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Oneok vs Southern: revenue, profit, margins and growth compared

Oneok brought in $33.6B of revenue in fiscal 2025, Southern $29.6B in fiscal 2025. Revenue changed by +55.0% at Oneok and +10.4% at Southern on the year before, so Oneok grew faster. Oneok kept 10.1% of its revenue as net profit, Southern 14.7%. Free cash flow was $2.4B at Oneok and -$2.9B at Southern.

Side by side, latest fiscal year

OKESO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$33.6B$29.6B
Revenue growth+55.0%+10.4%
Net income$3.4B$4.3B
Net margin10.1%14.7%
Free cash flow$2.4B-$2.9B
Free cash flow margin7.3%-9.9%
Earnings per share (diluted)$5.42$3.92
Cash$78M$1.6B
Debt$32B$71.9B
Price to earnings16.421.1
Market value$55.9B$95.3B
Dividend yield4.65%3.55%
Rank by revenue in sector#2 of 109 · Utilities#5 of 109 · Utilities

Over the years

Revenue
OKE FY2018: $12.6BOKE FY2019: $10.2BOKE FY2020: $8.5BOKE FY2021: $16.5BOKE FY2022: $22.4BOKE FY2023: $17.7BOKE FY2024: $21.7BOKE FY2025: $33.6BSO FY2018: $25.2BSO FY2019: $22.6BSO FY2020: $21.1BSO FY2021: $23.5BSO FY2022: $29.3BSO FY2023: $25.3BSO FY2024: $26.8BSO FY2025: $29.6BFY18FY19FY20FY21FY22FY23FY24FY25
OKE $33.6BSO $29.6B
Net income
OKE FY2018: $1.2BOKE FY2019: $1.3BOKE FY2020: $612.8MOKE FY2021: $1.5BOKE FY2022: $1.7BOKE FY2023: $2.7BOKE FY2024: $3BOKE FY2025: $3.4BSO FY2018: $2.2BSO FY2019: $4.7BSO FY2020: $3.1BSO FY2021: $2.4BSO FY2022: $3.5BSO FY2023: $4BSO FY2024: $4.4BSO FY2025: $4.3BFY18FY19FY20FY21FY22FY23FY24FY25
OKE $3.4BSO $4.3B
Net margin
OKE FY2018: 9.1%OKE FY2019: 12.6%OKE FY2020: 7.2%OKE FY2021: 9.1%OKE FY2022: 7.7%OKE FY2023: 15.0%OKE FY2024: 14.0%OKE FY2025: 10.1%SO FY2018: 8.8%SO FY2019: 21.0%SO FY2020: 14.8%SO FY2021: 10.2%SO FY2022: 12.0%SO FY2023: 15.7%SO FY2024: 16.4%SO FY2025: 14.7%FY18FY19FY20FY21FY22FY23FY24FY25
OKE 10.1%SO 14.7%
Revenue growth
OKE FY2019: -19.3%OKE FY2020: -16.0%OKE FY2021: +93.6%OKE FY2022: +35.3%OKE FY2023: -21.0%OKE FY2024: +22.7%OKE FY2025: +55.0%SO FY2019: -10.5%SO FY2020: -6.6%SO FY2021: +11.2%SO FY2022: +24.8%SO FY2023: -13.8%SO FY2024: +6.0%SO FY2025: +10.4%FY19FY20FY21FY22FY23FY24FY25
OKE +55.0%SO +10.4%
Free cash flow
OKE FY2018: $45.2MOKE FY2019: -$1.9BOKE FY2020: -$296.3MOKE FY2021: $1.8BOKE FY2022: $1.7BOKE FY2023: $2.8BOKE FY2024: $2.9BOKE FY2025: $2.4BSO FY2018: -$1.1BSO FY2019: -$1.8BSO FY2020: -$826MSO FY2021: -$1.4BSO FY2022: -$1.6BSO FY2023: -$1.5BSO FY2024: $833MSO FY2025: -$2.9BFY18FY19FY20FY21FY22FY23FY24FY25
OKE $2.4BSO -$2.9B

Fiscal years as each company reports them; the two may end in different months.

Questions about Oneok and Southern

Which is bigger by revenue, Oneok or Southern?

Oneok is bigger by revenue: $33.6B in fiscal 2025, against $29.6B for Southern in fiscal 2025.

Which keeps more of its revenue as profit, Oneok or Southern?

Oneok had a net margin of 10.1% in fiscal 2025; Southern had 14.7% in fiscal 2025.

Which grew revenue faster, Oneok or Southern?

In their latest fiscal years revenue changed by +55.0% at Oneok and +10.4% at Southern.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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