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Material event since the last analyzed call: Agreed to acquire Brazos Midland for $4.4 billion, funded by a $9 billion Apollo equity investment (Aug 31, 2026). See corporate events below.
Pre-Earnings Brief
Reporting soon: earnings call Tuesday, Oct 27
A pre-earnings brief is ready for OKE: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
Filed after the FY2026 Q1 call day (Apr 29, 2026) through the next call day (Aug 4, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Top analysts & firms
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
ONEOK delivered Q1 adjusted EBITDA of approximately $2 billion, up 13% year-over-year, with EPS of $1.23 increasing 12%. Broad-based volume growth across all segments drove the beat, with NGL volumes increasing more than 30% year-over-year in the Gulf Coast Permian region. Management raised 2026 EBITDA guidance to a midpoint of $8.25 billion and EPS midpoint to $5.53. Capital growth projects remained on track and on budget, and data center and AI power demand drove larger pipeline project opportunities.
Key themes
7
positive📊 company
Broad-Based Volume Growth Across All Segments
NGL volumes up 11% in Rocky Mountain, 4% in Mid-Continent, and over 30% in Gulf Coast Permian. Refined products volumes increased 12%. Natural gas gathering processed volumes rose in all regions.
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
7%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for ONEOK (OKE), FY2026 Q1: 9/10. Scores: ONEOK’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: OKE daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
The table scrolls sideways. Swipe it, or select it and use the arrow keys.
Quarter
Revenue
Rev YoY
EPS
EPS YoY
Op margin
Net margin
FCF
FY2024 Q4
$7.00B
+33.7%
$1.57
+33.1%
22.4%
13.2%
$1.05B
FY2025 Q1
$8.04B
+68.2%
$1.04
-4.6%
15.2%
7.9%
$275M
FY2025 Q2
$7.89B
+61.2%
$1.34
+0.8%
18.1%
10.7%
$776M
FY2025 Q3
$8.63B
+71.9%
$1.49
+26.3%
18.0%
10.9%
$820M
FY2025 Q4
$9.06B
+29.5%
$1.55
-1.3%
16.9%
10.8%
$576M
FY2026 Q1Selected
$9.62B
+19.6%
$1.23
+18.3%
14.8%
8.0%
$70M
FY2026 Q2
$12.05B
+52.8%
$1.53
+14.2%
13.2%
8.0%
$1.44B
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“net income of $776 million or $1.23 per diluted share, a 12% increase compared with the first quarter of 2025”
Revenue
“Adjusted EBITDA for the quarter totaled approximately $2 billion, a 13% year-over-year increase”
Guidance
positive📊 company
2026 Financial Guidance Raised On Strong Performance
Adjusted EBITDA guidance raised to midpoint of $8.25 billion. Net income midpoint increased to $3.5 billion with diluted EPS midpoint of $5.53, reflecting stronger volumes and improving market dynamics.
Revenue GrowthGuidance Reliability
positive📊 company
Capital Growth Projects On Track And On Budget
Completed relocation of 150 million cubic feet per day Shaderfax plant to Midland Basin. Delaware Basin expansions adding 110 million cubic feet per day on track for Q3. Bighorn 300 million cubic feet per day plant on schedule for mid-2027.
Capex InvestmentInnovation & R&D
positive📊 company
Data Center And AI Power Demand Driving Larger Pipe Projects
Advanced discussions with hyperscalers on natural gas pipeline projects in Oklahoma and Texas. Projects expected in 2026-2027, sized at $400 million to $700 million versus originally anticipated $50 million, reflecting scale of hyperscaler demand.
LNG export capacity projected to grow from 18 Bcf to 30 Bcf by 2030. 65% of U.S. natural gas contains recoverable NGLs, driving infrastructure demand. Middle East conflict damage to Qatar LNG facilities redirecting incremental capacity to U.S.
DemandGeographic Expansion
positive🏢 sector
Strong Ethane Economics And Petrochemical Demand
Ethane economics strengthened significantly, with petrochemical customers operating at very high utilization rates. Discretionary ethane recovery out of the Bakken and Oklahoma providing volume tailwinds.
