NYSE: OKE
Oneok
Energy · Natural Gas Transmisison & Distribution
52-week range
$64.02$99.85
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$53.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.1B |
| FY2017, ended Dec 31, 2017 | $21.9B |
| FY2018, ended Dec 31, 2018 | $22.2B |
| FY2019, ended Dec 31, 2019 | $31.3B |
| FY2020, ended Dec 31, 2020 | $17.1B |
| FY2021, ended Dec 31, 2021 | $26.2B |
| FY2022, ended Dec 31, 2022 | $29.4B |
| FY2023, ended Dec 31, 2023 | $40.9B |
| FY2024, ended Dec 31, 2024 | $62.7B |
| FY2025, ended Dec 31, 2025 | $46.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $53.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$43.2B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.92B |
| FY2017, ended Dec 31, 2017 | $12.2B |
| FY2018, ended Dec 31, 2018 | $12.6B |
| FY2019, ended Dec 31, 2019 | $10.2B |
| FY2020, ended Dec 31, 2020 | $8.54B |
| FY2021, ended Dec 31, 2021 | $16.5B |
| FY2022, ended Dec 31, 2022 | $22.4B |
| FY2023, ended Dec 31, 2023 | $17.7B |
| FY2024, ended Dec 31, 2024 | $21.7B |
| FY2025, ended Dec 31, 2025 | $33.6B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $43.2B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $352M | $729M |
| FY2017, ended Dec 31, 2017 | $388M | $803M |
| FY2018, ended Dec 31, 2018 | $1.15B | $45.2M |
| FY2019, ended Dec 31, 2019 | $1.28B | −$1.90B |
| FY2020, ended Dec 31, 2020 | $613M | −$296M |
| FY2021, ended Dec 31, 2021 | $1.50B | $1.85B |
| FY2022, ended Dec 31, 2022 | $1.72B | $1.70B |
| FY2023, ended Dec 31, 2023 | $2.66B | $2.83B |
| FY2024, ended Dec 31, 2024 | $3.04B | $2.87B |
| FY2025, ended Dec 31, 2025 | $3.39B | $2.45B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $4.07B | $2.53B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$186M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $249M |
| FY2017, ended Dec 31, 2017 | $37.2M |
| FY2018, ended Dec 31, 2018 | $12.0M |
| FY2019, ended Dec 31, 2019 | $21.0M |
| FY2020, ended Dec 31, 2020 | $524M |
| FY2021, ended Dec 31, 2021 | $146M |
| FY2022, ended Dec 31, 2022 | $220M |
| FY2023, ended Dec 31, 2023 | $338M |
| FY2024, ended Dec 31, 2024 | $733M |
| FY2025, ended Dec 31, 2025 | $78.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $186M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$28.5B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.41B |
| FY2017, ended Dec 31, 2017 | $9.11B |
| FY2018, ended Dec 31, 2018 | $9.40B |
| FY2019, ended Dec 31, 2019 | $12.7B |
| FY2020, ended Dec 31, 2020 | $14.2B |
| FY2021, ended Dec 31, 2021 | $13.6B |
| FY2022, ended Dec 31, 2022 | $13.6B |
| FY2023, ended Dec 31, 2023 | $21.7B |
| FY2024, ended Dec 31, 2024 | $32.1B |
| FY2025, ended Dec 31, 2025 | $32.8B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $28.5B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 199% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.630M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 211M |
| FY2017, ended Dec 31, 2017 | 411M |
| FY2018, ended Dec 31, 2018 | 412M |
| FY2019, ended Dec 31, 2019 | 413M |
| FY2020, ended Dec 31, 2020 | 445M |
| FY2021, ended Dec 31, 2021 | 446M |
| FY2022, ended Dec 31, 2022 | 447M |
| FY2023, ended Dec 31, 2023 | 583M |
| FY2024, ended Dec 31, 2024 | 624M |
| FY2025, ended Dec 31, 2025 | 630M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 630M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: —
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $40.6M | $22.0M | — |
| FY2017, ended Dec 31, 2017 | — | $26.3M | $471M | — |
| FY2018, ended Dec 31, 2018 | — | $31.7M | $1.20B | — |
| FY2019, ended Dec 31, 2019 | — | $37.1M | $29.0M | — |
| FY2020, ended Dec 31, 2020 | — | $29.4M | $970M | — |
| FY2021, ended Dec 31, 2021 | — | $54.0M | $32.8M | — |
| FY2022, ended Dec 31, 2022 | $0 | $53.0M | $32.4M | — |
| FY2023, ended Dec 31, 2023 | $0 | $63.0M | — | $9.06B |
| FY2024, ended Dec 31, 2024 | $159M | $102M | — | — |
| FY2025, ended Dec 31, 2025 | $75.0M | $92.0M | — | $0 |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | — | — | — |
Revenue (TTM)
$43.2B
+36.8% YoY
Net income (TTM)
$4.07B
+21.8% YoY
Cash
$186M
−84.5% YoY
Total debt
$28.5B
−15.5% YoY
Valuation
At current price- Market Cap
- $61.2B
- P/E
- 15.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.4×
- Price / Book
- 2.6×
- EV / EBITDA
- 11.7×
Growth
Trailing 12 months- Revenue (TTM)
- $43.2B
- Revenue Growth YoY
- 36.8%
- Revenue CAGR 3Y
- 14.5%
- Revenue CAGR 5Y
- 31.5%
- EPS Growth YoY
- 18.4%
- Net Income Growth YoY
- 21.8%
Profitability
Trailing 12 months- Gross Margin
- 25.2%
- Operating Margin
- 14.2%
- Net Margin
- 9.4%
- FCF Margin
- 5.9%
- Return on Equity
- 17.9%
Earnings
Trailing 12 months- Net Income
- $4.07B
- EPS (diluted)
- $6.44
- EBITDA
- $7.67B
- Operating Income
- $6.12B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $186M
- Total Debt
- $28.5B
- Net Debt
- $28.3B
- Total Assets
- $74.3B
- Total Liabilities
- $41.8B
- Shareholders' Equity
- $23.3B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $5.91B
- Capital Expenditure
- $3.38B
- Free Cash Flow
- $2.53B
Dividends and risk
Last 12 months- Dividend Yield
- 4.4%
- Dividend / Share
- $4.24
- Beta (5Y)
- 0.82
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 36.8% over the last year, to $43.2B.
