ONEOK (OKE) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 rose 12% year-over-year to $776 million, or $1.23 per diluted share, with adjusted EBITDA up 13% to $2.0 billion, driven by higher volumes and strong segment performance.

• Raised 2026 financial guidance following strong Q1 performance and constructive market trends, with net income midpoint at $3.5 billion and adjusted EBITDA midpoint at $8.25 billion.

• Integrated, regionally diversified, and predominantly fee-based platform across NGL, natural gas, crude oil, and refined products, supported by long-term contracts.

• Expanded operations and growth projects across all segments, including major infrastructure expansions and plant relocations.

• Geopolitical instability contributed to commodity price volatility, but the integrated asset network provided resilience and market opportunities.

Financial highlights

• Q1 2026 revenues were $9.62 billion, up from $8.04 billion in Q1 2025; net income attributable to shareholders was $774 million, up from $636 million; diluted EPS increased to $1.23 from $1.04.

• Adjusted EBITDA reached $1.997 billion, up from $1.775 billion year-over-year.

• NGL raw feed throughput rose 15% year-over-year; refined products volume shipped increased 12%.

• Operating income rose to $1.43 billion from $1.22 billion; gross margin for Q1 2026 was $2.57 billion, up from $2.39 billion.

• Non-cash impairment of $60 million ($0.07 per share after tax) related to Powder Springs JV.

Outlook and guidance

• 2026 net income guidance increased to a range of $3.21–$3.79 billion; adjusted EBITDA guidance raised to $8.0–$8.5 billion; EPS guidance midpoint increased to $5.53.

• CapEx guidance unchanged at $2.7–$3.2 billion for 2026; major CapEx to wind down by mid-2027.

• Dividend growth anticipated to continue, supported by strong operating cash flows.

• Expect higher volumes, completed projects, and market tailwinds to drive results in H2 2026 and into 2027.

• Book income tax rate assumption for 2026 is 24%.