NYSE : OKE
ONEOK, Inc. — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 97.07 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 61.20B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
ONEOK, Inc. (OKE) reported revenue of 43.19B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 43.19B | 33.63B | 21.70B | 17.68B | 22.39B | 16.54B |
| Cost of Revenue | 32.30B | 23.37B | 13.31B | 11.93B | 17.91B | 12.26B |
| Gross Profit | 10.88B | 10.26B | 8.39B | 5.75B | 4.48B | 4.28B |
| Selling, General & Admin | 2.79B | 2.58B | 2.16B | 1.32B | 958.00M | 900.00M |
| Other Operating Expenses | 393.00M | 335.00M | 256.00M | 209.00M | 86.00M | 165.00M |
| Operating Expenses | 4.73B | 4.43B | 3.55B | 2.30B | 1.67B | 1.69B |
| Operating Income | 6.15B | 5.82B | 4.83B | 3.45B | 2.81B | 2.60B |
| Interest Expense | -1.74B | -1.78B | -1.37B | -866.00M | -676.00M | -733.00M |
| Earnings From Equity Investments | 400.00M | 386.00M | 439.00M | 202.00M | 148.00M | 122.00M |
| Other Non Operating Income (Expenses) | 177.00M | 146.00M | 53.00M | 89.00M | -29.00M | -1.00M |
| EBT Excluding Unusual Items | 4.99B | 4.57B | 3.96B | 2.88B | 2.25B | 1.98B |
| Merger & Restructuring Charges | -33.00M | -81.00M | -73.00M | -158.00M | ||
| Gain (Loss) on Sale of Investments | -60.00M | |||||
| Gain (Loss) on Sale of Assets | 227.00M | |||||
| Pretax Income | 4.90B | 4.49B | 4.11B | 3.50B | 2.25B | 1.98B |
| Income Tax Expense | 792.00M | 1.03B | 998.00M | 838.00M | 528.00M | 484.00M |
| Earnings From Continuing Operations | 4.11B | 3.46B | 3.11B | 2.66B | 1.72B | 1.50B |
| Net Income to Company | 4.11B | 3.46B | 3.11B | 2.66B | 1.72B | 1.50B |
| Minority Interest in Earnings | -38.00M | -69.00M | -77.00M | |||
| Net Income | 4.07B | 3.39B | 3.04B | 2.66B | 1.72B | 1.50B |
| Preferred Dividends & Other Adjustments | 1.00M | 1.00M | 1.00M | 1.00M | ||
| Net Income to Common | 4.07B | 3.39B | 3.03B | 2.66B | 1.72B | 1.50B |
| Shares Outstanding (Basic) | 630.65M | 624.80M | 584.60M | 484.30M | 447.50M | 446.40M |
| Shares Outstanding (Diluted) | 631.90M | 625.90M | 586.50M | 485.40M | 448.40M | 447.40M |
| EPS (Basic) | 6.45 | 5.43 | 5.19 | 5.49 | 3.85 | 3.36 |
| EPS (Diluted) | 6.44 | 5.42 | 5.17 | 5.48 | 3.84 | 3.35 |
| Free Cash Flow | 2.53B | 2.45B | 2.87B | 2.83B | 1.70B | 1.85B |
| Free Cash Flow Per Share | 4.00 | 3.91 | 4.89 | 5.82 | 3.80 | 4.13 |
| Dividend Per Share | 4.28 | 4.16 | 4.00 | 3.85 | 3.76 | 3.74 |
| Gross Margin | 25.20% | 30.50% | 38.65% | 32.52% | 20.00% | 25.90% |
| Operating Margin | 14.25% | 17.31% | 22.28% | 19.52% | 12.54% | 15.70% |
| Profit Margin | 9.42% | 10.09% | 13.98% | 15.04% | 7.69% | 9.06% |
| Free Cash Flow Margin | 5.85% | 7.28% | 13.21% | 15.99% | 7.61% | 11.18% |
| EBITDA | 7.70B | 7.34B | 5.97B | 4.22B | 3.43B | 3.22B |
| EBITDA Margin | 17.83% | 21.81% | 27.51% | 23.87% | 15.33% | 19.46% |
| D&A For EBITDA | 1.55B | 1.51B | 1.13B | 769.00M | 626.00M | 622.00M |
| EBIT | 6.15B | 5.82B | 4.83B | 3.45B | 2.81B | 2.60B |
| EBIT Margin | 14.25% | 17.31% | 22.28% | 19.52% | 12.54% | 15.70% |
