ONEOK raises 2026 guidance after record Permian volumes
Higher NGL, natural-gas and refined-products volumes lifted third-quarter results as ONEOK raised its 2026 outlook and completed the Brazos Permian acquisition.
ONEOK reported $1.38 billion of third-quarter net income and $2.24 billion of adjusted EBITDA, saying higher natural-gas-liquids, refined-products and natural-gas volumes, along with increased optimization activity, drove year-over-year improvement.
NGL raw-feed throughput rose 6%, including 16% in the Gulf Coast/Permian region; refined-products volumes shipped increased 6%, and Permian-region natural-gas volumes processed grew 4%.
The quarter also followed several balance-sheet and portfolio actions: ONEOK said it extinguished nearly $5.5 billion of debt principal in September, completed a $9 billion minority equity investment, and received BBB+ ratings from S&P Global Ratings and Fitch Ratings. The release did not provide a comparable independent analyst-consensus figure, so this analysis uses the company-reported period and guidance data.
Management attributed the stronger outlook to year-to-date performance and volumes and said it expects meaningful earnings growth in 2027 from the Brazos assets, growth projects and commercial optimization. That is company guidance, not a guarantee of future results.
Net income
$1.38B
Adjusted EBITDA
$2.24B
NGL throughput
+6%
Permian gas processed
+4%
Sources
Quarterly revenue, Oneok
Margins by quarter
Twelve quarters of figures
| Quarter | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.2B | $5.2B | $4.8B | $4.9B | $5.0B | $7.0B | $8.0B | $7.9B | $8.6B | $9.1B | $9.6B | $12.0B |
| Revenue growth | −29.2% | 4.0% | 5.8% | 31.1% | 19.9% | 33.7% | 68.2% | 61.2% | 71.9% | 29.5% | 19.6% | 52.8% |
| Gross margin | 33.2% | 36.9% | 39.4% | 40.9% | 39.7% | 35.8% | 29.7% | 32.0% | 31.0% | 29.4% | 26.7% | 23.3% |
| Operating margin | 17.6% | 21.0% | 22.3% | 25.1% | 22.5% | 22.4% | 15.2% | 18.1% | 18.0% | 16.9% | 14.9% | 13.2% |
| Net income | $454M | $688M | $639M | $780M | $693M | $923M | $636M | $841M | $939M | $977M | $774M | $966M |
| Diluted EPS | $0.99 | $1.12 | $1.09 | $1.33 | $1.18 | $1.57 | $1.04 | $1.34 | $1.49 | $1.55 | $1.23 | $1.53 |
| Cash from operations | $920M | $1.5B | $596M | $1.4B | $1.3B | $1.6B | $904M | $1.5B | $1.6B | $1.5B | $934M | $2.1B |
| Capital expenditure | $398M | $603M | $512M | $479M | $468M | $562M | $629M | $749M | $804M | $970M | $864M | $613M |
| Free cash flow | $522M | $905M | $84.0M | $951M | $783M | $1.0B | $275M | $776M | $820M | $576M | $70.0M | $1.4B |
| Dividends and buybacks | $428M | $556M | $578M | $578M | $578M | $738M | $673M | $644M | $648M | $693M | $674M | $674M |
This story describes figures the company has published. It is for information only and is not investment advice or a recommendation to buy, sell or hold any security. Check the original filings before relying on any figure. Stoqly is not affiliated with the SEC or Oneok.
