The earnings call reflects a strong performance in the second quarter with significant net income growth, adjusted EBITDA boost, and strategic expansions in the Permian Basin. However, there are some challenges with future projections due to market volatility and adjustments to the 2026 outlook.

Company Guidance -

Q3 2025

During the ONEOK Second Quarter 2025 Earnings Conference Call, the company reaffirmed its 2025 financial guidance ranges, with net income attributable to ONEOK projected between $3.1 billion and $3.6 billion, and adjusted EBITDA expected to be in the range of $8 billion to $8.45 billion. The second quarter adjusted EBITDA increased by 12% compared to the first quarter, demonstrating the company's successful synergy capture and growing supply and demand strength. ONEOK highlighted significant sequential growth in natural gas liquids (NGL) and natural gas processing volumes across all regions, driven by seasonal improvements and increasing refined products demand. Additionally, the company announced a final investment decision on a new natural gas processing plant in the Permian's Delaware Basin, enhancing its strategic presence in the area. The company also noted a 30% increase in net income compared to the first quarter, reaching $841 million or $1.34 per share. Looking ahead, ONEOK expects year-over-year mid- to upper single-digit EBITDA growth in 2026, despite adjusting the 2026 outlook downward by approximately 2% or $200 million due to current commodity prices and market conditions. The company is on track to realize approximately $250 million in synergies in 2025, with significant contributions anticipated in 2026.

Record Net Income Growth

Second quarter 2025 net income attributable to ONEOK totaled $841 million, or $1.34 per share, more than a 30% increase compared with the first quarter.

Strong Adjusted EBITDA Performance

Second quarter adjusted EBITDA totaled $1.98 billion, highlighting a 12% increase compared with the first quarter.

Significant Debt Reduction

During the quarter, ONEOK reduced its senior notes by nearly $600 million, including more than $400 million of notes paid at maturity.

Permian Basin Expansion

Final investment decision on a new natural gas processing plant in the Permian's Delaware Basin, expected to cost approximately $365 million and be completed in mid-2027.

NGL Segment Growth

Total NGL raw feed throughput volumes increased 18% compared with the first quarter, with record volumes in the Rocky Mountain region.

No Meaningful Cash Taxes Until 2028

ONEOK expects a benefit of more than $1.3 billion in lower cash taxes over the next 5 years due to enhancements related to bonus depreciation and interest expense deductibility.

Oneok (OKE) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

OKE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 04, 2025	2025 (Q3)	1.49 / -	1.18	―	―	―
Aug 04, 2025	2025 (Q2)	1.33 / 1.34	1.33	0.75% (+0.01)
Apr 29, 2025	2025 (Q1)	1.24 / 1.04	1.09	-4.59% (-0.05)
Feb 24, 2025	2024 (Q4)	1.49 / 1.57	1.18	33.05% (+0.39)
Oct 29, 2024	2024 (Q3)	1.23 / 1.18	0.99	19.19% (+0.19)
Aug 05, 2024	2024 (Q2)	1.21 / 1.33	1.04	27.88% (+0.29)
Apr 30, 2024	2024 (Q1)	1.15 / 1.09	2.34	-53.42% (-1.25)
Feb 26, 2024	2023 (Q4)	1.20 / 1.18	1.08	9.26% (+0.10)
Oct 31, 2023	2023 (Q3)	1.07 / 0.99	0.96	3.13% (+0.03)
Aug 07, 2023	2023 (Q2)	1.02 / 1.04	0.92	13.04% (+0.12)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

OKE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 04, 2025	$79.83	$75.70	-5.17%
Apr 29, 2025	$85.68	$80.12	-6.49%
Feb 24, 2025	$95.68	$93.39	-2.39%
Oct 29, 2024	$91.25	$91.83	+0.64%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Oneok Inc (OKE) report earnings?

Oneok Inc (OKE) is schdueled to report earning on Nov 04, 2025, After Close (Confirmed).

What is Oneok Inc (OKE) earnings time?

Oneok Inc (OKE) earnings time is at Nov 04, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is OKE EPS forecast?

OKE EPS forecast for the fiscal quarter 2025 (Q3) is 1.49.

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