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Sep 30, 2025
ONEOK Q3 2025 Earnings Report
ONEOK delivered higher Q3 2025 earnings driven by acquisitions and strong processing volumes across its segments.
Key Takeaways
ONEOK posted strong Q3 2025 results with $940 million in net income and robust contributions from all segments. The EnLink and Medallion acquisitions enhanced performance, especially in Natural Gas Liquids and Gathering & Processing. Cash reserves reached $1.2 billion.
Net income rose to $940 million with EPS of $1.49.
Adjusted EBITDA reached $2.12 billion, including $7 million in transaction costs.
Rocky Mountain region NGL raw feed throughput increased 17%.
Cash and cash equivalents stood at approximately $1.2 billion.
Forward Guidance
ONEOK reaffirmed its full-year 2025 net income and adjusted EBITDA guidance, reflecting confidence in continued strong operating performance and integration of acquisitions.
Positive Outlook
- Affirmed 2025 full-year net income guidance.
- Affirmed 2025 adjusted EBITDA range.
- Synergy capture ahead of expectations.
- Strong integration of EnLink and Medallion assets.
- Growing volumes across core regions supporting earnings.
Challenges Ahead
- Lower realized NGL prices reduced earnings in some segments.
- Operating costs increased due to employee-related expenses.
- Some volume declines in Mid-Continent NGL region.
- Interstate pipeline divestiture impacted pipeline segment results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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