ONEOK Inc. (NYSE: OKE) reported fourth‑quarter 2025 results that included a 29.5% year‑over‑year revenue increase to $9.07 billion and earnings per share of $1.55, beating the consensus estimate of $1.52 by $0.03. The company’s full‑year 2025 adjusted EBITDA rose 18% to $8.02 billion, while net income climbed 12% to $3.39 billion. These figures reflect a combination of higher throughput volumes, particularly a 15% rise in NGL raw‑feed throughput in the Rocky Mountain region, and effective cost management that preserved margin in the face of modest pricing pressure in some markets.
ONEOK extinguished nearly $3.1 billion of long‑term debt during 2025, bringing its net debt‑to‑EBITDA ratio to 3.8×, close to the company’s target of 3.5×. The company also captured $475 million in cumulative synergies from its EnLink and Medallion acquisitions, underscoring the value of its multi‑year acquisition strategy. Management raised the quarterly dividend by 4% to $1.07 per share, setting an annualized payout of $4.28 per share and continuing its track record of returning cash to shareholders.
Guidance for 2026 reflects a cautious outlook amid a “cautious macro environment.” ONEOK projects full‑year net income between $3.19 billion and $3.71 billion and adjusted EBITDA between $7.9 billion and $8.3 billion, a slight downward revision from prior guidance. Compared with the prior year, Q4 2024 adjusted EBITDA was $2.17 billion and full‑year 2024 adjusted EBITDA was $6.78 billion, while full‑year 2024 net income was $3.1 billion. The guidance signals confidence in maintaining profitability through disciplined cost control, even as the company navigates macro‑economic uncertainty.
Management highlighted that the company delivered another year of double‑digit earnings growth in 2025, driven by increased volumes and continued synergy capture from its acquisition plan. Investors responded with mixed sentiment, weighing the EPS beat and debt reduction against a revenue miss relative to some consensus estimates and the company’s more conservative guidance.
The results reinforce ONEOK’s position as a fee‑based infrastructure play that can generate stable cash flow while reducing leverage. The combination of strong operational execution, debt deleveraging, and a disciplined dividend policy positions the company to sustain shareholder returns and pursue future growth opportunities in a challenging macro environment.
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