Filing Flows › Utilities › ONEOK (OKE)
ONEOK (OKE) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · ONEOK (OKE) Q3 2026 earnings results →
Q3 2026 Revenue up 44% year over year to $12.5B · 11¢ of every $1 of revenue kept as net profit · operating margin 12.6%
ONEOK made $12.5B in Q3 2026 (+44% Y/Y): Commodity sales $11.2B, Services and other $1.3B. Operating margin 12.6%, net earnings $1.4B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $12.5B in Q3 2026, up 44% year over year and up 3% from the previous quarter. Liquids commodity sales was the largest line at 83% of revenue. Liquids commodity sales added $3.7B year over year (up 55%), 97% of the total change. Exchange services and natural gas gathering and processing revenue declined 8%.
Operating profit was $1.6B, a 12.6% margin (down 5.5 points year over year). Of the extra revenue versus Q3 2025, 0% reached operating profit, below the 18% margin then. Total costs grew 54% against revenue growth of 44%. The fastest-growing cost line was Cost of revenue (+61%). Net earnings were $1.4B, up 44% year over year. The effective tax rate was -1.9%.
Operating cash flow was $1.4B (down 15% year over year), 100% of net income including minority interests. Non-cash charges added back $0.40B of depreciation and amortization. Working capital and other items used $0.40B. Capital expenditures of $0.94B left free cash flow of $0.44B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $12.5B | +44% | 12.6% | $1.4B | $1.4B |
| Q2 2026 | 10-Q | Aug 4, 2026 | $12.0B | +53% | 13.2% | $966M | $2.1B |
| Q1 2026 | 10-Q | Apr 29, 2026 | $9.6B | +20% | 14.8% | $774M | $934M |
| Q4 2025 | 10-K | Feb 24, 2026 | $9.1B | +30% | 16.9% | $977M | $1.5B |
| Q3 2025 | 10-Q | Oct 29, 2025 | $8.6B | +72% | 18.0% | $939M | $1.6B |
| Q2 2025 | 10-Q | Aug 5, 2025 | $7.9B | +61% | 18.1% | $841M | $1.5B |
| Q1 2025 | 10-Q | Apr 30, 2025 | $8.0B | +68% | 15.2% | $636M | $904M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About ONEOK
We are incorporated under the laws of the state of Oklahoma, and our common stock is listed on the NYSE under the trading symbol “OKE.” We deliver energy products and services vital to an advancing world. We are a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. As one of the largest integrated energy infrastructure companies in North America, we are delivering energy that makes a difference in the lives of people in the U.S. and around the world. Through our approximately 60,000-mile pipeline network, we transport the natural gas, NGLs, Refined Products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future.
In its own words, from its 10-K, filed Feb 24, 2026.
ONEOK against its Natural Gas Transmisison & Distribution peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +44% against the peers' median +9%. Operating margin: 12.6% against the peers' median 12.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| OKE ONEOK | Q3 2026 | $12.5B | +44% | 12.6% |
| CTRI Centuri Holdings | Q3 2026 | $1.2B | +40% | 5.1% |
| SWX Southwest Gas Holdings | Q1 2026 | $585M | -22% | 37.5% |
| CPK Chesapeake Utilities | Q3 2026 | $196M | +9% | 24.8% |
| RGCO RGC Resources | Q3 FY26 | $17.1M | -0.9% | 6.9% |
Source: ONEOK 10-Q on SEC EDGAR · CIK 1039684 · Natural Gas Transmisison & Distribution
Guidance and outlook
13F: who owns OKE and who is buying
More on OKE
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results