Revenue growth peaked at 71.9% in 2025Q3 following strategic acquisitions, though net margins have subsequently compressed to 8.0% as of 2026Q1.
| 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 |
|---|
| Sales/Revenue | 35.2B | 33.63B | 21.64B | 17.68B | 22.87B | 17.27B | 8.46B | 10.11B | 12.62B | 12.24B | 8.89B | 7.68B | 12.22B | 14.58B | 12.48B | 14.76B | 12.86B | 11.3B | 16.15B | 13.48B | 11.9B | 12.68B | 5.99B | 3B | 2.1B | 6.8B | 6.64B | 808.87M | 1.84B | 1.16B | 1.22B |
| Revenue Growth % | 41.04% | 55.42% | 22.41% | -22.71% | 32.41% | 104.24% | -16.39% | -19.88% | 3.1% | 37.64% | 15.79% | -37.11% | -16.23% | 16.82% | -15.43% | 14.77% | 13.84% | -30.06% | 19.87% | 13.29% | -6.15% | 111.69% | 99.67% | 42.52% | -69.07% | 2.41% | 721.25% | -55.93% | 57.97% | -5.1% | 28.89% |
| Cost of Goods Sold | 26.77B | 26.41B | 16.59B | 11.93B | 19.75B | 14.25B | 6.43B | 8.13B | 10.65B | 10.64B | 7.56B | 6.6B | 10.98B | 13.1B | 11.35B | 13.69B | 11.98B | 10.52B | 15.16B | 12.57B | 11.06B | 11.52B | 4.93B | 1.86B | 1.13B | 5.89B | 5.85B | 523.53M | 1.22B | 726M | 807.7M |
| COGS % of Revenue | - | 78.54% | 76.66% | 67.48% | 86.36% | 82.52% | 76.04% | 80.37% | 84.41% | 86.89% | 84.95% | 85.93% | 89.9% | 89.85% | 90.9% | 92.72% | 93.18% | 93.13% | 93.86% | 93.23% | 93% | 90.89% | 82.37% | 62.1% | 53.63% | 86.64% | 88% | 64.72% | 66.47% | 62.48% | 65.97% |
| Gross Profit | 8.43B | 7.22B | 5.05B | 5.75B | 3.12B | 3.02B | 2.03B | 1.99B | 1.97B | 1.6B | 1.34B | 1.08B | 1.23B | 1.48B | 1.14B | 1.07B | 877.37M | 775.8M | 991.94M | 911.87M | 832.76M | 1.15B | 1.06B | 1.14B | 975.66M | 908.78M | 797.13M | 285.34M | 615.39M | 435.9M | 416.6M |
| Gross Margin % | 23.95% | 21.46% | 23.34% | 32.52% | 13.64% | 17.48% | 23.96% | 19.63% | 15.59% | 13.11% | 15.05% | 14.07% | 10.1% | 10.15% | 9.1% | 7.28% | 6.82% | 6.87% | 6.14% | 6.77% | 7% | 9.11% | 17.63% | 37.9% | 46.37% | 13.36% | 12% | 35.28% | 33.53% | 37.52% | 34.03% |
| Gross Profit Growth % | - | 42.93% | -12.14% | 84.27% | 3.3% | 49.05% | 2.03% | 0.87% | 22.68% | 19.85% | 23.88% | -12.41% | -16.63% | 30.22% | 5.8% | 22.43% | 13.09% | -21.79% | 8.78% | 9.5% | -27.88% | 9.4% | -7.12% | 16.48% | 7.36% | 14.01% | 179.36% | -53.63% | 41.18% | 4.63% | 9.03% |
| Operating Expenses | 1.3B | 251M | 29M | 1.68B | 85.23M | 166.67M | 125.03M | 119.16M | 103.92M | 98.4M | 88.85M | 87.58M | 75.74M | 118.33M | 102.89M | 94.66M | 91.22M | 101M | 82.31M | 85.94M | 78.09M | 620M | 565.51M | 690.41M | 604.18M | 613.55M | 463.2M | 199.38M | 412.44M | 307.7M | 296.2M |
| OpEx % of Revenue | - | 0.75% | 0.13% | 9.48% | 0.37% | 0.97% | 1.48% | 1.18% | 0.82% | 0.8% | 1% | 1.14% | 0.62% | 0.81% | 0.82% | 0.64% | 0.71% | 0.89% | 0.51% | 0.64% | 0.66% | 4.89% | 9.44% | 23.02% | 28.71% | 9.02% | 6.97% | 24.65% | 22.47% | 26.48% | 24.19% |
