MARKETS / NYSE / OKE

NYSE · NATURAL GAS TRANSMISISON & DISTRIBUTION · LARGE CAP

Oneok Inc. /new/ OKE

19 fiscal years on record · USD · FY2025 reported · SEC filings only

3 YEARS OF DIVIDEND GROWTH

Revenue

$33.6B

▲ 55.0% YoY

Net income

$3.4B

▲ 11.8% YoY

Free cash flow

$2.4B

▼ 14.6% YoY

In brief

What this company does

ONEOK provides midstream gathering, processing, fractionation, transportation, storage and marine export services. Through an approximately 60,000-mile pipeline network it transports natural gas, NGLs, Refined Products and crude oil. The company reports operations in four business segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. The company is incorporated under the laws of the state of Oklahoma.

Written from the business description in ONEOK INC /NEW/'s annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth

USD 33.6B

Revenue, FY2025 · full 19-year series below

Revenue $B Net income $B

FY2025 · Revenue 33.6 · Net income 3.4

Compound annual growth

Revenue

+14.5%

+31.5%

+15.8%

+6.7%

Net income

+25.4%

+30.1%

+16.7%

EPS, diluted

+12.2%

+30.7%

Dividend / share

+3.3%

+2.0%

Returned to shareholders

+16.7%

+10.6%

+18.0%

+19.1%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +31.5% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

10 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 17.1% · Net 10.3%

ROE

FY2025 · ROE 17.2%

Gross margin30.5%

Operating margin17.1%

Net margin10.3%

Return on assets5.3%

EBITDAUSD 7.3B

Each USD of equity produced 17 cents of profit this year.

Cash & shareholders

USD 2.7B

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF 2.4

Net buybacks $B Dividends $B

FY2025 · Dividends 2.6 · Net buybacks 0.1

Dividends paidUSD 2.6B

Net buybacksUSD 75.0M

Share of profit78.3%

Consecutive raises3 years

USD 2.6B in dividends and USD 75.0M in buybacks — 78% of the year's profit went back to shareholders.

Total assetsUSD 66.6B

EquityUSD 22.5B

CashUSD 78.0M

Gross debtUSD 32.0B

Net debtUSD 31.9B

Current ratio0.71×

Net debt stands at 142% of equity.

The 19-year record

19 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue $B	33.6	21.7	17.7	22.4	16.5	8.5	10.2	12.6	12.2	8.9	7.8	12.2	11.9	10.2	14.8	12.7	10.8	16.2	13.5
Operating income $B	5.7	5.0	4.1	2.8	2.6	1.4	1.9	1.8	1.4	1.3	1.0	1.1	0.9	1.0	1.2	0.9	0.9	0.9	0.8
EBITDA $B	7.3	6.1	4.8	3.4	3.2	1.9	2.4	2.3	1.8	1.7	1.4	1.4	1.1	1.2	1.5	1.2	1.2	1.2	1.1
Income tax $B	1.0	1.0	0.8	0.5	0.5	0.2	0.4	0.4	0.4	0.2	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Net income $B	3.4	3.0	2.7	1.7	1.5	0.6	1.3	1.2	0.4	0.4	0.2	0.3	0.3	0.4	0.4	0.3	0.3	0.3	0.3
Free cash flow $B	2.4	2.9	2.8	1.7	1.8	−0.3	−1.9	0.0	0.8	0.7	−0.2	−0.5	−1.0	−0.9	0.0	0.3	0.7	−1.0	0.1
EPS, diluted $	5.42	5.17	5.48	3.84	3.35	1.42	3.07	2.78	1.29	1.66	1.16	1.49	1.27	1.71	1.68	1.55	2.87	2.95	2.79
Dividend / sh $	4.12	3.96	3.82	3.74	3.74	3.74	3.53	3.25	2.72	2.46	2.43	2.12	1.48	1.27	1.08	0.91	1.64	1.56	1.40
Payout %	76	76	69	97	·	262	114	116	214	147	208	141	114	73	63	58	57	52	49
ROE %	17.2	18.1	23.1	27.5	·	10.0	20.0	19.0	13.6	134.2	52.8	21.4	11.9	16.5	15.4	14.4	14.2	14.9	·
Shares out B	0.63	0.58	0.58	0.45	0.45	0.44	0.41	0.41	0.39	0.21	0.21	0.21	0.21	0.20	0.21	0.11	0.11	0.10	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

Oneok Inc. /new/vsBrookfield Infrastructure Corp.Same industry: Natural Gas Transmisison & Distribution Oneok Inc. /new/vsCenturi Holdings, Inc.Same industry: Natural Gas Transmisison & Distribution Oneok Inc. /new/vsSouthwest Gas Holdings, Inc.Same industry: Natural Gas Transmisison & Distribution Oneok Inc. /new/vsChesapeake Utilities Corp.Same industry: Natural Gas Transmisison & Distribution Oneok Inc. /new/vsRGC Resources Inc.Same industry: Natural Gas Transmisison & Distribution

Provenance

Company facts, as filed

How we verify · 0 failures in 82 reconciliationsAUDITED

Reconciled in 19 of 19 fiscal years. 2 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityNatural Gas Transmisison & Distribution

Listed onNYSE

Incorporated inOklahoma

Fiscal year endsDecember 31

Data on record since2007