Oneok (OKE) Q3 2025 10-Q Quarterly Report
Filed: Oct 29, 2025Period ending Sep 30, 2025
Utilities
Natural Gas Transmisison & DistributionSEC EDGAR Oneok (OKE) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 29, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Oneok Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue $8.63B, up $3.61B YoY for Q3 2025; driven by commodity sales $7.42B vs $4.08B YoY
- • Operating income margin ~18.1% (operating income $1.56B on $8.63B revenue) vs ~22.5% (operating income $1.13B on $5.02B) Q3 2024
- • Best segment: Natural Gas Liquids adjusted EBITDA $2.06B Q3 2025, up $209M YoY; worst: Natural Gas Pipelines modest adjusted EBITDA growth $34M increase Q3 2025
- • Cash & equivalents $1.2B at 9/30/25; operating cash flow $4.05B YTD, up $776M YoY; capital expenditures $2.18B YTD, up $723M YoY
- • Management expects 90% fee-based earnings in 2025, monitors tariffs and commodity price impacts, sees no material volume changes yet, and anticipates $2.8B-$3.2B capex for 2025
Risk Factors
- • No material changes to risk factors from most recent 10-K
- • Continued market risks include commodity price volatility impacting earnings
- • Regulatory compliance risks from evolving environmental laws remain significant
- • Operational risks from pipeline maintenance and safety critical for near-term performance
- • Financial risks include exposure to interest rate fluctuations on debt obligations
Oneok Q3 2025 Quarterly FinancialsXBRL
Revenue
$8.6B
▲ +71.9% YoY▲ +9.5% QoQ
Net Income
$939M
▲ +35.7% YoY▲ +11.7% QoQ
Operating Margin
18.0%
▼ -441bp YoY▼ -10bp QoQ
Net Margin
10.9%
▼ -290bp YoY▲ +21bp QoQ
ROE
4.3%
Total Assets
$66.6B
EPS (Diluted)
$1.49
▲ +26.3% YoY▲ +11.2% QoQ
Operating Cash Flow
$1.6B
▲ +29.8% YoY▲ +6.5% QoQ
Source: XBRL data from Oneok Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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