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 29 h ago 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

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	FCF	Total debt	Cash
2025	$33.6B	$3.4B	30.5%	17.1%	$2.4B	$32.8B	$78M
2024	$21.7B	$3.0B	38.7%	23.0%	$2.9B	$32.1B	$733M
2023	$17.7B	$2.7B	32.5%	23.0%	$2.8B	$21.7B	$338M
2022	$22.4B	$1.7B	20.0%	12.5%	$1.7B	$13.6B	$220M
2021	$16.5B	—	25.9%	15.7%	$1.8B	$13.6B	$146M
2020	—	$613M	—	—	-$296M	$14.2B	$524M
2019	—	$1.3B	—	—	-$1.9B	$12.7B	$21M
2018	—	$1.2B	—	—	$45M	$9.4B	$12M
2017	—	$388M	—	—	$803M	$9.1B	$37M
2016	—	$352M	—	—	$729M	$9.4B	$249M
2015	—	$245M	—	—	-$165M	$8.9B	$98M
2014	—	$314M	—	—	-$494M	$8.3B	$173M
2013	—	$267M	—	—	-$962M	$8.4B	$146M
2012	—	$361M	—	—	-$882M	$7.3B	$577M
2011	—	$361M	—	—	$20M	$4.9B	$57M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$9.6B	$774M	26.7%	14.8%	$70M	$33.6B	$172M
Dec '25	$9.1B	$977M	29.4%	16.9%	$576M	$32.8B	$78M
Sep '25	$8.6B	$939M	30.9%	18.0%	$820M	$33.7B	$1.2B
Jun '25	$7.9B	$841M	32.0%	18.1%	$776M	$32.5B	$97M
Mar '25	$8.0B	$636M	29.7%	15.2%	$275M	$32.0B	$141M
Dec '24	$7.0B	$923M	35.8%	22.4%	$1.0B	$32.1B	$733M
Sep '24	$5.0B	$693M	39.7%	22.5%	$783M	$28.1B	$579M
Jun '24	$4.9B	$780M	40.9%	25.1%	$951M	$21.9B	$36M
Mar '24	$4.8B	$639M	39.4%	22.3%	$84M	$22.0B	$65M
Dec '23	$5.2B	—	36.9%	21.0%	$905M	$21.7B	$338M
Sep '23	$4.2B	—	33.2%	17.6%	$522M	$22.0B	$284M
Jun '23	$3.7B	—	33.5%	19.7%	$467M	$12.7B	$106M
Mar '23	$4.5B	—	26.0%	33.1%	$932M	$13.2B	$680M
Dec '22	$5.0B	—	22.6%	15.0%	$724M	$13.6B	$220M
Sep '22	$5.9B	—	19.3%	11.8%	$289M	$13.8B	$22M
Dec '19	—	$320M	—	—	-$489M	$12.7B	$21M
Sep '19	—	$309M	—	—	-$660M	$12.5B	$673M
Jun '19	—	$312M	—	—	-$216M	$11.1B	$273M
Mar '19	—	$337M	—	—	-$536M	$10.3B	$28M
Dec '18	—	$293M	—	—	-$162M	$9.4B	$12M

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 16.6× (Jun '26).
The price-to-sales ratio has fallen from 1.8× (Mar '23) to 1.7× (Jun '26).
The dividend yield has risen from 4.2% (Mar '23) to 4.6% (Jun '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?

As of Jun '26, Oneok traded at a price-to-earnings ratio of about 16.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.