Financials Oneok, Inc.

Equities

OKE

US6826801036

Oil & Gas Transportation Services

Market Closed - Nyse Other stock markets 21:00:02 08/05/2026 BST			5-day change	1st Jan Change
85.16 ^USD	-0.83%		-5.75%	+15.86%

05-07	Permian to US Gulf Coast crude pipeline operational after oil spill	RE
05-06	Citigroup Adjusts Price Target on ONEOK to $97 From $95	MT

Projected Income Statement: Oneok, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	16,540	22,387	17,677	21,698	33,629	38,076	37,101	38,415
Change	-	35.35%	-21.04%	22.75%	54.99%	13.22%	-2.56%	3.54%
EBITDA ¹	3,380	3,620	5,243	6,784	8,020	8,274	8,646	9,047
Change	-	7.1%	44.85%	29.39%	18.22%	3.17%	4.49%	4.64%
EBIT ¹	2,596	2,807	4,072	4,989	5,741	6,430	6,523	6,875
Change	-	8.13%	45.05%	22.52%	15.07%	12%	1.45%	5.4%
Interest Paid ¹	-732.9	-675.9	-866	-1,371	-1,783	-1,795	-1,773	-1,803
Earnings before Tax (EBT) ¹	1,984	2,250	3,497	4,110	4,490	4,753	4,993	5,337
Change	-	13.38%	55.45%	17.53%	9.25%	5.85%	5.05%	6.89%
Net income ¹	1,500	1,721	2,658	3,034	3,393	3,658	3,892	4,215
Change	-	14.76%	54.43%	14.15%	11.83%	7.82%	6.37%	8.31%
Announcement Date	28/02/22	27/02/23	26/02/24	24/02/25	23/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	3,389	4,536	5,420	5,445	5,997	5,914	5,032	4,521	3,732	4,189	5,235	4,781	4,894	5,023	7,000	8,043	7,887	8,634	9,065	9,618	8,980	9,531	10,117	10,062	10,980	11,254	11,843	10,568
Change	-	33.85%	19.49%	0.44%	10.14%	-1.39%	-14.91%	-10.16%	-17.45%	12.25%	24.97%	-8.67%	2.36%	2.64%	39.36%	14.9%	-1.94%	9.47%	4.99%	6.1%	-6.64%	6.14%	6.14%	-0.53%	9.12%	2.49%	5.24%	-10.77%
EBITDA ¹	801.5	865.2	846.6	863.9	886	902.4	967.4	1,717	971	1,001	1,514	1,440	1,624	1,545	2,174	1,775	1,981	2,119	2,145	1,997	2,034	2,096	2,175	2,064	2,155	2,191	2,235	2,170
Change	-	7.95%	-2.15%	2.04%	2.56%	1.85%	7.2%	77.49%	-43.45%	3.09%	51.25%	-4.89%	12.78%	-4.86%	40.71%	-18.35%	11.61%	6.97%	1.23%	-6.9%	1.87%	3.04%	3.75%	-5.09%	4.39%	1.67%	2.01%	-2.91%
EBIT ¹	611.5	667.9	652.2	662.5	689	699.2	756.8	1,497	737	739	1,099	1,064	1,229	1,128	1,568	1,220	1,431	1,558	1,532	1,428	1,652	1,631	1,622	1,535	1,663	1,613	1,639	1,664
Change	-	9.22%	-2.34%	1.58%	4%	1.48%	8.24%	97.81%	-50.77%	0.27%	48.71%	-3.18%	15.51%	-8.22%	39.01%	-22.19%	17.3%	8.87%	-1.67%	-6.79%	15.72%	-1.29%	-0.59%	-5.31%	8.3%	-2.98%	1.6%	1.54%
Charge d'intérêts ¹	-185	-184	-178.4	-172.1	-170.8	-166.9	-166.2	-166	-180	-215	-305	-300	-298	-325	-448	-442	-438	-450	-453	-	-453.9	-450.3	-446.8	-471.9	-471.9	-470.4	-468.3	-478.6
Earnings before Tax (EBT) ¹	452.2	513.9	509.8	513.6	545.1	563.9	627.1	1,379	613	595	910	847	1,023	912	1,328	888	1,113	1,237	1,252	1,021	1,287	1,184	1,184	1,093	1,248	1,290	1,353	1,213
Change	-	13.65%	-0.81%	0.75%	6.13%	3.45%	11.21%	119.91%	-55.55%	-2.94%	52.94%	-6.92%	20.78%	-10.85%	45.61%	-33.13%	25.34%	11.14%	1.21%	-18.45%	26.02%	-7.97%	-0%	-7.7%	14.21%	3.33%	4.94%	-10.4%
