Filing Flows › ONEOK (OKE) › How it makes money
How ONEOK (OKE) makes money
ONEOK (OKE) made $12.5B of revenue in the third quarter 2026 (Q3 2026), +44% from a year earlier. Commodity sales brought in $11.2B (90%); Services and other brought in $1.3B (10%). Of every dollar of revenue, 13¢ was left as operating profit, 11¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Commodity sales | $11.2B | 89.8% | +3% | +51% |
| ↳ Liquids commodity sales | $10.4B | 83.2% | -0.1% | +55% |
| ↳ Residue natural gas sales | $826M | 6.6% | +89% | +10% |
| Services and other | $1.3B | 10.2% | +2% | +4% |
| ↳ Transportation and storage revenue | $823M | 6.6% | +0.9% | +6% |
| ↳ Exchange services and natural gas gathering and processing revenue | $373M | 3.0% | -0.8% | -8% |
| ↳ Other revenue | $69.0M | 0.6% | +60% | +86% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $12.5B | 100.0% |
| Operating profit | $1.6B | 12.6% |
| Net earnings | $1.4B | 10.8% |
| Operating cash flow | $1.4B | 11.1% |
| Free cash flow | $442M | 3.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $12.5B | +44% |
| Q2 2026 | $12.0B | +53% |
| Q1 2026 | $9.6B | +20% |
| Q4 2025 | $9.1B | +30% |
| Q3 2025 | $8.6B | +72% |
| Q2 2025 | $7.9B | +61% |
| Q1 2025 | $8.0B | +68% |
From ONEOK's 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does ONEOK make money?
ONEOK (OKE) made $12.5B of revenue in the third quarter 2026 (Q3 2026), +44% from a year earlier. Commodity sales brought in $11.2B (90%); Services and other brought in $1.3B (10%). Of every dollar of revenue, 13¢ was left as operating profit, 11¢ was left as net earnings.
What is ONEOK's biggest business?
Commodity sales: $11.2B in the third quarter 2026, 90% of revenue, +51% from a year earlier.
What is ONEOK's profit margin?
Net earnings were $1.4B, 10.8% of revenue, in the third quarter 2026; the operating margin was 12.6%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.