How Oneok (OKE) makes money: Q2 2026 revenue breakdown
The quarter in brief
Revenue grew 52.8% y/y to $12.05B, operating margin 13.2% vs 18.1%, net income $966M (+14.9% y/y).
Key growth driver: Commodity sales — the fastest-growing revenue line: $10,814, +61% y/y. · by the Q2 2026 report
Net income attributable to ONEOK
$966M
up 14.9% y/y
Total revenues
$12,049M
up 52.8% y/y
Operating income
$1,593M
up 11.3% y/y
Next report
not announced yet
How does Oneok make money?
Oneok brought in $12.0 billion of revenue in Q2 2026, up 52.8% year over year. The largest source was Commodity sales: $10.8 billion, or 90% of the total, followed by Services and other ($1.24B, 10%). Net income for the quarter was $966 million, up 14.9% year over year.
Revenue by source, Q2 2026
- Commodity sales$10.8B · 90% · +60.8%
- Services and other$1.24B · 10% · +6.4%
Shares of $12.0B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Commodity sales | $10,814 · +60.8% |
| Services and other | $1,235 · +6.4% |
| Total revenues | $12,049 · +52.8% |
| Cost of sales and fuel | $9,242 · +72.4% |
| Operations and maintenance | $715 · +15.7% |
| Depreciation and amortization | $387 · +5.2% |
| General taxes and transaction costs (calculated) | $112 · +1.8% |
| Operating income | $1,593 · +11.3% · 13.2% margin |
| Equity earnings and other income (calculated) | $107 · −10.8% |
| Interest expense | $434 · −0.9% |
| Income before income taxes | $1,266 · +13.7% |
| Income taxes | $299 · +15.0% · 23.6% effective rate |
| Net income attributable to noncontrolling interests | $1 · −91.7% |
| Net income attributable to ONEOK | $966 · +14.9% · $1.53/sh · 8.0% margin |
Verdict: revenue grew 52.8% y/y to $12.05B, operating margin 13.2% vs 18.1%, net income $966M (+14.9% y/y).
Diluted EPS $1.53 vs $1.34 a year earlier; adjusted EBITDA up 7% to $2.12 billion (non-GAAP); 2026 guidance raised: net income midpoint $3.6 billion, EPS midpoint $5.68.
Source and notation
Source: ONEOK earnings release, 8-K EX-99 of 08/03/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Total revenues jumped to $12,049M from $7,887M on commodity sales, but most of it passed through cost of sales and fuel ($9,242M vs $5,360M); operating income rose a more modest 11% to $1,593M.
- Volumes grew: refined products shipped +8%, NGL raw feed throughput +7% (+15% in the Gulf Coast/Permian region), natural gas processed +2%.
- Operating income was $1.59B, a 13.2% margin vs 18.1% a year earlier.
- The effective tax rate was 23.6% vs 23.4% a year earlier.
- Diluted EPS was $1.53 vs $1.34 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-08-04 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-08-04 · SEC EDGAR · 10/20/2026
Oneok, Inc. ONE-oak, stylized as ONEOK, is an American oil and gas midstream operator headquartered in Tulsa, Oklahoma. · Text: Wikipedia, CC BY-SA 4.0, abridged
It provides the oil and gas industry with gathering, processing, fractionation, transportation, and storage services. The company is part of the Fortune 500 and S&P 500. Oneok was founded as Oklahoma Natural Gas Company in 1906, but it changed its corporate name to Oneok in 1980.
Heads-up
- profit is growing slower than revenue: +15% vs +53% y/y in Q2 2026
Most likely because costs grew faster than revenue (cost of sales and fuel +72% y/y); total revenues jumped to $12,049M from $7,887M on commodity sales, but most of it passed through cost of sales and fuel ($9,242M vs $5,360M); the effective tax rate was 23.6% vs 23.4% a year earlier. Based on the Q2 2026 report.
