ONEOK INC /NEW/

Listed Company

OKECIK 0001039684NYSELarge AcceleratedNatural Gas Transmisison & DistributionOklahomaFY ends Dec 31

Period

FY 2025

Revenue

$33.63B

Net Income

$3.39B

Total Assets

$66.64B

Equity

$22.48B

Shares Out

630.03M

Op. Cash Flow

$5.60B

Business

ONEOK Inc /NEW/ is a leading midstream energy infrastructure company that provides gathering, processing, fractionation, transportation, storage and marine export services for hydrocarbon products. It offers services and products including natural gas, natural gas liquids (NGLs), refined products and crude oil handling, fractionation, terminaling and marketing. Operations are reported across four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines and Refined Products and Crude. Its integrated pipeline, fractionation, storage and terminal network connects major U.S. supply basins (Permian, Mid‑Continent, Rocky Mountain, Gulf Coast) to domestic markets and export channels via pipelines, terminals, marine, truck and rail distribution.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues (Note Q)	33,629	21,698	17,677	22,387	16,540
Cost of sales and fuel (exclusive of items shown separately below)	23,373	13,311	11,929	17,910	12,257
Operations and maintenance	2,585	2,162	1,319	958	900
Depreciation and amortization	1,514	1,134	769	626	622
General taxes	378	334	216	191	167
Transaction costs (Note B)	81	73	158	0	0
Other operating income, net (Notes A and B)	−43	−305	−786	−105	−2
Operating income	5,741	4,989	4,072	2,807	2,596
Equity in net earnings from investments (Note N)	386	439	202	148	122
Other income, net	146	53	89	−29	−1
Interest expense	−1,783	−1,371	−866	−676	—
Income before income taxes	4,490	4,110	3,497	2,250	1,984
Income taxes (Note M)	−1,028	−998	−838	−528	−484
Net income	3,462	3,112	2,659	1,722	1,500
Less: Net income attributable to noncontrolling interests	69	77	0	0	—
Net income attributable to ONEOK	3,393	3,035	2,659	1,722	—
Less: Preferred stock dividends	0	1	1	1	1
Net income available to common shareholders	3,393	3,034	2,658	1,721	1,499
Net income available to common shareholders	3,393	3,034	2,658	—	—
Basic EPS (in dollars per share)	5.43	5.19	5.49	3.85	3.36
Diluted EPS (in dollars per share)	5.42	5.17	5.48	3.84	3.35
Basic (in shares)	625	585	484	448	446
Diluted (in shares)	626	587	485	448	447

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	78	733	338	220	146
Accounts receivable, net	3,010	2,326	1,705	1,532	1,442
Inventories	948	748	639	432	428
Other current assets	452	431	426	172	166
Total current assets	4,488	4,238	3,108	2,548	2,374
Property, plant and equipment	55,489	52,274	38,454	25,015	23,821
Accumulated depreciation and amortization	7,628	6,339	5,757	5,063	4,501
Net property, plant and equipment (Note E)	47,861	45,935	32,697	19,952	19,320
Investments in unconsolidated affiliates (Note N)	2,889	2,316	1,874	802	798
Goodwill (Note F)	8,058	8,091	4,952	528	—
Intangible assets, net (Note F)	2,901	3,039	1,316	225	—
Other assets	444	450	319	324	366
Total other assets	14,292	13,896	8,461	1,879	1,927
Total assets	66,641	64,069	44,266	24,379	23,622
Current maturities of long-term debt (Note G)	1,241	1,059	484	925	896
Short-term borrowings (Note G)	820	0	—	—	—
Accounts payable	2,838	2,187	1,564	1,359	1,332
Commodity imbalances	217	260	244	254	309
Accrued interest	499	511	381	233	236
Other current liabilities	750	702	564	132	398
Total current liabilities	6,365	4,719	3,452	3,051	3,185
Long-term debt, excluding current maturities (Note G)	30,755	31,018	21,183	12,696	12,748
Deferred income taxes (Note M)	6,349	5,451	2,594	1,739	1,167
Other deferred credits	603	748	553	331	432
Total deferred credits and other liabilities	6,952	6,199	3,147	2,138	1,674
Commitments and contingencies (Note O)	—	—	—	—	—
Preferred stock value	0	0	0	0	0
Common stock value	7	6	6	5	5
Paid-in capital	20,961	16,354	16,320	7,253	7,214
Accumulated other comprehensive loss	−27	−96	−33	−108	−471
Retained earnings	2,373	1,579	868	50	0
Treasury stock, at cost	−829	−807	−677	−706	−732
Total ONEOK shareholders' equity	22,485	17,036	16,484	6,494	6,016
Noncontrolling interests in consolidated subsidiaries	84	5,097	0	—	—
Total equity	22,569	22,133	16,484	6,494	6,016
Total liabilities and equity	66,641	64,069	44,266	24,379	23,622

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Distributions received from unconsolidated affiliates	397	390	202	147	123
Deferred income taxes (Note M)	957	889	829	464	472
Gain on sale of business (Note B)	0	−227	0	0	—
Medford settlement gain (Note A)	0	0	−779	0	0
Medford settlement proceeds (Note A)	0	0	502	61	0
Other, net	35	72	83	92	94
Accounts receivable	−683	49	107	−148	−611
Inventories, net of commodity imbalances	−263	17	118	−62	−105
Accounts payable	671	114	−62	−26	622
Other assets and liabilities, net	−105	−223	195	−19	45
Cash provided by operating activities	5,599	4,888	4,421	2,906	2,546
Capital expenditures (less allowance for equity funds used during construction)	−3,152	−2,021	−1,595	−1,202	−697
Cash paid for acquisitions, net of cash acquired	−25	−5,829	−5,015	0	0
Proceeds from the sale of business (Note B)	0	1,200	0	0	—
Purchases of and contributions to unconsolidated affiliates (Note N)	−622	−111	−207	−3	−1
Medford settlement proceeds (Note A)	0	0	328	39	0
Other, net	48	149	85	7	14
Cash used in investing activities	−3,751	−6,612	−6,404	−1,139	−665
Dividends paid	−2,583	−2,313	−1,839	−1,672	−1,667
Short-term borrowings, net	820	0	0	0	0
Issuance of long-term debt, net of discounts (Note G)	2,989	7,094	5,298	869	0
Debt financing costs	−32	−67	−71	−8	0
Repurchase of common stock (Note H)	−75	−159	0	0	—
Delaware Basin JV Acquisition (Note B)	−550	0	0	—	—
Extinguishment of long-term debt (Note G)	−2,979	−2,003	−1,300	−896	−605
Repurchase of EnLink's Series C Preferred Units	0	−365	0	0	—
Other, net	−93	−68	13	14	13
Cash provided by (used in) financing activities	−2,503	2,119	2,101	−1,693	−2,259
Change in cash and cash equivalents	−655	395	118	74	−378
Cash paid for interest, net of amounts capitalized	1,732	1,297	653	582	692

Filings

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