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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $33.6B | $7.8B | $3.4B | $2.4B | 15.1% | 55.0% | 11.8% |
| 2024 | $21.7B | $6.6B | $3.0B | $2.9B | 17.8% | 22.7% | 14.1% |
| 2023 | $17.7B | $5.1B | $2.7B | $2.8B | 16.1% | -21.0% | 54.4% |
| 2022 | $22.4B | $3.6B | $1.7B | $1.7B | 26.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 22,387 | 17,677 | 21,698 | 33,629 |
| Operating Revenue | - | 22,387 | 17,677 | 21,698 | 33,629 |
| Cost Of Revenue | - | 18,536 | 12,698 | 14,445 | 24,887 |
| Gross Profit | - | 3,851 | 4,979 | 7,253 | 8,742 |
| Operating Expense | - | 1,044 | 749 | 2,191 | 2,920 |
| Total Expenses | - | 19,580 | 13,447 | 16,636 | 27,807 |
| Operating Income | - | 2,807 | 4,230 | 5,062 | 5,822 |
| Total Operating Income As Reported | - | 2,807 | 4,072 | 4,989 | 5,741 |
| EBITDA | - | 3,552 | 5,132 | 6,615 | 7,787 |
| Normalized EBITDA | - | 3,552 | 5,290 | 6,688 | 7,868 |
| EBIT | - | 2,926 | 4,363 | 5,481 | 6,273 |
| Interest Expense | - | 676 | 866 | 1,371 | 1,783 |
| Net Interest Income | - | -676 | -866 | -1,371 | -1,783 |
| Other Non Operating Income Expenses | - | -29 | 89 | 53 | 146 |
| Other Income Expense | - | 119 | 133 | 419 | 451 |
| Interest Expense Non Operating | - | 676 | 866 | 1,371 | 1,783 |
| Net Non Operating Interest Income Expense | - | -676 | -866 | -1,371 | -1,783 |
| Pretax Income | - | 2,250 | 3,497 | 4,110 | 4,490 |
| Tax Provision | - | 528 | 838 | 998 | 1,028 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -37.86 | -17.74 | -18.55 |
| Net Income Continuous Operations | - | 1,722 | 2,659 | 3,112 | 3,462 |
| Net Income From Continuing And Discontinued Operation | - | 1,722 | 2,659 | 3,035 | 3,393 |
| Net Income From Continuing Operation Net Minority Interest | - | 1,722 | 2,659 | 3,035 | 3,393 |
| Net Income | - | 1,722 | 2,659 | 3,035 | 3,393 |
| Net Income Common Stockholders | - | 1,721 | 2,658 | 3,034 | 3,393 |
| Net Income Including Noncontrolling Interests | - | 1,722 | 2,659 | 3,112 | 3,462 |
| Normalized Income | - | 1,722 | 2,779.14 | 3,090.26 | 3,455.45 |
| Diluted NI Availto Com Stockholders | - | 1,721 | 2,658 | 3,034 | 3,393 |
| Basic Average Shares | - | 447.50 | 484.30 | 584.60 | 624.80 |
| Diluted Average Shares | - | 448.40 | 485.40 | 586.50 | 625.90 |
| Reconciled Depreciation | - | 626 | 769 | 1,134 | 1,514 |
| Reconciled Cost Of Revenue | - | 18,536 | 12,698 | 14,445 | 24,887 |
| Total Unusual Items | - | 0 | -158 | -73 | -81 |
| Total Unusual Items Excluding Goodwill | - | 0 | -158 | -73 | -81 |
| Preferred Stock Dividends | 1 | 1 | 1 | 1 | - |
| Minority Interests | - | 0 | 0 | -77 | -69 |
| Special Income Charges | - | 0 | -158 | -73 | -81 |
| Other Special Charges | -1.68 | -2.55 | - | - | - |
| Write Off | 0 | 0 | - | - | - |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | - | 0 | 158 | 73 | 81 |
| Gain On Sale Of Ppe | 1.39 | - | - | - | - |
| Other Operating Expenses | - | -105 | -786 | -305 | -43 |
| Earnings From Equity Interest | - | 148 | 202 | 439 | 386 |
| Average Dilution Earnings | - | 0 | 0 | 0 | 0 |
| Other Taxes | - | 191 | 216 | 334 | 378 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| ONEOK, Inc.this co. | OKE | $56.0B | 16.52β discount | 2.49 | 15.1% | 11.40 |
| EOG Resources, Inc. | EOG | $75.0B | 15.07 | 2.52 | 16.7% | 7.24 |
| Phillips 66 | PSX | $73.8B | 16.77 | 2.54 | 15.1% | 9.47 |
| Kinder Morgan, Inc. | KMI | $70.5B | 23.08 | 2.26 | 9.8% | 14.25 |
| Baker Hughes Company | BKR | $65.6B | 25.34 | 3.48 |
| - |
| - |
| - |
| - |
| 13.7% |
| 15.85 |
| Occidental Petroleum Corporation | OXY | $58.4B | 25.09 | 2.10 | 8.4% | 6.84 |
| Targa Resources Corp. | TRGP | $57.4B | 29.84 | 18.71 | 62.7% | 15.40 |
| Diamondback Energy, Inc. | FANG | $57.1B | 34.31 | 1.54 | 4.5% | 10.01 |
| Devon Energy Corporation | DVN | $53.0B | 20.08 | 3.42 | 17.0% | 7.96 |
| Peer Median | - | 24.08 | 2.53 | 14.4% | 9.74 | |