ONEOK, Inc. reported first‑quarter 2026 results on April 28, 2026, posting net income of $776 million and adjusted EBITDA of $2.0 billion, both figures above analyst expectations. GAAP earnings per share were $1.23, slightly below the consensus estimate of $1.26, while revenue totaled $9.62 billion, a $60 million shortfall to the $9.68 billion consensus. Year‑over‑year, net income rose 22% from $636 million in Q1 2025, and adjusted EBITDA grew 12% from $1.78 billion, with diluted EPS increasing from $1.04 to $1.23.
The quarter’s performance was driven by higher volumes across all core segments. Natural gas liquids contributed $706 million of adjusted EBITDA, refined products and crude added $492 million, natural gas gathering and processing generated $467 million, and natural gas pipelines delivered $339 million. The mix shift was supported by favorable price differentials in the Waha Hub and Katy, Texas markets and a $19 million boost from Winter Storm Fern‑related optimization and marketing activity.
Management raised its 2026 outlook, lifting net‑income guidance to $3.21 billion–$3.79 billion and adjusted EBITDA guidance to $8.0 billion–$8.5 billion, while capital‑expenditure guidance remains unchanged at $2.7 billion–$3.2 billion. The upgrade reflects confidence in continued volume growth, the successful integration of EnLink Midstream and Medallion Midstream, and a constructive market environment for midstream assets.
CEO Pierce H. Norton II said the company’s first‑quarter performance reflects year‑over‑year volume growth and a constructive market environment, strengthening the forward outlook. CFO Walter S. Hulse noted that the raised guidance signals confidence in the integrated midstream platform, fee‑based earnings, and disciplined capital allocation.
Investor sentiment was mixed. Some concerns were raised over the EPS miss and revenue shortfall, but the significant guidance upgrade helped offset those concerns, leaving the market uncertain about the net impact of the quarter’s results.
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