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Sentiment · FY2026 Q2
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.
Demand | Revenue Growth | Guidance Reliability | Capex Investment | M&A | Pricing | Competitive Dynamics | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 3 | 3 | 4 | 4 | 4 | 2 | |
| 2025Q1 | 6 | 7 | 5 | 1 | 4 | 3 | 2 | 1 |
| 2025Q2 | 6 | 3 | 2 | 5 | 6 | 1 | 2 | 5 |
| 2025Q3 | 9 | 5 | 3 | 2 | 2 | 1 | 4 | 2 |
| 2025Q4 | 7 | 3 | 5 | 3 | 4 | 5 | 3 | 2 |
| 2026Q1 | 10 | 8 | 7 | 6 | 10 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 6 | 6 | 9 | 7 | 10 |
| Revenue Growth | 3 | 7 | 3 | 5 | 3 | 8 |
| Guidance Reliability | 3 | 5 | 2 | 3 | 5 | 7 |
| Capex Investment | 4 | 1 | 5 | 2 | 3 | 6 |
| M&A | 4 | 4 | 6 | 2 | 4 | |
| Pricing | 3 | 1 | 1 | 5 | 10 | |
| Competitive Dynamics | 4 | 2 | 2 | 4 | 3 | 2 |
| Margin | 2 | 1 | 5 | 2 | 2 | 3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Theresa Chen | Barclays | 14 (7%) |
| Keith Stanley | Wolfe Research | 13 (0%) |
| Jean Salisbury | Bank of America |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $7.00B | +35.1% | $1.57 | +33.1% | 30.9% | 22.4% | 13.2% | $1.05B |
| FY2025 Q1 | $8.04B | +68.2% | $1.04 | -4.6% | 16.8% | 15.7% | 7.9% | $275M |
| FY2025 Q2 | $7.89B | +61.2% | $1.34 |
| Manav Gupta | UBS | 12 (8%) |
| Michael Blum | Wells Fargo | 12 (8%) |
| Sunil Sibal | Seaport Research Partners | 11 (0%) |
| Spiro Dounis | Citigroup | 9 (0%) |
| Jeremy Tonet | JPMorgan | 8 (25%) |
| Jason Gabelman | TD Cowen | 6 (0%) |
| Brandon Bingham | Scotiabank | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Barclays | 1 | 14 (7%) |
| JPMorgan | 3 | 13 (15%) |
| Wolfe Research | 1 | 13 (0%) |
| Wells Fargo | 2 | 13 (8%) |
| Bank of America | 1 | 12 (25%) |
| UBS | 1 | 12 (8%) |
| Citigroup | 2 | 11 (0%) |
| Seaport Research Partners | 1 | 11 (0%) |
| +0.8% |
| 19.5% |
| 18.4% |
| 10.7% |
| $776M |
| FY2025 Q3 | $8.63B | +71.9% | $1.49 | +26.3% | 19.2% | 18.0% | 10.9% | $820M |
| FY2025 Q4 | $9.06B | +29.5% | $1.55 | -1.3% | 29.4% | 29.7% | 10.8% | $576M |
| FY2026 Q1 | $9.62B | +19.6% | $1.23 | +18.3% | 26.7% | 14.8% | 8.0% | $70M |
| FY2026 Q2 | $12.05B | +52.8% | $1.53 | +14.2% | 14.2% | 13.2% | 8.0% | $1.44B |
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).
What OKE and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“as long leave that to go to Arizona on the P66 project.”
ONEOK frames Phillips 66's Western Gateway (P66) pipeline project as a competing NGL egress route it could feed or benefit from.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
OKE ONEOK | 9 | +19.6% | |
| EPD Enterprise Products Partners L.P. | 5 | -6.7% | |
| KMI Kinder Morgan | 9 | +13.5% | |
| TRGP Targa Resources | 5 | -15.6% | |
| WMB Williams Companies | 6 | -0.6% |