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Oneok (OKE) Up 9.7% Since Last Earnings Report: Can It Continue?
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It has been about a month since the last earnings report for Oneok Inc. (OKE - Free Report) . Shares have added about 9.7% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Oneok due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for ONEOK, Inc. before we dive into how investors and analysts have reacted as of late.
ONEOK Q4 Earnings Top Estimates, Revenues Rise Year Over Year
ONEOK Inc. reported fourth-quarter 2025 operating earnings per share (EPS) of $1.55, which topped the Zacks Consensus Estimate of $1.48 by 4.73%. The bottom line decreased 1.27% from the year-ago quarter’s figure of $1.57.
OKE reported earnings of $5.42 per share for 2025 compared with $5.17 in 2024, which reflects a year-over-year increase of 5.22%.
OKE’s Total Revenues
Operating revenues for the quarter totaled $9.07 billion, which missed the Zacks Consensus Estimate of $9.49 billion by 4.50%. The top line rose 29.5% from $7.0 billion in the prior-year quarter.
OKE reported total revenues of $33.63 billion for 2025 compared with $21.7 billion in 2024, which reflects a year-over-year increase of 54.99%.
Highlights of OKE’s Earnings Release
Adjusted EBITDA came in at $2.15 billion, down 1.33% year over year.
Operating income totaled $1.53 billion, down 2.30% from the prior-year level of $1.57 billion.
ONEOK incurred interest expenses of $453 million, up 1.12% from $448 million recorded in the year-ago period.
The total natural gas processed was 5,706 million cubic feet of gas per day (MMcf/d), up 143.64% year over year.
The company reported natural gas transportation capacity contracted to 7,509 million dekatherms per day (MDth/d), which decreased 10.55% year over year.
OKE’s Financial Highlights
As of Dec. 31, 2025, ONEOK had cash and cash equivalents worth $78 million compared with $733 million as of Dec. 31, 2024.
As of Dec. 31, 2025, long-term debt (excluding current maturities) totaled $30.76 billion compared with $31.02 billion as of Dec. 31, 2024.
Cash provided by operating activities for 2025 amounted to $5.59 billion compared with $4.89 billion in the corresponding period of 2024.
OKE’s 2026 Guidance
ONEOK anticipates its consolidated 2026 net income in the band of $3.19-$3.71 billion. It continues to expect adjusted EBITDA in the range of $7.9-$8.30 billion.
EPS is expected in the range of $5.04-$5.87.
OKE projects its capital expenditure to be in the range of $2.7-$3.2 billion. Capital expenditure guidance includes the Medford fractionator rebuild, Denver-area refined products expansion, natural gas processing projects in the Permian Basin and infrastructure related to the Texas City export terminal joint venture.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in fresh estimates.
VGM Scores
Currently, Oneok has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Oneok has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Oneok belongs to the Zacks Oil and Gas - Production Pipeline - MLB industry. Another stock from the same industry, Energy Transfer LP (ET - Free Report) , has gained 2.2% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.
Energy Transfer LP reported revenues of $25.32 billion in the last reported quarter, representing a year-over-year change of +29.6%. EPS of $0.25 for the same period compares with $0.29 a year ago.
Energy Transfer LP is expected to post earnings of $0.37 per share for the current quarter, representing a year-over-year change of +2.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -3.1%.
Energy Transfer LP has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
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Oneok (OKE) Up 9.7% Since Last Earnings Report: Can It Continue?
It has been about a month since the last earnings report for Oneok Inc. (OKE - Free Report) . Shares have added about 9.7% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Oneok due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for ONEOK, Inc. before we dive into how investors and analysts have reacted as of late.
ONEOK Q4 Earnings Top Estimates, Revenues Rise Year Over Year
ONEOK Inc. reported fourth-quarter 2025 operating earnings per share (EPS) of $1.55, which topped the Zacks Consensus Estimate of $1.48 by 4.73%. The bottom line decreased 1.27% from the year-ago quarter’s figure of $1.57.
OKE reported earnings of $5.42 per share for 2025 compared with $5.17 in 2024, which reflects a year-over-year increase of 5.22%.
OKE’s Total Revenues
Operating revenues for the quarter totaled $9.07 billion, which missed the Zacks Consensus Estimate of $9.49 billion by 4.50%. The top line rose 29.5% from $7.0 billion in the prior-year quarter.
OKE reported total revenues of $33.63 billion for 2025 compared with $21.7 billion in 2024, which reflects a year-over-year increase of 54.99%.
Highlights of OKE’s Earnings Release
Adjusted EBITDA came in at $2.15 billion, down 1.33% year over year.
Operating income totaled $1.53 billion, down 2.30% from the prior-year level of $1.57 billion.
ONEOK incurred interest expenses of $453 million, up 1.12% from $448 million recorded in the year-ago period.
The total natural gas processed was 5,706 million cubic feet of gas per day (MMcf/d), up 143.64% year over year.
The company reported natural gas transportation capacity contracted to 7,509 million dekatherms per day (MDth/d), which decreased 10.55% year over year.
OKE’s Financial Highlights
As of Dec. 31, 2025, ONEOK had cash and cash equivalents worth $78 million compared with $733 million as of Dec. 31, 2024.
As of Dec. 31, 2025, long-term debt (excluding current maturities) totaled $30.76 billion compared with $31.02 billion as of Dec. 31, 2024.
Cash provided by operating activities for 2025 amounted to $5.59 billion compared with $4.89 billion in the corresponding period of 2024.
OKE’s 2026 Guidance
ONEOK anticipates its consolidated 2026 net income in the band of $3.19-$3.71 billion. It continues to expect adjusted EBITDA in the range of $7.9-$8.30 billion.
EPS is expected in the range of $5.04-$5.87.
OKE projects its capital expenditure to be in the range of $2.7-$3.2 billion. Capital expenditure guidance includes the Medford fractionator rebuild, Denver-area refined products expansion, natural gas processing projects in the Permian Basin and infrastructure related to the Texas City export terminal joint venture.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in fresh estimates.
VGM Scores
Currently, Oneok has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Oneok has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Oneok belongs to the Zacks Oil and Gas - Production Pipeline - MLB industry. Another stock from the same industry, Energy Transfer LP (ET - Free Report) , has gained 2.2% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.
Energy Transfer LP reported revenues of $25.32 billion in the last reported quarter, representing a year-over-year change of +29.6%. EPS of $0.25 for the same period compares with $0.29 a year ago.
Energy Transfer LP is expected to post earnings of $0.37 per share for the current quarter, representing a year-over-year change of +2.8%. Over the last 30 days, the Zacks Consensus Estimate has changed -3.1%.
Energy Transfer LP has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.