ONEOK Inc

oneok.com

What Do They Do?

Sells natural gas liquids and other energy commodities, and gathers, processes, transports and stores natural gas, refined products and crude oil for producers and downstream energy buyers.

How Do They Make Money?

Customers buy commodities under daily or longer-term contracts, with each sale tied to delivery; some pay before delivery, while other payments generally follow invoicing without a significant delay. Producers and shippers also pay fees for gathering, processing, transportation, terminal and storage services as provided, with some capacity fees spread over contract terms.

revenue

Segment	Share	How money arrives
Liquids Commodity Sold outright	76%	Sold outright
Residue Natural Gas Sales Sold outright	9.9% FY2022: 12%	Sold outright
Exchange Services and Natural Gas Gathering and Processing Revenue Usage-based	4.4%	Usage-based
Transportation and Storage Revenue	9.3% FY2022: 3.2%
Other	0.4% FY2022: 0.1%

Who Are Their Customers?

Provides gathering and processing services to producers; downstream NGL buyers include petrochemical companies, propane distributors, refiners and exporters.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 11% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025

17% of revenue

▲ +15% vs FY2024 ($5B, 23%)

Net income, FY2025

10% of revenue

▲ +12% vs FY2024 ($3B, 14%)

Free cash flow, FY2025

7% of revenue

▼ −15% vs FY2024 ($2.9B, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +53%; vs $7.9B in Q2 FY2025
Net income: ▲ +15%; vs $841M in Q2 FY2025

Liquids commodity sales share of revenue vs 76.5% in Q2 FY2025

Aug 31, 2026 Agreed to acquire Brazos Midstream's Permian assets Apollo agreed to make a $9 billion minority equity investment to help fund the purchase and planned debt reduction.
Aug 3, 2026 Raised 2026 financial guidance Net income guidance increased to a range of $3.41 billion to $3.79 billion.
Apr 28, 2026 Raised 2026 financial guidance Net income guidance increased to a range of $3.21 billion to $3.79 billion.

Growing. Revenue grew 2.0x in 4 years, from $16.5B in FY2021 to $33.6B in FY2025, about 19% a year.

Added refined products and crude The latest report lists a Refined Products and Crude segment alongside natural gas gathering and processing, natural gas liquids, and natural gas pipelines; the older report lists natural gas gathering and processing, natural gas liquids, and natural gas pipelines.

Revenue over time

Liquids Commodity Residue Natural Gas Sales Exchange Services and Natural Gas Gathering and Processing Revenue Transportation and Storage Revenue Other Gathering and Exchange Services Revenue NGL and Condensate Sales Gathering and Exchange Services Revenue

$50B$25B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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