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# ONEOK Lifts 2026 Profit Outlook As Third-Quarter Net Income Reaches $1.35 Billion
- URL: https://www.bullished.co/oneok-lifts-2026-profit-outlook-as-third-quarter-net-income-reaches-1-35-billion-60be5d57/
- Published: 2026-10-27T20:36:01.000Z
- Updated: 2026-10-27T20:36:01.000Z
- Description: The pipeline operator raised its 2026 adjusted EBITDA range to $8.5 billion to $8.6 billion, with a $336 million tax benefit inside the quarter.
- Author: Matteo Parrino
- Tags: Earnings, OKE, Industry: Energy

ONEOK, the Tulsa-based operator of about 60,000 miles of natural gas, NGL, refined products and crude pipelines, [raised its 2026 guidance](https://www.globenewswire.com/news-release/2026/10/27/3389643/0/en/oneok-announces-higher-third-quarter-2026-earnings-and-increases-2026-financial-guidance.html?ref=bullished.co) on Tuesday after third-quarter net income attributable to the company climbed to [$1.35 billion, or $2.13 per diluted share](https://www.globenewswire.com/news-release/2026/10/27/3389643/0/en/oneok-announces-higher-third-quarter-2026-earnings-and-increases-2026-financial-guidance.html?ref=bullished.co), from $939 million, or $1.49, a year earlier. A one-time noncash tax benefit of $336 million, or $0.53 per share, is part of that figure.

## Quarter and the tax benefit

The $336 million benefit came from the reorganization tied to ONEOK's minority equity transaction, the company said in its [earnings release](https://www.sec.gov/Archives/edgar/data/0001039684/000103968426000036/okeq32026earningsrelease.htm?ref=bullished.co).

Adjusted EBITDA, the company's core operating-profit measure, rose 6% to $2.24 billion, from $2.12 billion a year earlier. It includes a $53 million net benefit from the minority equity and Brazos Midland deals, mostly gains on extinguishing debt, offset by costs.

Volumes grew across the system. Raw NGL feed throughput rose 6%, including a 16% increase in the Gulf Coast/Permian region. Refined products shipped rose 6%, and Permian natural gas processed rose 4%.

CEO Pierce H. Norton II credited higher Permian Basin volumes and the integration of the company's systems.

## The new 2026 guidance

ONEOK now guides to 2026 net income of $4.09 billion to $4.27 billion, with a midpoint of $4.18 billion. Net income attributable to ONEOK has a midpoint of $3.985 billion, and earnings per diluted share a midpoint of $6.30.

Adjusted EBITDA guidance is $8.5 billion to $8.6 billion, and capital spending is expected at about $3.5 billion. The company said the raise reflects strong year-to-date performance and volumes, plus a Brazos Permian Midland contribution of about $75 million, roughly $50 million of it in adjusted EBITDA net of transaction costs.

Norton said the company is "once again raising our 2026 financial guidance."

## Balance-sheet overhaul and Brazos

In September ONEOK extinguished nearly $5.5 billion of debt principal. It also completed a $9 billion minority equity investment and its purchase of Brazos Midstream's Permian Midland Basin assets. S&P Global Ratings and Fitch Ratings upgraded its credit rating to BBB+.

For 2027, Norton said the company expects "meaningful earnings growth" from the Brazos assets. In October ONEOK declared a quarterly dividend of $1.07 per share, or $4.28 annualized.

Management holds its earnings call at 11 a.m. Eastern on Wednesday.

The company said the guidance increase also reflects higher capital spending tied to the Brazos acquisition.

### Sources

- [8-K Filing — ONEOK INC /NEW/ (OKE)](https://www.sec.gov/Archives/edgar/data/0001039684/000103968426000036/oke-20261027.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit okeq32026earningsrelease.htm — ONEOK INC /NEW/ 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001039684/000103968426000036/okeq32026earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [ONEOK Announces Higher Third-Quarter 2026 Earnings and](https://www.globenewswire.com/news-release/2026/10/27/3389643/0/en/oneok-announces-higher-third-quarter-2026-earnings-and-increases-2026-financial-guidance.html?ref=bullished.co) — globenewswire.com