ONEOK Lifts 2026 Profit Outlook As Third-Quarter Net Income Reaches $1.35 Billion

ONEOK, the Tulsa-based operator of about 60,000 miles of natural gas, NGL, refined products and crude pipelines, raised its 2026 guidance on Tuesday after third-quarter net income attributable to the company climbed to $1.35 billion, or $2.13 per diluted share, 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.

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) — SEC EDGAR
• Exhibit okeq32026earningsrelease.htm — ONEOK INC /NEW/ 8-K exhibit — SEC EDGAR
• ONEOK Announces Higher Third-Quarter 2026 Earnings and — globenewswire.com