ONEOK INC /NEW/ is expected to release its Q2 2026 10-Q filing in the upcoming earnings season. Last quarter: OKE delivered strong Q1 FY2026 results with revenue surging 19.6% YoY to $9.62B and net income rising 21.7% to $774M, though elevated cost of revenue and a current ratio below 1.0 highlight ongoing leverage and liquidity considerations.
Drawn from management commentary in the Q1 2026 10-Q:
Revenue increased $1.575B (+19.6% YoY) to $9.618B in Q1 FY2026, reflecting strong throughput growth across OKE's midstream operations and higher commodity-linked revenues. This top-line expansion outpaced the prior-year period's $8.043B.
Cost of revenue rose 24.7% YoY to $7.053B, growing faster than revenue (+19.6%), which compressed gross profit margins. This suggests higher commodity purchase costs or increased operating expenses tied to expanded volumes.
Operating income grew 17.0% YoY to $1.428B, but operating margin edged down to 14.85% from 15.17% in the prior year, indicating that cost growth is modestly outpacing operating leverage gains.
Revenue
$9.62B
++19.58% YoY
EPS (Basic)
$1.23
++18.27% YoY
Operating Income
$1.43B
++17.05% YoY
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