ONEOK (OKE) financial statements
ONEOK reported revenue of $33.6B in fiscal 2025, up 15.9% a year over 9 years.
Net income was $3.4B and the operating margin 17.1%, against 14.5% in 2016.
Free cash flow was $2.4B, and the company returned $2.6B in dividends and $75M in net buybacks.
The diluted share count rose 195% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from ONEOK's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.9B | $12.2B | $12.6B | $10.2B | $8.5B | $16.5B | $22.4B | $17.7B | $21.7B | $33.6B |
| Cost of revenue | $6.5B | $9.5B | $9.4B | $6.8B | $5.1B | $12.3B | $17.9B | $11.9B | $13.3B | $23.4B |
| Gross profit | $2.4B | $2.6B | $3.2B | $3.4B | $3.4B | $4.3B | $4.5B | $5.7B | $8.4B | $10.3B |
| Operating income | $1.3B | $1.4B | $1.8B | $1.9B | $1.4B | $2.6B | $2.8B | $4.1B | $5.0B | $5.7B |
| Interest expense | $470M | $486M | $470M | $492M | $713M | $733M | $676M | $866M | $1.4B | $1.8B |
| Pre-tax income | $958M | $1.0B | $1.5B | $1.7B | $802M | $2.0B | $2.2B | $3.5B | $4.1B | $4.5B |
| Income tax | $212M | $447M | $363M | $372M | $190M | $484M | $528M | $838M | $998M | $1.0B |
| Net income | $352M | $388M | $1.2B | $1.3B | $613M | $1.5B | $1.7B | $2.7B | $3.0B | $3.4B |
| EPS (diluted) | $1.66 | $1.29 | $2.78 | $3.07 | $1.42 | $3.35 | $3.84 | $5.48 | $5.17 | $5.42 |
| Diluted shares | 212M | 300M | 414M | 415M | 432M | 447M | 448M | 485M | 586M | 626M |
| Gross margin | 27.2% | 21.7% | 25.2% | 33.2% | 40.2% | 25.9% | 20.0% | 32.5% | 38.7% | 30.5% |
| Operating margin | 14.5% | 11.4% | 14.6% | 18.8% | 15.9% | 15.7% | 12.5% | 23.0% | 23.0% | 17.1% |
| Net margin | 3.9% | 3.2% | 9.1% | 12.6% | 7.2% | 9.1% | 7.7% | 15.0% | 14.0% | 10.1% |
Balance sheet
Fiscal years, from ONEOK's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $249M | $37M | $12M | $21M | $524M | $146M | $220M | $338M | $733M | $78M |
| Receivables | $872M | $1.2B | $819M | $835M | $830M | $1.4B | $1.5B | $1.7B | $2.3B | $3.0B |
| Inventory | $140M | $342M | $297M | $305M | $228M | $428M | $432M | $639M | $748M | $948M |
| Total current assets | $1.4B | $1.8B | $1.4B | $1.5B | $1.9B | $2.4B | $2.5B | $3.1B | $4.2B | $4.5B |
| Property, plant and equipment | $12.6B | $12.7B | $14.8B | $18.3B | $19.2B | $19.3B | $20.0B | $32.7B | $45.9B | $47.9B |
| Goodwill | $526M | $681M | $681M | $681M | $528M | $528M | $528M | $5.0B | $8.1B | $8.1B |
| Total assets | $16.1B | $16.8B | $18.2B | $21.8B | $23.1B | $23.6B | $24.4B | $44.3B | $64.1B | $66.6B |
| Total current liabilities | $2.8B | $2.7B | $2.1B | $2.0B | $1.3B | $3.2B | $3.1B | $3.5B | $4.7B | $6.4B |
| Long-term debt | $7.9B | $8.1B | $8.9B | $12.5B | $14.2B | $12.7B | $12.7B | $21.2B | $31.0B | $30.8B |
| Total liabilities | $12.7B | $11.2B | $11.7B | $15.6B | $17.0B | $17.6B | $17.9B | $27.8B | $41.9B | $44.1B |
| Shareholders' equity | $189M | $5.5B | $6.6B | $6.2B | $6.0B | $6.0B | $6.5B | $16.5B | $17.0B | $22.5B |
| Net debt | $8.1B | $8.5B | $9.4B | $12.5B | $13.7B | $13.5B | $13.4B | $21.3B | $31.3B | $31.9B |
Cash flow
Fiscal years, from ONEOK's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.4B | $1.3B | $2.2B | $1.9B | $1.9B | $2.5B | $2.9B | $4.4B | $4.9B | $5.6B |
| Capital spending | $625M | $512M | $2.1B | $3.8B | $2.2B | $697M | $1.2B | $1.6B | $2.0B | $3.2B |
| Free cash flow | $729M | $803M | $45M | -$1.9B | -$296M | $1.8B | $1.7B | $2.8B | $2.9B | $2.4B |
| Stock-based compensation | $41M | $26M | $32M | $37M | $29M | $54M | $53M | $63M | $102M | $92M |
| Dividends paid | $518M | $829M | $1.3B | $1.5B | $1.6B | $1.7B | $1.7B | $1.8B | $2.3B | $2.6B |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | -$159M | -$75M |
| Net borrowing | $456M | -$300M | $248M | $3.3B | $1.6B | -$605M | -$27M | $4.0B | $5.1B | $830M |
| Free cash flow margin | 8.2% | 6.6% | 0.4% | -18.7% | -3.5% | 11.2% | 7.6% | 16.0% | 13.2% | 7.3% |
| Dividends per share | $2.44 | $2.77 | $3.22 | $3.51 | $3.72 | $3.73 | $3.73 | $3.79 | $3.94 | $4.13 |
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Open OKE in InvestinglyQuestions
What was ONEOK's revenue in 2025?
$33.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does ONEOK generate?
$2.4B in fiscal 2025 (operating cash flow minus capital spending).
From ONEOK's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.