OKE

Research · Sep 3, 2026

[OKE] ONEOK Thesis 2026: Gas Gathering Synergies Materialize as EBITDA Guidance Lifts

ONEOK FY25 (Dec 31, 2025) at $33.63B revenue (+55%). NI $3.40B; EPS $5.42. Adj EBITDA +18% to $8.02B (12th consecutive year of growth). Magellan + EnLink + Medallion + Easton integration substantially complete; ~$500M cumulative synergies. FY26 guide: adj EBITDA $8.10B midpoint, NI ~$3.45B / EPS $5.45, WTI $55-$60.