DemandPricing
mixed📊 company
Powder Springs JV Impairment Charge
Noncash impairment of $60 million or $0.07 per diluted share after tax related to the Powder Springs logistics joint venture in the refined products and crude segment.
I wanted to maybe talk about your Permian processing capacity portfolio and how you see that sort of evolving in light of all this resilient gas production?
The PRB new plant there sounds like it's still pretty quickly any visibility to more capacity there. And then I think there was also a call out for Northern Border performance
Did I hear you right that the -- some of the data center-related projects you're pursuing you thought they were going to be in the $50 million range and they're coming in more like $400 million to ...
if you could just help us think about shaping of the year, EBITDA by quarter, if that's going to vary from your pattern before? Or is there kind of conservatism built into your guidance
do you see it mainly as an opportunity for longer haul volumes on your system out of the Gulf Coast? Or do you think this could create constraints and meaningful new growth investments
Wondering if you can give us a sense specifically on butane blending, if that's the case as well, if you're 75% hedged going into the year? And then is there any kind of seasonality to these hedges?
how much of that $150 million move is maybe early realized here in the first quarter? I guess, what level of visibility you have on the remaining forward component
Could you just level set us I know you're thinking about the timing to sort of reach your leverage targets here. And when you do free up that cash flow, just where your head on buybacks
Should we think about those as significant CAPEX opportunities with some midstream people -- midstream players undertaking? Or is it -- should we think about more like incremental CAPEX
what kind of upside -- could you potentially furbish whether it be optimization on utilization or spot cargoes or even additional brownfield investment in Pasadena?
Can you elaborate further on recent conversations with your producer customers? What are your near- and medium-term expectations for upstream activity in your areas of service?
GAAP revenue YoY +19.6% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base8Base 8GAAP revenue YoY +19.6% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, OKE is a midstream company with predominantly fee-based revenue. No structural distortion.+EPS0EPS 0GAAP EPS YoY 18.27% vs rev YoY 19.58%, spread -1.31 percentage points (inside ±5 percentage points). operating income YoY 13.15%, operating income spread -6.43 percentage points (outside -5 percentage points). OI contaminated by $60M Powder Springs impairment (qualifying charge). Ex-charge OI: $1,428M + $60M = $1,488M. Prior OI $1,262M. Ex-charge operating income YoY: ($1,488M - $1,262M) / $1,262M = 17.91%. Ex-charge operating income spread: 17.91 - 19.58 = -1.67 percentage points (inside ±5 percentage points)+Guidance+1Guidance +12026 EBITDA guidance raised from midpoint $8.1B to $8.25B, a 1.85% increase (<3%). EPS midpoint raised from $5.45 to $5.53, a 1.47% increase. Larger raise is EBITDA at 1.85%. Raise <3%.=Final9
How this score was built
Base8Base 8GAAP revenue YoY +19.6% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, OKE is a midstream company with predominantly fee-based revenue. No structural distortion.+
97.51
64.31
7
9
9
Oct 25Oct 26
“increasing our adjusted EBITDA guidance to a midpoint of $8.25 billion”
Key metric
“NGL volumes increased more than 30% year-over-year in Gulf Coast Permian region”
EPS
0
EPS 0GAAP EPS YoY 18.27% vs rev YoY 19.58%, spread -1.31 percentage points (inside ±5 percentage points). operating income YoY 13.15%, operating income spread -6.43 percentage points (outside -5 percentage points). OI contaminated by $60M Powder Springs impairment (qualifying charge). Ex-charge OI: $1,428M + $60M = $1,488M. Prior OI $1,262M. Ex-charge operating income YoY: ($1,488M - $1,262M) / $1,262M = 17.91%. Ex-charge operating income spread: 17.91 - 19.58 = -1.67 percentage points (inside ±5 percentage points)
+
Guidance+1Guidance +12026 EBITDA guidance raised from midpoint $8.1B to $8.25B, a 1.85% increase (<3%). EPS midpoint raised from $5.45 to $5.53, a 1.47% increase. Larger raise is EBITDA at 1.85%. Raise <3%.
=
Final9
Mentions
Calendar Q1 2026
What OKE said about other companies on its FY2026 Q1 call, and what other companies said about OKE on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.