ONEOK earnings: third quarter 2026

ONEOK, which moves and processes natural gas, gas liquids, crude oil and refined fuels in the US, had a solid third quarter of 2026 and raised its forecasts for the year again. Underneath, the gains were narrower than the headline figures suggest. Profit after tax jumped about 44%, but most of that came from a one-time, non-cash tax gain of $336 million tied to a company reorganization. The company's own measure of operating earnings rose a more modest 6%, and most of that growth came from one of its three businesses. ¹

Against what analysts expected

ONEOK earned $2.13 a share, or about $1.60 without the one-time tax gain. Both are above the $1.46 that analysts expected on average, according to Nasdaq's earnings calendar (8 estimates). ¹²

The strong points

• Adjusted EBITDA, the company's preferred measure of operating earnings, rose about 6% to $2.24 billion. ¹
• The refined products and crude oil business grew its earnings by about 18%. ¹
• Over nine months the business brought in about 140% of its profit as cash from operations. ¹

The weak points

• Sales jumped about 44%, yet operating profit stayed almost flat at $1.57 billion. ¹
• Earnings in the natural gas liquids business fell about 4%, and gas gathering and processing was flat. ¹
• Over nine months, dividends of about $2.0 billion took more than the cash left after spending on assets. ¹

What the company expects

• ONEOK raised its forecast for 2026 adjusted EBITDA to $8.5 billion to $8.6 billion; the release does not give the earlier range. ¹
• It also raised its forecast for 2026 earnings per share, to a midpoint of $6.30. ¹

Our verdict on the quarter

A strong report. Operating earnings grew, profit came in above what analysts expected even without the tax gain, and the company raised its forecasts for the year again. But the growth leaned on one business and an acquisition, and the big jump in sales barely reached operating profit.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. ONEOK's results release, 27 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 27 October 2026. ↩