Filing Flows › ONEOK (OKE) › Q3 2026 › vs Q2 2026
ONEOK (OKE) Q3 2026 vs Q2 2026 (quarter over quarter)
ONEOK's revenue rose $406M (+3%) from $12.0B in Q2 2026 to $12.5B in Q3 2026. The biggest changes: Commodity sales +$376M (+3%); Services and other +$30.0M (+2%). Operating margin 12.6% against 13.2% (-0.6 pts).
ONEOK, Q3 2026: revenue $12.5B (+44% year over year), operating margin 12.6%, net earnings $1.4B, operating cash flow $1.4B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 12.6% | 13.2% | -0.6 pts |
| Net margin | 10.8% | 8.0% | +2.8 pts |
| Free cash flow margin | 3.5% | 12.0% | -8.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Liquids commodity sales | $10.4B | $10.4B | −$12.0M | -0.1% |
| Residue natural gas sales | $826M | $438M | $388M | +89% |
| Transportation and storage revenue | $823M | $816M | $7.0M | +0.9% |
| Exchange services and natural gas gathering and processing revenue | $373M | $376M | −$3.0M | -0.8% |
| Other revenue | $69.0M | $43.0M | $26.0M | +60% |
| Commodity sales | $11.2B | $10.8B | $376M | +3% |
| Services and other | $1.3B | $1.2B | $30.0M | +2% |
| Revenue | $12.5B | $12.0B | $406M | +3% |
| Operating profit | $1.6B | $1.6B | −$25.0M | -2% |
| Costs & expenses | $10.9B | $10.5B | $431M | +4% |
| Pre-tax earnings | $1.4B | $1.3B | $92.0M | +7% |
| Other expense, net | $210M | $327M | −$117M | -36% |
| Cost of revenue | $9.6B | $9.2B | $370M | +4% |
| Other operating costs | $1.3B | $1.2B | $61.0M | +5% |
| Income tax benefit | $26.0M | −$299M | $325M | — |
| Net earnings | $1.4B | $966M | $384M | +40% |
| Minority interests | $34.0M | $0 | $34.0M | — |
| Depreciation & amortization | $395M | $387M | $8.0M | +2% |
| Working capital & other | $366M | −$700M | $1.1B | — |
| Operating cash flow | $1.4B | $2.1B | −$674M | -33% |
| Free cash flow (OCF − capex) | $442M | $1.4B | −$998M | -69% |
| Capital expenditures | $937M | $613M | $324M | +53% |
Questions
How much did ONEOK's revenue grow quarter over quarter in Q3 2026?
ONEOK's revenue rose $406M (+3%) from $12.0B in Q2 2026 to $12.5B in Q3 2026.
What drove ONEOK's revenue change in Q3 2026?
Commodity sales +$376M (+3%); Services and other +$30.0M (+2%).