| Selling, General & Admin | 634M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 552.53M | 498.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.36% | 8.33% | - | - | - | - | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 251M | 29M | 1.68B | 85.23M | 166.67M | 125.03M | 119.16M | 103.92M | 98.4M | 88.85M | 87.58M | 75.74M | 118.33M | 102.89M | 94.66M | 91.22M | 101M | 82.31M | 85.94M | 78.09M | 67.46M | 66.73M | 690.41M | 604.18M | 613.55M | 463.2M | 199.38M | 412.44M | 307.7M | 296.2M |
| Operating Income | 7.13B | 6.97B | 5.02B | 4.07B | 3.03B | 2.85B | 1.9B | 1.87B | 1.86B | 1.51B | 1.25B | 993.11M | 1.16B | 1.36B | 1.03B | 979.52M | 786.16M | 674.8M | 909.63M | 825.93M | 754.67M | 534.76M | 490.01M | 446.06M | 371.48M | 295.23M | 333.93M | 85.96M | 202.95M | 128.2M | 120.4M |
| Operating Margin % | 20.26% | 20.72% | 23.2% | 23.04% | 13.27% | 16.52% | 22.48% | 18.46% | 14.77% | 12.3% | 14.05% | 12.93% | 9.48% | 9.34% | 8.28% | 6.64% | 6.11% | 5.97% | 5.63% | 6.13% | 6.34% | 4.22% | 8.18% | 14.87% | 17.65% | 4.34% | 5.03% | 10.63% | 11.06% | 11.03% | 9.83% |
| Operating Income Growth % | - | 38.76% | 23.31% | 34.21% | 6.35% | 50.08% | 1.84% | 0.11% | 23.8% | 20.5% | 25.86% | -14.24% | -14.95% | 31.74% | 5.52% | 24.6% | 16.5% | -25.82% | 10.13% | 9.44% | 41.12% | 9.13% | 9.85% | 20.08% | 25.83% | -11.59% | 288.46% | -57.64% | 58.31% | 6.48% | 14.67% |
| EBITDA | 8.64B | 8.48B | 6.16B | 4.84B | 3.66B | 3.47B | 2.48B | 2.34B | 2.29B | 1.91B | 1.64B | 1.35B | 1.46B | 1.75B | 1.37B | 1.29B | 1.09B | 963.79M | 1.15B | 1.05B | 990.22M | 718.16M | 678.74M | 606.92M | 521.44M | 453.65M | 477.92M | 129.19M | 304.6M | 202.1M | 193M |
| EBITDA Margin % | 24.56% | 25.22% | 28.45% | 27.39% | 16% | 20.12% | 29.32% | 23.17% | 18.17% | 15.62% | 18.45% | 17.54% | 11.98% | 11.97% | 10.97% | 8.75% | 8.5% | 8.53% | 7.14% | 7.82% | 8.32% | 5.67% | 11.33% | 20.24% | 24.78% | 6.67% | 7.19% | 15.97% | 16.6% | 17.39% | 15.76% |
| EBITDA Growth % | 33.89% | 37.79% | 27.14% | 32.26% | 5.34% | 40.13% | 5.83% | 2.18% | 19.9% | 16.51% | 21.8% | -7.95% | -16.15% | 27.5% | 6.01% | 18.14% | 13.46% | -16.45% | 9.46% | 6.43% | 37.88% | 5.81% | 11.83% | 16.39% | 14.94% | -5.08% | 269.93% | -57.59% | 50.72% | 4.71% | 24.52% |
| D&A (Non-Cash Add-back) | 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 | 73.9M | 72.6M |
| EBIT | 6.34B | 6.27B | 5.46B | 4.34B | 2.89B | 2.68B | 1.42B | 2.12B | 1.97B | 1.51B | 1.41B | 921.1M | 1.15B | 1.06B | 1.24B | 1.28B | 1.05B | 1B | 1.06B | 939.04M | 962.17M | 788.04M | 495.61M | 427.86M | 371.48M | 255.61M | 324.5M | 83.57M | 188.81M | 128.12M | 120.1M |
