Filing Flows › ONEOK (OKE) › Q1 2025
ONEOK (OKE) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
ONEOK (OKE) reported revenue of $8.0B for the first quarter 2025 (Q1 2025), +68% from a year earlier and +15% from the quarter before. Operating margin was 15.2%, net earnings $636M (7.9% of revenue).
ONEOK, Q1 2025: revenue $8.0B (+68% year over year), operating margin 15.2%, net earnings $636M, operating cash flow $904M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.0B | +15% | +68% |
| Operating profit | $1.2B | -22% | +15% |
| Net earnings | $636M | -31% | -0.5% |
| Operating cash flow | $904M | -44% | +52% |
| Free cash flow | $275M | -74% | +227% |
What changed
Revenue was $8.0B in Q1 2025, up 68% year over year and up 15% from the previous quarter. Liquids commodity sales was the largest line at 74% of revenue. Liquids commodity sales added $2.4B year over year (up 66%), 72% of the total change.
Operating profit was $1.2B, a 15.2% margin (down 7.1 points year over year). Of the extra revenue versus a year earlier, 5% reached operating profit, below the 22% margin then. Total costs grew 84% against revenue growth of 68%. The fastest-growing cost line was Cost of revenue (+95%). Net earnings were $0.64B, roughly flat year over year. The effective tax rate was 22.2%.
Operating cash flow was $0.90B (up 52% year over year), 131% of net income including minority interests. Non-cash charges added back $0.38B of depreciation and amortization. Working capital and other items used $0.17B. Capital expenditures of $0.63B left free cash flow of $0.28B.
Questions
What was ONEOK's revenue in the first quarter 2025?
ONEOK (OKE) reported revenue of $8.0B for the first quarter 2025 (Q1 2025), +68% from a year earlier and +15% from the quarter before.
Was ONEOK profitable in the first quarter 2025?
Operating profit was $1.2B (15.2% of revenue) and net earnings $636M.
Source: ONEOK 10-Q on SEC EDGAR.