Filing Flows › ONEOK (OKE) › Q2 2026 › vs Q1 2026
ONEOK (OKE) Q2 2026 vs Q1 2026 (quarter over quarter)
ONEOK's revenue rose $2.4B (+25%) from $9.6B in Q1 2026 to $12.0B in Q2 2026. Operating margin 13.2% against 14.8% (-1.6 pts).
ONEOK, Q2 2026: revenue $12.0B (+53% year over year), operating margin 13.2%, net earnings $966M, operating cash flow $2.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 13.2% | 14.8% | -1.6 pts |
| Net margin | 8.0% | 8.1% | -0.1 pts |
| Free cash flow margin | 12.0% | 0.7% | +11.2 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $12.0B | $9.6B | $2.4B | +25% |
| Operating profit | $1.6B | $1.4B | $165M | +12% |
| Costs & expenses | $10.5B | $8.2B | $2.3B | +28% |
| Pre-tax earnings | $1.3B | $1.0B | $245M | +24% |
| Other expense, net | $327M | $407M | −$80.0M | -20% |
| Cost of revenue | $9.2B | $7.1B | $2.2B | +31% |
| Other operating costs | $1.2B | $1.1B | $77.0M | +7% |
| Net earnings | $966M | $776M | $190M | +24% |
| Income tax | $299M | $245M | $54.0M | +22% |
| Depreciation & amortization | $387M | $378M | $9.0M | +2% |
| Working capital & other | $700M | −$220M | $920M | — |
| Operating cash flow | $2.1B | $934M | $1.1B | +120% |
| Free cash flow (OCF − capex) | $1.4B | $70.0M | $1.4B | 21× |
| Capital expenditures | $613M | $864M | −$251M | -29% |
Questions
How much did ONEOK's revenue grow quarter over quarter in Q2 2026?
ONEOK's revenue rose $2.4B (+25%) from $9.6B in Q1 2026 to $12.0B in Q2 2026. Operating margin 13.2% against 14.8% (-1.6 pts).