ONEOK (NYSE: OKE) posted solid Q4 2025 results after the close on February 23, with full-year earnings growth and a recently raised dividend reinforcing its standing as one of North America’s premier midstream operators.
Q4 revenue came in at $9.07 billion, up 29.5% year over year, while EPS of $1.55 narrowly beat the $1.54 consensus estimate. For the full year, ONEOK delivered adjusted EBITDA of $8.02 billion, up 18% year over year, and net income of $3.39 billion, up 12%. The company also extinguished nearly $3.1 billion of long-term debt during 2025 and captured $475 million in cumulative synergies from the EnLink and Medallion acquisitions. CEO Pierce H. Norton II noted that “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.”
Operational successes mentioned include:
- Rocky Mountain Region: NGL raw feed throughput volumes increased by 15% in Q4 2025.
- Debt Management: ONEOK extinguished nearly $3.1 billion of long-term debt during 2025, including $1.75 billion in the fourth quarter alone.
- Synergies: The company achieved $475 million in cumulative acquisition-related synergies through the end of 2025.
Analysts had been bracing for a potential “soft” guide, and management delivered exactly that by tempering previous long-term expectations due to a “cautious macro environment.” Management guided net income for 2026 of $3.19 billion to $3.71 billion, or EPS of $5.04 to $5.87. Capital expenditures were set in a range of $2.70 billion to $3.20 billion.
On January 21, 2026, the board of directors announced a 4% increase in the quarterly dividend to $1.07 per share. That’s an annualized payout of $4.28 per share. The yield is about 4.8%.
Shares retreated marginally in Tuesday’s premarket but were still up about 18% year to date.
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