Filing Flows › ONEOK (OKE) › Q2 2026 › vs Q2 2025
ONEOK (OKE) Q2 2026 vs Q2 2025 (year over year)
ONEOK's revenue rose $4.2B (+53%) from $7.9B in Q2 2025 to $12.0B in Q2 2026. The biggest changes: Commodity sales +$4.1B (+61%); Services and other +$74.0M (+6%). Operating margin 13.2% against 18.1% (-4.9 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.2% | 18.1% | -4.9 pts |
| Net margin | 8.0% | 10.8% | -2.8 pts |
| Free cash flow margin | 12.0% | 9.8% | +2.1 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Liquids commodity sales | $10.4B | $6.0B | $4.3B | +72% |
| Transportation and storage revenue | $816M | $741M | $75.0M | +10% |
| Residue natural gas sales | $438M | $694M | −$256M | -37% |
| Exchange services and natural gas gathering and processing revenue | $376M | $383M | −$7.0M | -2% |
| Other revenue | $43.0M | $37.0M | $6.0M | +16% |
| Commodity sales | $10.8B | $6.7B | $4.1B | +61% |
| Services and other | $1.2B | $1.2B | $74.0M | +6% |
| Revenue | $12.0B | $7.9B | $4.2B | +53% |
| Operating profit | $1.6B | $1.4B | $162M | +11% |
| Costs & expenses | $10.5B | $6.5B | $4.0B | +62% |
| Pre-tax earnings | $1.3B | $1.1B | $153M | +14% |
| Other expense, net | $327M | $318M | $9.0M | +3% |
| Cost of revenue | $9.2B | $5.4B | $3.9B | +72% |
| Other operating costs | $1.2B | $1.1B | $118M | +11% |
| Net earnings | $966M | $853M | $113M | +13% |
| Income tax | $299M | $260M | $39.0M | +15% |
| Depreciation & amortization | $387M | $368M | $19.0M | +5% |
| Working capital & other | $700M | $304M | $396M | +130% |
| Operating cash flow | $2.1B | $1.5B | $528M | +35% |
| Free cash flow (OCF − capex) | $1.4B | $776M | $664M | +86% |
| Capital expenditures | $613M | $749M | −$136M | -18% |
Questions
How much did ONEOK's revenue grow year over year in Q2 2026?
ONEOK's revenue rose $4.2B (+53%) from $7.9B in Q2 2025 to $12.0B in Q2 2026.
What drove ONEOK's revenue change in Q2 2026?
Commodity sales +$4.1B (+61%); Services and other +$74.0M (+6%).