# ONEOK, Inc. (OKE)

> Source: Nexqual · https://nexqual.com/OKE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ONEOK, Inc. (OKE), nexqual.com/OKE" · informational, not investment advice.

**Price:** USD 93.9 (+0.84% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 93.12 · day 91.1–94.38 · 52w 64.02–99.85 · market cap $59.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $39.4B, net income $3.66B (9.3% margin), free cash flow $2.91B (SEC filings).
- Valuation: P/E 16.2x (avg 15.3x at the last 3 fiscal year-ends), EV/EBITDA 11.8x, net debt $31.4B.
- Analysts: Hold (mean 2.50 on a 1–5 scale) (22 analysts), mean target USD 101.1 (range 91–112).
- Total return with dividends: 1Y +41.9% vs S&P 500 +14.9%; 5Y +89.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 1.5, revenue estimate $10.4B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.5B | $22.4B | $17.7B | $21.7B | $33.6B | $39.4B |
| Gross profit | $4.28B | $4.48B | $5.75B | $8.39B | $10.3B | — |
| Operating income | $2.60B | $2.81B | $4.07B | $4.99B | $5.74B | $6.11B |
| Net income | $1.50B | $1.72B | $2.66B | $3.04B | $3.39B | $3.66B |
| EPS (diluted) | $3.35 | $3.84 | $5.48 | $5.17 | $5.42 | — |
| Free cash flow | $1.85B | $1.70B | $2.83B | $2.87B | $2.45B | $2.91B |
| Gross margin | 25.9% | 20.0% | 32.5% | 38.7% | 30.5% | — |
| Operating margin | 15.7% | 12.5% | 23.0% | 23.0% | 17.1% | 15.5% |
| Net margin | 9.1% | 7.7% | 15.0% | 14.0% | 10.1% | 9.3% |
| Revenue growth | +93.6% | +35.3% | -21.0% | +22.7% | +55.0% | — |
| Cash + short-term investments | $146M | $220M | $338M | $733M | $78.0M | — |
| Total debt | $13.6B | $13.6B | $21.7B | $32.1B | $32.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.2x · P/S 1.5x · EV/EBITDA 11.8x · EV/Sales 2.3x · P/FCF 20.4x · P/B 2.6x · FCF yield 4.91% · Earnings yield 6.18% · Dividend yield (paid, TTM) 4.47% · Net debt $31.4B · EV $90.6B
P/E at fiscal year-ends: Dec 2025 13.6x, Dec 2024 19.4x, Dec 2023 12.8x.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 22 analysts; mean target USD 101.1 (low 91, high 112).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | RBC Capital | Target raised | Sector Perform | $90 → $96 |
| 2026-10-06 | JP Morgan | Target lowered | Neutral | $106 → $100 |
| 2026-09-11 | TD Cowen | Target raised | Hold | $90 → $93 |
| 2026-09-09 | Morgan Stanley | Target raised | Equal-Weight | $105 → $112 |
| 2026-09-03 | Citigroup | Target raised | Buy | $97 → $108 |
| 2026-09-02 | Jefferies | Target raised | Hold | $95 → $105 |
| 2026-09-02 | Truist Securities | Target raised | Hold | $93 → $104 |
| 2026-09-02 | Wells Fargo | Target raised | Overweight | $98 → $106 |
| 2026-09-01 | Scotiabank | Target raised | Sector Perform | $89 → $95 |
| 2026-09-01 | JP Morgan | Target raised | Neutral | $95 → $106 |
| 2026-08-18 | Morgan Stanley | Target raised | Equal-Weight | $103 → $105 |
| 2026-07-29 | Morgan Stanley | Downgrade | Overweight → Equal-Weight | $113 → $103 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +41.9% | +89.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +42.1% | +13.6% |
| Volatility (annualized) | 27.3% | 29.8% |
| Max drawdown | -12.6% (Sep 2026→Sep 2026) | -40.7% (Nov 2024→Oct 2025) |

## Peers (Oil & Gas Midstream)
LNG (Cheniere Energy, Inc.) USD 287.01 +0.98% · MPLX (MPLX LP) USD 58.18 -0.44% · TRGP (Targa Resources, Inc.) USD 289.54 -2.05% · TRP (TC Energy Corporation) USD 61.98 -0.53% · KMI (Kinder Morgan, Inc.) USD 33.72 -0.74% · EPD (Enterprise Products Partners L.) USD 36.52 -0.19%

## More
Full page: https://nexqual.com/OKE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OKE's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Oklahoma | "While we have flexibility in establishing natural gas transportation rates with customers, there is a maximum rate that we can charge our customers in Oklahoma and Kansas and for the services regulated by the FERC." |
| Customer | Kansas | "While we have flexibility in establishing natural gas transportation rates with customers, there is a maximum rate that we can charge our customers in Oklahoma and Kansas and for the services regulated by the FERC." |
| Partner | MPLX LP and Enbridge | "In 2025, we, WhiteWater, MPLX LP and Enbridge Inc., through the existing Matterhorn joint venture, announced the new approximately 450-mile, 48-inch Eiger Express Pipeline, designed to transport up to approximately 3.7 B…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Refined Products and Crude Oil | $7.13B | 59.2% | +145.3% |
| Natural Gas Liquids | $4.59B | 38.1% | +18.7% |
| Natural Gas Gathering and Processing | $1.88B | 15.6% | +1.6% |
| Natural Gas Pipelines | $449.0M | 3.7% | +10.9% |
| Total revenue | $12.05B | 100% | — |
The lines above cover 116.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commodity sales | $10.81B | 89.8% | +60.8% |
| Liquids commodity sales | $1.43B | 11.9% | +30.3% |
| Services and other | $1.24B | 10.2% | +6.4% |
| Exchange services and natural gas gathering and processing revenue | $269.0M | 2.2% | -7.2% |
| Residue natural gas sales | $171.0M | 1.4% | -61.9% |
| Other revenue | $5.0M | 0.0% | -44.4% |
| Total revenue | $12.05B | 100% | — |
The lines above cover 115.6% of total revenue.

## Customer concentration

Period ended 2025-12-31: 12% of revenue from unnamed direct customers (10-K, filed 2026-02-24).

## Company outlook (8-K filed 2026-04-28)

- "(NYSE: OKE) today announced higher first- quarter 2026 results and increased 2026 financial guidance."
- "ONEOK increased 2026 net income guidance to a range of $3.21 billion to $3.79 billion."
- "Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $8.0 billion to $8.5 billion."
- "Total 2026 capital expenditure guidance remains unchanged at approximately $2.7 billion to $3.2 billion. "ONEOK's first-quarter performance reflects year-over-year volume growth and continued operational execution across our integrated asset portfolio," said Pierce H."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.50 | $1.47 | +2.0% | $10.39B | 14 |
| Next quarter (ends 2026-12-31) | $1.49 | $1.52 | -2.0% | $10.84B | 13 |
| Current fiscal year (ends 2026-12-31) | $5.84 | $5.71 | +2.3% | $43.58B | 14 |
| Next fiscal year (ends 2027-12-31) | $6.19 | $6.16 | +0.4% | $43.11B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±7.3%; last 8 reports averaged ±3.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 31.3% | ±7.3% |
| 2026-12-18 | 56 | 30.7% | ±9.8% |
| 2027-01-15 | 84 | 29.1% | ±11.3% |
| 2027-03-19 | 147 | 29.8% | ±15.2% |
| 2027-04-16 | 175 | 26.9% | ±14.8% |
| 2027-06-17 | 237 | 27.5% | ±17.6% |
| 2027-09-17 | 329 | 29.5% | ±21.8% |