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ONEOK cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$442M in Q3 2026 · $2.5B over twelve months

Operating cash flow$1.4B
Capital spending−$937M
Free cash flow+$442M
Cash / net income1.0×
Cash conversion cycle3 days

Analysis

In Q3 2026, ONEOK generated $1.4B of operating cash flow and spent $937M on capital projects, leaving free cash flow of $442M. That is $378M less than in Q3 2025 ($820M).

Over the twelve months to Sep 30, 2026, operating cash flow was $5.9B; the largest uses were net borrowing (+) / repaid (−) ($5.1B), capital spending ($3.4B), dividends ($2.7B); besides operations, cash came from other financing ($8.9B); the cash balance rose by $3.0B.

Operating cash flow was $1.4B against net income of $1.4B — 1.0× profit, roughly in line with earnings. The largest differences: receivables −$623M, payables +$616M, depreciation & amortization +$395M.

Its cash conversion cycle was 3 days (receivables 29 + inventory 11 − payables 37).

Free cash flow

ONEOK: free cash flow by quarterONEOK: free cash flow by quarter$1.0BQ4 2024$275MQ1 2025$776MQ2 2025$820MQ3 2025$576MQ4 2025$70.0MQ1 2026$1.4BQ2 2026$442MQ3 2026
Operating cash flow less capital spending.
ONEOK: operating cash flow against capital spendingONEOK: operating cash flow against capital spendingOperating cash flowCapital spending$1.6B$562MQ4 2024$904M$629MQ1 2025$1.5B$749MQ2 2025$1.6B$804MQ3 2025$1.5B$970MQ4 2025$934M$864MQ1 2026$2.1B$613MQ2 2026$1.4B$937MQ3 2026
Latest (Q3 2026): Operating cash flow $1.4B, Capital spending $937M.

Capital allocation, year by year

ONEOK: where the cash came from (up) and went (down), by fiscal yearONEOK: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.5BFY2021: Net borrowing −$607MFY2021: Shares issued $32.8MFY2021: Capital spending −$697MFY2021: Dividends −$1.7B$2.6BFY2021FY2022: Operating cash flow $2.9BFY2022: Net borrowing −$27.0MFY2022: Shares issued $32.4MFY2022: Capital spending −$1.2BFY2022: Dividends −$1.7B$2.9BFY2022FY2023: Operating cash flow $4.4BFY2023: Net borrowing $4.0BFY2023: Capital spending −$1.6BFY2023: Acquisitions −$5.0BFY2023: Dividends −$1.8B$8.4BFY2023FY2024: Operating cash flow $4.9BFY2024: Net borrowing $5.1BFY2024: Asset sales $1.2BFY2024: Capital spending −$2.0BFY2024: Acquisitions −$5.8BFY2024: Buybacks −$159MFY2024: Dividends −$2.3B$11.2BFY2024FY2025: Operating cash flow $5.6BFY2025: Net borrowing $830MFY2025: Capital spending −$3.2BFY2025: Acquisitions −$25.0MFY2025: Buybacks −$75.0MFY2025: Dividends −$2.6B$6.4BFY2025
Over these 5 years operating cash flow totalled $20.4B; the largest uses were acquisitions ($10.9B) and dividends ($10.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$186M
Debt$28.5B
Net debt$28.3B
Due within a year$1.6B

ONEOK funds itself: free cash flow was $2.5B over the last twelve months, and $186M of cash and investments stands against $28.5B of debt ($1.6B due within a year, 0.1× covered by cash).

Where the cash came from and went

ONEOK: sources (+) and uses (−) of cash, Q3 2026ONEOK: sources (+) and uses (−) of cash, Q3 2026Other financing$9.5BNet borrowing (+) / repaid (−)−$5.0BCash drawn (+) / kept (−)−$4.0BOperating cash flow$1.4BCapital spending−$937MDividends−$674MOther investing−$191M
ONEOK: sources (+) and uses (−) of cash, TTM to Q3 2026ONEOK: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$8.9BOperating cash flow$5.9BNet borrowing (+) / repaid (−)−$5.1BCapital spending−$3.4BCash drawn (+) / kept (−)−$3.0BDividends−$2.7BOther investing−$642MPartners−$10.0M

From profit to cash

ONEOK: net income to operating cash flow, Q3 2026ONEOK: net income to operating cash flow, Q3 2026Net income$1.4BDepreciation & amortization$395MDeferred taxes−$33.0MReceivables−$623MInventory−$127MPayables$616MOther operating capital$86.0MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20262911373
Q2 20262711353
Q1 20263113414
Q4 20252813393
Q3 20252713392
Q2 20253015423
Q1 20252813374
Q4 20242414352

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.4B−$937M——−$674M−$5.0B−$4.0B$442M
Q2 2026$2.1B−$613M——−$674M−$1.2B$11.0M$1.4B
Q1 2026$934M−$864M——−$674M$827M−$94.0M$70.0M
Q4 2025$1.5B−$970M−$25.0M−$45.0M−$648M−$874M$1.1B$576M
Q3 2025$1.6B−$804M——−$648M−$1.7B−$1.1B$820M
Q2 2025$1.5B−$749M——−$644M$452M$44.0M$776M
Q1 2025$904M−$629M—−$30.0M−$643M−$50.0M$592M$275M
Q4 2024$1.6B−$562M−$5.4B−$159M−$579M−$1.4B$5.7B$1.0B

ONEOK: income statement and cash flow

ONEOK, Q3 2026: revenue $12.5B (+44% year over year), operating margin 12.6%. The chart follows the revenue to costs, profit and cash.

ONEOK: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.