Filing Flows › ONEOK (OKE) › Q2 2026
ONEOK (OKE) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 4, 2026
ONEOK (OKE) reported revenue of $12.0B for the second quarter 2026 (Q2 2026), +53% from a year earlier and +25% from the quarter before. Operating margin was 13.2%, net earnings $966M (8.0% of revenue).
ONEOK, Q2 2026: revenue $12.0B (+53% year over year), operating margin 13.2%, net earnings $966M, operating cash flow $2.1B. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.0B | +25% | +53% |
| Operating profit | $1.6B | +12% | +11% |
| Net earnings | $966M | +24% | +13% |
| Operating cash flow | $2.1B | +120% | +35% |
| Free cash flow | $1.4B | 21× | +86% |
What changed
Revenue was $12.0B in Q2 2026, up 53% year over year and up 25% from the previous quarter. Liquids commodity sales was the largest line at 86% of revenue. Liquids commodity sales added $4.3B year over year (up 72%), 104% of the total change. Residue natural gas sales declined 37%.
Operating profit was $1.6B, a 13.2% margin (down 4.9 points year over year). Of the extra revenue versus Q2 2025, 4% reached operating profit, below the 18% margin then. Total costs grew 62% against revenue growth of 53%. The fastest-growing cost line was Cost of revenue (+72%). Net earnings were $1.0B, up 15% year over year. The effective tax rate was 23.6%.
Operating cash flow was $2.1B (up 35% year over year), 213% of net earnings. Non-cash charges added back $0.39B of depreciation and amortization. Working capital and other items added $0.70B. Capital expenditures of $0.61B left free cash flow of $1.4B.
Questions
What was ONEOK's revenue in the second quarter 2026?
ONEOK (OKE) reported revenue of $12.0B for the second quarter 2026 (Q2 2026), +53% from a year earlier and +25% from the quarter before.
Was ONEOK profitable in the second quarter 2026?
Operating profit was $1.6B (13.2% of revenue) and net earnings $966M.
Source: ONEOK 10-Q on SEC EDGAR.