ONEOK (OKE) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income ranged from $636 million to $691 million, with diluted EPS of $1.04, driven by strong segment performance and the integration of EnLink and Medallion acquisitions.

• Revenues rose to $8.04 billion from $4.78 billion year-over-year, reflecting expanded operations and higher volumes.

• Adjusted EBITDA was $1.78 billion, with nearly 90% of 2025 earnings expected to be fee-based.

• Major acquisitions and organic growth projects, including pipeline expansions and new export terminals, are underway to drive future earnings.

• Management reaffirmed 2025 guidance and remains confident in long-term growth, supported by synergy realization and robust demand.

Financial highlights

• Net income attributable to the company was $636 million to $691 million, or $1.04 per share, for Q1 2025.

• Adjusted EBITDA was $1.78 billion, up from $1.44 billion year-over-year.

• Revenues increased to $8.04 billion from $4.78 billion; operating income rose to $1.22 billion from $1.06 billion.

• Cash flow from operations was $904 million, up from $596 million; capital expenditures were $629 million, up from $512 million.

• Dividends paid in Q1 2025 were $1.03 per share, a 4% increase year-over-year.

Outlook and guidance

• 2025 financial guidance and 2026 outlook reaffirmed, with expectations for increased results from seasonal demand, volume growth, completed projects, and synergies.

• 2025 adjusted EBITDA guidance midpoint is $8.225 billion, with net income guidance of $3.11–$3.61 billion and EPS of $4.97–$5.77.

• 2025 earnings expected to remain approximately 90% fee-based, supported by long-term contracts.

• Capital expenditures for 2025 projected at $2.8–$3.2 billion.

• High confidence in capturing $250 million in incremental synergies in 2025.