Oneok (OKE) FY2025 10-K Annual Report
Oneok (OKE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 24, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Oneok FY2025 10-K Analysis
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
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
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
Oneok FY2025 Key Financial MetricsXBRL
Revenue
$33.6B
▲ +55.0% YoY
Net Income
$3.4B
▲ +11.8% YoY
Operating Margin
17.1%
▼ -592bp YoY
Net Margin
10.1%
▼ -390bp YoY
ROE
15.1%
▼ -273bp YoY
Total Assets
$66.6B
▲ +4.0% YoY
EPS (Diluted)
$5.42
▲ +4.8% YoY
Operating Cash Flow
$5.6B
▲ +14.5% YoY
Source: XBRL data from Oneok FY2025 10-K filing on SEC EDGAR. All figures in USD.
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