ONEOK INC /NEW/
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
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FY2025 · Filed Feb 24, 2026
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Item 8. Financial Statements and Supplementary Data
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of ONEOK, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of ONEOK, Inc. and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of income, of comprehensive income, of equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Revenue Recognition – Liquids Commodity Sales
As described in Note A to the consolidated financial statements, the Company records revenue from liquids commodity sales when the commodity is delivered to the customer as this represents the point in time when control of the product is transferred to the customer. Revenue is recorded based on the contracted selling price, which is generally index-based and settled daily or monthly. The Company recognized liquids commodity sales of $25,566 million for the year ended December 31, 2025.
The principal consideration for our determination that performing procedures relating to revenue recognition for liquids commodity sales is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company’s revenue recognition.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process for liquids commodity sales. These procedures also included, among others, (i) testing revenue recognized for a sample of liquids commodity sales revenue transactions by obtaining and inspecting source documents, such as contracts, settlement statements, invoices, and payments receipts and (ii) confirming a sample of outstanding customer invoices balances as of December 31, 2025, and for confirmations not returned, obtaining and inspecting source documents, such as contracts, settlement statements, invoices, and subsequent payment receipts.
s/PricewaterhouseCoopers LLP
Tulsa, Oklahoma
February 24, 2026
We have served as the Company’s auditor since 2007.
| ONEOK, Inc. and Subsidiaries | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF INCOME | |||
| Years Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| (Millions of dollars, except per share amounts) | |||
| Revenues | |||
| Commodity sales | $28,878 | $17,780 | $15,614 |
| Services and other | 4,751 | 3,918 | 2,063 |
| Total revenues (Note Q) | 33,629 | 21,698 | 17,677 |
| Cost of sales and fuel (exclusive of items shown separately below) | 23,373 | 13,311 | 11,929 |
| Operations and maintenance | 2,585 | 2,162 | 1,319 |
| Depreciation and amortization | 1,514 | 1,134 | 769 |
| General taxes | 378 | 334 | 216 |
| Transaction costs (Note B) | 81 | 73 | 158 |
| Other operating income, net (Notes A and B) | (43) | (305) | (786) |
| Operating income | 5,741 | 4,989 | 4,072 |
| Equity in net earnings from investments (Note N) | 386 | 439 | 202 |
| Other income, net | 146 | 53 | 89 |
| Interest expense (net of capitalized interest of $68, $62 and $43, respectively) | (1,783) | (1,371) | (866) |
| Income before income taxes | 4,490 | 4,110 | 3,497 |
| Income taxes (Note M) | (1,028) | (998) | (838) |
| Net income | 3,462 | 3,112 | 2,659 |
| Less: Net income attributable to noncontrolling interests | 69 | 77 | — |
| Net income attributable to ONEOK | 3,393 | 3,035 | 2,659 |
| Less: Preferred stock dividends | — | 1 | 1 |
| Net income available to common shareholders | $3,393 | $3,034 | $2,658 |
| Basic EPS (Note J) | $5.43 | $5.19 | $5.49 |
| Diluted EPS (Note J) | $5.42 | $5.17 | $5.48 |
| Average shares (millions) | |||
| Basic | 624.8 | 584.6 | 484.3 |
| Diluted | 625.9 | 586.5 | 485.4 |
| ONEOK, Inc. and Subsidiaries | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
| Years Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| (Millions of dollars) | |||
| Net income | $3,462 | $3,112 | $2,659 |
| Other comprehensive income (loss), net of tax | |||
| Change in fair value of derivatives, net of tax of $(19), $16 and $(46), respectively | 59 | (53) | 155 |
| Derivative amounts reclassified to net income, net of tax of $1, $5 and $21, respectively | (2) | (16) | (66) |
