Free cash flow margins have tightened significantly to 0.7% in 2026Q1, reflecting the heavy capital burden of integrating new assets while maintaining $674 million in quarterly dividend payments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Aug'98 | Aug'97 | Aug'96 |
|---|
| Cash from Operations | 5.63B | 5.6B | 4.89B | 4.42B | 2.91B | 2.55B | 1.9B | 1.95B | 2.19B | 1.32B | 1.35B | 1.01B | 1.29B | 1.29B | 990.94M | 1.36B | 834.04M | 1.45B | 475.68M | 1.03B | 873.39M | -179.66M | 204.81M | 4.08M | 812.28M | 405.35M | -263.33M | -7.03M | 346.53M | 152.1M | 105.1M |
| Operating CF Margin % | - | 16.65% | 22.59% | 25.01% | 12.71% | 14.74% | 22.46% | 19.25% | 17.32% | 10.74% | 15.2% | 13.11% | 10.52% | 8.88% | 7.94% | 9.21% | 6.49% | 12.86% | 2.94% | 7.64% | 7.34% | -1.42% | 3.42% | 0.14% | 38.6% | 5.96% | -3.96% | -0.87% | 18.88% | 13.09% | 8.58% |
| Operating CF Growth % | 35.3% | 14.55% | 10.56% | 52.14% | 14.13% | 34.08% | -2.45% | -10.97% | 66.24% | -2.68% | 34.22% | -21.67% | -0.71% | 30.66% | -27.13% | 63.06% | -42.59% | 205.39% | -53.8% | 17.89% | 586.14% | -187.72% | 4917.37% | -99.5% | 100.39% | 253.93% | -3644.77% | -102.03% | 127.83% | 44.72% | -4.02% |
| Net Income | 3.53B | 3.46B | 3.11B | 2.66B | 1.72B | 1.5B | 612.81M | 1.28B | 1.16B | 593.52M | 743.5M | 379.19M | 663.11M | 576.96M | 730.01M | 759.74M | 541.33M | 491.2M | 311.91M | 304.92M | 306.31M | 546.54M | 242.18M | 214.29M | 155.98M | 101.56M | 143.49M | 35.34M | 101.8M | 59.3M | 52.8M |
| Depreciation & Amortization | 1.51B | 1.51B | 1.13B | 769M | 626.13M | 621.7M | 578.66M | 476.54M | 428.56M | 406.33M | 391.58M | 354.62M | 306.04M | 384.38M | 335.85M | 312.29M | 307.32M | 288.99M | 243.93M | 227.96M | 235.54M | 183.39M | 188.72M | 160.86M | 149.96M | 158.42M | 143.98M | 43.23M | 101.65M | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 53M | 54M | 29.4M | 37.15M | 31.66M | 26.26M | 40.56M | 16.43M | 26.23M | 46.19M | 36.69M | 66.37M | 24.37M | 23.15M | 30.79M | 16.5M | 16.5M | 11.84M | 14.33M | 6.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.04B | 957M | 889M | 829M | 463.42M | 472.06M | 186.73M | 372.73M | 361.01M | 437.92M | 211.64M | 137.74M | 156.73M | 151.51M | 229.4M | 256.69M | 142.3M | 198.71M | 165.19M | 65.02M | 115.38M | 16.37M | 91.24M | 111.79M | 165.72M | 134.93M | 26.14M | 28.32M | -7.62M | -3M | -2M |
| Other Non-Cash Items | 168M | 46M | -204M | -194M | 37.79M | 40.58M | 651.97M | -54.31M | 4.05M | 43.98M | 6.78M | 267.96M | 75.2M | 126.36M | 15.27M | 2.65M | -20.41M | -27.8M | 239.16M | 205.35M | 142.71M | -340.36M | 322K | 21.1M | -9.25M | 68.28M | -162.83M | -2.29M | -17.22M | 74.8M | 67.4M |
| Working Capital Changes | -641M | -380M | -43M | 358M | 3.4M | -141.77M | -160.5M | -163.9M | 206.41M | -192.6M | -42.45M | -148.97M | 58.3M | 9.36M | -356.28M | -37.77M | -160.87M | 478.44M | -515.3M | 209.91M | 56.94M | -597.46M | -331.98M | -510.25M | 349.87M | -57.84M | -315.96M | -111.52M | 167.92M | 21M | -13.1M |
| Change in Receivables | -1.02B | -683M | 49M | 107M | -87.27M | -610.53M | -1.3M | -19.69M | 383.99M | -330.52M | -285.81M | 157.05M | 381.51M | -189.81M | -14.77M | -55.86M | 92.47M | -181.43M | 433.86M | 474.22M | 717.86M | -536.14M | -468.44M | -157.82M | -238.87B | 853.83M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -323M | -263M | 17M | 118M | -62.15M | -105.04M | 77.12M | -8.26M | 38.46M | -202.26M | -11.95M | 6.05M | 160.86M | 99.94M | 33.34M | 65.84M | -164.72M | 266.67M | -370.66M | 88.86M | -14.11M | -320.63M | -96.51M | -428.41M | 27.33M | -11.91M | -41.67M | 0 | 1.23M | 13.2M | -9.4M |
