ONEOK Reports $2.13 a Share in Third Quarter, Beats Estimates and Raises 2026 Guidance

ONEOK reported third quarter 2026 earnings of $2.13 per diluted share on Tuesday, beating the consensus estimate by $0.63, and raised its financial guidance for the full year. The Tulsa, Oklahoma company said net income reached $1.38 billion in the quarter, with net income attributable to ONEOK of $1.35 billion.

Adjusted EBITDA was $2.24 billion, up 6 percent from the same period in 2025. The company said results benefited from higher natural gas liquids, refined products and natural gas volumes, and from higher optimization and marketing activity across its systems.

A one time tax benefit in the numbers

Net income attributable to ONEOK includes a one time noncash income tax benefit of $336 million, or $0.53 per diluted share, resulting from a reorganization of ONEOK, Inc. related to the minority equity transaction. The release also notes $33 million, or $0.05 per diluted share, attributable to noncontrolling interests related to the minority equity investment. Adjusted EBITDA for the quarter includes a $53 million net benefit from the minority equity and Brazos Midland transactions, related primarily to corporate net gains on extinguishment of debt, offset by costs.

Volumes rose across the system

NGL raw feed throughput volumes rose 6 percent, including a 16 percent increase in the Gulf Coast and Permian region. Refined products volumes shipped rose 6 percent, and Permian region natural gas volumes processed rose 4 percent. Higher Permian Basin volumes and the work to integrate its systems contributed to the quarter, president and chief executive Pierce H. Norton II said in the release.

"Higher Permian Basin volumes and the continued execution by our employees to integrate our systems contributed to ONEOK's third quarter results," Norton said. "Based on this performance and our outlook for the remainder of the year, we are once again raising our 2026 financial guidance, reflecting the momentum we continue to see across the business."

Debt cut, a $9 billion investment and a ratings upgrade

In September 2026, ONEOK extinguished nearly $5.5 billion of debt principal. The company also completed a $9 billion minority equity investment and completed the acquisition of Brazos Midstream's Permian Midland Basin assets. Credit ratings were upgraded to BBB plus by S and P Global Ratings and by Fitch Ratings. In October 2026, ONEOK declared a quarterly dividend of $1.07 per share, or $4.28 per share annualized.

Norton said the company expects meaningful earnings growth in 2027 from the Brazos Permian Midland Basin assets, recently completed and advancing growth projects, and continued commercial optimization across its systems.

Guidance raised for 2026

ONEOK raised its 2026 guidance to a net income midpoint of $4.18 billion, within a range of $4.09 billion to $4.27 billion. Net income attributable to ONEOK rose to a midpoint of $3.985 billion, and earnings per diluted share rose to a midpoint of $6.30. Adjusted EBITDA guidance increased to a range of $8.5 billion to $8.6 billion, a midpoint of $8.55 billion. The increase reflects strong year to date performance and volumes, and includes expected contributions from the Brazos Permian Midland acquisition of approximately $75 million, with approximately $50 million expected in adjusted EBITDA net of transaction costs. Total 2026 capital expenditure guidance is expected to be approximately $3.5 billion.

Members of ONEOK's management team will discuss the results on a conference call at 11 a.m. Eastern, 10 a.m. Central, on October 28, 2026, and the call will also be webcast.