| Changes in benefit plan obligations and other, net of tax of $(3), $(2) and $3, respectively | 12 | 6 | (14) |
| Total other comprehensive income (loss), net of tax | 69 | (63) | 75 |
| Comprehensive income | 3,531 | 3,049 | 2,734 |
| Less: Comprehensive income attributable to noncontrolling interests | 69 | 77 | — |
| Comprehensive income attributable to ONEOK | $3,462 | $2,972 | $2,734 |
| ONEOK, Inc. and Subsidiaries | ||
|---|---|---|
| CONSOLIDATED BALANCE SHEETS | ||
| December 31, | ||
| 2025 | 2024 | |
| Assets · (Millions of dollars) | ||
| Current assets | ||
| Cash and cash equivalents | $78 | $733 |
| Accounts receivable, net | 3,010 | 2,326 |
| Inventories | 948 | 748 |
| Other current assets | 452 | 431 |
| Total current assets | 4,488 | 4,238 |
| Property, plant and equipment | ||
| Property, plant and equipment | 55,489 | 52,274 |
| Accumulated depreciation and amortization | 7,628 | 6,339 |
| Net property, plant and equipment (Note E) | 47,861 | 45,935 |
| Other assets | ||
| Investments in unconsolidated affiliates (Note N) | 2,889 | 2,316 |
| Goodwill (Note F) | 8,058 | 8,091 |
| Intangible assets, net (Note F) | 2,901 | 3,039 |
| Other assets | 444 | 450 |
| Total other assets | 14,292 | 13,896 |
| Total assets | $66,641 | $64,069 |
| Liabilities and equity | ||
| Current liabilities | ||
| Current maturities of long-term debt (Note G) | $1,241 | $1,059 |
| Short-term borrowings (Note G) | 820 | — |
| Accounts payable | 2,838 | 2,187 |
| Commodity imbalances | 217 | 260 |
| Accrued interest | 499 | 511 |
| Other current liabilities | 750 | 702 |
| Total current liabilities | 6,365 | 4,719 |
| Long-term debt, excluding current maturities (Note G) | 30,755 | 31,018 |
| Deferred credits and other liabilities | ||
| Deferred income taxes (Note M) | 6,349 | 5,451 |
| Other deferred credits | 603 | 748 |
| Total deferred credits and other liabilities | 6,952 | 6,199 |
| Commitments and contingencies (Note O) | ||
| Equity (Note H) | ||
| Preferred stock, $0.01 par value: authorized 100,000,000 shares; issued and outstanding 0 shares at December 31, 2025; issued and outstanding 20,000 shares at December 31, 2024 | — | — |
| Common stock, $0.01 par value: authorized 1,200,000,000 shares; issued 655,909,018 shares and outstanding 629,707,691 shares at December 31, 2025; issued 609,713,834 shares and outstanding 583,110,633 shares at December 31, 2024 | 7 | 6 |
| Paid-in capital | 20,961 | 16,354 |
| Accumulated other comprehensive loss | (27) | (96) |
| Retained earnings | 2,373 | 1,579 |
| Treasury stock, at cost: 26,201,327 shares at December 31, 2025, and 26,603,201 shares at December 31, 2024 | (829) | (807) |
| Total ONEOK shareholders' equity | 22,485 | 17,036 |
| Noncontrolling interests in consolidated subsidiaries | 84 | 5,097 |
| Total equity | 22,569 | 22,133 |
| Total liabilities and equity | $66,641 | $64,069 |
| ONEOK, Inc. and Subsidiaries | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
| Years Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| (Millions of dollars) | |||
| Operating activities | |||
| Net income | $3,462 | $3,112 | $2,659 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 1,514 | 1,134 | 769 |
| Equity in net earnings from investments (Note N) | (386) | (439) | (202) |
| Distributions received from unconsolidated affiliates | 397 | 390 | 202 |
| Deferred income taxes (Note M) | 957 | 889 | 829 |
| Gain on sale of business (Note B) | — | (227) | — |
| Medford settlement gain (Note A) | — | — | (779) |
| Medford settlement proceeds (Note A) | — | — | 502 |
| Other, net | 35 | 72 | 83 |
| Changes in assets and liabilities: | |||
| Accounts receivable | (683) | 49 | 107 |
| Inventories, net of commodity imbalances | (263) | 17 | 118 |
| Accounts payable | 671 | 114 | (62) |
| Other assets and liabilities, net | (105) | (223) | 195 |
| Cash provided by operating activities | 5,599 | 4,888 | 4,421 |
| Investing activities | |||
| Capital expenditures (less allowance for equity funds used during construction) | (3,152) | (2,021) | (1,595) |
| Cash paid for acquisitions, net of cash acquired | (25) | (5,829) | (5,015) |
| Proceeds from the sale of business (Note B) | — | 1,200 | — |
