ONEOK Stock: Bullish Thesis Intact (NYSE:OKE)

Core Insights - ONEOK reported full-year earnings for 2025, revealing a surprising weakness in its performance [1] - Adjusted EBITDA for 2025 was $8,020 million, which includes transaction costs of $65 million, or $8,085 million without these costs [1] - The guidance for 2026 was also below market expectations, indicating potential challenges ahead for the company [1] Financial Performance - The adjusted EBITDA figure of $8,020 million for 2025 reflects a significant aspect of the company's financial health [1] - The inclusion of transaction costs in the EBITDA calculation highlights the impact of operational expenses on profitability [1] Market Reaction - The market's reaction to the earnings report was one of surprise due to the unexpected weakness in performance [1] - This reaction may indicate a reassessment of the company's future prospects and investor sentiment [1]