ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial Guidance Oct. 27, 2026 Page 2 -more- “As we look to 2027, we expect…
ONEOK INC /NEW/ (OKE) filed an SEC Form 8-K — Results of Operations and Financial Condition. -more- Oct. 27, 2026 ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial Guidance Record Permian Basin Volumes TULSA, Okla. - Oct. 27, 2026 - ONEOK, Inc. (NYSE: OKE) today announced higher third- quarter 2026 results and increased 2026 financial guidan
How this was made
The 30-second read
Why it matters
The raised guidance signals stronger cash flow and earnings potential, likely prompting buying interest in the stock and its sector.
Market read
The earnings beat and guidance raise provide a fresh catalyst for OKE, making it a high‑relevance trade idea.
What to watch
Potential integration risks from the Brazos Midstream acquisition and future commodity price volatility.
ONEOK Announces Higher Third-Quarter 2026 Earnings and Increases 2026 Financial Guidance
Third-quarter net income attributable to ONEOK rose to $1,350 million from $939 million and adjusted EBITDA increased to $2,238 million from $2,119 million, supported by higher volumes and optimization and marketing activity. The company raised 2026 net income and adjusted EBITDA guidance, while the reported net income included a $336 million one-time noncash income tax benefit.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended Sept. 30, 2026GAAP | $12.46B | – | – |
| Commodity sales, three months ended Sept. 30, 2026GAAP | $11.19B | – | – |
| Services and other revenues, three months ended Sept. 30, 2026GAAP | $1.26B | – | – |
| Operating income, three months ended Sept. 30, 2026GAAP | $1.57B | – | – |
| Net income, three months ended Sept. 30, 2026GAAP | $1.38B | – | – |
| Net income attributable to ONEOK, three months ended Sept. 30, 2026GAAP | $1.35B | – | – |
| Basic earnings per common share, three months ended Sept. 30, 2026GAAP | $ 2.14 | – | – |
| Diluted earnings per common share, three months ended Sept. 30, 2026GAAP | $ 2.13 | – | – |
| Adjusted EBITDA, three months ended Sept. 30, 2026non-GAAP | $2.24B | – | up 6% |
| Operating costs, three months ended Sept. 30, 2026GAAP | $861M | – | – |
| Depreciation and amortization, three months ended Sept. 30, 2026GAAP | $395M | – | – |
| Equity in net earnings from investments, three months ended Sept. 30, 2026GAAP | $103M | – | – |
| Capital expenditures, three months ended Sept. 30, 2026GAAP | $937M | – | – |
| Maintenance capital, three months ended Sept. 30, 2026other | $162M | – | – |
| Total revenues, nine months ended Sept. 30, 2026GAAP | $34.12B | – | – |
| Operating income, nine months ended Sept. 30, 2026GAAP | $4.59B | – | – |
| Net income, nine months ended Sept. 30, 2026GAAP | $3.13B | – | – |
| Net income attributable to ONEOK, nine months ended Sept. 30, 2026GAAP | $3.09B | – | – |
| Diluted earnings per common share, nine months ended Sept. 30, 2026GAAP | $ 4.89 | – | – |
| Adjusted EBITDA, nine months ended Sept. 30, 2026non-GAAP | $6.36B | – | – |
| Capital expenditures, nine months ended Sept. 30, 2026GAAP | $2.41B | – | – |
| Maintenance capital, nine months ended Sept. 30, 2026other | $391M | – | – |
| Cash provided by operating activities, nine months ended Sept. 30, 2026GAAP | $4.37B | – | – |
| Cash used in investing activities, nine months ended Sept. 30, 2026GAAP | $2.92B | – | – |
| Cash provided by (used in) financing activities, nine months ended Sept. 30, 2026GAAP | $2.66B | – | – |
| Cash and cash equivalents, Sept. 30, 2026GAAP | $186M | – | – |
| Cash held for acquisition, Sept. 30, 2026GAAP | $4B | – | – |
| Long-term debt, excluding current maturities, Sept. 30, 2026GAAP | $26.93B | – | – |
| Current maturities of long-term debt, Sept. 30, 2026GAAP | $1.5B | – | – |
| Short-term borrowings, Sept. 30, 2026GAAP | $85M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Natural Gas LiquidsThird-quarter adjusted EBITDA decrease primarily reflected a $27 million decrease in exchange services and a $27 million decrease from higher operating costs, partially offset by a $29 million increase in optimization and marketing. | Adjusted EBITDA $ 718 million | – | – |
| Refined Products and CrudeThird-quarter adjusted EBITDA increase primarily reflected an $87 million increase in optimization and marketing and a $36 million increase in transportation and storage, partially offset by an $18 million decrease from higher operating costs. | Adjusted EBITDA $ 685 million | – | – |
| Natural Gas Gathering and ProcessingThird-quarter adjusted EBITDA decrease primarily reflected a $19 million decrease from higher operating costs, partly offset by an $11 million increase from higher volumes and a $6 million increase from higher realized condensate and natural gas prices, net of hedging. | Adjusted EBITDA $ 563 million | – | – |
| Natural Gas PipelinesThird-quarter adjusted EBITDA increase primarily reflected a $22 million increase in optimization and marketing activity, an $18 million increase in transportation services and a $4 million increase in adjusted EBITDA from unconsolidated affiliates, partly offset by a $10 million decrease from higher operating costs. | Adjusted EBITDA $ 231 million | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Updated 2026 Guidance Range outlook
- NoteNet income $ 4,090 - $ 4,270 million
- NoteNet income attributable to ONEOK midpoint of $3.985 billion
- NoteEarnings per diluted share midpoint of $6.30
- NoteAdjusted EBITDA $ 8,500 - $ 8,600 million
- NoteTotal 2026 capital expenditure guidance is expected to be approximately $3.5 billion.
