OKE · Q2 2026
Archived report (Q2 2026). Latest deep dive →
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).
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
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 as an image: OKE, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “OKE Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/oke/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/oke/q2-2026"><img src="https://whoreportstoday.com/t/oke/q2-2026/sankey.png" alt="OKE Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/oke/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/oke/q2-2026">OKE Q2 2026 earnings chart (Who Reports Today)</a>
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- 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.
OKE — ONEOK is a U.S. midstream energy company that gathers, processes, transports, stores and markets natural gas, natural gas liquids (NGLs), refined products and crude oil. Headquarters: Tulsa, Oklahoma.
Heads-up
- profit is growing slower than revenue: +15% vs +53% y/y in Q2 2026
Net income +15% y/y against revenue +53% y/y. In the report's figures: costs grew faster than revenue: cost of sales and fuel +72% y/y. Based on the Q2 2026 report.
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