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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]

Core Insights - Oneok Inc. reported revenue of $9.07 billion for the quarter ended December 2025, reflecting a year-over-year increase of 29.5% but a revenue surprise of -4.5% compared to the Zacks Consensus Estimate of $9.49 billion [1] - The company's EPS was $1.55, slightly down from $1.57 in the same quarter last year, with an EPS surprise of +4.73% against the consensus estimate of $1.48 [1] Financial Performance Metrics - Oneok's shares have returned +12% over the past month, outperforming the Zacks S&P 500 composite's +1.8% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3] Key Operational Metrics - Raw feed throughput for Natural Gas Liquids was reported at 1,586.00 MBBL/d, below the two-analyst average estimate of 1,650.68 MBBL/d [4] - Adjusted EBITDA for Natural Gas Liquids was $723 million, compared to the average estimate of $781.79 million [4] - Adjusted EBITDA for Refined Products & Crude was $567 million, below the average estimate of $608.12 million [4] - Adjusted EBITDA for Natural Gas Pipelines was $261 million, exceeding the average estimate of $224.21 million [4] - Adjusted EBITDA for Natural Gas Gathering and Processing was $541 million, slightly below the average estimate of $574.43 million [4]

Oneok Inc. (OKE) came out with quarterly earnings of $1.55 per share, beating the Zacks Consensus Estimate of $1.48 per share. This compares to earnings of $1.57 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +4.73%. A quarter ago, it was expected that this natural gas company would post earnings of $1.46 per share when it actually produced earnings of $1.49, delivering a surprise of +2.05%.Over the last four quarters, the co ...

Core Insights - ONEOK reported a decline in fourth-quarter profit per share, primarily due to a significant drop in earnings from its natural gas transportation segment linked to the divestiture of an interstate pipeline network in 2024 [1][3]. Financial Performance - The company's earnings per share fell to $1.55 in the fourth quarter, down from $1.57 a year earlier [3]. - Adjusted quarterly core profit for the natural gas pipelines unit decreased to $261 million from $417 million year-over-year, with the pipeline divestiture accounting for a $264 million decline [3]. - Quarterly adjusted core profit for the refined products and crude segment dropped approximately 6% to $567 million [4]. - The natural gas liquids business saw a 4% increase in quarterly core profit compared to the previous year, while the natural gas gathering and processing segment recorded a 10% increase [4]. Market Conditions - The company faced challenges from low oil prices during the quarter, with benchmark Brent crude averaging $63.13 per barrel, down 11.3% from the previous year [2]. - Falling oil prices have pressured midstream service providers like ONEOK, leading to reduced pipeline transportation volumes as upstream drilling activity declines [2]. Future Outlook - ONEOK anticipates net income for the current year to be between $3.19 billion and $3.71 billion, with the midpoint falling below analysts' average estimate of $3.65 billion [4]. - The company has been diversifying its portfolio through acquisitions over the past two years, including a Gulf Coast NGL pipeline system and other midstream companies [5].

News Feb. 23, 2026 ONEOK Announces Higher Full-Year 2025 Earnings: Net Income up 11%, Adjusted EBITDA up 18% Exhibit 99.1 ONEOK Announces 2026 Financial Guidance TULSA, Okla. - Feb. 23, 2026 - ONEOK, Inc. (NYSE: OKE) today announced fourth-guarter nd full-year 2025 results and 2026 financial guidance. Unless otherwise noted, all results are compared with the same periods in 2024. Fourth-Quarter 2025 Results: Higher Full-Year 2025 Results: 2026 Financial Guidance: "ONEOK delivered another year of double-digi ...

Core Insights - ONEOK reported a strong performance in 2025 with double-digit earnings growth driven by increased volumes and synergies from acquisitions [2][4][15] - The company provided financial guidance for 2026, projecting continued growth in net income and adjusted EBITDA across various segments [18][19] Financial Performance - Fourth-quarter 2025 net income was $978 million, with a diluted earnings per share of $1.55, while full-year net income reached $3.39 billion, resulting in $5.42 per diluted share [5][8] - Adjusted EBITDA for 2025 was $8.02 billion, an 18% increase from 2024, with significant contributions from the Rocky Mountain region [4][15] - The company achieved $475 million in cumulative acquisition-related synergies by the end of 2025 [12] 2026 Financial Guidance - ONEOK's 2026 guidance includes a net income range of $3.19 billion to $3.71 billion and adjusted EBITDA between $7.9 billion and $8.3 billion [16][18] - Capital expenditures for 2026 are expected to be between $2.7 billion and $3.2 billion, focusing on key projects such as the Medford fractionator rebuild and natural gas processing projects in the Permian Basin [21][22] Segment Performance - The Natural Gas Liquids segment reported adjusted EBITDA of $2.779 billion for 2025, reflecting increased optimization and marketing earnings [24] - The Refined Products and Crude segment achieved adjusted EBITDA of $2.177 billion, benefiting from higher demand and capital expenditures [25] - The Natural Gas Gathering and Processing segment saw adjusted EBITDA of $2.138 billion, driven by higher volumes in the Rocky Mountain and Gulf Coast regions [26] Operational Highlights - Approximately 90% of ONEOK's earnings in 2025 were fee-based, providing stability amid market fluctuations [14][23] - The company repurchased $62 million of common stock and extinguished nearly $3.1 billion of long-term debt in 2025 [14][15]