| Net Interest Income | -1.78B | -1.78B | -1.35B | -845M | -641.73M | -692.97M | -619.21M | -468.54M | -451.33M | -464.63M | -450.44M | -399.22M | -334.2M | -319.65M | -295.15M | -296.53M | -292.27M | -302.06M | -264.17M | -256.32M | -239.72M | -144.92M | -102.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.78B | 1.78B | 1.35B | 845M | 641.73M | 692.97M | 619.21M | 468.54M | 451.33M | 464.63M | 450.44M | 399.22M | 334.2M | 319.65M | 295.15M | 296.53M | 292.27M | 302.06M | 264.17M | 256.32M | 239.72M | 147.61M | 103.47M | 200.11M | 108.98M | 140.56M | 79.56M | 27.88M | 35.08M | 34.1M | 34.6M |
| Other Income/Expense | -2.51B | -2.48B | -911M | -575M | -784.51M | -868.84M | -1.1B | -215.59M | -346.66M | -465.37M | -291.98M | -471.24M | -338.15M | -621.25M | -89.1M | 4.04M | -30.99M | 23.72M | -115.09M | -143.22M | -32.23M | 110.9M | -97.86M | -83.04M | -113.02M | -99.66M | -100.16M | -25.49M | -20.43M | -34.01M | -34.3M |
| Pretax Income | 4.62B | 4.49B | 4.11B | 3.5B | 2.25B | 1.98B | 802.32M | 1.65B | 1.52B | 1.04B | 957.96M | 521.88M | 819.87M | 740.34M | 944.45M | 983.56M | 755.16M | 698.52M | 794.54M | 682.72M | 722.44M | 645.67M | 392.14M | 344.82M | 258.46M | 155.95M | 233.78M | 58.08M | 168.38M | 94.1M | 85.8M |
| Pretax Margin % | 13.13% | 13.35% | 18.99% | 19.78% | 9.84% | 11.49% | 9.49% | 16.32% | 12.03% | 8.5% | 10.77% | 6.79% | 6.71% | 5.08% | 7.57% | 6.66% | 5.87% | 6.18% | 4.92% | 5.07% | 6.07% | 5.09% | 6.55% | 11.5% | 12.28% | 2.29% | 3.52% | 7.18% | 9.17% | 8.1% | 7.01% |
| Income Tax | 1.08B | 1.03B | 998M | 838M | 527.42M | 484.5M | 189.51M | 372.41M | 362.9M | 447.28M | 212.41M | 136.6M | 151.16M | 163.38M | 215.19M | 226.05M | 213.83M | 207.32M | 194.07M | 184.6M | 193.76M | 242.52M | 149.97M | 130.53M | 102.48M | 52.23M | 90.29M | 22.74M | 66.58M | 34.8M | 33M |
| Effective Tax Rate % | 23.27% | 22.9% | 24.28% | 23.96% | 23.44% | 24.42% | 23.62% | 22.56% | 23.91% | 42.97% | 22.17% | 26.17% | 18.44% | 22.07% | 22.79% | 22.98% | 28.32% | 29.68% | 24.43% | 27.04% | 26.82% | 37.56% | 38.24% | 37.85% | 39.65% | 33.49% | 38.62% | 39.15% | 39.54% | 36.98% | 38.46% |
| Net Income | 3.53B | 3.4B | 3.04B | 2.66B | 1.72B | 1.5B | 612.81M | 1.28B | 1.15B | 387.84M | 352.04M | 244.98M | 314.11M | 266.53M | 360.62M | 360.59M | 334.63M | 305.45M | 311.91M | 304.92M | 306.31M | 546.54M | 242.18M | 112.49M | 166.62M | 101.56M | 145.61M | 35.34M | 101.8M | 59.3M | 52.8M |
| Net Margin % | 10.04% | 10.1% | 14.03% | 15.04% | 7.53% | 8.68% | 7.25% | 12.64% | 9.12% | 3.17% | 3.96% | 3.19% | 2.57% | 1.83% | 2.89% | 2.44% | 2.6% | 2.7% | 1.93% | 2.26% | 2.57% | 4.31% | 4.04% | 3.75% | 7.92% | 1.49% | 2.19% | 4.37% | 5.55% | 5.1% | 4.31% |
| Net Income Growth % | 16.52% | 11.86% | 14.14% | 54.41% | 14.8% | 144.77% | -52.07% | 11.02% | 196.95% | 10.17% | 43.7% | -22.01% | 17.85% | -26.09% | 0.01% | 7.76% | 9.55% | -2.07% | 2.29% | -0.45% | -43.95% | 125.68% | 115.29% | -32.49% | 64.06% | -30.25% | 311.97% | -65.28% | 71.66% | 12.31% | 23.36% |