| Purchases of and contributions to unconsolidated affiliates (Note N) | (622) | (111) | (207) |
| Medford settlement proceeds (Note A) | — | — | 328 |
| Other, net | 48 | 149 | 85 |
| Cash used in investing activities | (3,751) | (6,612) | (6,404) |
| Financing activities | |||
| Dividends paid | (2,583) | (2,313) | (1,839) |
| Short-term borrowings, net | 820 | — | — |
| Issuance of long-term debt, net of discounts (Note G) | 2,989 | 7,094 | 5,298 |
| Debt financing costs | (32) | (67) | (71) |
| Repurchase of common stock (Note H) | (75) | (159) | — |
| Delaware Basin JV Acquisition (Note B) | (550) | — | — |
| Extinguishment of long-term debt (Note G) | (2,979) | (2,003) | (1,300) |
| Repurchase of EnLink's Series C Preferred Units | — | (365) | — |
| Other, net | (93) | (68) | 13 |
| Cash provided by (used in) financing activities | (2,503) | 2,119 | 2,101 |
| Change in cash and cash equivalents | (655) | 395 | 118 |
| Cash and cash equivalents at beginning of period | 733 | 338 | 220 |
| Cash and cash equivalents at end of period | $78 | $733 | $338 |
| Supplemental cash flow information: | |||
| Cash paid for interest, net of amounts capitalized | $1,732 | $1,297 | $653 |
| ONEOK, Inc. and Subsidiaries | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||||||||
| ONEOK Shareholders' Equity | |||||||||||||
| Preferred Stock · Common Stock · Paid-in Capital · AOCL* · Retained Earnings · Treasury Stock · Noncontrolling Interests · Total Equity | |||||||||||||
| (Millions of dollars) | |||||||||||||
| January 1, 2023 | $— | $5 | $7,253 | $(108) | $50 | $(706) | $— | $6,494 | |||||
| Net income | — | — | — | — | 2,659 | — | — | 2,659 | |||||
| Other comprehensive income | — | — | — | 75 | — | — | — | 75 | |||||
| Preferred stock dividends - $55.00 per share | — | — | — | — | (1) | — | — | (1) | |||||
| Magellan Acquisition consideration (Note B) | — | 1 | 9,061 | — | — | — | — | 9,062 | |||||
| Common stock issued | — | — | 9 | — | — | 29 | — | 38 | |||||
| Common stock dividends - $3.82 per share (Note H) | — | — | — | — | (1,839) | — | — | (1,839) | |||||
| Other, net | — | — | (3) | — | (1) | — | — | (4) | |||||
| December 31, 2023 | — | 6 | 16,320 | (33) | 868 | (677) | — | 16,484 | |||||
| Net income | — | — | — | — | 3,035 | — | 77 | 3,112 | |||||
| Other comprehensive loss | — | — | — | (63) | — | — | — | (63) | |||||
| Preferred stock dividends - $55.00 per share | — | — | — | — | (1) | — | — | (1) | |||||
| Common stock issued | — | — | 25 | — | — | 42 | — | 67 | |||||
| Common stock dividends - $3.96 per share (Note H) | — | — | — | — | (2,318) | — | — | (2,318) | |||||
| Repurchase of common stock (Note H) | — | — | — | — | — | (172) | — | (172) | |||||
| EnLink Controlling Interest Acquisition (Note B) | — | — | — | — | — | — | 5,076 | 5,076 | |||||
| Distributions to noncontrolling interests | (66) | (66) | |||||||||||
| Contributions from noncontrolling interests | — | — | — | — | — | — | 3 | 3 | |||||
| Other, net | — | — | 9 | — | (5) | — | 7 | 11 | |||||
| December 31, 2024 | — | 6 | 16,354 | (96) | 1,579 | (807) | 5,097 | 22,133 | |||||
| Net income | — | — | — | — | 3,393 | — | 69 | 3,462 | |||||
| Other comprehensive income | — | — | — | 69 | — | — | — | 69 | |||||
| Preferred stock dividends - $13.75 per share | — | — | — | — | — | — | — | — | |||||
| Common stock issued | — | — | (9) | — | — | 40 | — | 31 | |||||
| Common stock dividends - $4.12 per share (Note H) | — | — | — | — | (2,596) | — | — | (2,596) | |||||
| Repurchase of common stock (Note H) | — | — | — | — | — | (62) | — | (62) | |||||
| EnLink Acquisition (Note B) | — | 1 | 4,377 | — | — | — | (4,378) | — | |||||
| Delaware Basin JV Acquisition (Note B) | — | — | 185 | — | — | — | (678) | (493) | |||||
| Distributions to noncontrolling interests | — | — | — | — | — | — | (47) | (47) | |||||
| Contributions from noncontrolling interests | — | — | — | — | — | — | 19 | 19 | |||||
| Other, net | — | — | 54 | — | (3) | — | 2 | 53 | |||||
| December 31, 2025 | $— | $7 | $20,961 | $(27) | $2,373 | $(829) | $84 | $22,569 | |||||
*Accumulated other comprehensive loss
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