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OKEOneok

Energy · Gas Utilities · NYSE
OKE quote by TradingView
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FY2025 at a glance

Sales up 55.0%, free cash flow down to $2.4B

XBRL, from each 10-K
RevenueStatements ↓
$33.6B
from $21.7B in FY2024
FY2016FY2025
Net incomeStatements ↓
$3.4B
from $3.0B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$2.4B
from $2.9B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$5.42
from $5.17 in FY2024
FY2016FY2025
Operating marginStatements ↓
17.1%
from 23.0% in FY2024
FY2016FY2025
Total debtStatements ↓
$32.8B
from $32.1B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)6.44Sales (ttm)43.2BNet income (ttm)4.1BSales growth+55.0%EPS growth+4.8%Sales Q/Q+44.3%
Free cash flow2.5BGross margin25.2%Oper. margin14.2%Net margin9.4%FCF margin5.9%ROE17.4%
ROA5.5%R&D / sales-Dividend4.12Debt/Eq1.22Curr. ratio0.84Cash186.0M
Op. cash flow (ttm)5.9BEBITDA7.3BEBITDA margin21.6%Net debt28.3BQuick ratio0.71Interest cover3.22
ROIC8.5%Payout ratio76.0%Tax rate22.9%Stock pay / sales0.3%Shares out.630.5MShares Y/Y+6.7%
Book / share36.98Cash / share0.30Sales / share68.50Asset turnover0.58Inventory turns24.66Days sales out.33
Sales 3Y CAGR+14.5%Sales 5Y CAGR+31.5%EPS 3Y CAGR+12.2%EPS 5Y CAGR+30.7%Employees6,326Sales / employee6.8M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +55.0%+22.7% → +55.0% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to 17.1%23.0% → 17.1% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

OKE against Energy peers

Ten years, side by side → · All 21 →
GrowthProfitBalanceCleanInsiders
OKEPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth
+55.0%3rd of 21 · median -0.3%
Net margin
9.4%15th of 21 · median 13.5%
Return on equity
17.4%11th of 21 · median 17.4%
Free cash flow margin
5.9%11th of 14 · median 12.1%
Debt / equity (less is better)
1.2217th of 20 · median 0.41
OKE and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
OKE Oneok$43.2B +55.0%25.2%9.4%17.4%5.9%1.22
SLB Schlumberger$36.9B -1.6%-8.4%11.9%12.4%0.43
EOG EOG Resources$29.7B -4.5%-27.5%24.7%-0.24
BKR Baker Hughes$28.7B -0.3%-10.1%14.4%11.2%0.91
OXY Occidental Petroleum$25.0B -1.9%-30.1%17.4%23.5%0.25
HAL Halliburton$22.5B -3.3%-8.9%18.0%7.1%0.64
Where each dollar goes

From $16.5B of sales to $1.5B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.3BRevenue to Cost of revenue: $12.3BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $1.5BOperating profit to Tax & other: $1.1B Revenue: $16.5B Revenue$16.5B +94% Y/Y Gross profit: $4.3B · 26% margin Gross profit$4.3B26% margin Cost of revenue: $12.3B · 74% of revenue Cost of revenue$12.3B74% of revenue Operating profit: $2.6B · 16% margin Operating profit$2.6B16% margin +91% Y/Y Operating expenses: $1.7B · 10% of revenue Operating expenses$1.7B10% of revenue Net profit: $1.5B · 9% margin Net profit$1.5B9% margin +145% Y/Y Tax & other: $1.1B · 7% of revenue Tax & other$1.1B7% of revenue

Swipe sideways for the whole flow →

From $22.4B of sales to $1.7B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $4.5BRevenue to Cost of revenue: $17.9BGross profit to Operating profit: $2.8BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $1.7BOperating profit to Tax & other: $1.1B Revenue: $22.4B Revenue$22.4B +35% Y/Y Gross profit: $4.5B · 20% margin Gross profit$4.5B20% margin Cost of revenue: $17.9B · 80% of revenue Cost of revenue$17.9B80% of revenue Operating profit: $2.8B · 13% margin Operating profit$2.8B13% margin +8% Y/Y Operating expenses: $1.7B · 7% of revenue Operating expenses$1.7B7% of revenue Net profit: $1.7B · 8% margin Net profit$1.7B8% margin +15% Y/Y Tax & other: $1.1B · 5% of revenue Tax & other$1.1B5% of revenue

