ONEOK Posts Higher Revenue, Operating Income, Net Income and Diluted EPS Year-Over-Year in Interim Filing

Bottom line

ONEOK, Inc. closed both reporting windows of its latest interim filing in clearly better year-over-year shape, with every headline measure of profitability moving higher against its prior-year comparative. For the three-month reporting period covered by the filing, $1.53 per diluted share came in above $1.34 per diluted share, and the same profit-to-profit step-up is visible in Net Income (Loss) Attributable to Parent at $966,000,000 versus $841,000,000. Operating Income (Loss) tracked the same direction, with $1,593,000,000 higher than $1,431,000,000, while top-line Revenue from Contract with Customer, Excluding Assessed Tax climbed to $12,049,000,000 from $7,887,000,000.

The six-month year-to-date picture reinforces that quarterly read. Earnings Per Share, Diluted advanced from $2.38 per diluted share to $2.75 per diluted share on a profit-to-profit basis, Net Income (Loss) Attributable to Parent rose from $1,477,000,000 to $1,740,000,000, and Operating Income (Loss) increased from $2,651,000,000 to $3,021,000,000. Revenue from Contract with Customer, Excluding Assessed Tax for the half year also moved higher, from $15,930,000,000 to $21,667,000,000, again on a profit-to-profit basis. Across all four lines and both windows, the authorized comparison is the same: current-period profit above prior-period profit, with no transition out of profitability reported anywhere in the ledger.

The reader-facing bottom line is therefore straightforward. Both reporting periods show synchronized improvement in revenue, operating income, net income and diluted EPS, with higher in every case against the prior-year comparative. Because the filing evidence carries the company-level numbers but does not tie any single driver to the moves, The filing evidence does not attribute this change to any single cause. One operational aside is useful context only: the glossary describes ONEOK as an Oklahoma corporation whose consolidated group includes Magellan, EnLink and Medallion, and it flags forward-looking caveats under Item 1A (Risk Factors) and Item 2 (Forward-Looking Statements) in the same filing. Segment-level reconciliation is not part of this section's evidence base, so The filing evidence does not disclose segment-level detail for this dimension. No peer or industry benchmark is disclosed in the material, so The filing evidence contains no peer or industry comparison. Readers looking for a parallel profit-to-profit pattern in another midstream or large-cap filing can compare against Reinsurance Group of America Posts Higher Revenue and Net Income in Filing or Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing as cross-checks on the same direction, not as forecasts for ONEOK.

Financial performance

Reported fact — second-quarter and year-to-date revenue, operating income, net income, and diluted EPS are all higher than the prior-year comparative periods. The three-month window of the three months ended June 30, 2026 brought in $12,049,000,000 USD versus $7,887,000,000 USD for the three months ended June 30, 2025, while the six-month window of the six months ended June 30, 2026 recorded $21,667,000,000 USD against $15,930,000,000 USD for the six months ended June 30, 2025. Operating income moved to $1,593,000,000 USD in the quarter from $1,431,000,000 USD, and to $3,021,000,000 USD for the half from $2,651,000,000 USD. Net income attributable to parent reached $966,000,000 USD in the three months ended June 30, 2026 versus $841,000,000 USD a year earlier, and $1,740,000,000 USD for the half versus $1,477,000,000 USD. Diluted EPS was $1.53 per diluted share USD/SHARES for the quarter against $1.34 per diluted share USD/SHARES, and $2.75 per diluted share USD/SHARES for the half against $2.38 per diluted share USD/SHARES. Both quarters and both halves remained profitable on every reported line.

Management explanation — the accompanying unaudited Consolidated Financial Statements were prepared per SEC rules and GAAP, with the year-end balance sheet drawn from audited statements, prior-period reclassifications conformed to the current presentation, and derivatives measured and netted under the fair-value hierarchy described at Level 1, Level 2, and Level 3. Management flags a pending environmental-credits ASU currently being evaluated and confirms that other recently issued ASUs were assessed as not applicable or merely clarifications.

Analyst inference — the only directional contrasts permitted by the catalog are the year-over-year increases on revenue, operating income, net income, and diluted EPS already stated above, all profit-to-profit. The freeze provides no quarter-over-quarter contrast in this section, so the sequential question is left unanswered rather than estimated. The dual-snapshot presentation (three-month and six-month) gives a like-for-like comparison set against the three months ended June 30, 2025 and the six months ended June 30, 2025.

Counter-evidence — none disclosed in the cited excerpts; the prior-year reclassifications are described as presentation-only, with no impact flagged on the comparability of revenue, operating income, or net income.

Unknowns — The filing evidence does not attribute this change to any single cause.. The filing evidence contains no peer or industry comparison.. The filing evidence does not disclose segment-level detail for this dimension..

