Filing Flows › ONEOK (OKE) › Q4 2025
ONEOK (OKE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
ONEOK (OKE) reported revenue of $9.1B for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +5% from the quarter before. Operating margin was 16.9%, net earnings $977M (10.8% of revenue).
ONEOK, Q4 2025: revenue $9.1B (+30% year over year), operating margin 16.9%, net earnings $977M, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.1B | +5% | +29% |
| Operating profit | $1.5B | -2% | -2% |
| Net earnings | $977M | +4% | +6% |
| Operating cash flow | $1.5B | -5% | -4% |
| Free cash flow | $576M | -30% | -45% |
What changed
Revenue was $9.1B in Q4 2025, up 29% year over year and up 5% from the previous quarter. Liquids Commodity was the largest line at 77% of revenue.
Operating profit was $1.5B, a 16.9% margin (down 5.5 points year over year). Operating profit fell $0.04B even though revenue rose $2.1B versus a year earlier, so costs grew faster than sales. Total costs grew 39% against revenue growth of 29%. The fastest-growing cost line was Cost of revenue (+42%). Net earnings were $1.0B, up 6% year over year. The effective tax rate was 21.9%.
Operating cash flow was $1.5B (down 4% year over year), 158% of net earnings. Non-cash charges added back $0.39B of depreciation and amortization. Working capital and other items added $0.18B. Capital expenditures of $1.0B left free cash flow of $0.58B.
Questions
What was ONEOK's revenue in the fourth quarter 2025?
ONEOK (OKE) reported revenue of $9.1B for the fourth quarter 2025 (Q4 2025), +29% from a year earlier and +5% from the quarter before.
Was ONEOK profitable in the fourth quarter 2025?
Operating profit was $1.5B (16.9% of revenue) and net earnings $977M.
Source: ONEOK 10-K on SEC EDGAR.