At a glance
ONEOK Inc is worth $58.33B, about 17 times its fiscal 2025 earnings. Revenue grew 55.0% to $33.63B in fiscal 2025, with 10.1% kept as profit; over 5 years it has grown 31.5% a year. It pays a 5.74% dividend yield, raised every year for at least 3 years, and returned $10.31B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +47.4% over the past year with dividends reinvested and +13.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 80.2% in the 2020 crash (S&P 500: 33.7%) and 29.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months and 4 months after the lows.
The business in plain English
ONEOK is a midstream energy company incorporated in Oklahoma. Midstream means the middle of the energy chain: after oil and gas come out of the ground, ONEOK gathers, processes, stores, transports and exports them, readying them for use. Its roughly 60,000-mile pipeline network carries natural gas, natural gas liquids (NGLs, such as ethane, propane and butane), fuels made at refineries, and crude oil. Its customers are mainly large and independent oil and gas producers.
Most of its profit comes from fees for these services: about 90% of 2025 earnings were fee-based. Revenue looks different. Of $33.6 billion in fiscal 2025 revenue, 85.9% came from sales of commodities it purchases or receives along the way, 9.4% from transportation and storage, and 4.4% from exchange services and gas gathering and processing. Those sales swell revenue, but fees drive most of the profit.
It reports four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. Its assets reach major U.S. shale regions, including the Williston Basin in North Dakota and Montana, the Powder River Basin in Wyoming, the Permian Basin and the Mid-Continent. ONEOK completed its EnLink acquisition on January 31, 2025, issuing 41 million shares worth $4.0 billion. EnLink contributed earnings in all four segments in 2025.
Price history
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OKE +47.4% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Commodity sales | $28.88B | 85.9% |
| Transportation and Storage Revenue | $3.16B | 9.4% |
| Exchange Services and Natural Gas Gathering and Processing Revenue | $1.47B | 4.4% |
| Other | $166.0M | 0.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $12.46B, up 44.3% from a year earlier, and net income was $1.35B (+43.8%).
- For fiscal 2025, revenue was $33.63B (+55.0% year over year; +31.5% a year from FY2020 to FY2025) with a 10.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +31.5% good |
|---|---|
| Operating margin | 17.1% good |
| Free cash flow margin | 7.3% watch |
| Return on equity (FY2025) | 15.1% good |
| Return on assets (FY2025) | 5.1% watch |
| Net cash (cash minus debt) | $-28.30B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.54B | $612.8M | $-296.3M |
| FY2021 | $16.54B | $1.50B | $1.85B |
| FY2022 | $22.39B | $1.72B | $1.70B |
| FY2023 | $17.68B | $2.66B | $2.83B |
| FY2024 | $21.70B | $3.04B | $2.87B |
| FY2025 | $33.63B | $3.39B | $2.45B |
Valuation snapshot
| Market value | $58.33B |
|---|---|
| P/E ratio | 17.1 |
| Dividend yield | 5.74% |
Rank among 1514 US companies
Market value at each year end
ONEOK’s market value went from $20.49B at the end of 2017 to $58.33B on Nov 2, 2026, about 2.8 times as much; since the end of 2025 it is up 26%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $58.33B | +26.1% |
| 2025 | $46.25B | -21.1% |
| 2024 | $58.65B | +43.4% |
| 2023 | $40.91B | +39.3% |
| 2022 | $29.36B | +12.1% |
| 2021 | $26.20B | +53.6% |
| 2020 | $17.06B | -45.4% |
| 2019 | $31.26B | +40.8% |
| 2018 | $22.19B | +8.3% |
| 2017 | $20.49B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OKE price data to Nov 2, 2026 | +32.3% | +47.4% | +17.3% | +13.6% | +13.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +32.3% |
| 2025 | -22.9% |
| 2024 | +50.2% |
| 2023 | +13.2% |
| 2022 | +18.9% |
| 2021 | +64.9% |
| 2020 | -43.3% |
| 2019 | +47.8% |
| 2018 | +6.3% |
| 2017 | -2.0% |
| 2016 | +149.5% |
| 2015 | -47.3% |
| 2014 | -4.9% |
| 2013 | +49.6% |
| 2012 | +1.5% |
| 2011 | +61.2% |
| 2010 | +29.3% |
| 2009 | +61.4% |
| 2008 | -32.4% |
| 2007 | +5.2% |
| 2006 | +64.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.1% over that stretch · deepest drop along the way 63.2%, back to its old high 12.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 74.5% over that stretch · deepest drop along the way 80.2%, back to its old high 22.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.7% over that stretch · deepest drop along the way 29.2%, back to its old high 3.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.6% | Sep 30, 2026 |
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
ETFs with the most weight in OKE
| MLPX Global X MLP & Energy Infrastructure ETF | 8.14% |
| TPYP Tortoise North American Pipeline Fund | 6.83% |
| USAI Pacer American Energy Independence ETF | 6.71% |
| MDST Westwood Salient Enhanced Midstream Income ETF | 6.57% |
| EINC VanEck Energy Income ETF | 6.53% |
| TPZ Tortoise Essential Energy Fund | 5.92% |
| EIPI FT Energy Income Partners Enhanced Income ETF | 4.9% |
| ENFR Alerian Energy Infrastructure ETF | 4.77% |
What could go wrong
- Fewer new wells means less volume. Wells produce less over time, so ONEOK needs steady new drilling near its pipes and plants. If producers cut back, throughput at its gathering, processing and fractionation (separating liquids into products) assets could fall.