Operating drivers and segments

- Operating Income (Loss) for the three-month reporting period was $1,593,000,000 USD, up from $1,431,000,000 USD in the prior-year comparative for the three-month reporting period. - Operating Income (Loss) for the six-month year-to-date period was $3,021,000,000 USD, up from $2,651,000,000 USD in the prior-year comparative for the six-month year-to-date period. - Revenue from Contract with Customer, Excluding Assessed Tax for the three-month reporting period was $12,049,000,000 USD, up from $7,887,000,000 USD in the prior-year comparative for the three-month reporting period.

- Revenue from Contract with Customer, Excluding Assessed Tax for the six-month year-to-date period was $21,667,000,000 USD, up from $15,930,000,000 USD in the prior-year comparative for the six-month year-to-date period. - The filing evidence does not disclose segment-level detail for this dimension, so the line-by-line contribution of natural gas liquids, natural gas pipelines, refined products, or any recently added platform to the consolidated change cannot be confirmed from this filing alone. - The filing frames forward-looking commentary through the cautionary language typical of an Oklahoma midstream operator that now consolidates EnLink, Magellan and Medallion alongside its historical natural gas liquids and natural gas gathering and processing footprint.

- Management reiterates that its planning assumptions are described under Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements" and that material risks are set out in Part II, Item 1A, "Risk Factors," in this Quarterly Report and in Part I, Item 1A, "Risk Factors," in the Annual Report. - The filing's other-information and procedural sections are captured under Item 1, Item 4 and Item 3, and quantitative and qualitative market risk disclosures reference the fair-value hierarchy in Level 1, Level 2 and Level 3.

- The narrative excerpts available in the file do not include a bespoke management explanation that ties the quarter-over-quarter or year-to-date movement in revenue and operating income to a specific volume, price, fee, or acquisition effect, so the company-attributed cause for the change is not on the record in the passages supplied here. - Independent readers can observe that both revenue and operating income rose on each of the two windows, leaving profit-to-profit transitions on both the quarterly and the year-to-date comparisons, while the underlying driver mix between volume, contract rate, recent acquisitions, and one-off items is not parsed out in the cited sections.

- The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Cash flow and capital

Operating cash generation strengthened on a year-over-year basis for ONEOK INC /NEW/, with Net Cash Provided by (Used in) Operating Activities rising for the six months ended June 30, 2026 compared with the six months ended June 30, 2025; both windows remained positive, consistent with a profit-to-profit operating backdrop described elsewhere in the filing. Investing activity continued to absorb cash, with Net Cash Provided by (Used in) Investing Activities staying negative across both periods and trending more negative for the six months ended June 30, 2026 relative to the six months ended June 30, 2025. Financing activity also remained negative in both windows, with Net Cash Provided by (Used in) Financing Activities for the six months ended June 30, 2026 increasing toward a smaller outflow compared with the six months ended June 30, 2025. The filing evidence does not attribute this change to any single cause.

Capital expenditure intensity moved higher, as Payments to Acquire Property, Plant, and Equipment rose for the six months ended June 30, 2026 versus the six months ended June 30, 2025, and Payments of Dividends likewise stepped up over the same comparison, with both line items positive in each window. The combination of higher investing outflows against higher operating inflows and a narrower financing outflow is consistent with management continuing to fund growth projects alongside shareholder returns, although the filing does not break out project-level cash usage for this section. The filing evidence does not disclose segment-level detail for this dimension.

On the balance-sheet side as of the balance sheet date of June 30, 2026, Cash and Cash Equivalents, at Carrying Value stood at $161,000,000 USD, Accounts Payable, Current was $3,533,000,000 USD, and Long-term Debt, Excluding Current Maturities was $30,773,000,000 USD. Liquidity commentary in the filing centers on the revolving credit facility and the term loan agreement noted in the narrative, with the term loan having been fully drawn in the subsequent month per the cited note; we do not compute any leverage or coverage ratio here. The long-term debt figure is carried at amortized cost on the balance sheet, while its fair value is classified under Level 2 based on quoted market prices for similar issues with similar terms and maturities, and cash and short-term borrowings sit in Level 1 and Level 2 respectively because book value approximates fair value for those short-dated items.

In framing how these cash and capital-allocation moves compare with peers, the filing offers no industry benchmark in the quoted section, so any cross-company read remains outside this evidence base. Readers comparing pipeline and midstream capital-allocation patterns can cross-reference the operating, investing and financing patterns in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in period-ended-2026-06-30 Filing to see how a different sector reports its working-capital and investment posture, although direct midstream peer figures are not in this filing.

Peer and historical context

Framed against its own prior-year windows, ONEOK INC /NEW/ (OKE) shows a step-up on every top-line and bottom-line line the filing permits us to read in this section.

