ONEOK INC /NEW/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ONEOK INC /NEW/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	8,921	12,174	12,593	10,164	8,542	16,540	22,387	17,677	21,698	33,629
Cost of revenue	6,496	9,538	9,423	6,788	5,110	12,257	17,910	11,929	13,311	23,373
Gross profit	2,425	2,636	3,170	3,376	3,432	4,283	4,477	5,748	8,387	10,256
Operating income	1,296	1,392	1,835	1,914	1,361	2,596	2,807	4,072	4,989	5,741
Interest expense	470	486	470	492	713	733	676	866	1,371	1,783
Interest income									39	33
Other non-operating income				9.06	24.7	-1	-29	89	53	146
Pre-tax income	958	1,041	1,518	1,651	802	1,984	2,250	3,497	4,110	4,490
Income tax	212	447	363	372	190	484	528	838	998	1,028
Income from continuing operations	354	387	1,151
Net income to minority interests	391	206	3.33	0	0		0	0	77	69
Net income	352	388	1,152	1,279	613	1,499	1,722	2,659	3,035	3,393
EBITDA	1,687	1,798	2,264	2,391	1,940	3,218	3,433	4,841	6,123	7,255
EPS, basic	1.67	1.30	2.80	3.09	1.42	3.36	3.85	5.49	5.19	5.43
EPS, diluted	1.66	1.29	2.78	3.07	1.42	3.35	3.84	5.48	5.17	5.42
Shares, basic (weighted)	211	297	411	414	431	446	448	484	585	625
Shares, diluted (weighted)	212	300	414	415	432	447	448	485	587	626
Dividend per share	2.46	2.72	3.25	3.53	3.74	3.74	3.74	3.82	3.96	4.12

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	249	37.2	12	21	524	146	220	338	733	78
Receivables	872	1,203	819	835	830	1,442	1,532	1,705	2,326	3,010
Inventory	140	342	297	305	228	428	432	639	748	948
Other current assets	46	53	101	82.3	133	166	172	426	431	452
Total current assets	1,430	1,764	1,399	1,470	1,870	2,374	2,548	3,108	4,238	4,488
Property, plant and equipment	12,571	12,698	14,767	18,349	19,155	19,320	19,952	32,697	45,935	47,861
Lease right-of-use assets								104	220	245
Goodwill	526	681	681	681	528	528	528	4,952	8,091	8,058
Intangible assets	480	312	286	277	246	236	225	1,316	3,039	2,901
Other non-current assets	163	181	130	173	475	366	324	319	450	444
Total assets	16,139	16,846	18,232	21,812	23,079	23,622	24,379	44,266	64,069	66,641
Accounts payable	875	1,141	1,116	1,210	719	1,332	1,359	1,564	2,187	2,838
Deferred revenue			15.6	22.2	23.7	35.3	23	104
Short-term debt	411	433	508	7.65	7.65	896	925	484	1,059	1,241
Total current liabilities	2,837	2,667	2,108	2,020	1,345	3,185	3,051	3,452	4,719	6,365
Long-term debt	7,920	8,092	8,873	12,480	14,228	12,748	12,696	21,183	31,018	30,755
Lease liabilities				13.5	87.6	75.6	68	74	154	183
Other non-current liabilities	322	349	424	537	706	432	331	553	748	603
Total liabilities	12,710	11,161	11,652	15,586	17,036	17,606	17,885	27,782	41,936	44,072
Total debt	8,300	8,500	9,400	12,500	14,200	13,600	13,600	21,700	32,100	32,000
Paid-in capital	1,234	6,589	7,615	7,404	7,353	7,214	7,253	16,320	16,354	20,961
Retained earnings	0	0	0	0	0	0	50	868	1,579	2,373
Treasury stock	-894	-877	-852	-808	-764	-732	-706	-677	-807	-829
Other comprehensive income	-154	-189	-188	-374	-551	-471	-108	-33	-96	-27
Shareholders' equity	189	5,528	6,580	6,226	6,043	6,016	6,494	16,484	17,036	22,485
Minority interests	3,240	157	0					0	5,097	84
Total equity	3,429	5,685	6,580	6,226	6,042	6,016	6,494	16,484	22,133	22,569
Total liabilities and equity	16,139	16,846	18,232	21,812	23,079	23,622	24,379	44,266	64,069	66,641
Shares outstanding	211	389	412	413	445	446	447	583	583	630

