Oneok (OKE) Q3 2026 Earnings Report
MX:OKE Q3 2026 EPS Results
- Actual EPS
- MXN 40.03
- Consensus EPS
- MXN 28.26
- Beat/Miss
- Beat by +MXN 11.76
- One Year Ago EPS
- MXN 28.00
MX:OKE Q3 2026 Revenue Results
- Actual Revenue
- MXN 236.37B
- Expected Revenue
- MXN 198.08B
- Beat/Miss
- Beat by +MXN 38.29B
- YoY Revenue Growth
- +45.68%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- During Market Hours
- Conference Call
- Tuesday, October 27, 2026
MX:OKE Upcoming Earnings
Oneok's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:OKE Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. ONEOK reported 6% adjusted EBITDA growth, raised 2026 guidance for the third time, strengthened its balance sheet through a $9 billion minority equity investment and nearly $5.5 billion of debt extinguishment, and described Brazos volumes and assets as exceeding expectations. Growth is supported by strong activity across the Permian, Bakken, Mid-Continent, and Powder River Basin, multiple projects entering service, and new power-generation demand contracts. The main challenges were higher capital expenditures, one-time benefits embedded in reported results, temporary fractionation constraints, expected moderation of the Waha-to-Katy opportunity, and the absence of formal 2027 guidance.
Company Guidance
ONEOK increased 2026 guidance to a net income midpoint of $4.18 billion and an adjusted EBITDA midpoint of approximately $8.55 billion, with 2026 capital expenditures expected to total approximately $3.5 billion; refined products volumes are expected to finish the year near the top end of the original guidance range, and full year crude gathering volumes are expected to increase approximately 7%. The company reiterated its mid to high single digit adjusted EBITDA growth target for the next 5 to 7 years from its 2025 base, expects approximately 14 rigs on the Brazos Midland dedicated acreage during 2027, and expects 2027 capital expenditures around that $33 billion ish give or take, then between 2.5 to 3 billion going forward. ONEOK is not providing 2027 guidance today and expects to do so after fourth quarter results in February; its debt-to-EBITDA target going forward is approximately 3.25x or lower, with 3.5x as the upper end of its targeted leverage range, and it expects to go below 3x within the next few years.
- Strong Third-Quarter Financial ResultsThird-quarter net income attributable to ONEOK totaled $1.35 billion, or $2.13 per diluted share. Adjusted EBITDA totaled $2.24 billion, a 6% increase compared with the third quarter of 2025.
- 2026 Guidance Raised AgainONEOK increased its 2026 financial guidance for the third time this year. The adjusted EBITDA midpoint is now approximately $8.55 billion, a $200 million increase from the prior-quarter guidance and a $450 million increase from the original February guidance. The net income midpoint is $4.18 billion.
- Guidance Increase DriversOf the $200 million quarterly increase in the adjusted EBITDA midpoint, approximately $50 million reflects transaction-related benefits, approximately $75 million reflects the expected 2026 contribution from the Brazos assets, offset by $25 million of transaction costs, and the remaining $100 million reflects stronger performance across base businesses.
- Strategic Financing and Balance Sheet ImprovementONEOK closed a $9 billion minority equity investment, extinguished nearly $5.5 billion of debt, and received credit-rating upgrades from S&P Global Ratings and Fitch Ratings to BBB+ with a stable outlook.
- Lower Leverage Framework and Financial FlexibilityThe company now targets debt-to-EBITDA of approximately 3.25x or lower, compared with its previous target of approximately 3.5x, and expects to go below 3x within the next few years as modeled today. Management stated that 3.5x is now the upper end of its targeted leverage range while it continues to fund growth and return capital through dividends and potential share repurchases.
- Brazos Acquisition Performing Above ExpectationsManagement said it is very satisfied with the Brazos Midland assets. Volumes are above expectations for this point in the year, the assets have provided immediate capital synergies, and the company expects continued volume growth. Current producer plans call for approximately 14 rigs on the Brazos Midland dedicated acreage during 2027, with potential for the rig count to move higher.
- Permian and Integrated-System Growth OutlookONEOK expects mid to high single digit adjusted EBITDA growth for the next 5 to 7 years from its 2025 base. Management cited constructive producer development plans, drilling and completion efficiencies, recently completed projects, additional projects nearing completion, full-year ownership of Brazos assets, and opportunities across natural gas, NGLs, refined products, and crude.
- Record Permian and NGL Volume GrowthTotal raw feed throughput in the Natural Gas Liquids segment increased 6% year over year to nearly 1.7 million barrels per day. Gulf Coast Permian region volumes increased 16% year over year and 9% compared with the second quarter, with nearly all of the increase coming from West Texas.
- Growth Across Refined Products and Crude OperationsRefined products volumes increased 6% year over year, including 10% growth in gasoline and 2% growth in distillates. Galena Park refined products volumes increased approximately 15% year over year, while Seabrook crude oil exports remained fully contracted and third-quarter throughput approximately doubled from the prior-year period. Full-year high-margin crude gathering volumes are expected to increase approximately 7%.