- Revenue from Contract with Customer, Excluding Assessed Tax was $15,930,000,000 USD for the six months ended June 30, 2025 and $21,667,000,000 USD for the six months ended June 30, 2026, which the machine authorizes as higher year-over-year on the half-year window. The quarterly view moves in the same direction: $7,887,000,000 USD for the three months ended June 30, 2025 versus $12,049,000,000 USD for the three months ended June 30, 2026. - Operating Income (Loss) was $2,651,000,000 USD for the six months ended June 30, 2025 and $3,021,000,000 USD for the six months ended June 30, 2026, again reading higher year-over-year on a profit-to-profit basis. The quarterly print follows the same pattern, with $1,431,000,000 USD in the prior-year quarter and $1,593,000,000 USD in the current quarter. - Net Income (Loss) Attributable to Parent was $1,477,000,000 USD for the six months ended June 30, 2025 versus $1,740,000,000 USD for the six months ended June 30, 2026, with the prior-year quarter at $841,000,000 USD and the current quarter at $966,000,000 USD, both also reading higher year-over-year on a profit-to-profit basis as the catalog authorizes. - Cash generation tracked the operating engine: Net Cash Provided by Operating Activities was $2,429,000,000 USD for the six months ended June 30, 2025 and $2,987,000,000 USD for the six months ended June 30, 2026, again reading higher year-over-year with no sign reversal.

The directional read across revenue, operating income, net income and operating cash flow is internally consistent — every line widened versus the prior year on both the half-year and (where the catalog provides it) the quarter view. That alignment is itself a useful cross-check for an analyst, because it reduces the chance that a single non-recurring item is dominating the picture; an analyst can place this filing alongside a peer pattern such as Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing or REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing to gauge whether the period was broadly constructive for large-cap operators or specific to ONEOK INC /NEW/'s natural gas, NGL, refined-products and crude-oil footprint.

Counter-evidence is sparse inside the file. The MD&A excerpt we have covers risk-management hedges, the credit agreement, the term-loan facility, debt guarantees and dividend mechanics, but it does not present a like-for-like peer table, segment-by-segment prior-year bridge, or a unit-volume/throughput schedule that would let us challenge the headline growth. We also have no fair-value tier populated at Level 3 to weigh against the more heavily populated Level 1 and Level 2 lines, so any "off-balance-sheet" counterweight is not visible here. The filing evidence does not attribute this change to any single cause.

The filing evidence contains no peer or industry comparison. applies: there are no comparable issuer numbers inside the filing to rank ONEOK INC /NEW/ against its midstream peers, so this section's read is strictly historical rather than cross-sectional. The filing evidence does not disclose segment-level detail for this dimension. likewise limits us from saying whether the lift is concentrated in natural gas liquids, natural gas gathering and processing, or the refined-products and crude side; the cited note in the source narrative references only consolidated VIE composition (OWM, MBTC Pipeline and Ascension), not segment economics.

Scenario analysis

The base case rests on the reported financial trajectory in 10-Q period-ended-2026-06-30 filed under accession 0001039684-26-000029 by ONEOK INC /NEW/ (OKE). Revenue from Contract with Customer, Excluding Assessed Tax moved higher year over year on both windows, and Net Income (Loss) Attributable to Parent did the same, retaining a profit-to-profit character on the three-month and six-month periods. Reported facts support that baseline read: $15,930,000,000 USD against $21,667,000,000 USD for the six months ended June 30, 2025 versus the six months ended June 30, 2026, and $7,887,000,000 USD against $12,049,000,000 USD for the three months ended June 30, 2025 versus the three months ended June 30, 2026. Earnings tracks the same direction, with $1,477,000,000 USD versus $1,740,000,000 USD across the year-to-date window and $841,000,000 USD versus $966,000,000 USD on the quarter. The base scenario assumes that revenue and earnings continue to drift modestly higher against the prior-year comparatives, supported by the authorized year-over-year direction for Revenue from Contract with Customer, Excluding Assessed Tax and Net Income (Loss) Attributable to Parent on both periods.

The upside case asks what would have to be true for ONEOK INC /NEW/ to extend the established higher-than-prior-year pattern on Revenue from Contract with Customer, Excluding Assessed Tax and Net Income (Loss) Attributable to Parent. The reported facts already document a higher print on both periods against the prior-year comparatives; the upside requires that the spread widen rather than merely persist, and that the profit-to-profit transition remain intact on both the three-month and six-month windows. The upside also assumes continued execution on the growth-capital program referenced in the Risk Factors and Liquidity narrative, with capital expenditures financed through the credit agreement and term loan facilities discussed in the filing. Risks to the upside include commodity-price exposure on natural gas, NGLs, refined products and crude oil, interest-rate exposure on floating-rate debt, and counterparty credit risk, each of which the filing flags as ongoing. The filing evidence does not attribute this change to any single cause..

