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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.
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. 
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