Watch
Operating margin narrowed 4.1 pts in a year, to 14.2%.
Watch
Net debt is 3.7× EBITDA ($28.3B), a heavy load.
Note
Free cash flow of $2.53B, 5.9% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K71Good news
71Good news
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 24, 2026 · Read the filing on EDGAR
- Revenue rose 55% to $33.6 billion and net income rose 11% to $3.46 billion, mainly from a full year of EnLink and Medallion.
- Completed the EnLink buyout ($4.0 billion in stock), bought out a Delaware Basin joint venture ($941 million) and raised its BridgeTex stake to 60%.
- Committed to new projects: a Texas City LPG export terminal and pipeline (~$1.0 billion) and the Eiger Express gas pipeline (~$350 million).
- Total debt reached $34.0 billion. Interest expense rose $412 million. Capital spending is expected at $2.7–3.2 billion in 2026.
Business momentum
Strong improvement
“Earnings increased in 2025, compared with 2024, due primarily to a full year of earnings from EnLink and Medallion across our segments and higher NGL and natural gas processing volumes.”
Outlook
Neutral
“We expect total capital expenditures of $2.7 - $3.2 billion in 2026.”
Financial stress
Low
“For the year ended December 31, 2025, our cash flows from operations exceeded dividends paid by $3.0 billion.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Strong growth in earnings and cash flow
“Operating income increased $752 million primarily as a result of the following:”
Dividend raised again
“During 2025, we paid common stock dividends totaling $4.12 per share, an increase of 4% compared to the 2024 dividend of $3.96 per share.”
Investment-grade ratings kept, larger credit line
“As of February 16, 2026, we had no borrowings under our $3.5 Billion Credit Agreement, and we are in compliance with all covenants.”
Concerns
Rising interest costs from heavy debt
“As of December 31, 2025, we had total indebtedness of $34.0 billion.”
Lower NGL prices hurt processing results
“a decrease of $122 million due to lower realized prices, primarily NGL prices, net of hedging”
Very little cash on hand
“At December 31, 2025, we had $78 million of cash and cash equivalents.”
New risks since the previous report
Tariffs raising construction costs
“inflationary pressure, along with pressure that may arise from the imposition by the federal government of tariffs on non-U.S. produced construction materials, could increase our costs for construction materials, equipment or labor.”
Weaker credit quality of gathering-segment buyers
“In 2025 and 2024, excluding EnLink in 2024, approximately 75% and 85%, respectively, of the downstream commodity sales in our Natural Gas Gathering and Processing segment were made to customers rated investment-grade”
Larger short-term funding gap
“We had working capital (defined as current assets less current liabilities) deficits of $1.9 billion and $481 million as of December 31, 2025, and December 31, 2024, respectively”
Biggest risks named
- Producers drilling less, cutting volumes
- Swings in oil, gas and NGL prices
- Heavy debt ($34.0 billion) and credit ratings
- Managing a much larger business after acquisitions
- Construction cost overruns and tariffs on big projects
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 71 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 24, 2026 | 71 | Strong improvement | None | |
| 10-K | Feb 25, 2025 | 73 | Strong improvement | None | |
| 10-K | Feb 27, 2024 | 58 | Mixed | None | |
| 10-K | Feb 28, 2023 | 72 | Strong improvement | 1 minor | |
| 10-K | Mar 1, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 23, 2021 | 41 | Sharp deterioration | 1 medium | |
| 10-K | Feb 25, 2020 | 59 | Mixed | None | |
| 10-K | Feb 26, 2019 | 74 | Strong improvement | None | |
| 10-K | Feb 27, 2018 | 74 | Strong improvement | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR