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Dec 31, 2025
ONEOK Q4 2025 Earnings Report
ONEOK reported higher earnings with revenue growth and stable EPS in the fourth quarter of 2025.
Key Takeaways
ONEOK generated strong revenue growth in Q4 2025, with total revenues rising year over year while maintaining solid profitability and operating income.
Total revenues increased significantly year over year.
Net income remained strong at nearly $1.0 billion.
Operating income exceeded $1.5 billion.
EPS remained stable compared to the prior year quarter.
Forward Guidance
For 2026, ONEOK guided for continued earnings growth supported by synergies and fee-based operations, with adjusted EBITDA expected between $7.9 billion and $8.3 billion.
Positive Outlook
- Adjusted EBITDA guidance range of $7900000000 to $8300000000.
- Net income guidance range of $3190000000 to $3710000000.
- Approximately 90% fee-based earnings across major segments.
- Expected incremental synergies in 2026.
- Balanced portfolio across multiple energy segments.
Challenges Ahead
- Exposure to commodity price fluctuations.
- Interest expense remains significant.
- Ongoing transaction and integration costs.
- Capital intensive business model.
- Dependence on producer activity levels.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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