OKE · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
ONEOK INC /NEW/ · 2026-08-04 · Importance 69 · Surprise 64 · In source text
Total revenue increased $4.162 billion, or 52.8%, to $12.049 billion in the second quarter of 2026 from $7.887 billion in the second quarter of 2025. Six-month revenue increased $5.737 billion, or 36.0%, to $21.667 billion from $15.930 billion, driven primarily by higher commodity sales. Second-quarter commodity sales increased $4.088 billion to $10.814 billion, while services and other revenue increased $74 million to $1.235 billion. Revenue growth reflected higher NGL, Refined Products and natural gas volumes and increased optimization and marketing activity, although commodity-price changes largely offset corresponding cost-of-sales changes.
Key facts
- Total revenues for the three months ended June 30, 2026: $12,049 million; for the three months ended June 30, 2025: $7,887 million; $ increase $4,162 million. source
- Commodity sales for the three months ended June 30, 2026: $10,814 million; for the three months ended June 30, 2025: $6,726 million; $ increase $4,088 million. source
- We expect our consolidated earnings to be approximately 90% fee-based in 2026. source
- ONEOK warns of the impact of changes in estimation, type of commodity and other factors on its measurement adjustments. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +34.5% | Total revenues for the three months ended June 30, 2026: $12,049 million; for the three months ended June 30, 2025: $7,887 million; $… |
| revenue | positive | realized | +33.9% | Commodity sales for the three months ended June 30, 2026: $10,814 million; for the three months ended June 30, 2025: $6,726 million; $… |
| margin | unclear | probable | — | We expect our consolidated earnings to be approximately 90% fee-based in 2026. |