OKE · NYSE
Consensus is $1.46 EPS for Sep 2026 across 7 estimates, ranging $1.30 to $1.60.
No consensus figures are on file, so the quarter cannot be assessed against analyst expectations. ONEOK reported $12.049 billion of revenue, up from $7.887 billion in the year-earlier quarter, and net income of $0.97 billion versus $0.84 billion. Total segment adjusted EBITDA increased to $2.129 billion from $1.958 billion. Refined Products and Crude was the largest incremental contributor, with EBITDA rising to $297 million from $188 million, while Natural Gas Pipelines increased to $627 million from $557 million. Natural Gas Gathering and Processing was broadly stable at $546 million versus $540 million, and Natural Gas Liquids declined to $659 million from $673 million despite segment revenue increasing to $4.593 billion from $3.871 billion. Management attributed the earnings improvement to higher NGL, refined products and natural gas volumes and greater optimization and marketing activity. The supplied material does not provide consolidated margin figures or an explicit revenue growth percentage.
Management did not provide formal revenue, earnings or adjusted EBITDA guidance ranges for upcoming periods, so there is no new range to compare with a prior guide. The company expects approximately 90% of consolidated earnings to be fee-based in 2026, supported by long-term contracts with investment-grade counterparties, minimum volume commitments and take-or-pay agreements. Management also noted that its integrated network may capture product, location and seasonal price differentials through optimization and marketing. Project timing includes the Greater Denver pipeline expansion in the third quarter of 2026, the first 100 MBbl/d phase of the Medford fractionator in the fourth quarter of 2026, and additional projects through mid-2028.