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	743	594	1,155	1,279	613	1,500	1,722	2,659	3,112	3,462
Depreciation and amortization	392	406	429	477	579	622	626	769	1,134	1,514
Stock-based compensation	40.6	26.3	31.7	37.1	29.4	54	53	63	102	92
Deferred income tax	204	445	361	373	187	472	464	829	889	957
Change in receivables	-286	-331	384	-19.7	-1.3	-611	-148	107	49	-683
Change in inventory	-12	-202	38.5	-10.2	172	-105	-62	118	17	-263
Change in payables	288	261	-320	-62.9	-80.3	622	-26	-62	114	671
Cash from operations	1,353	1,315	2,187	1,947	1,899	2,546	2,906	4,421	4,888	5,599
Capital expenditures	-625	-512	-2,141	-3,848	-2,195	-697	-1,202	-1,595	-2,021	-3,152
Acquisitions	0					0	0	-5,015	-5,829	-25
Cash from investing	-615	-568	-2,115	-3,769	-2,271	-665	-1,139	-6,404	-6,612	-3,751
Debt issued	1,000	1,190	1,796	4,185	3,245	0	869	5,298	7,094	2,989
Debt repaid	-1,108	-995	-933	-1,057	-1,457	-605	-896	-1,300	-2,003	-2,979
Stock issued	22	471	1,204	29	970	32.8	32.4
Share buybacks							0	0	-159	-75
Dividends paid	-518	-829	-1,335	-1,458	-1,605	-1,667	-1,672	-1,839	-2,313	-2,583
Cash from financing	-587	-959	-97	1,831	875	-2,259	-1,693	2,101	2,119	-2,503
Net change in cash	151	-212	-25.2	8.98	504	-378	74	118	395	-655
Free cash flow	729	803	45.2	-1,902	-296	1,849	1,704	2,826	2,867	2,447
Interest paid	461	432	418	435	761	692	582	653	1,297	1,732
Income taxes paid	0.36	6.63	2.23	2.69	0.34	9	59	37	102	74

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $88.63 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.2%	Gross profit / revenue.
Operating margin	15.5%	Operating income / revenue.
EBITDA margin	19.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.1%	Pre-tax income / revenue.
Net margin	9.3%	Net income / revenue.
FCF margin	7.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.6%	Cash from operations / revenue.
Effective tax rate	23.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.3%	Net income / average total assets.
Return on invested capital (ROIC)	8.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	8.3%	Capital expenditures / revenue.
D&A / revenue	3.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	55.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	31.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	22.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	31.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	24.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	26.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	33.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	28.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	30.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	25.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	40.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	30.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	24.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	24.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-14.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	12.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	3.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	2.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	32.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	51.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	30.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	39.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	23.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	11.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.74x	Current assets / current liabilities.
Quick ratio	0.52x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.37x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.0%	Total debt / total assets.
Liabilities / assets	66.4%	Total liabilities / total assets.
Net debt	$31.34B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.10x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.44x	Operating income / interest expense.
Working capital	-$1.89B	Current assets - current liabilities.
Goodwill and intangibles / assets	15.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$12.04B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.57x	Revenue / average total assets.
Fixed asset turnover	0.81x	Revenue / average property, plant and equipment.
Inventory turnover	27.1x	Cost of revenue / average inventory.
Days inventory	13 days	365 x average inventory / cost of revenue.
Receivables turnover	11.1x	Revenue / average receivables.
Days sales outstanding	33 days	365 x average receivables / revenue.
Days payables	45 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	1 days	Days inventory + days sales outstanding - days payables.
FCF conversion	79.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	52.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$62.29	Revenue / diluted weighted shares.
FCF per share	$4.60	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.74	Cash from operations / diluted weighted shares.
Book value per share	$36.39	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.11	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	72.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	91.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$55.87B	Share price x shares outstanding.
Enterprise value	$87.21B	Market cap + total debt - cash - short-term investments.
P/E	15.3x	Market cap / net income. Only when net income is positive.
P/S	1.42x	Market cap / revenue.
P/B	2.44x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.64x	Market cap / tangible book value, when positive.
P/FCF	19.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.07x	Market cap / cash from operations, when positive.
EV/Sales	2.22x	Enterprise value / revenue.
EV/EBIT	14.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.2%	Free cash flow / market cap.
Earnings yield	6.5%	Net income / market cap (the inverse of P/E).
Dividend yield	4.7%	Dividends paid over the period / market cap.
Shareholder yield	4.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.26x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was ONEOK INC /NEW/'s revenue in fiscal 2025?

ONEOK INC /NEW/ reported revenue of $33.63B for fiscal 2025, 55% higher than the year before.

Was ONEOK INC /NEW/ profitable in fiscal 2025?

Yes. Net income was $3.39B, a net margin of 10.1%.

How much free cash flow did ONEOK INC /NEW/ generate in fiscal 2025?

Cash from operations of $5.60B minus capital expenditures of $3.15B left free cash flow of $2.45B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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