ONEOK reported Q4 2025 earnings on February 23, 2026, with mixed results. The company posted EPS of $1.55, beating consensus estimates of $1.48 to $1.52. However, Q4 revenue of $9.07 billion missed analyst expectations of $9.49 billion. For full year 2025, net income rose 11-12% and adjusted EBITDA increased 18%. The company issued 2026 guidance with a net income midpoint of $3.45 billion and EPS guidance of $5.04 to $5.87, which was below some analyst estimates. Fourth-quarter profit was impacted by a sharp drop in earnings in the natural gas transportation segment linked to a 2024 pipeline divestiture. The board announced a 4% dividend increase to $1.07 per share. Analysts noted the guidance was softer than previous long-term expectations due to a cautious macro environment.
Read full analysisONEOK reported Q4 2025 earnings on February 23, 2026, with mixed results. The company posted EPS of $1.55, beating consensus estimates of $1.48 to $1.52. However, Q4 revenue of $9.07 billion missed analyst expectations of $9.49 billion. For full year 2025, net income rose 11-12% and adjusted EBITDA increased 18%. The company issued 2026 guidance with a net income midpoint of $3.45 billion and EPS guidance of $5.04 to $5.87, which was below some analyst estimates. Fourth-quarter profit was impacted by a sharp drop in earnings in the natural gas transportation segment linked to a 2024 pipeline divestiture. The board announced a 4% dividend increase to $1.07 per share. Analysts noted the guidance was softer than previous long-term expectations due to a cautious macro environment.
ONEOK operates approximately 60,000 miles of natural gas and NGL pipelines across North America, making it one of the largest midstream energy infrastructure companies in the U.S. The company has grown aggressively through acquisitions — including Magellan Midstream, EnLink, and Medallion — and earns roughly 90% of its revenue from fee-based contracts, providing relative earnings stability. Today's selloff centers on whether the company's 2026 growth trajectory can sustain the premium valuation investors had assigned after a strong 2025.