| Change in Payables | 1.2B | 671M | 114M | -62M | -26.11M | 622.42M | -80.26M | -62.95M | -320.13M | 261.31M | 287.63M | -205.14M | -417.99M | 165.08M | -30.98M | 102.62M | -43.88M | 154.04M | -340.58M | -500M | -500M | 518.41M | 322.39M | 100.96M | 239.17B | -701.15M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.06B | -3.75B | -6.61B | -6.4B | -1.14B | -665.29M | -2.27B | -3.77B | -2.11B | -567.63M | -615.45M | -1.19B | -2.57B | -2.64B | -1.81B | -1.37B | -134.36M | -787.79M | -1.45B | -1.15B | -237.35M | -533.41M | -422.39M | -622.82M | -75.22M | -341.05M | -745.58M | -91.17M | -299.71M | -88.8M | -72M |
| Capital Expenditures | -3.39B | -3.15B | -2.02B | -1.59B | -1.2B | -696.85M | -2.2B | -3.85B | -2.14B | -512.39M | -624.63M | -1.19B | -1.78B | -2.26B | -1.87B | -1.34B | -582.75M | -791.25M | -1.47B | -883.7M | -376.31M | -250.49M | -264.11M | -215.15M | -210.65M | -341.57M | -311.4M | -92.17M | -301.51M | -90.5M | -89.6M |
| CapEx % of Revenue | 9.62% | 9.37% | 9.34% | 9.02% | 5.26% | 4.03% | 25.96% | 38.05% | 16.96% | 4.19% | 7.02% | 15.47% | 14.56% | 15.47% | 14.95% | 9.05% | 4.53% | 7% | 9.12% | 6.56% | 3.16% | 1.98% | 4.41% | 7.17% | 10.01% | 5.02% | 4.69% | 11.39% | 16.43% | 7.79% | 7.32% |
| Acquisitions | -565M | -647M | -5.83B | -5.01B | -3M | -1M | 0 | -4.03M | -1.75M | 3.88M | 0 | 0 | -816M | -430.2M | -30.77M | -64.49M | -1.33M | 0 | 2.45M | -299.56M | -149.01M | -1.33B | -176.71M | -690.3M | -4.04M | -16.02M | -494.9M | 0 | -24.42M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 71M | 48M | 1.24B | 206M | 65.82M | 32.56M | -75.15M | 83.62M | 30.08M | 28.74M | 9.19M | -2.41M | 28.92M | 44.75M | 82.72M | 5.29M | 431.88M | 10.98M | 16.39M | -3.67M | 346.4M | 512.42M | 18.42M | 282.63M | -20.38M | 1.19M | 60.73M | 994K | 26.22M | 1.7M | 17.6M |
| Cash from Financing | -1.53B | -2.5B | 2.12B | 2.1B | -1.69B | -2.26B | 875M | 1.83B | -97.05M | -959.46M | -584.79M | 108.59M | 1.3B | 912.96M | 1.33B | 55.43M | -698.05M | -1.15B | 1.47B | 72.96M | -618.78M | 711.53M | 214.87M | 557.39M | -691.77M | -36.32M | 840.94M | 93.87M | -61.1M | -49.4M | -45M |
| Debt Issued (Net) | 1.71B | 830M | 5.09B | 4B | -26.42M | -604.89M | 1.57B | 3.35B | 248.45M | -299.88M | 455.9M | 774.8M | 1.13B | 987.25M | 1.59B | 842.03M | -587.73M | -1.01B | 1.65B | 775.35M | -389.03M | 1.06B | 42.64M | 741.33M | -621.14M | 26.86M | 1.08B | 161.54M | -12.56M | -19.2M | -17.1M |
| Equity Issued (Net) | -45M | -75M | -524M | 0 | 32.44M | 32.79M | 969.76M | 29.04M | 1.2B | 471.36M | 21.97M | 396.33M | 0 | 604.53M | 325.56M | -282.2M | 343.61M | 258.7M | 163.44M | -369.48M | -270.62M | -228.4M | 188.95M | -112.97M | 3.67M | 10.66M | -453K | -39.61M | 6.26M | -2.1M | 0 |
| Dividends Paid | -2.61B | -2.58B | -2.31B | -1.84B | -1.67B | -1.67B | -1.61B | -1.46B | -1.34B | -829.41M | -517.6M | -509.2M | -443.82M | -304.74M | -261.97M | -227.02M | -193.54M | -172.77M | -162.78M | -150.19M | -135.45M | -110.16M | -89.23M | -70.96M | -74.3M | -73.84M | -70.47M | -28.06M | -54.8M | -28M | -27.9M |