- NoteInterest expense, net of capitalized interest $ 1,675 - $ 1,645 million
- NoteDepreciation and amortization $ 1,605 - $ 1,555 million
- NoteIncome taxes $ 760 - $ 810 million
- NoteAdjusted EBITDA from unconsolidated affiliates $ 535 - $ 515 million
- NoteEquity in net earnings from investments $ (370) - $ (390) million
- NoteImpairment of equity investments $ 60 - $ 60 million
- NoteNoncash compensation expense and other $ 145 - $ 135 million
Capital returns
- In October 2026, ONEOK declared a quarterly dividend of $1.07 per share, or $4.28 per share annualized.
- Dividends paid were $ 2,022 million for the nine months ended Sept. 30, 2026, compared with $ 1,935 million for the nine months ended Sept. 30, 2025.
- Extinguished nearly $5.5 billion of debt principal in September 2026.
- Contributions received from the ONEOK Holdings transaction were $ 9,000 million for the nine months ended Sept. 30, 2026.
What drove it
- NGL raw feed throughput increased 6%, including a 16% increase in the Gulf Coast/Permian region.
- Refined products volumes shipped increased 6%.
- Permian region natural gas volumes processed increased 4%.
- Third-quarter results benefited from higher NGLs, refined products and natural gas volumes and higher optimization and marketing activity.
- The guidance increase reflects strong year-to-date business performance and volumes and incorporates expected contributions from the recently completed Brazos Permian Midland acquisition of approximately $75 million, with approximately $50 million expected to be reflected in adjusted EBITDA net of transaction costs.
- ONEOK completed the acquisition of Brazos Midstream’s Permian Midland Basin assets.
Concerns
- Net income attributable to ONEOK included a one-time noncash income tax benefit of $336 million, or $0.53 per diluted share, related to the ONEOK, Inc. reorganization and minority equity transaction.
- Natural Gas Liquids adjusted EBITDA was $ 718 million for the third quarter of 2026, compared with $ 748 million for the third quarter of 2025.
- Natural Gas Gathering and Processing adjusted EBITDA was $ 563 million for the third quarter of 2026, compared with $ 566 million for the third quarter of 2025.
- Nine-month 2026 results included a pretax noncash charge of $60 million related to the impairment of a joint-venture investment in the Refined Products and Crude segment.
- Third-quarter 2026 adjusted EBITDA included a $53 million net benefit from the minority equity and Brazos Midland transactions, related primarily to corporate net gains on extinguishment of debt, offset by costs.
What to watch
- Expected 2026 adjusted EBITDA contribution of approximately $50 million, net of transaction costs, from the recently completed Brazos Permian Midland acquisition.
- Natural Gas Liquids exchange services, which declined by $27 million in the third quarter of 2026.
- Natural Gas Pipelines optimization and marketing activity, supported by favorable price differentials between the Waha Hub and Katy, Texas, markets.
- Capital expenditure execution under total 2026 capital expenditure guidance of approximately $3.5 billion.
- Management expects meaningful earnings growth in 2027 from Brazos Permian Midland assets, recently completed and advancing growth projects, and continued commercial optimization across its systems.
Balance sheet and cash flow
- Cash and cash equivalents at end of period were $ 4,186 million, including cash held for acquisition, for the nine months ended Sept. 30, 2026.
- Cash and cash equivalents on the consolidated balance sheet were $ 186 million at Sept. 30, 2026.
- Cash held for acquisition was $ 4,000 million at Sept. 30, 2026.
- Long-term debt, excluding current maturities, was $ 26,935 million at Sept. 30, 2026, compared with $ 30,755 million at Dec. 31, 2025.
- Net cash provided by operating activities was $ 4,366 million for the nine months ended Sept. 30, 2026.
- Capital expenditures were $ 2,414 million for the nine months ended Sept. 30, 2026.
- Cash used in investing activities was $ 2,917 million for the nine months ended Sept. 30, 2026.
