Q3 25 EPS
$1.49
Q3 25 Revenue
$8.63B
vs S&P Since Q3 25
+25.9%
BEATING MARKET
OKE +33.8% vs S&P +7.9%
Market Reaction
Did OKE Beat Earnings? Q3 2025 Results
ONEOK posted a standout third quarter for 2025, with earnings per share of $1.49 and revenue of $8.63 billion, up sharply from $1.18 and $5.02 billion a year earlier, as the midstream giant reaped the early rewards of its transformative acquisitions … Read more ONEOK posted a standout third quarter for 2025, with earnings per share of $1.49 and revenue of $8.63 billion, up sharply from $1.18 and $5.02 billion a year earlier, as the midstream giant reaped the early rewards of its transformative acquisitions of EnLink and Medallion. Net income climbed to $940 million from $693 million in the prior-year period, while adjusted EBITDA reached $2.12 billion, nearly 38% above the year-ago level. The single biggest driver was the EnLink integration, which alone contributed $250 million to Natural Gas Gathering and Processing adjusted EBITDA, helping that segment nearly double to $566 million. Record Rocky Mountain volumes added further momentum, with NGL raw feed throughput rising 17% in the region. With synergy capture running ahead of original expectations, ONEOK reaffirmed its full-year 2025 net income and adjusted EBITDA guidance, and is pressing forward on organic growth including a new Permian Basin processing plant, all of which investors will be watching as they look ahead to what comes next for OKE.
Key Takeaways
- • Positive impact of EnLink and Medallion acquisitions across ONEOK's system
- • Higher NGL and natural gas processing volumes
- • Record Rocky Mountain region volumes with 17% increase in NGL raw feed throughput
- • 6% increase in Mid-Continent region NGL raw feed throughput volumes
- • 3% increase in Rocky Mountain region natural gas volumes processed
- • Wider commodity price differentials benefiting NGL optimization and marketing
- • Higher refined products transportation rates
- • Sale of environmental credits from liquids blending business
- • Synergy capture ahead of original expectations
OKE YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“ONEOK's strong third quarter demonstrates the consistent execution of acquisition-related integration strategies by our employees, as well as the continued solid performance of our contiguously integrated assets. We continued to benefit from steady demand across our businesses and increasing production in all of the basins where we operate.”
— Pierce H. Norton II, Q3 2025 Earnings Press Release
OKE Earnings Trends
OKE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
OKE EPS Trend
Earnings per share: estimate vs actual
OKE Revenue Trend
Quarterly revenue: estimate vs actual
OKE Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 | — | — | — | — | — |
| Q4 25 BEAT FY | $1.54 | $1.55 | +0.65% | $9.07B | — |
| FY Full Year | $5.38 | $5.42 | +0.67% | $33.63B | +2.58% |
| Q3 25 | — | $1.49 | — | $8.63B | — |
| Q2 25 BEAT | $1.33 | $1.34 | +0.95% | $7.89B | -5.30% |
| Q1 25 | — | $1.04 | — | $8.04B | — |