EarningsQ2 2026 Earnings Report
MX:OKE Q2 2026 EPS Results
Actual EPS$26.00
Consensus EPS$24.75
Beat/MissBeat by +$1.26
One Year Ago EPS$22.77
MX:OKE Q2 2026 Revenue Results
Actual Revenue$209.54B
Expected Revenue$152.11B
Beat/MissBeat by +$57.43B
YoY Revenue Growth+56.32%
Earnings Announcement Details
QuarterQ2 2026
Date08/03/2026
TimeAfter Close
Conference CallMonday, August 3, 2026
MX:OKE Upcoming Earnings
Oneok's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:OKE Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a strongly positive operational and financial picture: record and broad-based volume growth, raised 2026 guidance (higher net income and adjusted EBITDA midpoints), meaningful project progress and service commencements (Denver expansion, Permian processing upsizes, fractionation capacity), and improved cash tax benefits that materially enhance free cash flow. The main near-term concerns are modest NGL margin pressure from an ethane/C3+ mix shift, expected Q3–Q4 pipeline earnings normalization as Permian takeaway narrows differentials, and longer commercialization timelines for some large customers. Overall the positives (guidance raise, volume and export contracting momentum, project execution, and tax/FCF tailwinds) materially outweigh the limited headwinds.Company Guidance
Raised 2026 Financial Guidance
ONEOK raised 2026 guidance for the second time this year: net income midpoint $3.6 billion, diluted EPS midpoint $5.68, and adjusted EBITDA midpoint $8.35 billion. This reflects increases versus original February guidance of +$150 million net income and +$250 million adjusted EBITDA.
Quarterly Financial Outperformance
Q2 2026 net income was $967 million, or $1.53 per diluted share, a 13% year-over-year increase. Adjusted EBITDA totaled $2.12 billion, up 7% year-over-year, driven by volume growth and segment-level performance.
Record and Broad-Based Volume Growth
Record NGL throughput volumes and continued volume increases across segments: NGL raw feed throughput +7% YoY, refined products volumes shipped +8% YoY, Midland crude gathering volumes +10% vs Q1, and gathering & processing volumes up across all regions versus Q2 last year and Q1 2026.
Major Project Completions and Capacity Adds
Several projects progressed or placed in service: Denver refined products expansion (in service Aug 1) adding 35,000 bpd and direct jet-fuel connection to DEN; Permian processing additions (150 MMcf/d relocated Midland plant; 110 MMcf/d Delaware expansions in Q3; Bighorn upsized to 400 MMcf/d, mid-2027); Medford Phase 1 fractionation adding 100,000 bpd (on track Q4); Cutter 2 in Powder River under construction (120 MMcf/d, expected Q1 2028). Upon completion, Permian processing capacity will approach ~2.4 Bcf/d.
Strong Export Contracting Momentum
Reached 80% targeted contracting threshold for 200,000 bpd LPG export capacity currently under construction at the export dock JV; Seabrook crude export JV throughput rose ~20% vs Q1 with record loadings in May and remains highly contracted under take-or-pay agreements.
Enhanced Cash Tax and Free Cash Flow Outlook
Updated analysis of tax legislation increased expected cumulative cash tax benefits to ~$2.6 billion (previously ~$1.5 billion), extending the cash tax runway by ~2 years (defer meaningful cash tax payments until 2031) and improving free cash flow generation and flexibility for capital allocation.
Capital Discipline and Long-Term Growth Targets
Management reiterated a targeted mid- to high single-digit adjusted EBITDA growth over the next 5–7 years driven by completed/near-complete projects, operating leverage, and a pipeline of organic projects and bolt-on opportunities. Long-term CapEx run-rate expected to moderate to ~$2.0–2.5 billion per year (from current higher levels) with no $1B+ projects currently required.
Operational Execution and Commercial Wins
Operations highlighted for strong execution and safety; commercial wins include a 1 GW power supply agreement and continued commercial traction on multi-large-scale data center discussions. Rigs and producer activity increased across multiple basins (e.g., >30 rigs in Midland, 11 Mid-Con, 13 Rockies).
MX:OKE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed