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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
ONEOK
ONEOK (OKE) investor relations material
ONEOK Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary28 Oct, 2026
Executive summary
Q3 adjusted EBITDA rose 6% YoY to $2.238B, supported by higher NGL, refined products and natural gas volumes and increased optimization and marketing activity.
2026 guidance increased on strong performance and volumes; Brazos assets, growth projects and commercial optimization support expected 2027 earnings growth.
Financial highlights
Q3 revenue was $12.455B vs. $8.634B YoY; operating income was $1.568B vs. $1.558B.
Q3 net income was $1.384B, attributable net income was $1.350B and diluted EPS was $2.13; results included a one-time $336M noncash tax benefit.
Q3 adjusted EBITDA was $2.238B vs. $2.119B YoY; 9M adjusted EBITDA was $6.356B vs. $5.875B.
Q3 adjusted EBITDA included a $53M net transaction benefit, primarily debt-extinguishment gains.
9M revenue was $34.122B vs. $24.564B; attributable net income was $3.090B vs. $2.416B, and diluted EPS was $4.89 vs. $3.87.
Outlook and guidance
2026 guidance: net income of $4.09B–$4.27B, adjusted EBITDA of $8.5B–$8.6B and diluted EPS of $6.15–$6.45; midpoints are $4.18B, $8.55B and $6.30, respectively.
Adjusted EBITDA guidance midpoint rose $200M QoQ and $450M from February; the latest increase included stronger base businesses and Brazos contribution, net of transaction costs.
2026 capital expenditure guidance is ~$3.5B, reflecting Brazos-related spending and enhanced growth opportunities.
2027 outlook anticipates earnings growth from a full year of Brazos ownership, completed and advancing projects, and continued commercial optimization.
Earnings are expected to be ~90% fee-based in 2026; Brazos assets are expected to more than double Midland Basin processing capacity to ~2.3 Bcf/d, including facilities under construction.
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Latest events from ONEOK
- $4.425B acquisition, $9B Apollo investment doubles capacity and accelerates growth.OKE
M&A announcement - Robust growth, major projects, and strong ESG drive value for this energy infrastructure leader.OKEInvestor presentation
- Q2 2026 net income up 13% and 2026 guidance raised on record NGL volumes and strong demand.OKEQ2 2026
- Guidance raised for 2026 with strong growth, capital returns, and major ESG milestones achieved.OKEInvestor presentation
- Strong fee-based growth, major projects, and ESG progress support long-term expansion.OKEBernstein 42nd Annual Strategic Decisions Conference
- Q3 2024 net income surged 53% to $693M as guidance and acquisitions drove strong growth.OKEQ3 2024
- Q2 2024 net income rose 67% to $780M, with record volumes and guidance affirmed.OKEQ2 2024
- Q1 2025 net income reached up to $691M, with $1.78B EBITDA and strong segment growth.OKEQ1 2025
- Record 2024 earnings and EBITDA driven by acquisitions, with strong growth outlook ahead.OKEQ4 2024
Next ONEOK earnings date
Q4 202623 Feb, 2027
ONEOK
Next ONEOK earnings date
Q4 202623 Feb, 2027
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Frequently asked questions
ONEOK, Inc., together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company was founded in 1906 and is headquartered in Tulsa, Oklahoma.