ONEOK Q2 FY2026: revenue up 52.8%, EPS $1.53 beats consensus
ONEOK beat on the bottom line and grew revenue fast, but that growth came from thin-margin commodity volumes rather than steady fee income. Revenue rose 52.8% to $12.049 billion, and diluted EPS of $1.53 came in above the $1.4722 consensus. The catch is gross margin: it fell to 23.3% from 32.0% a year earlier, so each extra dollar of sales carried less profit than before.
1 · Expected vs. Actual
Free preview belowDiluted EPS of $1.53 beat the $1.4722 consensus by about 3.9% and rose 14.2% from $1.34 a year ago. Net income attributable to ONEOK was $966 million, up from $841 million, and free cash flow was $1.440 billion. One caveat sits in the comprehensive income statement, which shows $221 million of derivative amounts reclassified into net income for the quarter.
Revenue of $12.049 billion was 52.8% above the $7.887 billion reported a year earlier, with commodity sales jumping to $10.814 billion from $6.726 billion. Services and other, the steadier fee-based line, rose only 6.4% to $1.235 billion. That mix tells you the quarter's growth came from commodity-linked business, not from the contracted service side.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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