OKE Financials Oneok

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 31, 2026, 11:16 UTC Overview →

Growth & profitability

Revenue has grown 19.4% per year over the past 5 years.
Net income has grown faster than revenue (40.8% vs 19.4% per year).

Financial health

Total debt ($32.8B) exceeds cash ($78M); net debt is $32.7B.
Total debt has grown in line with revenue (18.2% vs 19.4% per year).
Operating income covered interest expense 3.2× in the latest year.
Total debt is 4.5× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 76.1% of earnings and 105.6% of free cash flow.
The dividend has grown 10.0% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$33.6B	$3.4B	30.5%	17.1%	15.1%	5.1%	$2.4B	$32.8B	$78M
2024	$21.7B	$3.0B	38.7%	23.0%	17.8%	4.7%	$2.9B	$32.1B	$733M
2023	$17.7B	$2.7B	32.5%	23.0%	16.1%	6.0%	$2.8B	$21.7B	$338M
2022	$22.4B	$1.7B	20.0%	12.5%	26.5%	7.1%	$1.7B	$13.6B	$220M
2021	$16.5B	—	25.9%	15.7%	0.0%	0.0%	$1.8B	$13.6B	$146M
2020	—	$613M	—	—	10.1%	2.7%	-$296M	$14.2B	$524M
2019	—	$1.3B	—	—	20.5%	5.9%	-$1.9B	$12.7B	$21M
2018	—	$1.2B	—	—	17.5%	6.3%	$45M	$9.4B	$12M
2017	—	$388M	—	—	7.0%	2.3%	$803M	$9.1B	$37M
2016	—	$352M	—	—	186.5%	2.2%	$729M	$9.4B	$249M
2015	—	$245M	—	—	73.0%	1.6%	-$165M	$8.9B	$98M
2014	—	$314M	—	—	53.0%	2.1%	-$494M	$8.3B	$173M
2013	—	$267M	—	—	11.4%	1.5%	-$962M	$8.4B	$146M
2012	—	$361M	—	—	16.9%	2.3%	-$882M	$7.3B	$577M
2011	—	$361M	—	—	16.1%	2.6%	$20M	$4.9B	$57M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$12.5B	$1.4B	22.8%	12.6%	5.8%	1.8%	$442M	$28.5B	$186M
Jun '26	$12.0B	$966M	23.3%	13.2%	4.2%	1.4%	$1.4B	$33.0B	$161M
Mar '26	$9.6B	$774M	26.7%	14.8%	3.5%	1.1%	$70M	$33.6B	$172M
Dec '25	$9.1B	$977M	29.4%	16.9%	4.3%	1.5%	$576M	$32.8B	$78M
Sep '25	$8.6B	$939M	30.9%	18.0%	4.3%	1.4%	$820M	$33.7B	$1.2B
Jun '25	$7.9B	$841M	32.0%	18.1%	3.9%	1.3%	$776M	$32.5B	$97M
Mar '25	$8.0B	$636M	29.7%	15.2%	3.0%	1.0%	$275M	$32.0B	$141M
Dec '24	$7.0B	$923M	35.8%	22.4%	5.4%	1.4%	$1.0B	$32.1B	$733M
Sep '24	$5.0B	$693M	39.7%	22.5%	4.1%	1.4%	$783M	$28.1B	$579M
Jun '24	$4.9B	$780M	40.9%	25.1%	4.7%	1.8%	$951M	$21.9B	$36M
Mar '24	$4.8B	$639M	39.4%	22.3%	3.9%	1.4%	$84M	$22.0B	$65M
Dec '23	$5.2B	—	36.9%	21.0%	0.0%	0.0%	$905M	$21.7B	$338M
Sep '23	$4.2B	—	33.2%	17.6%	0.0%	0.0%	$522M	$22.0B	$284M
Jun '23	$3.7B	—	33.5%	19.7%	0.0%	0.0%	$467M	$12.7B	$106M
Mar '23	$4.5B	—	26.0%	33.1%	0.0%	0.0%	$932M	$13.2B	$680M
Dec '22	$5.0B	—	22.6%	15.0%	0.0%	0.0%	$724M	$13.6B	$220M
Sep '22	$5.9B	—	19.3%	11.8%	0.0%	0.0%	$289M	$13.8B	$22M
Dec '19	—	$320M	—	—	5.1%	1.5%	-$489M	$12.7B	$21M
Sep '19	—	$309M	—	—	5.0%	1.4%	-$660M	$12.5B	$673M
Jun '19	—	$312M	—	—	4.9%	1.6%	-$216M	$11.1B	$273M

Valuation over time

How the market has priced OKE against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 23.3× (Mar '23) to 17.2× (Nov '26).
The price-to-sales ratio has fallen from 1.8× (Mar '23) to 1.7× (Nov '26).
The dividend yield has risen from 4.2% (Mar '23) to 4.4% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is OKE growing its revenue and profit?

Over the past 5 years, Oneok's revenue has grown 19.4% per year, and net income grown 40.8% per year. These are computed facts, not advice.

How much debt does OKE have?

As of FY2025, Oneok reported $32.8B of total debt against $78M of cash; operating income covered interest expense 3.2×.

What is OKE's profit margin?

In FY2025, gross margin was 30.5%, operating margin 17.1%, and net margin 10.1%.

What is OKE's P/E ratio?

Oneok's P/E (TTM) is 14.34 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the OKE stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 17.2× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.