ONEOK reported Q4 2025 net income of USD 978 million and diluted EPS of USD 1.55, with adjusted EBITDA of USD 2.15 billion. For FY 2025, net income rose 11% to USD 3.46 billion, while net income attributable to shareholders increased 12% to USD 3.39 billion and diluted EPS was USD 5.42; adjusted EBITDA increased 18% to USD 8.02 billion (USD 8.09 billion excluding transaction costs). Operationally, ONEOK cited a 15% increase in Rocky Mountain NGL raw feed throughput volumes and a 3% increase in Rocky Mountain natural gas volumes processed in Q4 2025 and FY 2025. The company said it achieved USD 475 million of cumulative acquisition-related synergies through year-end 2025, with approximately 90% fee-based earnings in 2025. ONEOK raised its quarterly dividend 4% in January 2026 to USD 1.07 per share (USD 4.28 annualized), repurchased USD 62 million of common stock in 2025, and repurchased USD 789 million principal amount of senior notes; it also extinguished nearly USD 3.1 billion of long-term debt in 2025 and reported a Q4 2025 annualized run-rate net debt-to-EBITDA ratio of 3.8x (excluding transaction costs). The company highlighted the November 2025 expansion of the Eiger Express Pipeline to 3.7 Bcf/d from 2.5 Bcf/d, with the expanded capacity fully subscribed under long-term contracts, and said it had achieved more than 80% of its 2030 combined Scope 1 and Scope 2 emissions reduction target as of year-end 2025. For 2026, ONEOK guided to net income of USD 3.19 billion to USD 3.71 billion, diluted EPS of USD 5.04 to USD 5.87, and adjusted EBITDA of USD 7.9 billion to USD 8.3 billion, with total capital expenditures of USD 2.7 billion to USD 3.2 billion. CEO Pierce H. Norton II said 2025 earnings growth was supported by increased volumes and synergy capture from acquisitions, with operating leverage from key project completions and stable fee-based earnings expected to strengthen financial flexibility.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Oneok Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: GNW9659519-en) on February 23, 2026, and is solely responsible for the information contained therein.