Fourth-Quarter 2025 Results:
Net income of $978 million, resulting in $1.55 per diluted share.
Adjusted EBITDA of $2.15 billion.
15% increase in Rocky Mountain region NGL raw feed throughput volumes.
3% increase in Rocky Mountain region natural gas volumes processed.
Higher Full-Year 2025 Results:
Net income of $3.46 billion (includes noncontrolling interests).
12% increase in net income attributable to ONEOK to $3.39 billion, resulting in $5.42 per diluted share.
11% increase in EPS (excluding the gain from nonstrategic asset divestitures in 2024).
18% increase in adjusted EBITDA to $8.02 billion ($8.085 billion excluding transaction costs).
15% increase in Rocky Mountain region NGL raw feed throughput volumes.
3% increase in Rocky Mountain region natural gas volumes processed.
2026 Financial Guidance:
Net income midpoint of $3.45 billion.
Earnings per diluted share midpoint of $5.45.
Adjusted EBITDA midpoint of $8.1 billion.
Approximately $2.7 billion to $3.2 billion in total capital expenditures.
"ONEOK delivered another year of double-digit earnings growth in 2025, with increased volumes and continued synergy capture from a multi-year acquisition plan highlighting the value created by our integrated systems," said Pierce H. Norton II, ONEOK president and CEO.
"Key project completions created significant operating leverage that, combined with stable fee‑based earnings, will continue to strengthen our financial position and flexibility, all while enhancing long-term value," added Norton. "I'm especially proud of our employees, whose unwavering commitment to safe and reliable operations, and disciplined execution of our strategy, position us for continued success."
FOURTH-QUARTER AND FULL-YEAR 2025 FINANCIAL HIGHLIGHTS:
Three Months Ended
Years Ended
Dec. 31,
Dec. 31,
2025
2024
2025
2024
(Millions of dollars, except per share amounts)
Net income (a) (c)
$
978
$
1,000
$
3,462
$
3,112
Net income attributable to ONEOK (a) (c)
$
977
$
923
$
3,393
$
3,035
Diluted earnings per common share (a) (c)
$
1.55
$
1.57
$
5.42
$
5.17
Adjusted EBITDA (b) (d)
$
2,145
$
2,174
$
8,020
$
6,784
Operating income (a) (d)
$
1,532
$
1,568
$
5,741
$
4,989
Operating costs
$
767
$
776
$
2,963
$
2,496
Depreciation and amortization
$
388
$
344
$
1,514
$
1,134
Equity in net earnings from investments
$
105
$
183
$
386
$
439
Maintenance capital
$
181
$
136
$
576
$
411
Capital expenditures (includes maintenance)
$
970
$
562
$
3,152
$
2,021
(a) Amounts for the three months and year ended Dec. 31, 2025, include pretax impacts of $7 million and $81 million, respectively, of transaction costs, related to ONEOK's acquisitions, resulting in a net impact of approximately 1 cent and 10 cents per diluted share after tax, respectively.(b) Amounts for the three months and year ended Dec. 31, 2025, include $6 million and $65 million, respectively, of transaction costs related to ONEOK's acquisitions. Transaction costs of $1 million and $16 million, respectively, were noncash and not included in adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure used in this release and is explained in greater detail in the Non-GAAP Financial Measures section.(c) Amounts for the three months and year ended Dec. 31, 2024, include pre-tax gains of $237 million and $286 million, respectively, related to nonstrategic asset divestitures and transaction costs of $56 million and $96 million, respectively, related to ONEOK's acquisitions.(d) Amounts for the three months and year ended Dec. 31, 2024, include $237 million and $286 million, respectively, related to nonstrategic asset divestitures and transaction costs of $56 million and $73 million, respectively, related to ONEOK's acquisitions.
Highlights:
$475 million of cumulative acquisition-related synergies achieved through year-end 2025.
Approximately 90% fee-based earnings in 2025.
In January 2026, ONEOK increased its quarterly dividend 4% to $1.07 per share, or $4.28 per share annualized.
In 2025, ONEOK repurchased $62 million of common stock and $789 million (principal amount) of senior notes.
In 2025, ONEOK extinguished nearly $3.1 billion of long-term debt, including $1.75 billion in the fourth quarter.
Fourth-quarter 2025 annualized run-rate net debt-to-EBITDA ratio (excluding transaction costs) of 3.8 times as of Dec. 31, 2025.
In November 2025, ONEOK and its joint venture partners announced an expansion of the Eiger Express Pipeline to 3.7 billion cubic feet per day (Bcf/d) from 2.5 Bcf/d. The expanded capacity is fully subscribed under long-term contracts.
As of year-end 2025, ONEOK had achieved more than 80% of its 2030 combined Scope 1 and Scope 2 emissions reduction target.
Full-Year 2025 Financial Performance:
ONEOK reported full-year 2025 net income attributable to ONEOK and adjusted EBITDA of $3.39 billion and $8.02 billion, respectively.
Results benefited from the positive impact of the EnLink and Medallion acquisitions across ONEOK's system and higher natural gas liquids (NGLs) and natural gas processing volumes.
Additionally, full-year 2025 adjusted EBITDA included $65 million of transaction costs related primarily to the EnLink acquisition.
2026 GUIDANCE:
2026 Guidance Range
(Millions of dollars, except per share amounts)
ONEOK, Inc.
Net income
$3,190
-
$3,710
Diluted earnings per common share
$5.04
-
$5.87
Adjusted EBITDA (a)
$7,900
-
