ONEOK Inc. OKE reported first-quarter 2025 operating earnings per share (EPS) of $1.04, which missed the Zacks Consensus Estimate of $1.23 by 15.4%. The bottom line also declined 4.6% from the year-ago quarter’s figure of $1.09. (See the Zacks Earnings Calendar to stay ahead of market-making news.)

OKE’s Total Revenues

Operating revenues for the quarter totaled $8.04 billion, which surpassed the Zacks Consensus Estimate of $7 billion by 14.9%. The top line also improved 68.2% from $4.78 billion in the prior-year quarter.

Highlights of OKE’s Earnings Release

Adjusted EBITDA came in at $1.78 billion, up 23.2% year over year.

Operating income totaled $1.22 billion, up 14.7% from the prior-year level of $1.06 billion.

ONEOK incurred interest expenses of $442 million, up 47.3% from $300 million recorded in the year-ago period.

The total natural gas processed was 5,250 million cubic feet of gas per day (MMcf/d), up 140.1% year over year.

The company reported natural gas transportation capacity contracted of 4,663 million British thermal units per hour per day (MDth/d), which increased 4% year over year.

OKE’s Financial Highlights

As of March 31, 2025, ONEOK had cash and cash equivalents worth $141 million compared with $733 million as of Dec. 31, 2024.

As of March 31, 2025, long-term debt (excluding current maturities) totaled $29.78 billion compared with $31.02 billion as of Dec. 31, 2024.

Cash provided by operating activities for the first three months of 2025 amounted to $904 million compared with $596 million in the corresponding period of 2024.

OKE’s 2025 Guidance

ONEOK anticipates consolidated 2025 net income in the band of $3.21-$3.69 billion. It continues to expect adjusted EBITDA in the range of $8-$8.45 billion.

Interest expenses, net of capitalized interest, are still expected in the range of $1.77-$1.73 billion.

Diluted EPS is expected in the range of $4.97-$5.77 per share. The Zacks Consensus Estimate for earnings is pegged at $5.35 per share, which is lower than the midpoint of the company’s guided range.

OKE’s Zacks Rank

ONEOK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Energy Transfer ET is slated to report first-quarter results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at 33 cents per unit, which indicates a year-over-year increase of 3.1%.

ET’s long-term (three to five years) earnings growth rate is 21.4%. The Zacks Consensus Estimate for first-quarter sales stands at $23.37 billion, which suggests year-over-year growth of 8.1%.

Devon Energy DVN is slated to report first-quarter results on May 6, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.25 per share, which indicates a year-over-year increase of 7.8%.

DVN’s long-term earnings growth rate is 11.01%. The Zacks Consensus Estimate for first-quarter sales is pegged at $4.36 billion, which calls for a year-over-year rise of 21.3%.

Plains All American Pipeline PAA is slated to report first-quarter results on May 9, before market open. The Zacks Consensus Estimate for earnings is pegged at 46 cents per share, which indicates year-over-year growth of 12.2%.

PAA holds a four-quarter average earnings surprise of 3.47%. The Zacks Consensus Estimate for first-quarter sales stands at $12.87 billion, which indicates year-over-year growth of 7.3%.

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