Swipe sideways for the whole flow →

From $17.7B of sales to $2.7B of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $5.7BRevenue to Cost of revenue: $11.9BGross profit to Operating profit: $4.1BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $2.7BOperating profit to Tax & other: $1.4B Revenue: $17.7B Revenue$17.7B −21% Y/Y Gross profit: $5.7B · 33% margin Gross profit$5.7B33% margin Cost of revenue: $11.9B · 67% of revenue Cost of revenue$11.9B67% of revenue Operating profit: $4.1B · 23% margin Operating profit$4.1B23% margin +45% Y/Y Operating expenses: $1.7B · 9% of revenue Operating expenses$1.7B9% of revenue Net profit: $2.7B · 15% margin Net profit$2.7B15% margin +54% Y/Y Tax & other: $1.4B · 8% of revenue Tax & other$1.4B8% of revenue

Swipe sideways for the whole flow →

From $21.7B of sales to $3.0B of profit

FY2024, from the 10-K income statement
Revenue to Gross profit: $8.4BRevenue to Cost of revenue: $13.3BGross profit to Operating profit: $5.0BGross profit to Operating expenses: $3.4BOperating profit to Net profit: $3.0BOperating profit to Tax & other: $2.0B Revenue: $21.7B Revenue$21.7B +23% Y/Y Gross profit: $8.4B · 39% margin Gross profit$8.4B39% margin Cost of revenue: $13.3B · 61% of revenue Cost of revenue$13.3B61% of revenue Operating profit: $5.0B · 23% margin Operating profit$5.0B23% margin +23% Y/Y Operating expenses: $3.4B · 16% of revenue Operating expenses$3.4B16% of revenue Net profit: $3.0B · 14% margin Net profit$3.0B14% margin +14% Y/Y Tax & other: $2.0B · 9% of revenue Tax & other$2.0B9% of revenue

Swipe sideways for the whole flow →

From $33.6B of sales to $3.4B of profit

FY2025, from the 10-K income statement
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$10.3B30% margin Cost of revenue: $23.4B · 70% of revenue Cost of revenue$23.4B70% of revenue Operating profit: $5.7B · 17% margin Operating profit$5.7B17% margin +15% Y/Y Operating expenses: $4.5B · 13% of revenue Operating expenses$4.5B13% of revenue Net profit: $3.4B · 10% margin Net profit$3.4B10% margin +12% Y/Y Tax & other: $2.3B · 7% of revenue Tax & other$2.3B7% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • !
    Net margin below the peer median9.4% vs 13.5%
  • ✓
    Return on equity above 15%17.4%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 3.9% → 10.1%

Balance sheet

0 of 4
  • !
    Interest covered less than 5 timesOperating income is 3.2× interest expense
  • !
    Debt larger than equityDebt / equity 1.22 on the latest balance sheet (peer median 0.41)
  • !
    Current ratio below 1Current ratio 0.84
  • !
    Net debt over 3 years of free cash flow$28.3B net debt, 11.2 years
Debt / equity at each year end, FY2016 to FY2025: 49.86 → 1.46
What the debt is made of ↓

Cash and shareholders

2 of 4
  • !
    Free cash flow positive in 8 of 10 years$2.4B last year
  • !
    Share count up over 5 years+45.0%
  • ✓
    Dividend per share up over 5 years$3.74 → $4.12
  • ✓
    Cash from operations above net income$5.6B vs $3.4B
Free cash flow, FY2016 to FY2025: 728.6M → 2.4B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$- of principal due

