ONEOK (OKE) Q4 2025 Earnings: What You Need to Know

Core Insights - ONEOK (OKE) reported Q4 2025 revenue of $9.07 billion, reflecting a year-over-year increase of 29.5% and EPS of $1.55, slightly surpassing the consensus estimate of $1.54 [1] - The company achieved full-year adjusted EBITDA of $8.02 billion, up 18% year-over-year, and net income of $3.39 billion, an increase of 12% [1] - ONEOK successfully extinguished nearly $3.1 billion of long-term debt in 2025, including $1.75 billion in Q4 alone, and captured $475 million in acquisition synergies [1] Financial Performance - Q4 2025 revenue: $9.07 billion, up 29.5% YoY [1] - Full-year adjusted EBITDA: $8.02 billion, up 18% YoY [1] - Net income for the year: $3.39 billion, up 12% YoY [1] - EPS for Q4: $1.55, beating the consensus estimate of $1.54 [1] Debt Management and Synergies - Total long-term debt extinguished in 2025: $3.1 billion [1] - Cumulative acquisition-related synergies achieved: $475 million [1] - Debt extinguished in Q4 alone: $1.75 billion [1] Operational Highlights - NGL raw feed throughput volumes in the Rocky Mountain Region increased by 15% in Q4 2025 [1] - Management tempered long-term expectations due to a cautious macro environment, guiding net income for 2026 between $3.19 billion and $3.71 billion [1] - Capital expenditures for 2026 projected between $2.70 billion and $3.20 billion [1] Dividend Information - Quarterly dividend increased by 4% to $1.07 per share, resulting in an annualized payout of $4.28 per share [1] - Dividend yield approximately 4.8% [1]