ONEOK, Inc.
As of Fiscal Year 2025 (ended December 31, 2025)
Key KPIs at a Glance
| Metric | Value |
|---|---|
| Total Revenue (FY2025) | $33.63 billion, up approximately 55% year-over-year (from $21.70 billion in FY2024) |
| Net Income Attributable to ONEOK (FY2025) | $3.39 billion, up 11.8% year-over-year (from $3.04 billion in FY2024) |
| Adjusted EBITDA (FY2025) | $8.02 billion, up 18.2% year-over-year (from $6.78 billion in FY2024) |
| Diluted Earnings Per Share (FY2025) | $5.42 per diluted share |
| Capital Expenditures (FY2025) | $3.15 billion of growth and maintenance capital spending |
| Quarterly Dividend (declared January 2026) | $1.07 per share ($4.28 annualized), a 4% increase from the prior rate |
| Debt Reduction (FY2025) | Nearly $3.1 billion of debt extinguished during the year, including $1.75 billion in Q4 2025 |
| Fee-Based Earnings (FY2025) | Approximately 90% of total earnings were fee-based |
| Employees | 6,326 employees as of December 31, 2025, per the FY2025 Form 10-K |
Sources: All figures are company-disclosed (not third-party estimates) from ONEOK, Inc.'s (NYSE: OKE) Q4/full-year 2025 earnings release (furnished as Exhibit 99.1 to Form 8-K, filed 2026-02-23; https://www.sec.gov/Archives/edgar/data/1039684/000103968426000004/okeq42025earningsrelease.htm) and accompanying earnings-release tables PDF (https://ir.oneok.com/~/media/Files/O/ONEOK-IR-V3/financial-reports/2025/oke-q4-2025-earnings-release-tables.pdf), cross-checked against the FY2025 Form 10-K (https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm) for segment structure and headcount, and prior-year earnings releases for FY2024 and FY2022 for historical Adjusted EBITDA. ONEOK's current reportable segments (post the 2023 Magellan Midstream and 2024 EnLink Midstream/Medallion Midstream acquisitions) are: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude, plus a small 'Other' (corporate/eliminations) bucket. Segment Adjusted EBITDA is used for the breakdown pie rather than segment revenue, because ONEOK's segment revenue is heavily inflated by pass-through commodity costs (purchased NGLs/crude for resale) and the company itself emphasizes Adjusted EBITDA as the primary segment profitability measure in its earnings materials; segment operating income by segment is not separately disclosed. Net income shown is net income attributable to ONEOK (FY2025: $3,393 million; FY2024: $3,035 million), per the earnings-release tables (total net income including noncontrolling interests was $3,462 million in FY2025 vs. $3,112 million in FY2024). The year-over-year growth chart uses Adjusted EBITDA rather than total revenue because ONEOK's reported total revenue swings heavily with commodity prices and pass-through volumes (e.g., FY2022 revenue of $22.39B exceeded FY2023's $17.68B despite FY2023 including the Magellan acquisition), making Adjusted EBITDA the more meaningful trajectory metric; it also is the metric ONEOK itself headlines ('Adjusted EBITDA up 18%'). No credible, specifically-attributed third-party market-share estimate (e.g., from EIA, Wood Mackenzie, RBN Energy, or East Daley Analytics) for ONEOK's NGL pipeline capacity or similar was found in the course of this research, so no market-share widget is included; ONEOK's own investor presentations contain only self-attributed claims (e.g., 'one of the largest integrated NGL service providers'), which are not reported here per instructions to avoid unverified estimates.