| Share Repurchases | -45M | -75M | -159M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -150M | -300.11M | -7K | -254K | -29K | -390.21M | -281.44M | -233.07M | -823K | -350M | 0 | 0 | -453K | -39.61M | 0 | -9.5M | 0 |
| Other Financing | -582M | -675M | -135M | -58M | -27.02M | -19.55M | -56.95M | -88.54M | -214.42M | -290.1M | -546.79M | -553.34M | 615.17M | -374.08M | -324.91M | -277.38M | -260.38M | -222.71M | -182.43M | -182.72M | 176.32M | -26.54M | 72.51M | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 |
| Net Change in Cash | 31M | -655M | 395M | 118M | 73.84M | -378.11M | 503.54M | 8.98M | -25.22M | -211.68M | 151.26M | -75.19M | 27.25M | -434.31M | 517.66M | 35.61M | 1.64M | -480.66M | 490.95M | -49.16M | 60.35M | -1.54M | -2.71M | -61.35M | 45.29M | 27.98M | 177K | -4.33M | -14.29M | 13.8M | -11.9M |
| Free Cash Flow | 2.24B | 2.45B | 2.87B | 2.83B | 1.7B | 1.85B | -296.31M | -1.9B | 45.24M | 803.02M | 726.98M | -181.33M | -493.54M | -961.82M | -875.21M | 23.91M | 251.29M | 661.45M | -997.46M | 145.96M | 497.08M | -430.15M | -59.3M | -211.07M | 601.63M | 63.78M | -406.59M | -99.2M | 45.01M | 61.6M | 15.5M |
| FCF Margin % | 6.37% | 7.28% | 13.25% | 15.99% | 7.45% | 10.71% | -3.5% | -18.8% | 0.36% | 6.56% | 8.17% | -2.36% | -4.04% | -6.6% | -7.01% | 0.16% | 1.95% | 5.85% | -6.17% | 1.08% | 4.18% | -3.39% | -0.99% | -7.04% | 28.59% | 0.94% | -6.12% | -12.26% | 2.45% | 5.3% | 1.27% |
| FCF Growth % | -26.68% | -14.65% | 1.45% | 65.85% | -7.87% | 724.14% | 84.42% | -4302.92% | -94.37% | 10.46% | 500.91% | 63.26% | 48.69% | -9.9% | -3761.2% | -90.49% | -62.01% | 166.31% | -783.39% | -70.64% | 215.56% | -625.37% | 71.9% | -135.08% | 843.23% | 115.69% | -309.88% | -320.38% | -26.93% | 297.42% | -45.61% |
| FCF per Share | 3.55 | 3.88 | 4.89 | 5.82 | 3.80 | 4.13 | -0.69 | -4.58 | 0.11 | 2.68 | 3.42 | -0.86 | -2.35 | -4.59 | -4.15 | 0.11 | 1.17 | 3.11 | -4.72 | 0.67 | 2.17 | -1.99 | -0.28 | -1.09 | 2.99 | 0.32 | -2.07 | -0.49 | 0.37 | 0.56 | 0.14 |
| FCF Conversion (FCF/Net Income) | 0.63x | 1.65x | 1.61x | 1.66x | 1.69x | 1.70x | 3.10x | 1.52x | 1.90x | 3.39x | 3.84x | 4.11x | 4.09x | 4.86x | 2.75x | 3.77x | 2.49x | 4.76x | 1.53x | 3.38x | 2.85x | -0.33x | 0.85x | 0.04x | 4.87x | 3.99x | -1.81x | -0.20x | 3.40x | 2.56x | 1.99x |
| Interest Paid | 0 | 1.73B | 1.3B | 653M | 582M | 692M | 760.98M | 435.17M | 418.24M | 432.21M | 461.21M | 367.83M | 0 | 0 | 439.4M | 0 | 298.35M | 314.51M | 237.58M | 253.68M | 226M | 219.92M | 37.53M | 100.66M | 109.9M | 132.36M | 111.1M | 0 | 34.64M | 0 | 0 |
| Taxes Paid | 0 | 74M | 102M | 37M | 59M | 9M | 342K | 2.69M | 2.23M | 6.63M | 361K | 3.32M | 0 | 0 | 872K | 0 | 16.84M | 30.56M | 82.97M | 57.28M | 262.5M | 244.93M | 125.06M | 16.3M | 90.31M | 13.05M | 57.58M | 0 | 73.77M | 0 | 0 |
Integration and capital intensity
Based on reported financial statements, ONEOK consistently generates operating cash flow exceeding net income, with the OCF/NI ratio frequently surpassing 1.5x, which suggests that non-cash charges like depreciation and amortization are significant drivers of the company's reported cash generation profile relative to accounting profits.