| Effective Tax Rate | 16.17% | 22.89% | 24.28% | 23.96% | 23.47% | 24.39% |
| Revenue as Reported | 43.19B | 33.63B | 21.70B | 17.68B | 22.39B | 16.54B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 186.00M | 78.00M | 733.00M | 338.00M | 220.00M | 146.39M |
| Trading Asset Securities | 11.00M | |||||
| Cash & Short-Term Investments | 186.00M | 78.00M | 733.00M | 338.00M | 231.00M | 146.39M |
| Receivables | 4.17B | 3.01B | 2.33B | 1.71B | 1.53B | 1.44B |
| Inventory | 1.34B | 948.00M | 748.00M | 639.00M | 581.00M | 580.90M |
| Other Current Assets | 554.00M | 452.00M | 431.00M | 426.00M | 204.00M | 205.30M |
| Total Current Assets | 6.25B | 4.49B | 4.24B | 3.11B | 2.55B | 2.37B |
| Property, Plant & Equipment | 49.38B | 48.11B | 46.16B | 32.80B | 19.95B | 19.41B |
| Long-Term Investments | 3.38B | 2.89B | 2.32B | 1.87B | 802.00M | 797.61M |
| Goodwill | 8.06B | 8.06B | 8.09B | 4.95B | 528.00M | 527.59M |
| Other Intangible Assets | 2.80B | 2.90B | 3.04B | 1.32B | 225.00M | 235.70M |
| Other Long-Term Assets | 4.42B | 199.00M | 230.00M | 215.00M | 324.00M | 276.90M |
| Total Assets | 74.29B | 66.64B | 64.07B | 44.27B | 24.38B | 23.62B |
| Accounts Payable | 4.22B | 2.84B | 2.19B | 1.56B | 1.36B | 1.33B |
| Accrued Expenses | 437.00M | 499.00M | 511.00M | 381.00M | 233.00M | 235.60M |
| Short-Term Debt | 85.00M | 820.00M | ||||
| Current Portion of Long-Term Debt | 1.50B | 1.24B | 1.06B | 484.00M | 925.00M | 1.04B |
| Current Portion of Leases | 54.00M | 62.00M | 23.00M | 12.00M | 16.37M | |
| Current Income Taxes Payable | 215.00M | 136.00M | ||||
| Current Unearned Revenue | 23.00M | 35.30M | ||||
| Other Current Liabilities | 1.18B | 913.00M | 900.00M | 785.00M | 363.00M | 523.62M |
| Total Current Liabilities | 7.42B | 6.37B | 4.72B | 3.45B | 3.05B | 3.18B |
| Long-Term Debt | 26.93B | 30.75B | 31.02B | 21.18B | 12.70B | 12.75B |
| Long-Term Leases | 183.00M | 154.00M | 74.00M | 68.00M | 96.72M | |
| Long-Term Unearned Revenue | 29.00M | 16.20M | ||||
| Long-Term Deferred Tax Liabilities | 6.81B | 6.35B | 5.45B | 2.59B | 1.74B | 1.17B |
| Other Long-Term Liabilities | 620.00M | 420.00M | 594.00M | 479.00M | 302.00M | 394.59M |
| Total Liabilities | 41.78B | 44.07B | 41.94B | 27.78B | 17.89B | 17.61B |
| Common Stock | 7.00M | 7.00M | 6.00M | 6.00M | 5.00M | 4.75M |
| Additional Paid-In Capital | 20.89B | 20.96B | 16.35B | 16.32B | 7.25B | 7.21B |
| Retained Earnings | 3.43B | 2.37B | 1.58B | 868.00M | 50.00M | |
| Treasury Stock | -805.00M | -829.00M | -807.00M | -677.00M | -706.00M | -732.10M |
| Comprehensive Income & Other | -204.00M | -27.00M | -96.00M | -33.00M | -108.00M | -471.35M |
| Total Common Equity | 23.32B | 22.48B | 17.04B | 16.48B | 6.49B | 6.02B |
| Minority Interest | 9.19B | 84.00M | 5.10B | |||
| Shareholders' Equity | 32.51B | 22.57B | 22.13B | 16.48B | 6.49B | 6.02B |
| Total Liabilities & Equity | 74.29B | 66.64B | 64.07B | 44.27B | 24.38B | 23.62B |
| Total Debt | 28.52B | 33.05B | 32.29B | 21.76B | 13.70B | 13.90B |
