Filing Flows › ONEOK (OKE) › Q2 2025
ONEOK (OKE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
ONEOK (OKE) reported revenue of $7.9B for the second quarter 2025 (Q2 2025), +61% from a year earlier and -2% from the quarter before. Operating margin was 18.1%, net earnings $841M (10.7% of revenue).
ONEOK, Q2 2025: revenue $7.9B (+61% year over year), operating margin 18.1%, net earnings $841M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.9B | -2% | +61% |
| Operating profit | $1.4B | +17% | +16% |
| Net earnings | $841M | +32% | +8% |
| Operating cash flow | $1.5B | +69% | +7% |
| Free cash flow | $776M | +182% | -18% |
What changed
Revenue was $7.9B in Q2 2025, up 61% year over year and down 2% from the previous quarter. Liquids commodity sales was the largest line at 76% of revenue. Liquids commodity sales added $2.2B year over year (up 58%), 74% of the total change.
Operating profit was $1.4B, a 18.1% margin (down 7.0 points year over year). Of the extra revenue versus a year earlier, 7% reached operating profit, below the 25% margin then. Total costs grew 76% against revenue growth of 61%. The fastest-growing cost line was Cost of revenue (+85%). Net earnings were $0.84B, up 8% year over year. The effective tax rate was 23.4%.
Operating cash flow was $1.5B (up 7% year over year), 179% of net earnings. Non-cash charges added back $0.37B of depreciation and amortization. Working capital and other items added $0.30B. Capital expenditures of $0.75B left free cash flow of $0.78B.
Questions
What was ONEOK's revenue in the second quarter 2025?
ONEOK (OKE) reported revenue of $7.9B for the second quarter 2025 (Q2 2025), +61% from a year earlier and -2% from the quarter before.
Was ONEOK profitable in the second quarter 2025?
Operating profit was $1.4B (18.1% of revenue) and net earnings $841M.
Source: ONEOK 10-Q on SEC EDGAR.