Core Viewpoint - ONEOK Inc. (OKE) is set to release its fourth-quarter 2025 results on February 23, with an earnings surprise of 2.05% in the previous quarter [1] Factors Impacting Q4 Performance - The fourth-quarter earnings are expected to benefit from increased industrial demand from data centers, liquefied natural gas, and ammonia facilities [2] - Strong fee-based contracts, which account for over 90% of revenues, are anticipated to positively impact the bottom line [2] - Increased well completions in the Rocky Mountain and Mid-Continent regions are likely to have contributed to higher earnings and boosted natural gas gathering and processing volumes [3] Strategic Acquisitions - ONEOK has increased its stake in BridgeTex Pipeline Company, LLC, to 60% and acquired the remaining interest in Delaware G&P LLC, which is expected to yield significant cost savings and synergies, enhancing profitability [4] - However, higher interest expenses may have offset some of the gains in the upcoming quarter [4] Q4 Expectations - The Zacks Consensus Estimate for earnings is $1.50 per share, reflecting a year-over-year decrease of 4.5% [5] - Revenue is estimated at $9.49 billion, indicating a year-over-year increase of 35.6% [5] - Raw feed throughput is expected to be 1,650.68 thousand barrels of natural gas liquid per day, suggesting a 26.4% year-over-year growth [5] Natural Gas Processing Volumes - The Zacks Consensus Estimate for natural gas processing volumes is pegged at 5,825.78 million cubic feet of gas per day, implying a slight dip of 0.4% from the previous quarter [6] Earnings Prediction Model - The earnings prediction model does not indicate a conclusive earnings beat for ONEOK, with an Earnings ESP of -1.45% and a Zacks Rank of 4 (Sell) [7][8]

Core Viewpoint - Wall Street analysts anticipate a quarterly earnings per share (EPS) of $1.50 for Oneok Inc. (OKE), reflecting a year-over-year decline of 4.5%, while revenues are projected to be $9.49 billion, representing a 35.6% increase from the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised downward by 2.6% over the past 30 days, indicating a reassessment by analysts [1][2] - Changes in earnings estimates are crucial for predicting investor reactions and have shown a strong correlation with short-term stock performance [2] Revenue Projections - Analysts estimate 'Revenues- Natural Gas Gathering and Processing' at $1.46 billion, indicating a year-over-year decline of 20.1% [4] - 'Revenues- Natural Gas Pipelines' are expected to reach $355.94 million, reflecting a 17.5% increase from the prior year [4] - 'Revenues- Refined Products & Crude' are projected at $2.29 billion, suggesting a year-over-year increase of 39.4% [4] Natural Gas Liquids Metrics - The average prediction for 'Revenues- Natural Gas Liquids' is $2.47 billion, indicating a significant decline of 45.3% from the previous year [5] - 'Raw feed throughput - Natural Gas Liquids' is expected to be 1,650.68 thousand barrels per day, compared to 1,306.00 thousand barrels per day reported in the same quarter last year [5] Adjusted EBITDA Estimates - 'Adjusted EBITDA- Natural Gas Liquids' is projected to be $781.79 million, up from $696.00 million in the same quarter last year [6] - 'Adjusted EBITDA- Refined Products & Crude' is expected to be $608.12 million, slightly up from $603.00 million reported in the previous year [6] - 'Adjusted EBITDA- Natural Gas Pipelines' is estimated at $224.21 million, down from $417.00 million a year ago [7] - 'Adjusted EBITDA- Natural Gas Gathering and Processing' is projected to reach $574.43 million, compared to $489.00 million in the same quarter last year [7] Stock Performance - Over the past month, Oneok shares have returned +10.6%, contrasting with a -0.8% change in the Zacks S&P 500 composite [7] - Currently, Oneok holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the overall market in the near future [7]

Group 1 - The article discusses the initiation of coverage on the energy midstream company ONEOK (OKE) with a bullish thesis, coinciding with rising optimism around AI technology [1] - The author has over a decade of experience in finance, particularly in the oilfield and real estate industries, and has led complex due diligence and M&A transactions [1] - The author has developed an interest in equity research and provides services for a Dubai-based family office with over $20 million in assets under management [1] Group 2 - The author emphasizes the ability to analyze financial statements, evaluate market trends, and identify growth drivers across different industries [1] - There is a commitment to staying updated on the latest developments in equity research and a focus on professional development [1]