ONEOK (OKE) Q2 2026 earnings summary

Executive summary

• 2026 financial guidance was raised for the second time this year, reflecting strong year-to-date performance, record NGL throughput, and robust demand across all segments.

• Q2 2026 net income reached $967 million, up 13% year-over-year and 25% sequentially, with adjusted EBITDA at $2.12 billion.

• The business remains approximately 90% fee-based, supported by long-term contracts and a diversified, integrated asset base.

• Strategic growth projects and a constructive market environment support continued momentum and financial strength.

Financial highlights

• Q2 2026 revenues were $12.05 billion, up from $7.89 billion in Q2 2025; net income was $967 million, and adjusted EBITDA was $2.12 billion.

• Diluted EPS for Q2 2026 was $1.53, up from $1.34 in Q2 2025; quarterly dividend increased 4% year-over-year to $1.07 per share.

• 2026 net income guidance midpoint is $3.6 billion, adjusted EBITDA midpoint $8.35 billion, and EPS midpoint $5.68.

• Operating cash flow for the first half of 2026 was $2.99 billion, up from $2.43 billion in the prior year.

Outlook and guidance

• 2026 adjusted EBITDA guidance raised to $8.2–$8.5 billion, net income guidance to $3.41–$3.79 billion, and EPS guidance midpoint to $5.68.

• Capital expenditure guidance for 2026 remains $2.7–$3.2 billion, with spending expected to accelerate in H2.

• Targeting mid to high single-digit adjusted EBITDA growth over the next five to seven years.

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