ONEOK Reports Higher Q3 2026 Results and Raises FY 2026 Guidance

Guidance comparison: Q3 2026 actuals cannot be labeled a beat, miss, or in-line result because the only supplied prior guidance is FY 2025 guidance without numeric ranges or midpoints.

Results: Q3 2026 total revenue was $12,455 million, up 44.3% from $8,634 million, while net income attributable to ONEOK was $1,350 million, diluted EPS was $2.13 and adjusted EBITDA was $2,238 million, up 6%.

One-time items: Q3 net income included a $336 million noncash income tax benefit, or $0.53 per diluted share, and adjusted EBITDA included a $53 million net benefit from the minority equity and Brazos Midland transactions.

Guidance: ONEOK raised FY 2026 net income guidance to $4.09-$4.27 billion and adjusted EBITDA guidance to $8.5-$8.6 billion; disclosed midpoints were $4.18 billion and $8.55 billion.

Acquisition contribution: The raised guidance incorporates approximately $75 million of expected revenue and approximately $50 million of adjusted EBITDA net of transaction costs from the Brazos Permian Midland acquisition.

Segments and volumes: Refined Products and Crude adjusted EBITDA increased 17.7% and Natural Gas Pipelines increased 15.5%, while NGL raw feed throughput increased 6% and refined products volumes shipped increased 6%.

Capital structure: ONEOK completed a $9 billion minority equity investment and extinguished nearly $5.5 billion of debt principal in September 2026.