| Net Income (Continuing) | 3.55B | 3.46B | 3.11B | 2.66B | 1.72B | 1.5B | 612.81M | 1.28B | 1.16B | 593.52M | 745.55M | 385.28M | 668.72M | 589.09M | 729.25M | 757.51M | 541.33M | 491.2M | 600.47M | 304.92M | 306.68M | 403.15M | 242.18M | 206.45M | 155.98M | 78.84M | 137.67M | 35.34M | 101.8M | 59.27M | 52.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -51.5M | 2.23M | 0 | 0 | 0 | 0 | -365K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 90M | 84M | 5.1B | 0 | 0 | 0 | 0 | 0 | 0 | 157.49M | 3.24B | 3.43B | 3.41B | 2.51B | 2.1B | 1.56B | 1.47B | 1.24B | 1.08B | 801.96M | 800.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 5.59 | 5.42 | 5.17 | 5.48 | 3.84 | 3.35 | 1.42 | 3.08 | 2.78 | 1.29 | 1.66 | 1.16 | 1.49 | 1.27 | 1.71 | 1.68 | 1.55 | 1.44 | 1.48 | 1.40 | 1.34 | 2.53 | 1.15 | 0.61 | 0.70 | 0.43 | 0.62 | 0.18 | 0.56 | 0.53 | 0.48 |
| EPS Growth % | 9.57% | 4.84% | -5.66% | 42.71% | 14.63% | 135.92% | -53.9% | 10.79% | 115.5% | -22.29% | 43.1% | -22.15% | 17.32% | -25.73% | 1.79% | 8.39% | 7.64% | -2.7% | 5.71% | 4.48% | -47.04% | 120% | 88.52% | -12.86% | 62.79% | -30.65% | 244.44% | -67.86% | 5.66% | 10.42% | 20% |
| EPS (Basic) | - | 5.43 | 5.19 | 5.49 | 3.85 | 3.36 | 1.42 | 3.09 | 2.80 | 1.30 | 1.67 | 1.17 | 1.50 | 1.29 | 1.75 | 1.72 | 1.57 | 1.45 | 1.50 | 1.42 | 1.37 | 2.72 | 1.19 | 0.74 | 0.70 | 0.43 | 0.62 | 0.19 | 0.61 | 0.53 | 0.48 |
| Diluted Shares Outstanding | 631.6M | 631.2M | 586.5M | 485.4M | 448.45M | 447.4M | 431.78M | 415.44M | 414.19M | 299.78M | 212.38M | 210.54M | 210.43M | 209.69M | 210.71M | 214.5M | 215.57M | 212.64M | 211.52M | 218.6M | 228.95M | 216.03M | 210.92M | 194M | 201.06M | 199.34M | 196.65M | 201.54M | 121.8M | 110.58M | 108.6M |
| Basic Shares Outstanding | 630.7M | 630M | 586.5M | 484.3M | 447.51M | 446.4M | 431.11M | 413.56M | 411.49M | 297.48M | 211.13M | 210.21M | 209.39M | 206.04M | 206.14M | 209.34M | 212.74M | 210.72M | 208.74M | 214.69M | 224.01M | 200.94M | 203.93M | 161.14M | 199.83M | 198.9M | 116.86M | 121.7M | 121.8M | 110.58M | 108.6M |
| Dividend Payout Ratio | - | 76.08% | 76.21% | 69.16% | 97.07% | 111.16% | 261.97% | 114% | 115.92% | 213.85% | 147.03% | 207.85% | 141.29% | 114.34% | 72.64% | 62.96% | 57.84% | 56.56% | 52.19% | 49.25% | 44.22% | 20.16% | 36.84% | 63.09% | 44.59% | 72.7% | 48.4% | 79.39% | 53.84% | 47.22% | 52.84% |
Integration and commodity volatility
According to recent quarterly financial statements, ONEOK experienced a significant revenue expansion, with year-over-year growth peaking at 71.9% in 2025Q3, largely reflecting the inorganic impact of the Magellan Midstream acquisition and a fundamental shift in the company's scale within the refined products and NGL markets.
The rapid top-line acceleration appears to be a direct consequence of the Magellan integration rather than organic volume growth alone. Investors should monitor whether this expanded revenue base can sustain its current trajectory as the initial acquisition synergies are fully realized and the company faces tougher year-over-year comparisons.
