ONEOK Raises 2026 Earnings Outlook After $1.35 Billion Quarterly Profit

ONEOK raised its 2026 financial guidance on October 27 after reporting higher third-quarter earnings and stronger volumes across several energy transportation businesses. The Oklahoma-based pipeline and processing company recorded net income attributable to ONEOK of $1.35 billion, equivalent to $2.13 per diluted share, for the quarter ended September 30.

Adjusted earnings before interest, taxes, depreciation and amortization reached $2.24 billion, an increase of approximately 6% from a year earlier. Adjusted EBITDA is a non-GAAP measure used by the company to assess operations and should not be confused with net income or cash generated by the business.

The reported net income included a one-time, noncash income tax benefit of $336 million associated with the company's reorganization following a minority equity transaction. That item increased reported profit but does not represent recurring operating earnings. Distinguishing it from underlying business performance is important when comparing the quarter with earlier periods.

ONEOK said raw natural gas liquids throughput increased 6%, including a 16% increase in its Gulf Coast and Permian region. Refined products shipped rose 6%, while Permian natural gas processing volumes increased 4%. The company attributed its stronger performance partly to higher volumes and optimization of its pipeline and processing network.

Management increased the midpoint of its 2026 net income outlook to $4.18 billion and the midpoint of net income attributable to ONEOK to $3.985 billion. The company also raised the midpoint of adjusted EBITDA guidance to $8.55 billion, with a projected range of $8.5 billion to $8.6 billion. The guidance incorporates expected contributions from its acquired Brazos Midland assets and remains subject to market and operational conditions.

ONEOK said it extinguished nearly $5.5 billion of debt principal in September, completed a $9 billion minority equity investment and acquired Brazos Midstream's Permian Midland Basin assets. Those transactions change the company's financing and asset base, making comparisons with earlier reporting periods less straightforward.

The company expects capital expenditures of approximately $3.5 billion during 2026. Its outlook reflects demand for transporting and processing natural gas and related products, but future earnings will also depend on commodity price differentials, throughput and successful integration of acquired assets.