Analysis
ONEOK reported higher third-quarter earnings, with net income attributable to ONEOK of $1,350 million versus $939 million in the prior-year quarter and adjusted EBITDA of $2,238 million versus $2,119 million. Total revenues were $12,455 million versus $8,634 million. Management attributed the period to higher NGL, refined products and natural gas volumes, alongside higher optimization and marketing activity. The reported net income result included a one-time noncash income tax benefit of $336 million, or $0.53 per diluted share, related to the reorganization connected to the minority equity transaction.
The operating mix was led by Refined Products and Crude and Natural Gas Pipelines. Refined Products and Crude adjusted EBITDA increased to $685 million from $582 million, driven by higher liquids blending and crude marketing earnings, favorable crude-contract margin sharing components and higher refined-products volumes. Natural Gas Pipelines adjusted EBITDA rose to $231 million from $200 million, supported by favorable Waha Hub-to-Katy price differentials, higher firm transportation revenue and higher earnings from Northern Border Pipeline and Matterhorn Express Pipeline. Natural Gas Liquids adjusted EBITDA declined to $718 million from $748 million, while Natural Gas Gathering and Processing adjusted EBITDA was $563 million versus $566 million, with higher operating costs weighing on both businesses.
Volumes support the reported performance. NGL raw feed throughput was 1,661 MBbl/d compared with 1,574 MBbl/d, refined products volume shipped was 1,615 MBbl/d compared with 1,526 MBbl/d, and natural gas processed was 5,866 MMcf/d compared with 5,852 MMcf/d. Crude oil volume shipped was 1,693 MBbl/d compared with 1,813 MBbl/d. The company also reported capital expenditures of $937 million in the quarter and $2,414 million for the nine-month period, including $774 million of nine-month Natural Gas Liquids capital expenditures and $900 million in Natural Gas Gathering and Processing.
Cash provided by operating activities was $4,366 million for the nine months ended Sept. 30, 2026, compared with $4,053 million in the prior-year period. Financing activity included $9,000 million of contributions received from the ONEOK Holdings transaction and $4,691 million of extinguishment of long-term debt and term-loan repayments. Long-term debt, excluding current maturities, was $26,935 million at Sept. 30, 2026, versus $30,755 million at Dec. 31, 2025. The company declared a quarterly dividend of $1.07 per share in October 2026.
Management raised 2026 net income guidance to $4,090 - $4,270 million and adjusted EBITDA guidance to $8,500 - $8,600 million. The update incorporates expected contributions from the Brazos Permian Midland acquisition of approximately $75 million, with approximately $50 million expected in adjusted EBITDA net of transaction costs, and total 2026 capital expenditure guidance of approximately $3.5 billion. Key reported items to monitor are the durability of optimization and marketing contributions, operating-cost pressure in NGL and gathering and processing operations, execution of the elevated capital program, and the integration and contribution of the Brazos Permian Midland assets.
Management, verbatim
Higher Permian Basin volumes and the continued execution by our employees to integrate our systems contributed to ONEOK’s third-quarter results.
Pierce H. Norton II, president and CEO
Based on this performance and our outlook for the remainder of the year, we are once again raising our 2026 financial guidance, reflecting the momentum we continue to see across the business.
Pierce H. Norton II, president and CEO
As we look to 2027, we expect meaningful earnings growth from our Brazos Permian Midland Basin assets, recently completed and advancing growth projects and continued commercial optimization across our systems.
Pierce H. Norton II, president and CEO
Not in the filing
stated, not guessed- Prior outlook was not provided, so comparisons of reported results with prior guidance are unavailable.
- GAAP gross margin was not reported.
- Non-GAAP earnings per share was not reported.
- Free cash flow was not reported.
- Segment revenue was not reported for Natural Gas Liquids, Refined Products and Crude, Natural Gas Gathering and Processing, or Natural Gas Pipelines.
- Quarterly operating cash flow was not reported.
- Quarterly free cash flow was not reported.
- Share repurchases were not reported.
- Net debt was not reported.
- Forward revenue, gross margin, operating expense, and tax-rate guidance was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
ONEOK filed an 8‑K announcing Q3 results and updated 2026 guidance, highlighting volume growth, debt reduction and a new acquisition.
Ticker impact
ONEOK reported higher third‑quarter 2026 earnings and issued guidance that raised net income and adjusted EBITDA ranges.
likely upward pressure as investors price in higher earnings expectations
The filing shows a 6% increase in volumes, debt reduction and a $75 M acquisition, supporting the raised guidance and prompting a positive market reaction.
Market effects
Midstream energy sector may see broader upside as ONEOK's volume growth and guidance raise expectations for peers.
U.S. energy infrastructure investors could see increased demand for midstream assets.
Limited to U.S. energy markets; no immediate global macro impact.
Counterpoint
If the guidance raise already priced in, the stock could face a short‑term pull‑back on profit‑taking.
Key entities
- CompanyONEOK, Inc.
U.S. midstream energy company that reported Q3 2026 earnings and raised guidance.