Net income ¹	342.1	391.7	379.4	390.9	414.1	431.5	484.6	1,049	468	453	688	639	780	692	923	636	841	939	977	774	916	949.6	965.2	829.4	947.5	979	1,027	920.4
Change	-	14.51%	-3.15%	3.03%	5.94%	4.2%	12.32%	116.45%	-55.39%	-3.21%	51.88%	-7.12%	22.07%	-11.28%	33.38%	-31.09%	32.23%	11.65%	4.05%	-20.78%	18.34%	3.67%	1.64%	-14.06%	14.23%	3.33%	4.95%	-10.42%
Announcement Date	03/08/21	02/11/21	28/02/22	03/05/22	08/08/22	01/11/22	27/02/23	02/05/23	07/08/23	31/10/23	26/02/24	30/04/24	05/08/24	29/10/24	24/02/25	29/04/25	04/08/25	28/10/25	23/02/26	28/04/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Oneok, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	13,497	13,401	21,329	31,344	32,738	32,724	31,865	30,932
Change	-	-0.71%	59.16%	46.95%	4.45%	-0.04%	-2.62%	-2.93%
Announcement Date	28/02/22	27/02/23	26/02/24	24/02/25	23/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Oneok, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	696.9	1,202	1,595	2,021	3,152	2,902	2,462	2,337
Change	-	72.5%	32.68%	26.71%	55.96%	-7.94%	-15.15%	-5.07%
Free Cash Flow (FCF) ¹	1,849	1,703	2,826	2,867	2,447	3,273	4,157	4,537
Change	-	-7.93%	65.96%	1.45%	-14.65%	33.76%	27%	9.14%
Announcement Date	28/02/22	27/02/23	26/02/24	24/02/25	23/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Oneok, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	20.43%	16.17%	29.66%	31.27%	23.85%	21.73%	23.3%	23.55%
EBIT Margin (%)	15.7%	12.54%	23.04%	22.99%	17.07%	16.89%	17.58%	17.9%
EBT Margin (%)	12%	10.05%	19.78%	18.94%	13.35%	12.48%	13.46%	13.89%
Net margin (%)	9.07%	7.69%	15.04%	13.98%	10.09%	9.61%	10.49%	10.97%
FCF margin (%)	11.18%	7.61%	15.99%	13.21%	7.28%	8.6%	11.2%	11.81%
FCF / Net Income (%)	123.32%	98.94%	106.32%	94.5%	72.12%	89.47%	106.82%	107.63%
Profitability
ROA	6.42%	7.18%	7.74%	5.6%	5.19%	5.4%	5.8%	6.2%
ROE	24.86%	27.53%	23.14%	18.1%	17.17%	16.12%	16.77%	17.53%
Financial Health
Leverage (Debt/EBITDA)	3.99x	3.7x	4.07x	4.62x	4.08x	3.95x	3.69x	3.42x
Debt / Free cash flow	7.3x	7.87x	7.55x	10.93x	13.38x	10x	7.67x	6.82x
Capital Intensity
CAPEX / Current Assets (%)	4.21%	5.37%	9.02%	9.31%	9.37%	7.62%	6.64%	6.08%
CAPEX / EBITDA (%)	20.62%	33.21%	30.42%	29.79%	39.3%	35.07%	28.48%	25.84%
CAPEX / FCF (%)	37.68%	70.6%	56.44%	70.49%	128.81%	88.65%	59.23%	51.52%
Items per share
Cash flow per share ¹	5.691	6.48	9.108	8.334	8.946	9.54	11.16	11.86
Change	-	13.86%	40.56%	-8.5%	7.34%	6.65%	16.98%	6.27%
Dividend per Share ¹	3.74	3.74	3.82	3.96	-	4.312	4.482	4.655
Change	-	0%	2.14%	3.66%	-	-	3.93%	3.86%
Book Value Per Share ¹	13.48	14.52	28.27	29.22	35.71	36.79	38.14	39.99
Change	-	7.71%	94.66%	3.35%	22.22%	3.04%	3.67%	4.85%
EPS ¹	3.35	3.84	5.48	5.17	5.42	5.76	6.252	6.857
Change	-	14.63%	42.71%	-5.66%	4.84%	6.27%	8.54%	9.69%
Nbr of stocks (in thousands)	445,937	446,954	582,551	584,251	629,232	630,033	630,033	630,033
Announcement Date	28/02/22	27/02/23	26/02/24	24/02/25	23/02/26	-	-	-