Oneok

OKE

Market cap $52.1B

Although the revenue and EPS for Oneok (OKE) give a sense of how its business performed in the quarter ended December 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

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OKE Q4 EPS beat estimates as revenues jump 29% YoY, but margins dip and the 2026 outlook guides steady earnings and a $3B capex plan.

ONEOK (OKE) maintains a Strong Buy rating, driven by robust execution, high-margin fee-based contracts, and successful integration of recent acquisitions. OKE's diversified segments—NGL, refined products, and natural gas—are delivering growth, with major capacity expansions and the Medford fractionator rebuild enhancing competitive positioning. OKE's valuation is attractive at 11.87x EV/EBITDA, with a 4.76% dividend yield and significant FCF tailwinds from the Magellan tax shield deferring cash taxes until 2029.

Oneok delivered double-digit earnings growth last year. Its growth rate will slow significantly this year.

ONEOK, Inc. (OKE) Q4 2025 Earnings Call Transcript

Oneok beat earnings expectations but gave underwhelming guidance. While natural gas demand should remain resilient, the company has also hedged its exposure at lower prices than last year.

ONEOK operates 60,000 miles of pipeline with 90% fee-based earnings, making it one of the most AI-disruption-proof infrastructure plays in the current market rotation. The Williston Basin GOR has doubled since 2016 — throughput grows even when drilling doesn't. ONEOK's Rocky Mountain volumes rose 15% in 2025 with no new rig count needed. Peers trade at 12-14x EV/EBITDA. ONEOK trades at 10.8x. Closing half that gap implies double-digit upside before dividend income is even counted.

ONEOK (NYSE: OKE) posted solid Q4 2025 results after the close on February 23, with full-year earnings growth and a recently raised dividend reinforcing its standing as one of North America's premier midstream operators.

The headline numbers for Oneok (OKE) give insight into how the company performed in the quarter ended December 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.