | $5.43 |
| 2024-12-31 | $21.70B | $8.39B | $3.04B | $5.19 |
| 2023-12-31 | $17.68B | $5.75B | $2.66B | $5.49 |
| 2022-12-31 | $22.39B | $4.48B | $1.72B | $3.85 |
| 2021-12-31 | $16.54B | $4.28B | $1.50B | $3.36 |
| 2020-12-31 | $8.54B | $3.43B | $612.81M | $1.42 |
| 2019-12-31 | $10.16B | $3.38B | $1.28B | $3.09 |
| 2018-12-31 | $12.59B | $3.17B | $1.15B | $2.80 |
| 2017-12-31 | $12.17B | $2.64B | $387.84M | $1.30 |
| 2016-12-31 | $8.92B | $2.42B | $352.04M | $1.67 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 30.50% | 10.09% | 15.03% | 8.52% |
| 2024-12-31 | 38.65% | 13.99% | 13.71% | 7.46% |
| 2023-12-31 | 32.52% | 15.04% | 16.13% | 8.55% |
| 2022-12-31 | 20.00% | 7.69% | 26.52% | 11.41% |
| 2021-12-31 | 25.89% | 9.07% | 24.93% | 10.77% |
| 2020-12-31 | 40.18% | 7.17% | 10.14% | 5.90% |
| 2019-12-31 | 33.22% | 12.58% | 20.54% | 8.23% |
| 2018-12-31 | 25.18% | 9.15% | 17.50% | 9.22% |
| 2017-12-31 | 21.65% | 3.19% | 6.82% | 6.66% |
| 2016-12-31 | 27.18% | 3.95% | 10.27% | 9.41% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $78.00M | $30.75B |
| 2024-12-31 | $733.00M | $31.02B |
| 2023-12-31 | $338.00M | $21.18B |
| 2022-12-31 | $220.00M | $12.70B |
| 2021-12-31 | $146.39M | $12.75B |
| 2020-12-31 | $524.50M | $14.23B |
| 2019-12-31 | $20.96M | $12.48B |
| 2018-12-31 | $11.97M | $8.87B |
| 2017-12-31 | $37.19M | $8.09B |
| 2016-12-31 | $248.88M | $7.92B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $2.45B | $92.00M |
| 2024-12-31 | $2.87B | $102.00M |
| 2023-12-31 | $2.83B | $63.00M |
| 2022-12-31 | $1.70B | $53.00M |
| 2021-12-31 | $1.85B | $54.00M |
| 2020-12-31 | $-296.31M | $29.40M |
| 2019-12-31 | $-1.90B | $37.15M |
| 2018-12-31 | $45.24M | $31.66M |
| 2017-12-31 | $803.02M | $26.26M |
| 2016-12-31 | $728.59M | $40.56M |
Dividend history
- Most recent payment
- 2026-08-03
- Paid in the last twelve months
- $4.24
| Payment date | Dividend per share |
|---|
| 2026-08-03 | $1.07 |
| 2026-05-04 | $1.07 |
| 2026-02-02 | $1.07 |
| 2025-11-03 | $1.03 |
| 2025-08-01 | $1.03 |
| 2025-05-05 | $1.03 |
| 2025-02-03 | $1.03 |
| 2024-11-01 | $0.99 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-27
- Consensus EPS estimate
- $1.45
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-03 | Jun/2026 | $1.39 |
| 2026-04-28 | - | - |
| 2026-02-23 | - | - |
| 2025-10-28 | - | - |
| 2025-08-04 | - | - |
| 2025-04-29 | - | - |
| 2025-02-24 | - | - |
| 2024-10-29 | - | - |
Filings and sources
- Company website
- oneok.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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