ONEOK
OKE · NYSENatural Gas Transmisison & Distribution · Fiscal year ends Dec 31
ONEOK reported revenue of $33.6B in the fiscal year ended Dec 2025, up 55.0% from the year before. Operating income was $5.7B, an operating margin of 17.1%, and net income was $3.4B. Operating cash flow of $5.6B less capital expenditure of $3.2B left free cash flow of $2.4B. Net debt was $31.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $16.5B | $22.4B | $17.7B | $21.7B | $33.6B |
| Cost of revenue | $12.3B | $17.9B | $11.9B | $13.3B | $23.4B |
| Gross profit | $4.3B | $4.5B | $5.7B | $8.4B | $10.3B |
| Operating income | $2.6B | $2.8B | $4.1B | $5B | $5.7B |
| Interest expense | $733M | $676M | $866M | $1.4B | $1.8B |
| Pre-tax income | $2B | $2.3B | $3.5B | $4.1B | $4.5B |
| Income tax | $484M | $528M | $838M | $998M | $1B |
| Net income | $1.5B | $1.7B | $2.7B | $3B | $3.4B |
| Diluted EPS | 3.35 | 3.84 | 5.48 | 5.17 | 5.42 |
| Diluted shares | 447M | 448M | 485M | 587M | 626M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $146M | $220M | $338M | $733M | $78M |
| Receivables | $1.4B | $1.5B | $1.7B | $2.3B | $3B |
| Inventory | $428M | $432M | $639M | $748M | $948M |
| Current assets | $2.4B | $2.5B | $3.1B | $4.2B | $4.5B |
| Net PP&E | $19.3B | $20B | $32.7B | $45.9B | $47.9B |
| Goodwill | $528M | $528M | $5B | $8.1B | $8.1B |
| Total assets | $23.6B | $24.4B | $44.3B | $64.1B | $66.6B |
| Payables | $1.3B | $1.4B | $1.6B | $2.2B | $2.8B |
| Deferred revenue | $35M | $23M | $104M | – | – |
| Current liabilities | $3.2B | $3.1B | $3.5B | $4.7B | $6.4B |
| Short-term debt | $896M | $925M | $484M | $1.1B | $1.2B |
| Long-term debt | $12.7B | $12.7B | $21.2B | $31B | $30.8B |
| Shareholders' equity | $6B | $6.5B | $16.5B | $17B | $22.5B |
| Backlog (remaining obligations) | $1.8B | $2.2B | $5.4B | $7.5B | $7.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.5B | $2.9B | $4.4B | $4.9B | $5.6B |
| Capital expenditure | $697M | $1.2B | $1.6B | $2B | $3.2B |
| Free cash flow | $1.8B | $1.7B | $2.8B | $2.9B | $2.4B |
| Depreciation & amortisation | $622M | $626M | $769M | $1.1B | $1.5B |
| Stock-based compensation | $54M | $53M | $63M | $102M | $92M |
| Acquisitions | $0 | $0 | $5B | $5.8B | $25M |
| Share buybacks | – | $0 | $0 | $159M | $75M |
| Dividends paid | $1.7B | $1.7B | $1.8B | $2.3B | $2.6B |
| Dividend per share | 3.74 | 3.74 | 3.82 | 3.96 | 4.12 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 35.4% | −21.0% | 22.7% | 55.0% |
| Operating income growth (YoY) | – | 8.1% | 45.1% | 22.5% | 15.1% |
| EPS growth (YoY) | – | 14.6% | 42.7% | −5.7% | 4.8% |
| Gross margin | 25.9% | 20.0% | 32.5% | 38.7% | 30.5% |
| Operating margin | 15.7% | 12.5% | 23.0% | 23.0% | 17.1% |
| Net margin | 9.1% | 7.7% | 15.0% | 14.0% | 10.1% |
| Return on equityBlank when equity is negative | 24.9% | 26.5% | 16.1% | 17.8% | 15.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.7% | 13.2% | 10.0% | 8.4% | 9.5% |
| Free cash flow margin | 11.2% | 7.6% | 16.0% | 13.2% | 7.3% |
| Cash conversion (CFO ÷ net income) | 1.70x | 1.69x | 1.66x | 1.61x | 1.65x |
| Receivable days | 32 | 25 | 35 | 39 | 33 |
| Inventory days | 13 | 9 | 20 | 21 | 15 |
| Payable days | 40 | 28 | 48 | 60 | 44 |
| Interest cover | 3.54x | 4.15x | 4.70x | 3.64x | 3.22x |
| Debt ÷ equity | 2.27x | 2.10x | 1.31x | 1.88x | 1.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $13.5B | $13.4B | $21.3B | $31.3B | $31.9B |
| Current ratio | 0.75x | 0.84x | 0.90x | 0.90x | 0.71x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.