Filing Flows › ONEOK (OKE) › Q3 2026 › vs Q3 2025
ONEOK (OKE) Q3 2026 vs Q3 2025 (year over year)
ONEOK's revenue rose $3.8B (+44%) from $8.6B in Q3 2025 to $12.5B in Q3 2026. The biggest changes: Commodity sales +$3.8B (+51%); Services and other +$47.0M (+4%). Operating margin 12.6% against 18.0% (-5.5 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 12.6% | 18.0% | -5.5 pts |
| Net margin | 10.8% | 10.9% | -0.0 pts |
| Free cash flow margin | 3.5% | 9.5% | -5.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Liquids commodity sales | $10.4B | $6.7B | $3.7B | +55% |
| Residue natural gas sales | $826M | $751M | $75.0M | +10% |
| Transportation and storage revenue | $823M | $775M | $48.0M | +6% |
| Exchange services and natural gas gathering and processing revenue | $373M | $406M | −$33.0M | -8% |
| Other revenue | $69.0M | $37.0M | $32.0M | +86% |
| Commodity sales | $11.2B | $7.4B | $3.8B | +51% |
| Services and other | $1.3B | $1.2B | $47.0M | +4% |
| Revenue | $12.5B | $8.6B | $3.8B | +44% |
| Operating profit | $1.6B | $1.6B | $10.0M | +0.6% |
| Costs & expenses | $10.9B | $7.1B | $3.8B | +54% |
| Pre-tax earnings | $1.4B | $1.2B | $121M | +10% |
| Other expense, net | $210M | $321M | −$111M | -35% |
| Cost of revenue | $9.6B | $6.0B | $3.6B | +61% |
| Other operating costs | $1.3B | $1.1B | $161M | +14% |
| Income tax benefit | $26.0M | −$297M | $323M | — |
| Net earnings | $1.4B | $939M | $411M | +44% |
| Minority interests | $34.0M | $1.0M | $33.0M | 34× |
| Depreciation & amortization | $395M | $378M | $17.0M | +4% |
| Working capital & other | $366M | −$307M | $673M | — |
| Operating cash flow | $1.4B | $1.6B | −$245M | -15% |
| Free cash flow (OCF − capex) | $442M | $820M | −$378M | -46% |
| Capital expenditures | $937M | $804M | $133M | +17% |
Questions
How much did ONEOK's revenue grow year over year in Q3 2026?
ONEOK's revenue rose $3.8B (+44%) from $8.6B in Q3 2025 to $12.5B in Q3 2026.
What drove ONEOK's revenue change in Q3 2026?
Commodity sales +$3.8B (+51%); Services and other +$47.0M (+4%).