The downside case explores what would happen if the favorable year-over-year direction reverses. Reported facts place Revenue from Contract with Customer, Excluding Assessed Tax and Net Income (Loss) Attributable to Parent above their prior-year comparatives on both the three-month and six-month windows; a downside would see either or both print lower than the prior period, which would still represent a deterioration against the authorized direction even if both lines remained positive in absolute terms. The downside also stresses the leverage profile, since the credit agreement covenants reference a ratio of consolidated net indebtedness to adjusted EBITDA and the filing discloses a subsequent draw of remaining capacity under the term loan in July. Commodity-price risk, interest-rate risk, and credit-risk concentrations all weigh against the downside case, and the filing does not separate segment-level drivers for this dimension. The filing evidence does not disclose segment-level detail for this dimension.. The filing evidence does not attribute this change to any single cause.. The filing evidence contains no peer or industry comparison.. Readers can place this read alongside peers tracked in REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, though no direct industry benchmark is contained in this filing's filing evidence.

Risks and what to watch

- The headline P&L lines that frame this conversation are all on the favorable side: Revenue from Contract with Customer, Excluding Assessed Tax reached $12,049,000,000 USD for the three-month reporting period the three months ended June 30, 2026, compared with $7,887,000,000 USD in the prior-year three-month window the three months ended June 30, 2025, and reached $21,667,000,000 USD for the six-month year-to-date window the six months ended June 30, 2026, compared with $15,930,000,000 USD in the six months ended June 30, 2025; Net Income (Loss) Attributable to Parent landed at $966,000,000 USD for the three months ended June 30, 2026 against $841,000,000 USD in the three months ended June 30, 2025, and at $1,740,000,000 USD for the six months ended June 30, 2026 against $1,477,000,000 USD in the six months ended June 30, 2025.

Every year-over-year line authorized in the filing's allowed comparisons carries an "increase" flag, so the surface read on both the top line and the bottom line is directionally higher rather than lower. - The risk picture sitting underneath that read comes straight from the credit and equity sections in the source narrative: the credit agreement contains a ratio covenant of consolidated net indebtedness to adjusted EBITDA, with adjusted EBITDA defined to allow noncash add-backs and a projected uplift for lender-approved capital expansion projects.

Term Loan borrowings sit at Term SOFR plus an applicable margin, the maturity is a fixed number of days after the initial borrowing, and a subsequent-event paragraph in the filing records that in July the remaining capacity under the Term Loan was fully drawn with no further amounts available. That fully drawn posture is the single most concrete liquidity data point in the section, because it means the revolving-and-term headroom that was theoretically available at quarter-end has already been used, so any incremental funding need in the next period starts from a tighter baseline.

- Cross guarantees are now wider than the pre-merger footprint would have suggested: ONEOK, ONEOK Partners, the Intermediate Partnership, Magellan, EnLink and EnLink Partners have cross guarantees in place for ONEOK's and ONEOK Partners' indebtedness, which means creditors of any of those entities can call on the rest, and that mutual support structure is one of the things that has to stay intact for the covenant regime to remain comfortable. Equity policy is unchanged: common stock holders share equally in any dividends declared by the Board, so any cut or hold to the dividend would be a discretionary signal rather than a mechanical one.

- Counter-evidence in this filing is thin but real, and most of it is negative space rather than a contradicting number. The filing evidence contains no peer or industry comparison. The filing evidence does not disclose segment-level detail for this dimension.

The filing evidence does not attribute the year-over-year movement in revenue or net income to any single cause. Fair-value disclosure is built around the standard Level hierarchy, with Level One, Level Two and Level Three tiers and gross-to-net netting columns appearing in the derivative asset and liability tables, but those tables describe the measurement framework rather than tell us which counterparty or position is driving risk in the next period, and we should not treat the existence of Level Three balances as a directional read on outcomes.

- Unknowns worth flagging before the next print: whether the fully drawn Term Loan was used for capex, working capital, an acquisition or a refinancing, how the consolidated net indebtedness to adjusted EBITDA covenant is tracking after the July draw, whether the Board resets the dividend in light of that draw, and whether any Level Three exposure shifts materially. Useful comparators in the broader coverage universe for context, rather than as benchmarks, include Broadcom Posts Higher Revenue, Operating Income, and Diluted EPS Year-Over-Year in Filing and REINSURANCE GROUP OF AMERICA INC Posts Higher Revenue and Net Income in Filing, each of which illustrates a different sector's pattern of profit-to-profit growth on both windows.