The company's report ↗OKE earnings history: past report dates
| Apr 28, 2026 Tue | 4:22 pmafter market close | Mar 31, 2026 | $9.6B+20% y/y | $1.23+18% y/y |
| Feb 23, 2026 Mon | 4:21 pmafter market close | Dec 31, 2025 | ≈$9.1B+30% y/y | ≈$1.55−1% y/y |
| Oct 28, 2025 Tue | 4:43 pmafter market close | Sep 30, 2025 | $8.6B+72% y/y | $1.49+26% y/y |
| Aug 4, 2025 Mon | 4:25 pmafter market close | Jun 30, 2025 | $7.9B+61% y/y | $1.34+1% y/y |
| Apr 29, 2025 Tue | 4:22 pmafter market close | Mar 31, 2025 | $8.0B+68% y/y | $1.04−5% y/y |
| Feb 24, 2025 Mon | 4:53 pmafter market close | Dec 31, 2024 | ≈$7.0B+34% y/y | ≈$1.57+41% y/y |
| Oct 29, 2024 Tue | 4:28 pmafter market close | Sep 30, 2024 | $5.0B+20% y/y | $1.18+19% y/y |
| Aug 5, 2024 Mon | 4:38 pmafter market close | Jun 30, 2024 | $4.9B+31% y/y | $1.33+28% y/y |
| Apr 30, 2024 Tue | 4:25 pmafter market close | Mar 31, 2024 | $4.8B+6% y/y | $1.09−53% y/y |
| Feb 26, 2024 Mon | 4:50 pmafter market close | Dec 31, 2023 | ≈$5.2B+4% y/y | ≈$1.11+3% y/y |
| Oct 31, 2023 Tue | 5:08 pmafter market close | Sep 30, 2023 | $4.2B−29% y/y | $0.99+3% y/y |
| Aug 7, 2023 Mon | 5:18 pmafter market close | Jun 30, 2023 | $3.7B−38% y/y | $1.04+13% y/y |
| May 2, 2023 Tue | 4:49 pmafter market close | Mar 31, 2023 | $4.5B−17% y/y | $2.34+169% y/y |
| Feb 27, 2023 Mon | 5:30 pmafter market close | Dec 31, 2022 | ≈$5.0B−7% y/y | ≈$1.08+27% y/y |
| Nov 1, 2022 Tue | 4:45 pmafter market close | Sep 30, 2022 | $5.9B+30% y/y | $0.96+9% y/y |
| Aug 8, 2022 Mon | 4:34 pmafter market close | Jun 30, 2022 | $6.0B+77% y/y | $0.92+19% y/y |
| May 3, 2022 Tue | 4:42 pmafter market close | Mar 31, 2022 | $5.4B+70% y/y | $0.87+1% y/y |
| Feb 28, 2022 Mon | 4:39 pmafter market close | Dec 31, 2021 | ≈$5.4B+111% y/y | ≈$0.85+23% y/y |
| Nov 2, 2021 Tue | 4:59 pmafter market close | Sep 30, 2021 | $4.5B+109% y/y | $0.88+26% y/y |
| Aug 3, 2021 Tue | 4:55 pmafter market close | Jun 30, 2021 | $3.4B+104% y/y | $0.77+141% y/y |
| Apr 27, 2021 Tue | 4:37 pmafter market close | Mar 31, 2021 | $3.2B+50% y/y | $0.86 |
| Feb 22, 2021 Mon | 5:02 pmafter market close | Dec 31, 2020 | $2.6B−3% y/y | $0.69−10% y/y |
| Oct 27, 2020 Tue | 4:30 pmafter market close | Sep 30, 2020 | $2.2B−4% y/y | $0.70−5% y/y |
| Jul 28, 2020 Tue | 5:10 pmafter market close | Jun 30, 2020 | $1.7B−32% y/y | $0.32−57% y/y |
| Apr 28, 2020 Tue | 5:16 pmafter market close | Mar 31, 2020 | $2.1B−23% y/y | −$0.34 |
| Feb 24, 2020 Mon | 4:58 pmafter market close | Dec 31, 2019 | $2.7B−15% y/y | $0.77+10% y/y |
| Oct 30, 2019 Wed | 9:14 ambefore market open | Sep 30, 2019 | $2.3B−33% y/y | $0.74−1% y/y |
| Jul 30, 2019 Tue | 4:39 pmafter market close | Jun 30, 2019 | $2.5B−17% y/y | $0.75+10% y/y |