As reported in recent filings, gross margins have exhibited notable fluctuations, ranging from a low of 16.8% in 2025Q1 to a high of 30.9% in 2024Q4, suggesting that the company's profitability profile is increasingly sensitive to commodity marketing activities and the integration of diverse asset classes.
The variability in gross margins implies that the company's core fee-based business is being masked by the high-volume, lower-margin commodity marketing segment. This volatility warrants further investigation into whether the current margin mix represents a permanent structural change or temporary noise resulting from the recent acquisition.
Based on the provided income statement data, operating income has struggled to scale proportionally with gross profit, as evidenced by the 2026Q1 operating margin of 14.8% compared to the 26.7% gross margin, indicating that overhead and integration costs are currently weighing on the company's bottom-line efficiency.
The divergence between gross and operating margins suggests that the company is absorbing significant operational complexity following its recent expansion. Analysts should watch for evidence of cost rationalization, as the current spread between these two metrics may indicate that the company has yet to achieve optimal operating leverage.
Financial data suggests that while top-line growth is robust, the underlying net margin has compressed from 15.9% in 2024Q2 to 8.0% in 2026Q1, raising questions about the quality of earnings and the long-term profitability of the newly acquired refined product assets in a post-acquisition environment.
Short-sellers may focus on this margin compression as a sign that the Magellan acquisition has introduced lower-margin, higher-risk revenue streams that dilute the company's historical NGL-focused profitability. The trend suggests that the market's enthusiasm for the company's scale may be premature until sustained margin expansion is demonstrated.
Quick answers to the most common questions about buying OKE stock.
For fiscal year 2025, ONEOK, Inc. (OKE) reported total revenue of $33.63B. This represents a 2646.8% increase compared to $1.22B in 1996.
ONEOK, Inc. (OKE) is profitable, generating $3.40B in net income for the fiscal year ending 2025 with a net profit margin of 10.1%.
ONEOK, Inc. (OKE) reported an operating income of $6.97B, resulting in an operating profit margin of 20.7%. This margin reflects the operational efficiency of the business before interest and taxes.
ONEOK, Inc. (OKE) generated $7.22B in gross profit for the year, representing a gross profit margin of 21.5%. This demonstrates the company's core pricing power and production efficiency.