ONEOK earnings date and guidance
ONEOK's next results are expected on October 27, 2026. For ONEOK, watch whether third-quarter results support the higher annual outlook.
What has ONEOK guided for 2026?
After stronger volumes and better marketing and optimization earnings, management raised its 2026 guidance for a second time on August 3. It now expects adjusted EBITDA—earnings before interest, taxes, depreciation and amortization—of $8.2–$8.5 billion. It kept total capital spending at $2.7–$3.2 billion. Its diluted earnings-per-share range is $5.38–$5.99.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Adjusted EBITDA | Year to Dec 2026 | 8,200 | 8,500 | Aug 3, 2026 |
| Earnings per diluted share | Year to Dec 2026 | 5.38 | 5.99 | Aug 3, 2026 |
| Total capital expenditures | Year to Dec 2026 | 2,700 | 3,200 | Aug 3, 2026 |
| Dividend, annual growth target | Year to Dec 2026 | 3.0% | 4.0% | Sep 9, 2026 |
What are ONEOK's recent results?
Revenue rose year over year while gross margin fell, because commodity sales bring corresponding costs. Operating income and net income still improved, so the quarter was stronger overall, but the margin contraction limits what can be inferred from sales growth alone.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12,049 | 9,618 | 9,065 | 8,634 | 7,887 | 8,043 | 7,000 | 5,023 |
| Operating income | 1,593 | 1,428 | 1,532 | 1,558 | 1,431 | 1,220 | 1,568 | 1,128 |
| Net income attributable to ONEOK | 966 | 774 | 977 | 939 | 841 | 636 | 923 | 693 |
| EPS, diluted | 1.53 | 1.23 | 1.55 | 1.49 | 1.34 | 1.04 | 1.57 | 1.18 |
| Cash from operations | 2,053 | 934 | 1,546 | 1,624 | 1,525 | 904 | 1,611 | 1,251 |
What this means. Gross margin is not final profit because it subtracts only the direct cost of sales and leaves out operating costs and depreciation.
What should ONEOK watchers look for next?
The next earnings call is scheduled for October 28, 2026. It should show whether the third quarter supports the higher annual outlook and whether second-half capital spending is moving toward the upper end of guidance. Over a longer period, investors should watch Medford, Bighorn, Texas City and Eiger. Delays would postpone customer fees while construction cash continues to leave the business.
Maintenance capital keeps existing facilities safe and operating; growth capital adds capacity. ONEOK guided to $550–$600 million of maintenance capital for 2026. It had spent $229 million by midyear. The distinction matters because growth can raise future earnings, but maintenance prevents today’s network from failing.