| Apr 30, 2019 Tue | 4:24 pmafter market close | Mar 31, 2019 | $2.8B−10% y/y | $0.81+27% y/y |
| Feb 25, 2019 Mon | 4:28 pmafter market close | Dec 31, 2018 | $3.1B−17% y/y | $0.70+337% y/y |
| Oct 30, 2018 Tue | 4:28 pmafter market close | Sep 30, 2018 | $3.4B+17% y/y | $0.75+74% y/y |
| Jul 31, 2018 Tue | 4:40 pmafter market close | Jun 30, 2018 | $3.0B+9% y/y | $0.68+106% y/y |
| May 1, 2018 Tue | 4:35 pmafter market close | Mar 31, 2018 | $3.1B+13% y/y | $0.64+56% y/y |
| Feb 26, 2018 Mon | 5:08 pmafter market close | Dec 31, 2017 | $3.8B+43% y/y | $0.16−63% y/y |
| Oct 31, 2017 Tue | 4:33 pmafter market close | Sep 30, 2017 | $2.9B+23% y/y | $0.43+0% y/y |
| Aug 1, 2017 Tue | 4:44 pmafter market close | Jun 30, 2017 | $2.7B+28% y/y | $0.33−18% y/y |
| May 2, 2017 Tue | 5:19 pmafter market close | Mar 31, 2017 | $2.7B+55% y/y | $0.41+2% y/y |
| Feb 1, 2017 Wed | 5:23 pmafter market close | Dec 31, 2016 | ≈$2.7B+37% y/y | ≈$0.43+258% y/y |
| Nov 1, 2016 Tue | 5:27 pmafter market close | Sep 30, 2016 | $2.4B+24% y/y | $0.43+10% y/y |
| Aug 2, 2016 Tue | 5:06 pmafter market close | Jun 30, 2016 | $2.1B+0% y/y | $0.40+11% y/y |
| May 3, 2016 Tue | 5:18 pmafter market close | Mar 31, 2016 | $1.8B−2% y/y | $0.40+38% y/y |
| Feb 22, 2016 Mon | 5:22 pmafter market close | Dec 31, 2015 | ≈$1.9B−32% y/y | ≈$0.12−73% y/y |
| Nov 3, 2015 Tue | 5:30 pmafter market close | Sep 30, 2015 | $1.9B−39% y/y | $0.39+26% y/y |
| Aug 4, 2015 Tue | 4:57 pmafter market close | Jun 30, 2015 | $2.1B−31% y/y | $0.36+24% y/y |
| May 5, 2015 Tue | 4:45 pmafter market close | Mar 31, 2015 | $1.8B−43% y/y | $0.29−36% y/y |
| Feb 23, 2015 Mon | 4:53 pmafter market close | Dec 31, 2014 | ≈$2.8B−18% y/y | ≈$0.45+5% y/y |
| Nov 4, 2014 Tue | 4:57 pmafter market close | Sep 30, 2014 | $3.1B−0% y/y | $0.31+3% y/y |
| Aug 5, 2014 Tue | 5:01 pmafter market close | Jun 30, 2014 | $3.1B+11% y/y | $0.29 |
| May 6, 2014 Tue | 5:06 pmafter market close | Mar 31, 2014 | $3.2B+26% y/y | $0.45−17% y/y |
| Feb 24, 2014 Mon | 4:56 pmafter market close | Dec 31, 2013 | ≈$3.4B−6% y/y | ≈$0.43−19% y/y |
| Nov 5, 2013 Tue | 5:08 pmafter market close | Sep 30, 2013 | $3.1B+4% y/y | $0.30−3% y/y |
| Jul 30, 2013 Tue | 6:43 pmafter market close | Jun 30, 2013 | $2.8B+9% y/y | $0.00 |
| Apr 30, 2013 Tue | 5:19 pmafter market close | Mar 31, 2013 | $2.5B−26% y/y | $0.54−7% y/y |
| Feb 25, 2013 Mon | 5:13 pmafter market close | Dec 31, 2012 | ≈$3.7B−10% y/y | ≈$0.53−2% y/y |
| Oct 30, 2012 Tue | 5:33 pmafter market close | Sep 30, 2012 | $3.0B−14% y/y | $0.31+11% y/y |
| Jul 31, 2012 Tue | 5:18 pmafter market close | Jun 30, 2012 | $2.5B−27% y/y | $0.29+16% y/y |
| May 1, 2012 Tue | 5:21 pmafter market close | Mar 31, 2012 | $3.4B−9% y/y | $0.58−3% y/y |
| Jan 20, 2012 Fri | 4:15 pmafter market close | Dec 31, 2011 | ≈$4.1B | ≈$0.54 |
