AI-extracted from the 10-Q filed 2026-08-04 — Q2 2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q2 revenues reached $12,049 million versus $7,887 million a year ago, with operating income up $162 million to $1,593 million and adjusted EBITDA of $2,121 million.
Biggest Revenue Drivers
Commodity sales$10.8B+$4,088M YoY
Higher NGL, Refined Products and natural gas volumes and higher optimization and marketing activity
Services and other$1,235M+$74M YoY
Higher firm transportation revenue and higher Refined Products volumes and rates
Biggest Revenue Drivers
Total revenue: $12.0B+$4,162M YoY
Commodity sales$10.8B+$4,088M YoY
Higher NGL, Refined Products and natural gas volumes and higher optimization and marketing activity
Within Commodity sales
Liquids commodity sales$10,376M
Refined Products and Crude product sales rose to $6,485M from $2,316M on higher volumes, rates and crude marketing earnings
Residue natural gas sales$438M
Natural Gas Gathering and Processing residue gas sales fell $278M year over year
Services and other$1,235M+$74M YoY
Higher firm transportation revenue and higher Refined Products volumes and rates
Within Services and other
Transportation and storage revenue$816M
Natural gas transportation capacity contracted rose to 7,735 MDth/d, 92% contracted, on expansion projects
Largest Expense Items
Cost of sales and fuel$9.2B+$3,882M YoY
Filing states commodity price and sales volume changes affect both revenues and cost of sales, largely offsetting between the line items
Operating costs$823M+$117M YoY
Higher employee-related costs, outside services tied to project timing, and property taxes associated with growth of operations
Interest expense, net of capitalized interest$434M-$4M YoY
Net of capitalized interest of $35 million versus $12 million a year ago
Depreciation and amortization$387M+$19M YoY
Margins: Operating income rose $162 million to $1,593 million: Natural Gas Pipelines +$94 million and Refined Products and Crude +$77 million, offset by Natural Gas Liquids -$16 million on higher operating costs.
Watch Items from the Filing
Working capital deficit of $1.9 billion at June 30, 2026, due primarily to current maturities of long-term debt and short-term borrowings.
Cash flow hedges reclassified a $280 million loss into commodity sales revenues in the quarter; $378 million year to date.
Natural Gas Liquids adjusted EBITDA fell $14 million to $659 million on $18 million higher operating costs and lower transportation and storage volumes.
Leverage ratio 4.1 to 1; covenant limit steps down from 5.5 to 1 to 5.0 to 1 after the quarter ended June 30, 2026.
Unsatisfied performance obligations total $6,811 million, including $719 million for the remainder of 2026 and $2,936 million in 2030 and beyond.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Officers, directors and 10% owners with a Form 4 filed in the last 24 months, most recent first. From SEC EDGAR.
Spears Mary MReporting ownerGrant or award · Oct 14, 2026
Burdick Kevin LReporting ownerShares withheld for tax or exercise price · Sep 23, 2026
Taylor Lyndon CReporting ownerShares withheld for tax or exercise price · Sep 23, 2026
Swords Sheridan CReporting ownerShares withheld for tax or exercise price · Sep 23, 2026
Hulse Walter S IIIReporting ownerShares withheld for tax or exercise price · Sep 23, 2026
Derksen Brian LDirectorGrant or award · May 20, 2026
Smith Wayne ThomasDirectorGrant or award · May 20, 2026
Larson Randall JDirectorGrant or award · May 20, 2026
Gobillot LoriDirectorGrant or award · May 20, 2026
Mccollum Mark ADirectorGrant or award · May 20, 2026
Congress trading in OKE
25 transactions in OKE reported by 7 members of Congress under the STOCK Act, most recent trade Sep 11, 2026. Reported transactions, not recommendations.
About ONEOK INC /NEW/ (OKE): stock profile, AI score and financials
ONEOK INC /NEW/ (OKE) stock profile, AI quality score, and SEC EDGAR financial data, a Energy sector company. 13F Pro's AI-powered ranking engine scores OKE at 71.0/100 on a composite quality score built from its SEC filings, placing it at rank #192 of 2,925 stocks — the top 10% of the AI-ranked universe. OKE scores in the top quartile across revenue scale (96.0), revenue growth (92.7). Based on the latest XBRL financial filings (Q2 2026), ONEOK INC /NEW/ reports quarterly revenue of $12.0B, net income of $966.0M, an operating margin of 13.2%. Top institutional holders of OKE by reported 13-F value include BlackRock, STATE STREET, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. OKE trades on the NYSE exchange and files with the SEC under CIK 1039684. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate OKE daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for ONEOK INC /NEW/ directly from SEC EDGAR.