ONEOK Q3 2026: sales up 44.3%, EPS beat leans on a one-time tax gain
ONEOK's quarter looks like a blowout — $2.13 of diluted EPS against a $1.5841 consensus — but strip out a one-time $336 million tax benefit and the beat shrinks to about a penny. Revenue rose 44.3% to $12.455 billion on Permian volumes while gross margin fell to 22.8% because pass-through commodity sales carry thin margins. Guidance was raised again. The read is Bullish, with caveats.
1 · Expected vs. Actual
Free preview below$2.13 of diluted EPS compares with $1.49 a year ago and a $1.5841 consensus, but $0.53 of it is a one-time noncash tax benefit tied to the reorganization around the minority equity investment. Back that out and EPS was roughly $1.60 — a hair above consensus. Net income attributable to ONEOK was $1.35 billion, versus $939 million.
Revenue jumped 44.3% to $12.455 billion from $8.634 billion a year earlier, with commodity sales alone rising to $11.190 billion from $7.416 billion. Gross margin, however, fell to 22.8% from 30.9%, because commodity sales pass through at thin margins. No revenue consensus figure was supplied, so the top line can only be judged against last year and against the guidance raise.
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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 2026-11-03
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