ONEOK Posts Strong 2025 Results and 2026 Outlook
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An update from Oneok ( (OKE) ) is now available.
On Feb. 23, 2026, ONEOK reported that full-year 2025 net income attributable to the company rose 12% to $3.39 billion and adjusted EBITDA climbed 18% to $8.02 billion, driven by higher NGL and natural gas processing volumes and contributions from recent acquisitions such as EnLink and Medallion. The company highlighted strong balance sheet actions, including extinguishing nearly $3.1 billion of long-term debt, repurchasing equity and notes, raising its dividend in January 2026, and achieving $475 million of acquisition-related synergies while reaching more than 80% of its 2030 Scope 1 and 2 emissions reduction target.
For 2026, ONEOK issued guidance with a net income midpoint of $3.45 billion, adjusted EBITDA midpoint of $8.1 billion and capital expenditures between $2.7 billion and $3.2 billion, underpinned by fee-based growth from NGL, refined products, crude, and gas gathering and pipeline projects. Management expects continued benefits from completed expansions, further commercial and cost synergies and high contracted and hedged positions, although growth is projected to be tempered by moderating producer activity in a lower commodity price environment.
The most recent analyst rating on (OKE) stock is a Hold with a $89.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.
Spark’s Take on OKE Stock
According to Spark, TipRanks’ AI Analyst, OKE is a Outperform.
OKE scores well primarily on strong financial performance (revenue and free-cash-flow growth with solid margins) and a constructive earnings outlook with reaffirmed guidance, synergy realization, and improving balance-sheet actions. Valuation is supportive with a moderate P/E and high dividend yield. Technicals are positive but somewhat stretched short-term, slightly moderating the overall score.
To see Spark’s full report on OKE stock, click here.
More about Oneok
ONEOK, Inc., based in Tulsa, Okla., is a large U.S. midstream energy company operating natural gas liquids, natural gas gathering and processing, refined products, crude oil and pipeline systems. Its business is predominantly fee-based, with around 90% of 2025 earnings generated from fees, and it focuses on volume growth, acquisitions and infrastructure projects across regions including the Rocky Mountains, Permian Basin and Mid-Continent.
Average Trading Volume: 4,314,808
Technical Sentiment Signal: Strong Buy
Current Market Cap: $54.61B
See more data about OKE stock on TipRanks’ Stock Analysis page.
