ONEOK INC /NEW/ Q1 FY26 Results

Summary

ONEOK, Inc. announced strong first-quarter 2026 results, with net income increasing 12% to $776 million and adjusted EBITDA rising 13% to $2.0 billion compared to the prior year. This performance was driven by year-over-year volume growth across its integrated asset portfolio, including a 15% increase in NGL raw feed throughput and a 12% increase in refined products volumes. Reflecting this robust start and a more constructive market environment, the company has raised its 2026 financial guidance, with the midpoint for net income now at $3.5 billion and adjusted EBITDA at $8.25 billion. Management emphasized continued operational execution and strengthening forward outlook.

Key Highlights

1. 1

   ONEOK reported a 12% increase in net income, reaching $776 million for the first quarter of 2026 compared to the same period in 2025.

2. 2

   Adjusted EBITDA for Q1 2026 rose by 13% to $2.0 billion, reflecting strong operational performance across the company's integrated asset portfolio.

3. 3

   Diluted earnings per common share increased to $1.23 in the first quarter of 2026, up from $1.04 in the prior year's first quarter.

4. 4

   The company experienced significant volume growth, with NGL raw feed throughput volumes increasing by 15% and refined products volumes shipped rising by 12% year-over-year.

5. 5

   ONEOK has increased its 2026 financial guidance, with the midpoint for net income now set at $3.5 billion and adjusted EBITDA at $8.25 billion.

6. 6

   Capital expenditure guidance for 2026 remains unchanged at approximately $2.7 billion to $3.2 billion.