$OKE · ONEOK INC /NEW/
ONEOK filed its 10-Q for the quarter ended September 30, 2026. Total revenues rose 44.3% YoY to $12.455B, driven by commodity sales of $11.19B versus $7.416B. Net income attributable to ONEOK was $1.35B (diluted EPS $2.13), up from $939M ($1.49) a year earlier. Operating income was $1.568B, essentially flat versus $1.558B, with operating margin of 12.6%.
- Total revenues rose 44.3% YoY to $12.455B, led by commodity sales of $11.19B.
- Net income attributable to ONEOK was $1.35B, up from $939M a year earlier.
- Diluted EPS was $2.13 versus $1.49 in Q3 FY2025.
- Nine-month net income attributable to ONEOK reached $3.09B versus $2.416B.
- Cash held for acquisition of $4.0B appears on the balance sheet, tied to the Brazos Midland deal.
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ONEOK's 44% revenue growth and 44% net income jump show the EnLink and Delaware Basin JV deals are already transforming its earnings power.
Midstream peers are scaling via acquisitions; ONEOK's 44% revenue jump reflects the EnLink and Delaware Basin JV consolidation plus the pending Brazos Midland purchase.
A $60M impairment of equity investments was recorded in the nine-month period. The Apollo $9B ONEOK Holdings transaction and Brazos Midland acquisition add integration and financing risk.