ONEOK (OKE) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and ONEOK published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Q3 2026 net income attributable to ONEOK includes a one-time noncash income tax benefit of $336 million, or $0.53 per diluted share, from the reorganization tied to Apollo's $9 billion minority investment in ONEOK Holdings, which closed September 10, 2026.
• Segment revenues come from the 10-Q and are shown before intersegment eliminations; the Other and eliminations row reconciles them to ONEOK's consolidated total revenues. ONEOK reports segment profit as adjusted EBITDA, a non-GAAP measure.

Source: ONEOK Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How ONEOK splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• ONEOK's Natural Gas Gathering and Processing revenue was $2.3 billion in Q3 2026, up 23% from $1.8 billion in Q3 2025, 18% of total revenue.
• ONEOK's Natural Gas Liquids revenue was $5.1 billion in Q3 2026, up 31% from $3.9 billion in Q3 2025, 41% of total revenue.
• ONEOK's Natural Gas Pipelines revenue was $508 million in Q3 2026, up 13% from $450 million in Q3 2025, 4% of total revenue.
• ONEOK's Refined Products and Crude revenue was $6.6 billion in Q3 2026, up 83% from $3.6 billion in Q3 2025, 53% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, ONEOK said:

“ONEOK increased 2026 net income guidance to a range of $4.09 billion to $4.27 billion.”

“Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) guidance increased to a range of $8.5 billion to $8.6 billion.”

“Earnings per diluted share increased to a midpoint of $6.30”

“Total 2026 capital expenditure guidance is expected to be approximately $3.5 billion.”

Source: ONEOK Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the OKE forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for ONEOK's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

Most of ONEOK's revenue is the value of the commodities it sells. Of $12,455 million in Q3 2026 total revenues, commodity sales were $11,190 million and services and other $1,265 million. Cost of sales and fuel was $9,612 million, so revenue moves with NGL, crude, refined product and natural gas prices far more than profit does. (ONEOK Q3 2026 release, Oct 27, 2026)

ONEOK has four segments. Before intersegment eliminations, Refined Products and Crude brought in $6,645 million of revenue in the quarter, Natural Gas Liquids $5,097 million, Natural Gas Gathering and Processing $2,265 million and Natural Gas Pipelines $508 million; eliminations and other items took $2,060 million off the total. Refined Products and Crude revenue was $3,629 million a year earlier. (ONEOK Form 10-Q, Q3 2026, Oct 28, 2026)

Volumes rose across most of the system. NGL raw feed throughput was 1,661 MBbl/d against 1,574 MBbl/d, with a 16% increase in the Gulf Coast/Permian region; refined products shipped were 1,615 MBbl/d against 1,526 MBbl/d; and natural gas processed was 5,866 MMcf/d against 5,852 MMcf/d. Crude oil shipped fell to 1,693 MBbl/d from 1,813 MBbl/d. (ONEOK Q3 2026 release, Oct 27, 2026)

ONEOK says each of its four segments is primarily fee-based and that its consolidated earnings were approximately 90% fee-based in 2025. The Natural Gas Pipelines segment has little volume risk because most of its capacity is under long-term firm contracts; in Q3 2026 it had 92% of its transportation capacity contracted. (ONEOK Form 10-K, 2025, Feb 24, 2026; ONEOK Q3 2026 release, Oct 27, 2026)

On October 6, 2026, after the quarter ended, ONEOK completed the Brazos Midland acquisition for total cash consideration of approximately $4.6 billion, funded with proceeds from the ONEOK Holdings transaction. ONEOK expects about $75 million of contribution from it in 2026. (ONEOK Form 10-Q, Q3 2026, Oct 28, 2026; ONEOK Q3 2026 release, Oct 27, 2026)

ONEOK's diluted EPS of $2.13, against $1.49 a year earlier, includes a one-time noncash income tax benefit of $336 million, or $0.53 per diluted share, from the reorganization tied to the minority equity transaction. Income taxes were a $26 million benefit in the quarter against $297 million of expense in Q3 2025, and the annual effective tax rate for the first nine months fell to 14.2%. (ONEOK Q3 2026 release, Oct 27, 2026; ONEOK Form 10-Q, Q3 2026, Oct 28, 2026)

ONEOK does not report an adjusted EPS. Its non-GAAP measure is adjusted EBITDA, which was $2,238 million against $2,119 million and included a $53 million net benefit from the minority equity and Brazos Midland transactions, mainly gains on extinguishing debt. ONEOK extinguished nearly $5.5 billion of debt principal in September 2026. (ONEOK Q3 2026 release, Oct 27, 2026)

ONEOK now reports a larger noncontrolling interest. Apollo contributed $9 billion to ONEOK Holdings for Class B units and owns 13% of its units, so $34 million of Q3 2026 net income went to noncontrolling interests against $1 million a year earlier. Diluted shares were 632.6 million against 631.5 million. (ONEOK Form 10-Q, Q3 2026, Oct 28, 2026; ONEOK Q3 2026 release, Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

ONEOK gives full-year guidance in its release and raised it again in Q3 2026: net income of $4.09 billion to $4.27 billion, adjusted EBITDA of $8.5 billion to $8.6 billion, a diluted EPS midpoint of $6.30 and capital expenditures of approximately $3.5 billion. The increase includes about $50 million of expected adjusted EBITDA from Brazos Midland, net of transaction costs. (ONEOK Q3 2026 release, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover ONEOK, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones ONEOK's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning OKE is on is OKE a buy or a sell?, what analysts expect next is on the OKE forecast, and what the company does is on the ONEOK (OKE) stock page.

Every number on this page can be traced to a document ONEOK published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.