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 33.6B Net income 3.4B
FY2016 revenue 8.9B · Revenues, 0001039684-19-000016 FY2016 net income 352.0M · NetIncomeLoss, 0001039684-19-000016 8.9B FY2016 FY2017 revenue 12.2B · Revenues, 0001039684-20-000012 FY2017 net income 387.8M · NetIncomeLoss, 0001039684-20-000012 12.2B FY2017 FY2018 revenue 12.6B · Revenues, 0001039684-21-000015 FY2018 net income 1.2B · NetIncomeLoss, 0001039684-21-000015 12.6B FY2018 FY2019 revenue 10.2B · Revenues, 0001039684-22-000015 FY2019 net income 1.3B · NetIncomeLoss, 0001039684-21-000015 10.2B FY2019 FY2020 revenue 8.5B · Revenues, 0001039684-23-000016 FY2020 net income 612.8M · NetIncomeLoss, 0001039684-21-000015 8.5B FY2020 FY2021 revenue 16.5B · Revenues, 0001039684-23-000016 FY2021 net income 1.5B · NetIncomeLossAvailableToCommonStockholdersBasic, 0001039684-24-000015 16.5B FY2021 FY2022 revenue 22.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001039684-25-000036 FY2022 net income 1.7B · NetIncomeLoss, 0001039684-25-000036 22.4B FY2022 FY2023 revenue 17.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001039684-26-000006 FY2023 net income 2.7B · NetIncomeLoss, 0001039684-26-000006 17.7B FY2023 FY2024 revenue 21.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001039684-26-000006 FY2024 net income 3.0B · NetIncomeLoss, 0001039684-26-000006 21.7B FY2024 FY2025 revenue 33.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001039684-26-000006 FY2025 net income 3.4B · NetIncomeLoss, 0001039684-26-000006 33.6B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

OKE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue33.6B
FY2016: 8.9BFY2017: 12.2BFY2018: 12.6BFY2019: 10.2BFY2020: 8.5BFY2021: 16.5BFY2022: 22.4BFY2023: 17.7BFY2024: 21.7BFY2025: 33.6B FY2017FY2019FY2021FY2023FY2025
Net income3.4B
FY2016: 352.0MFY2017: 387.8MFY2018: 1.2BFY2019: 1.3BFY2020: 612.8MFY2021: 1.5BFY2022: 1.7BFY2023: 2.7BFY2024: 3.0BFY2025: 3.4B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.4B
FY2016: 728.6MFY2017: 803.0MFY2018: 45.2MFY2019: -1.9BFY2020: -296.3MFY2021: 1.8BFY2022: 1.7BFY2023: 2.8BFY2024: 2.9BFY2025: 2.4B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)5.42
FY2016: 1.66FY2017: 1.29FY2018: 2.78FY2019: 3.07FY2020: 1.42FY2021: 3.35FY2022: 3.84FY2023: 5.48FY2024: 5.17FY2025: 5.42 FY2017FY2019FY2021FY2023FY2025
Dividend per share4.12
FY2016: 2.46FY2017: 2.72FY2018: 3.25FY2019: 3.53FY2020: 3.74FY2021: 3.74FY2022: 3.74FY2023: 3.82FY2024: 3.96FY2025: 4.12 FY2017FY2019FY2021FY2023FY2025
Diluted shares625.9M
FY2016: 212.4MFY2017: 299.8MFY2018: 414.2MFY2019: 415.4MFY2020: 431.8MFY2021: 447.4MFY2022: 448.4MFY2023: 485.4MFY2024: 586.5MFY2025: 625.9M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Natural Gas Liquids 16.0B47.6% +5.6%
Refined Products And Crude Oil 13.0B38.8% +192%
Natural Gas Gathering And Processing 7.7B22.8% +67.4%
Wholly Owned Interstate Natural Gas Pipelines 1.8B5.5% +125%

10-K 0001039684-26-000006, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Liquids Commodity 30.4B90.4% +54.1%
Commodity sales 28.9B85.9% +62.4%
Services and other 4.8B14.1% +21.3%
Residue Natural Gas Sales 3.4B10.0% +152%
Transportationand Storage Revenue 3.2B9.4% +3.8%
Exchange Services And Natural Gas Gathering And Processing Revenue 1.5B4.4% +93.8%
Other 166.0M0.5% +5.1%