- Natural Gas Gathering and Processing MomentumNatural gas gathering and processing volumes increased across all three regions compared with the second quarter, led by record Permian Basin volumes. ONEOK has approximately 21 rigs across its dedicated Permian acreage, including 17 in the Midland Basin and 4 in the Delaware. Rockies processing volumes increased 3% from the second quarter, Williston Basin rigs are up approximately 50% since March, and rigs on dedicated acreage have doubled to 60.
- Strong Brazos and Basin ActivityThe current Brazos Sundance plants are full, and Brazos asset volumes are above expectations. Management expects sufficient continued volume to fill Cassidy 1 when it enters service at year-end. Powder River initial well performance around the Cutter plant has exceeded producer expectations, while Mid-Continent growth continues across the Oklahoma system with 17 rigs on dedicated acreage.
- Completed and Upcoming Growth ProjectsONEOK completed its Denver refined product pipeline expansion, adding 35 thousand barrels per day of capacity, and completed 110 million cubic feet per day of processing expansions in the Delaware Basin. Medford Phase 1, Cutter 1, and Cassidy 1 are expected to enter service in the fourth quarter. In 2027, Bighorn adds 400 million cubic feet per day of Delaware processing capacity, Cassidy 2 adds approximately 33 million cubic feet per day in the Midland, and the Delaware NGL expansion adds 245 thousand barrels per day of takeaway capacity.
- Medford Fractionation Earnings OpportunityRaw feed inventory has been building because current fractionators cannot handle all incoming volumes. Medford is expected to come online in mid-December and run full for a period of time while the inventory is processed, with associated earnings expected primarily in the first quarter of 2027 and potentially into part of the second quarter. Management stated that the associated commodity prices have already been hedged.
- Natural Gas Pipeline EBITDA Growth and New Demand ContractsThird-quarter natural gas pipeline adjusted EBITDA was $231 million, up from $200 million a year ago, benefiting from higher optimization and marketing activity and higher firm transportation revenues. ONEOK has a 10-year firm transportation agreement for 250 million cubic feet per day tied to a 1-gigawatt power plant expected in late 2030, plus an agreement to supply 110 million cubic feet per day for a 500-megawatt power plant expansion beginning in May 2028.
- Refined Products Optimization and Blending PerformanceLiquid blending performed well, supported by increased gasoline throughput, completed synergy projects, lower logistics costs, and strong margins. The company entered the fall season approximately 75% hedged, and unhedged September spot margins provided additional upside. Management said favorable basis differentials, low inventories, mid-year tariff adjustments, and strong export demand created additional regional opportunities.
- Capital Investment and Future Growth Pipeline2026 capital expenditures are now expected to total approximately $3.5 billion, including $200 million associated with the Brazos acquisition and spending pulled forward for growth projects such as the Cutter 2 plants, Delaware NGL expansion, and compression. Management expects 2027 capital expenditures to be around that $33 billion ish, give or take, and then to range between $2.5 to $3 billion going forward, while still leaving free cash flow to return capital to shareholders.
- Extended Cash Tax DeferralThe Brazos Midland acquisition is expected to extend ONEOK's runway by another year, deferring meaningful cash tax payments until 2032 instead of previously 2031.
- Strong Demand for Denver Pipeline ExpansionThe Denver refined product pipeline expansion is fully contracted, and management is evaluating a further expansion. The next phase can be scaled according to customer commitments, and the company is seeing increased jet fuel demand across its system.
- Delaware NGL Expansion Contracting and CapacityThe 245 thousand barrels per day Delaware NGL expansion is supported by third-party processors and producers, with most of the capacity expected to involve full value-chain transportation and fractionation. ONEOK also has between 200 thousand and 300 thousand barrels per day of remaining space on its West Texas NGL pipeline.
- Positive Producer and Commodity ActivityManagement reported increased Bakken activity, including rigs returning from multi-basin producers and drilling in core areas. Producers are also increasing activity in the Mid-Continent, Powder River Basin, Permian, and other basins, while management described 2027 producer plans and customer discussions as constructive.
MX:OKE Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2026 (Q4) | 28.19- | 29.13 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | 28.2640.03 | 28 | 42.95% (+12.03) | |
| Aug 03, 2026 | 2026 (Q2) | 27.3628.75 | 25.18 | 14.18% (+3.57) | |
| Apr 28, 2026 | 2026 (Q1) | 24.3523.11 | 19.54 | 18.27% (+3.57) | |
| Feb 23, 2026 | 2025 (Q4) | 28.1929.13 | 29.5 | -1.27% (-0.38) | |
| Oct 28, 2025 | 2025 (Q3) | 27.1228.00 | 22.17 | 26.27% (+5.83) | |
| Aug 04, 2025 | 2025 (Q2) | 25.0525.18 | 24.99 | 0.75% (+0.19) | |
| Apr 29, 2025 | 2025 (Q1) | 23.3619.54 | 20.48 | -4.59% (-0.94) | |
| Feb 24, 2025 | 2024 (Q4) | 27.9429.50 | 22.17 | 33.05% (+7.33) | |
| Oct 29, 2024 | 2024 (Q3) | 23.1322.17 | 18.6 | 19.19% (+3.57) |
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
