ONEOK(US:OKE) ZACKS·2026-02-25 13:50Core Insights - ONEOK Inc. (OKE) reported fourth-quarter 2025 operating earnings per share (EPS) of $1.55, exceeding the Zacks Consensus Estimate of $1.48 by 4.73%, but down 1.27% from $1.57 in the same quarter last year [1] - For the full year 2025, OKE's EPS was $5.42, a 5.22% increase from $5.17 in 2024 [1] Revenue Performance - Operating revenues for Q4 2025 totaled $9.07 billion, missing the Zacks Consensus Estimate of $9.49 billion by 4.50%, but up 29.5% from $7.0 billion in Q4 2024 [2] - Total revenues for 2025 reached $33.63 billion, a significant increase of 54.99% compared to $21.7 billion in 2024 [2] Earnings and Financial Metrics - Adjusted EBITDA for the quarter was $2.15 billion, reflecting a year-over-year decrease of 1.33% [3] - Operating income was reported at $1.53 billion, down 2.30% from $1.57 billion in the previous year [3] - Interest expenses increased to $453 million, up 1.12% from $448 million in the prior year [3] - Natural gas processed reached 5,706 million cubic feet per day (MMcf/d), a substantial increase of 143.64% year over year [3] Capacity and Debt - Natural gas transportation capacity contracted to 7,509 million dekatherms per day (MDth/d), a decrease of 10.55% year over year [4] - As of December 31, 2025, cash and cash equivalents were $78 million, down from $733 million a year earlier [5] - Long-term debt totaled $30.76 billion, a slight decrease from $31.02 billion as of December 31, 2024 [5] - Cash provided by operating activities for 2025 was $5.59 billion, compared to $4.89 billion in 2024 [5] 2026 Guidance - ONEOK anticipates consolidated net income for 2026 to be between $3.19 billion and $3.71 billion, with adjusted EBITDA expected in the range of $7.9 billion to $8.30 billion [6] - EPS for 2026 is projected to be between $5.04 and $5.87 [6] - Capital expenditure is expected to be in the range of $2.7 billion to $3.2 billion [6][7]