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ONEOK (OKE) investor relations material
ONEOK Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 net income reached $940 million ($1.49 per share), up 10% sequentially and from $693 million in Q3 2024, driven by volume growth, steady demand, and successful integration of EnLink and Medallion acquisitions.
Adjusted EBITDA for Q3 2025 was $2.12 billion, up 7% sequentially and from $1.55 billion in Q3 2024, reflecting contributions from acquisitions and organic growth.
Affirmed 2025 net income guidance of $3.17–$3.65 billion and adjusted EBITDA guidance of $8–$8.45 billion, with 90% expected to be fee-based.
Realized nearly $500 million in synergies since the Magellan acquisition, with $250 million more expected in 2025 and accelerated cost savings from EnLink and Medallion.
Major acquisitions completed in 2025: EnLink, Delaware Basin JV, and BridgeTex Additional Interest.
Financial highlights
Q3 2025 net income: $940 million; adjusted EBITDA: $2.12 billion; diluted EPS: $1.49.
Segment adjusted EBITDA: NGL $748 million, Refined Products and Crude $582 million, Gathering/Processing $566 million, Pipelines $200 million.
Q3 2025 revenues: $8.63 billion, up from $5.02 billion in Q3 2024.
Over $1.3 billion in senior notes retired year-to-date; $45 million in share repurchases in Q3.
Cash and cash equivalents at September 30, 2025: $1.2 billion; no outstanding borrowings on $3.5 billion credit agreement.
Outlook and guidance
2025 net income guidance: $3.17–$3.65 billion; adjusted EBITDA: $8–$8.45 billion; diluted EPS: $4.97–$5.77.
Capital expenditures for 2025 projected at $2.8–$3.2 billion.
No meaningful cash taxes expected until 2029, with $1.5 billion less in cash taxes projected over five years.
Leverage target of 3.5x expected by Q4 2026; book income tax rate for 2025 guidance: 24%.
2025 earnings expected to be 90% fee-based, supported by long-term contracts and investment-grade counterparties.
Update on acquisition synergy capture
Rationale for Eiger Express JV?
Capital allocation strategy for Q4 2025?
Total Magellan synergy realized since Sept 2023?
Expected cash tax savings over next 5 years?
ONEOK's competitive edge for AI data centers?
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Next ONEOK earnings date
Q4 202527 Feb, 2026
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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.
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