| Nov 1, 2011 Tue | 5:15 pmafter market close | Sep 30, 2011 | $3.5B | $0.28 |
| Aug 2, 2011 Tue | 6:04 pmafter market close | Jun 30, 2011 | $3.4B | $0.25 |
| May 3, 2011 Tue | 5:43 pmafter market close | Mar 31, 2011 | $3.8B | $0.60 |
Show all 61 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Oneok: 15-year financials
| 2025 | 33,629 | 5,741 | 3,393 | 2,447 | 2,583 |
| 2024 | 21,698 | 4,989 | 3,035 | 2,867 | 2,313 |
| 2023 | 17,677 | 4,072 | 2,659 | 2,826 | 1,839 |
| 2022 | 22,387 | 2,807 | 1,722 | 1,704 | 1,672 |
| 2021 | 16,540 | 2,596 | 1,499 | 1,849 | 1,667 |
| 2020 | 8,542 | 1,361 | 613 | −296 | 1,605 |
| 2019 | 10,164 | 1,914 | 1,279 | −1,902 | 1,458 |
| 2018 | 12,593 | 1,836 | 1,152 | 45.2 | 1,335 |
| 2017 | 12,174 | 1,392 | 388 | 803 | 829 |
| 2016 | 8,921 | 1,296 | 352 | 729 | 518 |
| 2015 | 7,763 | 996 | 245 | −166 | 509 |
| 2014 | 12,195 | 1,144 | 314 | −494 | 444 |
| 2013 | 11,872 | 881 | 267 | −962 | 305 |
| 2012 | 10,184 | 954 | 361 | −882 | 262 |
| 2011 | 14,806 | 1,159 | 361 | 20.1 | 227 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jun 30, 2026: $22.9B (34% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies that paid dividends 10 years without a gap
Oneok (OKE) earnings: FAQ
How does Oneok make money?
Oneok brought in $12.0 billion of revenue in Q2 2026, up 52.8% year over year. The largest source was Commodity sales: $10.8 billion, or 90% of the total, followed by Services and other ($1.24B, 10%). Net income for the quarter was $966 million, up 14.9% year over year.
When is OKE's next earnings date?
We have not yet seen an announcement of the next earnings date from Oneok (OKE).
What time does OKE report earnings?
Oneok usually reports after market close: its latest results release was filed with the SEC at 4:22 pm ET on Apr 28, 2026.
When did OKE last report earnings?
Oneok reported Q2 2026 results on Aug 3, 2026.
Where can I find Oneok's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to OKE's filings; this page breaks the latest report down in a Sankey chart.
What was OKE's net income in Q2 2026?
Oneok reported net income of $966M for Q2 2026 (+14.9% year over year), under US GAAP.
Does Oneok pay dividends?
Yes. In 2025, Oneok paid $2,583M in dividends on its common stock, per its 10-K. Earlier years are in the 15-year table above.
How has Oneok's revenue changed since 2011?
Per its 10-K filings, revenue grew 2.3x: $14,806M in 2011 and $33,629M in 2025. The latest year is the highest in the table. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
More reports: OXY · Q2 2026 · PSX · Q2 2026 · SLB · Q2 2026 · TPL · Q2 2026 · TRGP · Q2 2026 · VLO · Q2 2026 · WMB · Q2 2026 · XOM · Q2 2026 · APA · Q2 2026 · BKR · Q2 2026 · all reports