- Commodity prices still affect results. About 90% of 2025 earnings were fee-based, but part of revenue comes from sales of natural gas, NGLs and crude. ONEOK does not fully hedge (lock in prices), so price drops can cut cash flow.
- Heavy debt and interest-rate exposure. ONEOK had $28.5 billion of debt and $186 million of cash and investments as of September 30, 2026. Higher interest rates or a credit-rating cut could raise borrowing costs and leave less cash for shareholders.
- Big acquisitions may not pay off. ONEOK has grown through deals such as EnLink, paid for with 41 million new shares. Its annual report warns deals that look accretive (adding to per-share earnings) can still reduce operating cash per share.
- Growth projects carry construction risk. ONEOK expects to invest about $1.0 billion in a Texas City export terminal and pipeline with MPLX, due in early 2028. Delays, cost overruns or thin supply after completion could hurt returns.
- Decades-old assets and accident risk. Many of ONEOK's assets have been in service for several decades. Accidents or unexpected outages on its roughly 60,000-mile network could disrupt operations, and insurance may not cover all losses.
Recent events
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement; Other company announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Executive or board change
For income and retirement investors
ONEOK's dividend yield was 4.48% as of October 28, 2026. Dividends per share held at $3.74 from fiscal 2020 through 2022, then rose three straight years to $4.12 in fiscal 2025, about 2% a year over five years. In January 2026 the quarterly dividend rose 4% from a year earlier to $1.07. The catch is coverage: fiscal 2025 dividends equaled 76% of earnings and about 106% of free cash flow (cash left after capital spending). Buybacks have been small, $234 million of a $2.0 billion program by December 31, 2025, while the share count rose about 41% from October 2021 to October 2026, partly from shares issued for EnLink.
The stock has fallen hard in downturns: 63% in the 2008 financial crisis, 80% in the 2020 COVID crash and 29% in the 2022 bear market. It took about 12, 23 and 3.5 months from the low to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does ONEOK make money?
ONEOK makes most of its profit by charging fees to gather, process, store, transport and export energy. Its roughly 60,000-mile pipeline network carries natural gas, natural gas liquids, refined products and crude oil, mainly for oil and gas producers. About 90% of its 2025 earnings were fee-based. Sales of commodities it purchases or receives made up 85.9% of its $33.6 billion in fiscal 2025 revenue, but fees drive most of the profit.
Does ONEOK raise its dividend every year?
No, not every year. ONEOK paid $3.74 per share in each of fiscal 2020, 2021 and 2022. It then raised the yearly total three times in a row, to $3.82 in fiscal 2023, $3.96 in 2024 and $4.12 in 2025. That works out to about 2% a year over five years. In January 2026 the board raised the quarterly dividend to $1.07 per share, 4% more than a year earlier.
Is ONEOK's dividend safe?
ONEOK's dividend was covered by earnings but not fully by free cash flow in fiscal 2025. Dividends equaled about 76% of earnings ($4.12 per share against $5.42 of diluted earnings per share) but about 106% of free cash flow, the cash left after capital spending. ONEOK also carried $28.5 billion of debt against $186 million of cash and investments as of September 30, 2026. Its annual report warns that dividends may vary from expected amounts. The yield was 4.48% as of October 28, 2026.
How do oil and gas prices affect ONEOK?
Less directly than they affect oil and gas producers, but they still matter. About 90% of ONEOK's 2025 earnings were fee-based. Low prices can lead producers to drill fewer wells, which cuts the volumes flowing through its gathering, processing and NGL systems. Part of its revenue also comes from commodity sales, and it does not fully hedge (lock in prices ahead of time). Its Natural Gas Pipelines segment has less volume risk because most of its capacity is reserved under long-term, firm fee-based contracts.
How has ONEOK stock performed over the long term?
It returned about 13.6% a year over both five and ten years as of October 28, 2026, with deep drops along the way. Single years swing widely: the stock lost 22.9% in 2025, then gained 33.6% in 2026 through October 28. It fell 80% in the 2020 COVID crash and 63% in the 2008 financial crisis. It took about 23 and 12 months to recover from those lows.