10-K 0001039684-26-000006, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue8.9B12.2B12.6B10.2B8.5B16.5B22.4B17.7B21.7B33.6B
Cost of revenue6.5B9.5B9.4B6.8B5.1B12.3B17.9B11.9B13.3B23.4B
Operating income1.3B1.4B1.8B1.9B1.4B2.6B2.8B4.1B5.0B5.7B
Interest expense469.7M485.7M469.6M491.8M712.9M733.0M676.0M866.0M1.4B1.8B
Pretax income958.0M1.0B1.5B1.7B802.3M2.0B2.2B3.5B4.1B4.5B
Income tax212.4M447.3M362.9M372.4M189.5M484.0M528.0M838.0M998.0M1.0B
Net income352.0M387.8M1.2B1.3B612.8M1.5B1.7B2.7B3.0B3.4B
EPS (diluted)1.661.292.783.071.423.353.845.485.175.42
Diluted shares212.4M299.8M414.2M415.4M431.8M447.4M448.4M485.4M586.5M625.9M
Depreciation & amortization391.6M406.3M428.6M476.5M578.7M622.0M626.0M769.0M1.1B1.5B
EBITDA1.7B1.8B2.3B2.4B1.9B3.2B3.4B4.8B6.1B7.3B
Operating margin14.5%11.4%14.6%18.8%15.9%15.7%12.5%23.0%23.0%17.1%
Net margin3.9%3.2%9.1%12.6%7.2%9.1%7.7%15.0%14.0%10.1%
Revenue growth-+36.5%+3.4%-19.3%-16.0%+93.6%+35.3%-21.0%+22.7%+55.0%
EPS growth--22.3%+116%+10.4%-53.7%+136%+14.6%+42.7%-5.7%+4.8%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash248.9M37.2M12.0M21.0M524.5M146.4M220.0M338.0M733.0M78.0M
Receivables872.4M1.2B819.0M835.1M829.8M1.4B1.5B1.7B2.3B3.0B
Inventory140.0M342.3M296.7M304.9M227.8M427.9M432.0M639.0M748.0M948.0M
Current assets1.4B1.8B1.4B1.5B1.9B2.4B2.5B3.1B4.2B4.5B
Property & equipment12.6B12.7B14.8B18.3B19.2B19.3B20.0B32.7B45.9B47.9B
Goodwill525.5M681.1M681.1M681.0M527.6M527.6M528.0M5.0B8.1B8.1B
Total assets16.1B16.8B18.2B21.8B23.1B23.6B24.4B44.3B64.1B66.6B
Accounts payable874.7M1.1B1.1B1.2B719.3M1.3B1.4B1.6B2.2B2.8B
Current liabilities2.8B2.7B2.1B2.0B1.3B3.2B3.1B3.5B4.7B6.4B
Total debt9.4B9.1B9.4B12.7B14.2B13.6B13.6B21.7B32.1B32.8B
Shareholders' equity188.7M5.5B6.6B6.2B6.0B6.0B6.5B16.5B17.0B22.5B
Retained earnings00000050.0M868.0M1.6B2.4B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.4B1.3B2.2B1.9B1.9B2.5B2.9B4.4B4.9B5.6B
Capital spending624.6M512.4M2.1B3.8B2.2B697.0M1.2B1.6B2.0B3.2B
Free cash flow728.6M803.0M45.2M-1.9B-296.3M1.8B1.7B2.8B2.9B2.4B
Stock-based pay (added back)40.6M26.3M31.7M37.1M29.4M54.0M53.0M63.0M102.0M92.0M
Dividends paid517.6M829.4M1.3B1.5B1.6B1.7B1.7B1.8B2.3B2.6B
Buybacks------00159.0M75.0M
Acquisitions0----005.0B5.8B25.0M
Debt raised1.0B1.2B1.8B4.2B3.2B0869.0M5.3B7.1B3.0B
Debt repaid1.1B994.8M932.6M1.1B1.5B605.0M896.0M1.3B2.0B3.0B
Investing cash flow-615.4M-567.6M-2.1B-3.8B-2.3B-665.0M-1.1B-6.4B-6.6B-3.8B
Financing cash flow-586.5M-959.5M-97.0M1.8B875.0M-2.3B-1.7B2.1B2.1B-2.5B
Dividend per share2.462.723.253.533.743.743.743.823.964.12

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)40.6M26.3M31.7M37.1M29.4M54.0M53.0M63.0M102.0M92.0M
Stock-based pay / revenue0.5%0.2%0.3%0.4%0.3%0.3%0.2%0.4%0.5%0.3%
Operating lease cash paid---6.2M13.2M15.7M----
Finance lease principal paid---1.8M1.9M2.3M----
Right-of-use assets-------104.0M220.0M245.0M
Operating lease liabilities---15.4M101.2M89.4M80.0M97.0M216.0M237.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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