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Oneok vs Southwest Gas: revenue, profit, margins and growth compared

Oneok brought in $33.6B of revenue in fiscal 2025, Southwest Gas $1.9B in fiscal 2025. Revenue changed by +55.0% at Oneok and -21.6% at Southwest Gas on the year before, so Oneok grew faster. Oneok kept 10.1% of its revenue as net profit, Southwest Gas 22.7%. Free cash flow was $2.4B at Oneok and -$251.8M at Southwest Gas.

Side by side, latest fiscal year

OKESWX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$33.6B$1.9B
Revenue growth+55.0%-21.6%
Net income$3.4B$439.8M
Net margin10.1%22.7%
Free cash flow$2.4B-$251.8M
Free cash flow margin7.3%-13.0%
Earnings per share (diluted)$5.42$6.08
Cash$78M$576.6M
Debt$32B$3.5B
Price to earnings16.413.6
Market value$55.9B$6B
Dividend yield4.65%3.01%
Rank by revenue in sector#2 of 109 · Utilities#60 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: $33.6BSWX FY2018: $2.9BSWX FY2019: $3.1BSWX FY2020: $3.3BSWX FY2021: $3.7BSWX FY2022: $5BSWX FY2023: $5.4BSWX FY2024: $2.5BSWX FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
OKE $33.6BSWX $1.9B
Net income
OKE FY2018: $1.2BOKE FY2019: $1.3BOKE FY2020: $612.8MOKE FY2021: $1.5BOKE FY2022: $1.7BOKE FY2023: $2.7BOKE FY2024: $3BOKE FY2025: $3.4BSWX FY2018: $182.3MSWX FY2019: $213.9MSWX FY2020: $232.3MSWX FY2021: $200.8MSWX FY2022: -$203.3MSWX FY2023: $150.9MSWX FY2024: $198.8MSWX FY2025: $439.8MFY18FY19FY20FY21FY22FY23FY24FY25
OKE $3.4BSWX $439.8M
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%SWX FY2018: 6.3%SWX FY2019: 6.9%SWX FY2020: 7.0%SWX FY2021: 5.5%SWX FY2022: -4.1%SWX FY2023: 2.8%SWX FY2024: 8.0%SWX FY2025: 22.7%FY18FY19FY20FY21FY22FY23FY24FY25
OKE 10.1%SWX 22.7%
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%SWX FY2019: +8.3%SWX FY2020: +5.7%SWX FY2021: +11.6%SWX FY2022: +34.8%SWX FY2023: +9.6%SWX FY2024: -54.4%SWX FY2025: -21.6%FY19FY20FY21FY22FY23FY24FY25
OKE +55.0%SWX -21.6%
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: $2.4BSWX FY2018: -$237.1MSWX FY2019: -$437.8MSWX FY2020: -$199MSWX FY2021: -$604.2MSWX FY2022: -$452MSWX FY2023: -$256.7MSWX FY2024: $509.2MSWX FY2025: -$251.8MFY18FY19FY20FY21FY22FY23FY24FY25
OKE $2.4BSWX -$251.8M

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

Questions about Oneok and Southwest Gas

Which is bigger by revenue, Oneok or Southwest Gas?

Oneok is bigger by revenue: $33.6B in fiscal 2025, against $1.9B for Southwest Gas in fiscal 2025.

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

Oneok had a net margin of 10.1% in fiscal 2025; Southwest Gas had 22.7% in fiscal 2025.

Which grew revenue faster, Oneok or Southwest Gas?

In their latest fiscal years revenue changed by +55.0% at Oneok and -21.6% at Southwest Gas.

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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