The persistent gap between net income and operating cash flow indicates that the company's earnings are heavily influenced by non-cash accounting entries, typical of capital-intensive midstream operations. Investors should monitor whether this conversion quality remains stable as the integration of Magellan assets continues to impact the depreciation schedule.
As reported in recent quarterly filings, free cash flow margins have experienced significant compression, dropping from a peak of 19.4% in 2024Q2 to just 0.7% in 2026Q1, reflecting the heavy capital burden associated with the company's recent inorganic growth strategy and infrastructure integration efforts.
The sharp decline in FCF margins suggests that the company is currently prioritizing asset integration and expansion over immediate cash return to shareholders. This trajectory warrants further investigation into whether the current capital expenditure levels are temporary integration costs or a permanent shift in the company's capital intensity.
According to recent SEC filings, ONEOK's capital expenditure as a percentage of revenue has remained elevated, fluctuating between 7.8% and 11.6% over the last ten quarters, which underscores the ongoing requirement for substantial reinvestment to maintain and expand its integrated NGL and refined product pipeline network.
The high level of capital intensity suggests that a significant portion of operating cash flow is being redirected toward sustaining the asset base rather than deleveraging or dividend growth. This reliance on heavy reinvestment may limit the company's flexibility if commodity price environments or volume throughputs face unexpected headwinds.
Based on the provided data, working capital changes have been highly volatile, swinging from a $502 million outflow in 2024Q1 to a $328 million inflow in 2023Q4, which highlights the sensitivity of ONEOK's cash position to timing differences in commodity marketing and inventory management.
These erratic working capital movements appear to be a byproduct of the company's commodity marketing activities, which can mask underlying operational cash flow trends. Analysts should be cautious in interpreting quarterly cash flow figures without adjusting for these transient fluctuations in accounts receivable and inventory.
As reported in financial statements, ONEOK has maintained a consistent dividend payout, with quarterly distributions often exceeding $600 million, even as free cash flow has tightened significantly, suggesting a management priority on shareholder returns despite the substantial capital requirements of the recent Magellan acquisition.
The commitment to dividend payments in the face of narrowing free cash flow may indicate management's confidence in the long-term cash-generative potential of the combined entity. However, investors should monitor the sustainability of this payout if the current trend of high capital expenditure and volatile working capital persists.
Quick answers to the most common questions about buying OKE stock.
ONEOK, Inc. (OKE) generated $5.60B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ONEOK, Inc. (OKE) generated $2.45B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
ONEOK, Inc. (OKE) spent $3.15B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, ONEOK, Inc. (OKE) returned $2.58B to shareholders via cash dividends and spent $75.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.