ONEOK, Inc. · OKE · FY2025 Q4 · Calendar Q1 2026

ONEOK Maintains 2026 Outlook as Synergies and Projects Advance

The supplied analysis supports a constructive but conditional view of ONEOK's earnings trajectory: management points to durable fee-based growth, acquisition synergies, and capacity expansion, while the key test is whether project execution and incremental synergies offset commodity-spread, throughput, and capital-return risks.

Reported After market closeNYSEEnergy $53.73B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.55 Consensus $1.50
EPS surprise +3.3% Reported versus consensus
Reported revenue $9.06B Consensus $8.75B
Revenue surprise +3.6% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -5.1% Event window
SPY move +0.7% Same window
Abnormal move -5.8% Stock minus SPY
Volume 1.8× Versus trailing sessions
Subsequent drift +9.7% Up to 20 sessions
OKESPY benchmark

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What changed

Compared with the prior quarter, the discussion moved from reaffirming the existing framework to a more explicit 2026 plan: management cited $8.1 billion of adjusted EBITDA guidance, incremental synergies, and a project timetable while continuing to emphasize debt reduction, dividends, and shareholder returns.

Guidance delta

Maintained: management's 2026 adjusted EBITDA outlook is $8.1 billion, supported by volume growth, acquisition synergies, and scheduled capacity projects.

Key takeaways

  • Management described 2025 as a year of double-digit earnings growth and highlighted continued acquisition integration.
  • The company said recent acquisitions have generated more than $500 million of synergies, with additional synergies included in the 2026 outlook.
  • Major projects including Shadowfax, the Denver pipeline expansion, and Medford Phase 1 were described as on schedule.
  • The earnings framework emphasizes fee-based cash generation, volume growth, and continued balance-sheet and shareholder returns.

Management priorities

  • Capture additional acquisition synergies.
  • Bring scheduled processing, pipeline, and fractionation projects online.
  • Grow fee-based volumes across the Permian, Bakken, Mid-Continent, and Gulf Coast.
  • Maintain capital discipline while reducing debt and returning capital to shareholders.

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Earnings History

Estimate Beat Miss Match
OKE REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $6B Q4 '23 actual $5B, miss Q1 '24 estimate $6B Q1 '24 actual $5B, miss Q2 '24 estimate $6B Q2 '24 actual $5B, miss Q3 '24 estimate $6B Q3 '24 actual $5B, miss Q2 '25 estimate $8B Q2 '25 actual $8B, beat Q3 '25 estimate $9B Q3 '25 actual $9B, miss Q4 '25 estimate $9B Q4 '25 actual $9B, beat Q1 '26 estimate $8B Q1 '26 actual $10B, beat Q2 '26 estimate $9B Q2 '26 actual $12B, beat Q3 '26 estimate $11B Q4 '26 estimate $10B Q1 '27 estimate $10B
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Analyst Consensus ?

ConsensusHold38 ratings
Bullish1744.7%
Neutral2155.3%
Bearish00.0%

Analyst 52W Price Targets

$87.16Current
$57Low
$86.8Average
$112High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 1, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
TD Cowen Hold HoldMaintainSep 11, 2026
Morgan Stanley Equal Weight Equal WeightMaintainSep 9, 2026
Citigroup Buy BuyMaintainSep 3, 2026
Wells Fargo Overweight OverweightMaintainSep 2, 2026
Truist Securities Hold HoldMaintainSep 2, 2026
Show 33 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $87.16. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Capital One FinancialAnalyst unavailable$110$91.6 +26.2%Sep 22, 2026
UBSAnalyst unavailable$93$95.72 +6.7%Sep 11, 2026
Morgan StanleyRobert Kad$112$97.42 +28.5%Sep 9, 2026
Truist FinancialGabe Daoud$104$94.89 +19.3%Sep 2, 2026
UBSAnalyst unavailable$105$95.69 +20.5%Sep 2, 2026
See 56 more

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Company context

Snapshot as of publication

ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. Its primary focus is the comprehensive management of natural gas, encompassing gathering, processing, storage, and transportation. These operations are structured into three distinct segments: Natural Gas Gathering and Processing, Natural Gas Liquids (NGL), and Natural Gas Pipelines. The company owns an extensive system of natural gas gathering pipelines and processing plants, predominantly situated in the Mid-Continent and Rocky Mountain regions. Furthermore, ONEOK manages both federally (FERC) and state-regulated interstate and intrastate natural gas transmission pipelines, alongside crucial natural gas storage facilities. A significant component of ONEOK's business is dedicated to Natural Gas Liquids. The company handles the entire NGL value chain, from collecting, treating, and fractionating to transporting, storing, marketing, and distributing these products.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
  3. Polygon adjusted daily market bars · 2026-10-01T21:06:07.036615+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T21:06:07.033953+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-01. For educational purposes only; not investment advice.