ONEOK Reports Strong Earnings Growth in 2025
While consumers complained of higher rates, ONEOK, Inc. reported double-digit earnings growth in 2025 as announced Monday by the company.
“ONEOK delivered another year of double-digit earnings growth in 2025, with increased volumes and continued synergy capture from a multi-year acquisition plan highlighting the value created by our integrated systems,” said Pierce H. Norton II, ONEOK president and CEO.
Fourth-Quarter Results and Production Performance
The company saw fourth-quarter net income of $978 million and $1.55 per diluted share. It had adjusted EBITDA of $2.15 billion along with increased production of natural gas in its Rocky Mount region.
Full-Year 2025 Financial Results
For 2025, ONEOK’s net income totaled $3.46 billion along with a 12% jump in net income attributable to ONEOK to $3.39 billion resulting in $5.42 per diluted share.
The company recorded a 2025 adjusted EBITDA increase of 18%, reaching $8.02 billion. Because of its success, ONEOK plans a midpoint 2026 net income of $3.45 billion and earnings per share of $5.45. It expects adjusted EBITDA of $8.1 billion by the middle of 2026 after $2.7 billion to $3.2 billion in total capital expenditures.
“Key project completions created significant operating leverage that, combined with stable fee-based earnings, will continue to strengthen our financial position and flexibility, all while enhancing long-term value,” added Norton. “I’m especially proud of our employees, whose unwavering commitment to safe and reliable operations, and disciplined execution of our strategy, position us for continued success.”
Operational and Financial Highlights
Highlights:
$475 million of cumulative acquisition-related synergies achieved through year-end 2025.
Approximately 90% fee-based earnings in 2025.
In January 2026, ONEOK increased its quarterly dividend 4% to $1.07 per share, or $4.28 per share annualized.
In 2025, ONEOK repurchased $62 million of common stock and $789 million (principal amount) of senior notes.
In 2025, ONEOK extinguished nearly $3.1 billion of long-term debt, including $1.75 billion in the fourth quarter.
Fourth-quarter 2025 annualized run-rate net debt-to-EBITDA ratio (excluding transaction costs) of 3.8 times as of Deс. 31, 2025.
What Consumers and Shareholders Can Expect in 2026
2026 Financial Guidance:
ONEOK’s 2026 net income and adjusted EBITDA guidance includes expected higher earnings in the Natural Gas Liquids, Refined Products and Crude, and Natural Gas Gathering and Processing segments driven by continued earnings from recent acquisitions, fee-based earnings from volume growth and completed projects, and the continued realization of acquisition-related synergies.
Continued growth in 2026 is expected to be partially offset by a moderation in producer activity due to the projected commodity price environment for the year. ONEOK’s expectations reflect an average West Texas Intermediate (WTI) crude oil price of approximately $55 to $60 per barrel in 2026.
Financial guidance also includes approximately $150 million of incremental commercial and cost synergies related to acquisitions. See the accompanying presentation materials for additional information on synergies achieved to date and 2025 adjusted EBITDA results bridged to both 2025 guidance and 2026 guidance.