OKE ONEOK INC /NEW/

Overview and Growth

ONEOK INC /NEW/ generated $33.63B of revenue in fiscal 2025, with net income of $3.39B and an operating cash inflow of $5.60B. At $33.63B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $21.70B in fiscal 2024, revenue recorded a 55.0% year-over-year increase. Diluted earnings per share were $5.42, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 4.8% increase from fiscal 2024 diluted EPS of $5.17. Asset turnover was 0.5x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $10.26B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 30.5% of revenue, showing how much of the top line remained after direct costs. Operating income was $5.74B, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 17.1% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $3.39B for the fiscal year. Net margin was 10.1%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $4.49B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 13.4% of revenue, placing earnings before tax in the context of the company’s operating scale. Income tax expense totaled $1.03B, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 22.9%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

Total assets were $66.64B, supported by $44.07B of liabilities and $22.57B of shareholder equity. The near-term balance sheet paired $4.49B of current assets with $6.37B of current liabilities at the reporting date. At 0.71x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Reported cash and equivalents were $78.00M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 1.2% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $32.00B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 1.42x, showing how much debt the company carried for each unit of book equity. Debt represented 48.0% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 66.1%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 0.1% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

Cash flow from operations was $5.60B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 1.65x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $3.15B of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 56.3%, connecting investment intensity with the company’s cash-generation base. After capital spending, free cash flow was $2.45B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 7.3% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 3.7%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.