ONEOK, Inc. Announces Higher Full-Year 2025 Earnings and Releases 2026 Financial Guidance

Strong Earnings Growth, Capital Deployment, and Updated Guidance for 2026

TULSA, Okla., Feb. 23, 2026 – ONEOK, Inc. (NYSE: OKE), a leading midstream energy company, reported robust financial results for the fourth quarter and full year ended December 31, 2025, and released its financial guidance for 2026.

Key Financial Highlights

• Full-Year 2025 Results:
  • Net income attributable to ONEOK rose 12% to \$3.39 billion, or \$5.42 per diluted share.
  • Consolidated net income (including noncontrolling interests) was \$3.46 billion, up 11% from 2024.
  • Adjusted EBITDA grew 18% to \$8.02 billion, compared to \$6.78 billion in 2024.
  • Operating income increased to \$5.74 billion from \$4.99 billion a year earlier.
  • ONEOK achieved approximately \$475 million in cumulative acquisition-related synergies by year-end 2025.
  • Approximately 90% of 2025 earnings were fee-based, providing stability and predictability.
• Fourth-Quarter 2025 Results:
  • Net income was \$978 million, or \$1.55 per diluted share.
  • Adjusted EBITDA was \$2.15 billion.
  • Rocky Mountain region NGL raw feed throughput volumes increased by 15% and natural gas volumes processed increased by 3% over the prior year quarter.

Strategic Capital Management and Shareholder Returns

• ONEOK increased its quarterly dividend by 4% in January 2026 to \$1.07 per share (annualized at \$4.28 per share).
• In 2025, the company repurchased \$62 million of common stock and \$789 million of senior notes (principal amount).
• Nearly \$3.1 billion of long-term debt was extinguished in 2025, including \$1.75 billion in the fourth quarter.
• Fourth-quarter 2025 annualized run-rate net debt-to-EBITDA ratio was 3.8x (excluding transaction costs) – a level supportive of a strong balance sheet.

2026 Financial Guidance

• Net income guidance: \$3.19 billion to \$3.71 billion
• Adjusted EBITDA guidance: \$7.9 billion to \$8.3 billion
• Segment Adjusted EBITDA Guidance Ranges:
  • Natural Gas Liquids: \$2.775 – \$2.915 billion
  • Refined Products and Crude: \$2.175 – \$2.275 billion
  • Natural Gas Gathering and Processing: \$2.105 – \$2.215 billion
  • Natural Gas Pipelines: \$825 – \$865 million
  • Other: \$20 – \$30 million
• Key drivers for 2026 guidance:
  • Continued earnings from recent acquisitions (notably Medallion and EnLink).
  • Volume growth and project completions supporting fee-based earnings.
  • Expectations for approximately \$150 million of incremental commercial and cost synergies from acquisitions.
  • Guidance assumes an average West Texas Intermediate (WTI) crude oil price of \$55 to \$60 per barrel in 2026.
  • Moderation in producer activity anticipated due to the projected commodity price environment.

Segment Performance Details

Natural Gas Liquids

• Full-year adjusted EBITDA up to \$2.78 billion from \$2.54 billion in 2024.
• Growth driven by higher volumes and fee rates in the Rocky Mountain region, offset by lower rates and volumes in the Mid-Continent region and higher operating costs due to company growth.

Refined Products and Crude

• Full-year adjusted EBITDA up to \$2.18 billion from \$1.89 billion in 2024.
• Increases primarily from Medallion and EnLink acquisitions, lower operating costs, and higher optimization and marketing activity.
• Offset by an \$81 million decrease from unconsolidated affiliates (mainly BridgeTex Pipeline) and lower blending margins.

Natural Gas Gathering and Processing

• Full-year adjusted EBITDA surged to \$2.14 billion from \$1.48 billion in 2024.
• Driven by EnLink acquisition, higher volumes, and one-time contract settlements, offset by lower realized prices and asset divestitures.

Natural Gas Pipelines

• Adjusted EBITDA was \$861 million for 2025, down slightly from \$900 million in 2024, with 2024 including a significant gain from an asset sale.

Balance Sheet and Liquidity

• Assets: \$66.6 billion at year-end 2025 (up from \$64.1 billion in 2024).
• Current assets: \$4.49 billion, including \$78 million in cash and cash equivalents.
• Property, plant and equipment (net): \$47.9 billion.
• Total equity: \$22.57 billion.
• Long-term debt (including current maturities): \$32 billion.

Cash Flow Highlights

• Operating cash flow: \$5.6 billion for 2025.
• Capital expenditures: \$3.15 billion, up from \$2.02 billion in 2024.
• Dividends paid: \$2.58 billion.
• Net change in cash: Decrease of \$655 million, ending with \$78 million in cash at year-end.

Other Noteworthy Items

• Acquisitions: Transaction costs related to acquisitions were \$81 million for 2025, and \$73 million for 2024.
• Asset Sales: 2024 included significant pre-tax gains (\$286 million) from nonstrategic asset divestitures.
• Synergies: The company continues to realize substantial acquisition-related synergies, further driving adjusted EBITDA.

Forward-Looking Statements and Risks

• ONEOK’s outlook is based on current expectations and assumptions. The company cautions that various risks could materially impact results, including:
  • Commodity price volatility and macroeconomic conditions.
  • Changes in producer activity and regulatory environment.
  • Ability to realize anticipated synergies from acquisitions.
  • Interest rate changes, inflation, and credit market conditions.
  • Risks associated with pending or potential acquisitions and dispositions.

Shareholder Considerations

• Shareholders should note:
  • Strong earnings growth and robust guidance for 2026 are likely to be viewed positively by the market and could impact share value.
  • The dividend increase and ongoing share repurchases highlight management’s commitment to shareholder returns.
  • Balance sheet improvements, including debt reduction and maintaining a healthy debt-to-EBITDA ratio, should support valuation.
  • Continued successful integration and realization of synergies from recent acquisitions will be closely monitored by investors.
  • Risks remain, particularly those related to commodity prices, regulatory changes, and economic conditions.

Conference Call Information

• Management will host a conference call on February 24, 2026, at 11 a.m. Eastern (10 a.m. Central). Investors can participate via phone or at www.oneok.com.

Disclaimer: This article is a summary and analysis based on ONEOK, Inc.’s official financial filings and public disclosures for the period ending December 31, 2025. Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ. Investors should review the full official filings and consult with financial advisors before making investment decisions. This article does not constitute investment advice.

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