OKE
FY2026 Q1 · Calendar Q2 2026
ONEOK, Inc.
ONEOK's Q1 FY2026 results show a diversified fee-based midstream operator capitalizing on volume growth across natural gas, NGLs, and refined products. The company raised its 2026 earnings and adjusted EBITDA guidance, previously set at $8.1B adjusted EBITDA, citing higher volume expectations and market tailwinds from LNG export expansion, petrochemical NGL demand, and emerging AI-driven power demand. Revenue of $9.62B exceeded the $8.23B consensus by 16.8%, though EPS of $1.23 fell short of the $1.30 estimate by 5.4%. Capital projects remain on schedule, adding meaningful processing and pipeline capacity through 2027. The market response was muted: a -0.5% abnormal move on the report with -2.6% subsequent drift, suggesting investors weighed the EPS miss and near-term weather impacts against the raised guidance and long-term demand drivers.
EPS surprise-5.4%
Market move-0.5%
