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.

Ticker
OKE
Exchange
NYSE
Sector
Energy
Industry
Oil & Gas Midstream
Market cap
$53.71B
52-week range
$66.93 - $99.85

Valuation

Share price
$85.19 (close of Nov 6, 2026)
P/E (TTM)
13.19x
Price to book
1.65x
Price to free cash flow
21.25x
Enterprise value
$82.04B
Book value per share
$51.49

Price performance

PeriodChange
1 day-1.23%
5 days-12.24%
1 month-4.53%
3 months-3.12%
6 months-0.48%
Year to date+15.90%
1 year+25.63%
3 years+28.53%
5 years+31.63%
10 years+82.62%
All time+2,092.77%

Short interest

As of
Oct 15, 2026
Short % of float
4.21%
Shares short
23.58M
Days to cover
7.27
Change since prior report
-3.37%
Source
FINRA consolidated short interest

Members of Congress who disclosed OKE trades

Kevin Hern · Gilbert Ray Cisneros · Ritchie Torres · Dan Newhouse · Dwight Evans

Super investors holding OKE

First Eagle Investment (First Eagle Investment Management, LLC) · Ken Griffin (Citadel)

Profitability and growth

Return on equity
15.03%
Return on invested capital
8.51%
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)
4.71%
Current ratio
0.84x
Net debt to EBITDA
3.46x

Latest reported year

Period end
Dec 31, 2025
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
Interest expense
$1.78B
Shares outstanding
624.80M

Income statement by year

Period endRevenueGross profitNet incomeEPS
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 endGross marginNet marginReturn on equityReturn on capital
2025-12-3130.50%10.09%15.03%8.51%
2024-12-3138.65%13.99%13.71%7.36%
2023-12-3132.52%15.04%16.13%8.48%
2022-12-3120.00%7.69%26.52%11.28%
2021-12-3125.89%9.07%24.93%10.69%
2020-12-3140.18%7.17%10.14%5.75%
2019-12-3133.22%12.58%20.54%8.13%
2018-12-3125.18%9.15%17.50%9.21%
2017-12-3121.65%3.19%6.82%6.37%
2016-12-3127.18%3.95%10.27%8.42%

Cash and debt by year

Period endCashDebt
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 endFree cash flowStock-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
Nov 2, 2026
Paid in the last twelve months
$4.28
Payment dateDividend per share
2026-11-02$1.07
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

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-27Sep 2026$1.46
2026-08-03Jun 2026$1.39
2026-04-28Mar 2026$1.26
2026-02-23Dec 2025$1.48
2025-10-28Sep 2025$1.46
2025-08-04Jun 2025$1.34
2025-04-29Mar 2025$1.23
2025-02-24Dec 2024$1.45

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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