ONEOK (OKE) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EBITDA rose 6% YoY to $2.238B, supported by higher NGL, refined products and natural gas volumes and increased optimization and marketing activity.

• 2026 guidance increased on strong performance and volumes; Brazos assets, growth projects and commercial optimization support expected 2027 earnings growth.

Financial highlights

• Q3 revenue was $12.455B vs. $8.634B YoY; operating income was $1.568B vs. $1.558B.

• Q3 net income was $1.384B, attributable net income was $1.350B and diluted EPS was $2.13; results included a one-time $336M noncash tax benefit.

• Q3 adjusted EBITDA was $2.238B vs. $2.119B YoY; 9M adjusted EBITDA was $6.356B vs. $5.875B.

• Q3 adjusted EBITDA included a $53M net transaction benefit, primarily debt-extinguishment gains.

• 9M revenue was $34.122B vs. $24.564B; attributable net income was $3.090B vs. $2.416B, and diluted EPS was $4.89 vs. $3.87.

Outlook and guidance

• 2026 guidance: net income of $4.09B–$4.27B, adjusted EBITDA of $8.5B–$8.6B and diluted EPS of $6.15–$6.45; midpoints are $4.18B, $8.55B and $6.30, respectively.

• Adjusted EBITDA guidance midpoint rose $200M QoQ and $450M from February; the latest increase included stronger base businesses and Brazos contribution, net of transaction costs.

• 2026 capital expenditure guidance is ~$3.5B, reflecting Brazos-related spending and enhanced growth opportunities.

• 2027 outlook anticipates earnings growth from a full year of Brazos ownership, completed and advancing projects, and continued commercial optimization.

• Earnings are expected to be ~90% fee-based in 2026; Brazos assets are expected to more than double Midland Basin processing capacity to ~2.3 Bcf/d, including facilities under construction.