Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Revenue jumped on price; the margin dollars barely moved
Revenue rose 44.3%, but cost of sales and fuel rose faster, so the dollars ONEOK keeps grew far less.
For investorsWhat the fee core earns once the spread gains fade
For foundersWhy owning every link of the chain earns more than one pipe
Operations and maintenance rose 20.0%, outrunning gross profit, so higher volumes left operating income almost exactly where it was.
Pre-tax income rose 9.8%; a one-time tax benefit after the Apollo financing lifted net income the rest of the way.
Capital spending took 68.0% of operating cash flow against 49.5% a year earlier: cash in fell while project payments rose.
Unlock the financial breakdown, competitive insights, historical trends and founder playbook, plus research across the company library.
Free CXProWealth membership required
Business Lens describes Oneok from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
