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Screener / SEC EDGAR /CIK 0001039684 /10-K filed Feb 24, 2026, compared with Feb 25, 2025 /Numbers from the XBRL of the 10-Ks
Energy peers:
OXYBKRDVNOKEEOGSLB
NYSE Energy · Gas Utilities

Oneok OKE

OKE quote by TradingView

We are incorporated under the laws of the state of Oklahoma, and our common stock is listed on the NYSE under the trading symbol “OKE.” We deliver energy products and services vital to an advancing world. 10-K, Item 1

Employees
6,326
Headquarters
Tulsa, OK
Next results
around Feb 22, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $33.6B through the costs to a net profit of $3.4B · income statement of the 10-K

17% operating margin
Revenue to Gross profit: $10.3BRevenue to Cost of revenue: $23.4BGross profit to Operating profit: $5.7BGross profit to Operating expenses: $4.5BOperating profit to Net profit: $3.4BOperating profit to Tax & other: $2.3B Revenue: $33.6B REVENUE $33.6B +55% Y/Y Gross profit: $10.3B · 30% margin GROSS PROFIT $10.3B 30% margin Cost of revenue: $23.4B · 70% of revenue COST OF REVENUE $23.4B 70% of revenue Operating profit: $5.7B · 17% margin OPERATING PROFIT $5.7B 17% margin · +15% Y/Y Operating expenses: $4.5B · 13% of revenue OPERATING EXPENSES $4.5B 13% of revenue Net profit: $3.4B · 10% margin NET PROFIT $3.4B 10% margin · +12% Y/Y Tax & other: $2.3B · 7% of revenue TAX & OTHER $2.3B 7% of revenue
Gross profit $10.3B 30% margin
Operating profit $5.7B 17% margin · +15% Y/Y
Net profit $3.4B 10% margin · +12% Y/Y
The full income statement, year by year

OKE among Energy peers

Six ratios from the latest 10-K. Each corner is the share of 20 peers the company is above, not a score.

Compare
Revenue growth: 55.0%, above 90% of 20 peers (their median -1.0%) REVENUE GROWTH 55.0% · above 90% Gross margin: 25.2%, above 43% of 7 peers (their median 41.8%) GROSS MARGIN 25.2% · above 43% Operating margin: 14.2%, above 33% of 12 peers (their median 27.3%) OPERATING MARGIN 14.2% · above 33% Net margin: 9.4%, above 30% of 20 peers (their median 14.8%) NET MARGIN 9.4% · above 30% FCF margin: 5.9%, above 23% of 13 peers (their median 12.4%) FCF MARGIN 5.9% · above 23% Return on capital: 8.5%, above 50% of 12 peers (their median 8.6%) RETURN ON CAPITAL 8.5% · above 50%
OKE Peer median Below the median

What changed

4 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 24, 2026 against Feb 25, 2025.

Risk factors
4 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: Revenue Recognition - Liquids Commodity Sales (“As described in Note A to the consolidated financial statements, the Company records revenue from liquids commodity sales when the commodity is delivered to the customer as this represents the point in time when control of the product is transferred to the customer. Revenue is recorded based on the ”). No longer listed: Acquisition of EnLink Midstream, LLC - Valuation of Pipelines, Rights-of-Way and Processing Plants. Same as last year: Tulsa, Oklahoma; February 24, 2026
10-K · XBRL
Accounting checks
10 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
2 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 10 checks found nothing to note

  • Critical audit matters changed
    New this year: Revenue Recognition - Liquids Commodity Sales (“As described in Note A to the consolidated financial statements, the Company records revenue from liquids commodity sales when the commodity is delivered to the customer as this represents the point in time when control of the product is transferred to the customer. Revenue is recorded based on the ”). No longer listed: Acquisition of EnLink Midstream, LLC - Valuation of Pipelines, Rights-of-Way and Processing Plants. Same as last year: Tulsa, Oklahoma; February 24, 2026
  • Receivables +29.4% vs revenue +55.0% (-25.6 pts)
9 more checks with nothing to note
  • Cash from operations $5.6B vs net income $3.4B (FY ending Dec 31, 2025)
  • Inventory +26.7% vs revenue +55.0% (-28.2 pts)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

4 paragraphs in Risk Factors that were not in the 10-K filed Feb 25, 2025. Quoted as filed.

All 4 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    In addition, scrutiny regarding climate change and other ESG matters has resulted in an increased likelihood of governmental investigations, regulation, shareholder activism and private litigation by both advocates and opponents of such matters, which could increase our costs or otherwise adversely affect our business. For example,…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 25, 2025 10-K, ITEM 1A
    Upon entering office, the new administration issued a series of executive orders that signal a shift in the United States’ energy, environmental and climate change policy. Among other directives, such executive orders: (i) direct federal agencies to identify and exercise emergency authorities to facilitate conventional energy…

New risk paragraphs, against peers

Latest 10-K of each, Energy companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$22.4B$17.7B$21.7B$33.6B
Net income$1.7B$2.7B$3.0B$3.4B
Operating cash flow$2.9B$4.4B$4.9B$5.6B
Free cash flow$1.7B$2.8B$2.9B$2.4B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$33.6B ▲ 55.0% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

2 filings in the last 30 days · SEC EDGAR

All filings

About the company

Oneok, Tulsa, OK · from the 10-K filed Feb 24, 2026

We are incorporated under the laws of the state of Oklahoma, and our common stock is listed on the NYSE under the trading symbol “OKE.” We deliver energy products and services vital to an advancing world. We are a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. As one of the largest integrated energy infrastructure companies in North America, we are delivering energy that makes a difference in the lives of people in the U.S. and around the world.

Headquarters
Tulsa, OK
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 27, 2026
Incorporated in
OK

Employees, at the top of the page: "As of December 31, 2025, we had 6,326 employees" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 24, 2026 (open at SEC), compared with the 10-K filed Feb 25, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/OKE/export.csv") into a cell.