Filing Flows › ONEOK (OKE) › Q3 2025
ONEOK (OKE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
ONEOK (OKE) reported revenue of $8.6B for the third quarter 2025 (Q3 2025), +72% from a year earlier and +9% from the quarter before. Operating margin was 18.0%, net earnings $939M (10.9% of revenue).
ONEOK, Q3 2025: revenue $8.6B (+72% year over year), operating margin 18.0%, net earnings $939M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.6B | +9% | +72% |
| Operating profit | $1.6B | +9% | +38% |
| Net earnings | $939M | +12% | +35% |
| Operating cash flow | $1.6B | +6% | +30% |
| Free cash flow | $820M | +6% | +5% |
What changed
Revenue was $8.6B in Q3 2025, up 72% year over year and up 9% from the previous quarter. Liquids commodity sales was the largest line at 77% of revenue. Liquids commodity sales added $2.8B year over year (up 73%), 78% of the total change.
Operating profit was $1.6B, a 18.0% margin (down 4.4 points year over year). Of the extra revenue versus a year earlier, 12% reached operating profit, below the 22% margin then. Total costs grew 82% against revenue growth of 72%. The fastest-growing cost line was Cost of revenue (+97%). Net earnings were $0.94B, up 35% year over year. The effective tax rate was 24.0%.
Operating cash flow was $1.6B (up 30% year over year), 173% of net earnings. Non-cash charges added back $0.38B of depreciation and amortization. Working capital and other items added $0.31B. Capital expenditures of $0.80B left free cash flow of $0.82B.
Questions
What was ONEOK's revenue in the third quarter 2025?
ONEOK (OKE) reported revenue of $8.6B for the third quarter 2025 (Q3 2025), +72% from a year earlier and +9% from the quarter before.
Was ONEOK profitable in the third quarter 2025?
Operating profit was $1.6B (18.0% of revenue) and net earnings $939M.
Source: ONEOK 10-Q on SEC EDGAR.