ONEOK Reports Double-Digit Earnings Growth in 2025

Company Provides 2026 Guidance Reflecting Discipline Around Commodity Prices

Published on Feb. 28, 2026

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ONEOK (NYSE:OKE) outlined double-digit earnings growth in 2025 and provided 2026 guidance that management said reflects discipline around commodity-price assumptions while still incorporating contributions from completed projects and incremental acquisition synergies. CEO Pierce Norton said 2025 was a 'defining year' for ONEOK, citing double-digit earnings growth, expanded margins, and balance sheet strengthening alongside the integration of acquisitions and advancement of long-cycle projects.

Why it matters

ONEOK's strong financial performance and strategic moves, including the integration of recent acquisitions and advancement of key projects, demonstrate the company's ability to navigate market conditions and position itself for continued growth. The 2026 guidance also provides insights into ONEOK's outlook and the factors driving its business.

The details

In the fourth quarter, ONEOK reported net income of $977 million, or $1.55 per share, and quarterly Adjusted EBITDA of $2.15 billion. The company highlighted the successful integration of acquisitions like Magellan, Eastern, Inland, and Medallion, which are expected to be fully embedded in 2026 across its NGL, refined products, crude, and natural gas systems. ONEOK has realized nearly $500 million in total synergies since closing the Magellan acquisition in September 2023, including approximately $250 million in 2025 alone, exceeding original expectations.

  • In the fourth quarter of 2025, ONEOK reported its results.
  • ONEOK closed the Magellan acquisition in September 2023.
  • ONEOK expects to generate 'a little over $22 million of EBITDA each day' in 2026, on average.

The players

ONEOK, Inc.

A publicly traded midstream energy company headquartered in Tulsa, Oklahoma that owns and operates a portfolio of natural gas and natural gas liquids (NGL) pipelines, processing facilities, fractionators and storage and terminal assets.

Pierce Norton

The CEO of ONEOK who said 2025 was a 'defining year' for the company, citing double-digit earnings growth, expanded margins, and balance sheet strengthening.

Randy Lentz

The COO of ONEOK who discussed factors affecting the company's 2025 and 2026 performance, including the impact of winter weather on volumes.

Sheridan Swords

The Commercial Chief of ONEOK who highlighted growing natural gas demand and the company's engagement in advanced discussions tied to data center projects.

Hulse

The CFO of ONEOK who provided the company's 2026 guidance and discussed factors affecting the comparison between 2025 and 2026 expectations.

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What they’re saying

“2025 was a 'defining year' for ONEOK, citing double-digit earnings growth, expanded margins, and balance sheet strengthening alongside the integration of acquisitions and advancement of long-cycle projects.”

— Pierce Norton, CEO (themarketsdaily.com)

“We must have discipline around commodity-price assumptions while still incorporating contributions from completed projects and incremental acquisition synergies.”

— Pierce Norton, CEO (themarketsdaily.com)

What’s next

ONEOK expects to generate 'a little over $22 million of EBITDA each day' in 2026, on average, and the company does not expect to pay meaningful cash taxes until 2029.

The takeaway

ONEOK's strong financial performance, strategic acquisitions, and disciplined approach to capital allocation and cost management position the company for continued growth and success in the midstream energy sector.