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ONEOK (OKE) Q4 2025 Earnings: What You Need to Know

ONEOK (NYSE: OKE | OKE Price Prediction) 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…

By Trey Thoelcke
Published February 24, 2026, 7:10am ET · 2 min read

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A large, light gray natural gas pipeline runs horizontally. A bright yellow band wraps around the pipe, featuring multiple black arrows pointing right, along with the bold black text 'NATURAL GAS'. The pipeline rests on concrete supports over a bed of small, light-colored gravel, under a bright blue sky with white, fluffy clouds.
A natural gas pipeline, prominently labeled, illustrates the vital infrastructure managed by energy companies like ONEOK. Understanding the financial health, including yield and coverage ratio, of such entities is crucial for investors. © sdf_qwe / Shutterstock.com

ONEOK (NYSE: OKE | OKE Price Prediction) 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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Trey Thoelcke

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.
Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community.
Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.
Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, moderating workshop sessions at regional conventions.

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