| Net Cash (Debt) | -28.33B | -32.98B | -31.56B | -21.43B | -13.47B | -13.76B |
| Net Cash Per Share | -44.84 | -52.68 | -53.81 | -44.14 | -30.04 | -30.75 |
| Filing Date Shares Outstanding | 630.45M | 629.78M | 597.74M | 583.16M | 447.22M | 446.21M |
| Total Common Shares Outstanding | 630.45M | 629.71M | 583.11M | 583.09M | 447.16M | 446.14M |
| Working Capital | -1.17B | -1.88B | -481.00M | -344.00M | -503.00M | -810.25M |
| Book Value Per Share | 36.98 | 35.71 | 29.22 | 28.27 | 14.52 | 13.48 |
| Tangible Book Value | 12.46B | 11.53B | 5.91B | 10.22B | 5.74B | 5.25B |
| Tangible Book Value Per Share | 19.76 | 18.30 | 10.13 | 17.52 | 12.84 | 11.77 |
| Land | 416.00M | 592.00M | 375.00M | 160.00M | ||
| Machinery | 13.77B | 13.72B | 9.59B | 6.12B | 6.13B | |
| Construction In Progress | 2.56B | 1.32B | 1.53B | 1.84B | 1.30B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.07B | 3.39B | 3.04B | 2.66B | 1.72B | 1.50B |
| Depreciation & Amortization | 1.55B | 1.51B | 1.13B | 769.00M | 626.00M | 622.00M |
| Loss (Gain) From Sale of Assets | -227.00M | |||||
| Loss (Gain) From Sale of Investments | 60.00M | |||||
| Loss (Gain) on Equity Investments | 35.00M | 11.00M | -49.00M | -1.00M | 1.00M | |
| Other Operating Activities | 803.00M | 1.06B | 1.04B | 635.00M | 617.00M | 566.00M |
| Change in Accounts Receivable | -1.59B | -683.00M | 49.00M | 107.00M | -148.00M | -611.00M |
| Change in Inventory | -360.00M | -263.00M | 17.00M | 118.00M | -62.00M | -105.00M |
| Change in Accounts Payable | 1.51B | 671.00M | 114.00M | -62.00M | -26.00M | 622.00M |
| Change in Other Net Operating Assets | -166.00M | -105.00M | -223.00M | 195.00M | 178.00M | -49.00M |
| Operating Cash Flow | 5.91B | 5.60B | 4.89B | 4.42B | 2.91B | 2.55B |
| Capital Expenditures | -3.38B | -3.15B | -2.02B | -1.59B | -1.20B | -697.00M |
| Cash Acquisitions | -25.00M | -25.00M | -5.83B | -5.01B | ||
| Divestitures | 1.20B | |||||
| Investment in Securities | -671.00M | -622.00M | -111.00M | -207.00M | 17.00M | 18.00M |
| Other Investing Activities | 54.00M | 48.00M | 149.00M | 413.00M | 46.00M | 14.00M |
| Investing Cash Flow | -4.03B | -3.75B | -6.61B | -6.40B | -1.14B | -665.00M |
| Short-Term Debt Issued | 820.00M | |||||
| Long-Term Debt Issued | 2.99B | 7.09B | 5.30B | 869.00M | ||
| Total Debt Issued | 2.02B | 3.81B | 7.09B | 5.30B | 869.00M | |
| Long-Term Debt Repaid | -2.98B | -2.00B | -1.30B | -896.00M | -605.00M | |
| Total Debt Repaid | -7.12B | -2.98B | -2.00B | -1.30B | -896.00M | -605.00M |
| Net Debt Issued (Repaid) | -5.10B | 830.00M | 5.09B | 4.00B | -27.00M | -605.00M |
| Repurchase of Common Stock | -75.00M | -75.00M | -159.00M | |||
| Preferred Dividends Paid | -1.00M | -1.00M | -1.00M | -1.00M | ||
| Common Dividends Paid | -87.00M | -2.31B | -1.84B | -1.67B | -1.67B | |
| Dividends Paid | -2.67B | -2.58B | -2.31B | -1.84B | -1.67B | -1.67B |
| Other Financing Activities | 8.95B | -675.00M | -135.00M | -58.00M | 6.00M | 13.00M |
| Financing Cash Flow | 1.10B | -2.50B | 2.12B | 2.10B | -1.69B | -2.26B |
| Net Cash Flow | 2.99B | -655.00M | 395.00M | 118.00M | 74.00M | -378.00M |
