Filing Flows › ONEOK (OKE) › Q1 2026
ONEOK (OKE) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
ONEOK (OKE) reported revenue of $9.6B for the first quarter 2026 (Q1 2026), +20% from a year earlier and +6% from the quarter before. Operating margin was 14.8%, net earnings $774M (8.0% of revenue).
ONEOK, Q1 2026: revenue $9.6B (+20% year over year), operating margin 14.8%, net earnings $774M, operating cash flow $934M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.6B | +6% | +20% |
| Operating profit | $1.4B | -7% | +17% |
| Net earnings | $774M | -21% | +22% |
| Operating cash flow | $934M | -40% | +3% |
| Free cash flow | $70.0M | -88% | -75% |
What changed
Revenue was $9.6B in Q1 2026, up 20% year over year and up 6% from the previous quarter. Liquids commodity sales was the largest line at 76% of revenue. Liquids commodity sales added $1.4B year over year (up 23%), 88% of the total change. Transportation and storage revenue declined 3%.
Operating profit was $1.4B, a 14.8% margin (down 0.3 points year over year). Of the extra revenue versus Q1 2025, 13% reached operating profit, below the 15% margin then. Total costs grew 20% against revenue growth of 20%. The fastest-growing cost line was Cost of revenue (+25%). Net earnings were $0.77B, up 22% year over year. The effective tax rate was 24.0%.
Operating cash flow was $0.93B (up 3% year over year), 120% of net earnings. Non-cash charges added back $0.38B of depreciation and amortization. Working capital and other items used $0.22B. Capital expenditures of $0.86B left free cash flow of $0.07B.
Questions
What was ONEOK's revenue in the first quarter 2026?
ONEOK (OKE) reported revenue of $9.6B for the first quarter 2026 (Q1 2026), +20% from a year earlier and +6% from the quarter before.
Was ONEOK profitable in the first quarter 2026?
Operating profit was $1.4B (14.8% of revenue) and net earnings $774M.
Source: ONEOK 10-Q on SEC EDGAR.