Short answer
Oneok (OKE) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $33.6B (+55.0% year over year) and net income of $3.4B.
- Top risk flagged: Total debt $34.0B as of Dec 31, 2025; $3.5B credit agreement with financial ratio covenants limiting additional borrowing capacity
FY2025 key financial metrics · XBRL
- Revenue
- $33.6B
- +55.0% YoY
- Net income
- $3.4B
- +11.8% YoY
- Operating margin
- 17.1%
- −5.9 pp YoY
- EPS (diluted)
- $5.42
- +4.8% YoY
- ROE
- 15.1%
- −2.7 pp YoY
- Operating cash flow
- $5.6B
- +14.5% YoY
Source: XBRL data from the Oneok (OKE) FY2025 10-K on SEC EDGAR. USD.
Oneok FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Integrated midstream platform (~60,000-mile pipeline network) providing gathering, processing, fractionation, transport, storage, and marine export across 4 fee-based segments (~90% fee-based in 2025)
- EnLink fully acquired Jan 31, 2025 for $4.0B (41M shares); Delaware Basin JV acquired May 2025 for $941M; BridgeTex stake raised to 60% for ~$270M
- Major Permian Basin buildout: Bighorn plant (300 MMcf/d, ~$365M), plant relocation (150 MMcf/d), two facility expansions (+110 MMcf/d); plus $1.0B LPG export terminal JV with MPLX targeting 400 MBbl/d by 2028
- NGL fractionator utilization rose to 94% (vs 92% in 2024); natural gas pipeline subscription fell to 91% (from 97%), reflecting 2024 interstate pipeline divestiture impact
- MSCI ESG Rating AA; achieved 1.8 of 2.2 million metric ton GHG reduction target ahead of 2030 deadline, with 6,326 employees as of Dec 31, 2025
Management Discussion & Analysis
- Revenue $33.6B in 2025, up $11.9B (+55% YoY) from $21.7B; driven by EnLink/Medallion full-year consolidation and higher commodity volumes
- Operating income $5.74B vs $4.99B; operating margin 17.1% vs 23.0% as cost of sales surged $10.1B with commodity revenue growth
- Best segment: Natural Gas Gathering & Processing adjusted EBITDA $2.14B (+$654M YoY); worst: Natural Gas Pipelines adjusted EBITDA down $39M from interstate pipeline divestiture
- Operating cash flow $5.6B vs $4.9B; capex $3.15B vs $2.02B; dividends $4.12/share (+4% YoY); buybacks only $62M of $2.0B authorized program
- 2026 capex guidance $2.7–$3.2B; key projects include Texas City LPG terminal ($700M, 2028) and Eiger Express Pipeline ($350M, 2028); risks include rising interest expense ($1.78B in 2025 vs $1.37B in 2024) and $1.9B working capital deficit
Risk Factors
- Total debt $34.0B as of Dec 31, 2025; $3.5B credit agreement with financial ratio covenants limiting additional borrowing capacity
- FERC rate regulation under Natural Gas Act and Interstate Commerce Act; shipper protests or refund orders could force rate reductions on long-haul pipelines
- EPA's 2009 GHG endangerment finding eliminated Feb 12, 2026; Methane Fee suspended by One Big Beautiful Bill Act July 4, 2025, but outcome subject to extensive litigation
- Dependence on third-party refineries, gathering systems and pipelines for supply; refinery closures could strand volumes on Refined Products and crude oil pipelines
- Tariffs on non-U.S. construction materials raising capital project costs; inflationary pressure compounding risk on long-lead infrastructure builds
Generated from the filing text; verify against the original. How to read a 10-K
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