| Free Cash Flow | 2.53B | 2.45B | 2.87B | 2.83B | 1.70B | 1.85B |
| Free Cash Flow Margin | 5.85% | 7.28% | 13.21% | 15.99% | 7.61% | 11.18% |
| Free Cash Flow Per Share | 4.00 | 3.91 | 4.89 | 5.82 | 3.80 | 4.13 |
| Levered Free Cash Flow | 775.12M | 725.38M | 1.30B | 1.23B | 706.94M | 1.07B |
| Unlevered Free Cash Flow | 1.86B | 1.84B | 2.15B | 1.77B | 1.13B | 1.52B |
| Cash Interest Paid | 1.73B | 1.73B | 1.30B | 653.00M | 582.00M | 692.00M |
| Cash Income Tax Paid | 74.00M | 74.00M | 102.00M | 37.00M | 59.00M | 9.00M |
| Change in Working Capital | -601.00M | -380.00M | -43.00M | 358.00M | -58.00M | -143.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 58.58B | 46.25B | 58.66B | 40.91B | 29.36B | 26.20B |
| Enterprise Value | 86.91B | 78.85B | 86.22B | 62.68B | 43.13B | 40.39B |
| Last Close Price | 97.07 | 70.02 | 90.87 | 60.54 | 53.47 | 44.99 |
| PE Ratio | 14.43 | 13.63 | 19.33 | 15.39 | 17.06 | 17.48 |
| Forward PE | 15.90 | 12.50 | 16.51 | 14.69 | 15.65 | 15.61 |
| PS Ratio | 1.37 | 1.38 | 2.70 | 2.31 | 1.31 | 1.58 |
| PB Ratio | 2.62 | 2.05 | 2.65 | 2.48 | 4.52 | 4.36 |
| P/TBV Ratio | 4.75 | 4.01 | 9.93 | 4.00 | 5.12 | 4.99 |
| P/FCF Ratio | 23.42 | 18.90 | 20.46 | 14.47 | 17.23 | 14.17 |
| P/OCF Ratio | 10.02 | 8.26 | 12.00 | 9.25 | 10.11 | 10.29 |
| PEG Ratio | 3.07 | 4.09 | 2.23 | 1.43 | 1.31 | 1.44 |
| EV/Sales Ratio | 2.03 | 2.35 | 3.97 | 3.55 | 1.93 | 2.44 |
| EV/EBITDA Ratio | 11.37 | 10.75 | 14.44 | 14.85 | 12.56 | 12.55 |
| EV/EBIT Ratio | 14.23 | 13.54 | 17.83 | 18.16 | 15.37 | 15.56 |
| EV/FCF Ratio | 34.63 | 32.22 | 30.07 | 22.18 | 25.31 | 21.85 |
| Debt / Equity Ratio | 0.88 | 1.47 | 1.46 | 1.32 | 2.11 | 2.31 |
| Debt / EBITDA Ratio | 3.70 | 4.51 | 5.41 | 5.16 | 3.97 | 4.30 |
| Debt / FCF Ratio | 11.28 | 13.51 | 11.26 | 7.70 | 8.04 | 7.52 |
| Net Debt / Equity Ratio | 0.87 | 1.46 | 1.43 | 1.30 | 2.07 | 2.29 |
| Net Debt / EBITDA Ratio | 3.68 | 4.50 | 5.29 | 5.08 | 3.92 | 4.28 |
| Net Debt / FCF Ratio | 11.21 | 13.48 | 11.01 | 7.58 | 7.91 | 7.44 |
| Asset Turnover | 0.61 | 0.52 | 0.40 | 0.52 | 0.93 | 0.71 |
| Inventory Turnover | 29.25 | 27.56 | 19.19 | 19.56 | 30.83 | 25.75 |
| Quick Ratio | 0.59 | 0.48 | 0.65 | 0.59 | 0.58 | 0.50 |
| Current Ratio | 0.84 | 0.70 | 0.90 | 0.90 | 0.83 | 0.75 |
| Return on Equity (ROE) | 15.02% | 15.49% | 16.12% | 23.14% | 27.53% | 24.88% |
| Return on Assets (ROA) | 5.46% | 5.57% | 5.58% | 6.28% | 7.31% | 6.95% |
| Return on Invested Capital (ROIC) | 8.83% | 8.22% | 7.99% | 9.07% | 10.81% | 9.85% |
| Return on Capital Employed (ROCE) | 9.20% | 9.70% | 8.10% | 8.50% | 13.20% | 12.70% |
| Earnings Yield | 6.93% | 7.34% | 5.17% | 6.50% | 5.86% | 5.72% |
| FCF Yield | 4.27% | 5.29% | 4.89% | 6.91% | 5.80% | 7.06% |
| Dividend Yield | 4.61% | 5.66% | 3.98% | 5.50% | 5.73% | 6.37% |
| Payout Ratio | 66.48% | 76.13% | 76.21% | 69.16% | 97.10% | 111.13% |
| Buyback Yield / Dilution | -2.75% | -6.72% | -20.83% | -8.25% | -0.22% | -3.62% |
| Total Shareholder Return | 1.82% | -1.05% | -16.85% | -2.76% | 5.50% | 2.75% |