ONEOK INC /NEW/
For the period ended Dec 31, 2025. Filed Feb 24, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 24, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
M. Income Taxes
The following table sets forth our provision for income taxes for the periods indicated:
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (Millions of dollars) | |||
| Current tax expense (benefit) | |||
| Federal | $49 | $89 | $(3) |
| State | 22 | 20 | 12 |
| Total current tax expense | 71 | 109 | 9 |
| Deferred tax expense | |||
| Federal | 888 | 792 | 739 |
| State | 69 | 97 | 90 |
| Total deferred tax expense | 957 | 889 | 829 |
| Total provision for income taxes | $1,028 | $998 | $838 |
The following table is a reconciliation of our income tax provision for the periods indicated:
| Years Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 | |||||||
| (Millions of dollars, except for percentages) | |||||||
| (b) · (b) · (b) | |||||||
| Income before income taxes | $4,490 | $4,110 | $3,497 | ||||
| Federal statutory income tax rate | 21.0% | 21.0% | 21.0% | ||||
| Provision for federal income taxes | 943 | 21.0% | 863 | 21.0% | 734 | 21.0% | |
| State income taxes, net of federal tax benefit (a) | 91 | 2.0% | 125 | 3.0% | 102 | 2.9% | |
| Nontaxable or nondeductible items | (6) | (0.1)% | 3 | 0.1% | (1) | —% | |
| Other, net | — | —% | 7 | 0.2% | 3 | 0.1% | |
| Income tax provision | $1,028 | 22.9% | $998 | 24.3% | $838 | 24.0% | |
(a) - Our operations are primarily apportioned across Oklahoma, Texas, Kansas and North Dakota for state income tax purposes.
(b) - Represents percent of income before income taxes.
The following table sets forth cash paid for income taxes, net of refunds, for the periods indicated:
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (Millions of dollars) | |||
| Federal | $52 | $85 | $27 |
| State | 22 | 17 | 10 |
| Total cash paid for income taxes, net of refunds | $74 | $102 | $37 |
The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities as of the dates indicated:
| December 31,2025 | December 31,2024 | |
|---|---|---|
| Deferred tax assets · (Millions of dollars) | ||
| Employee benefits and other accrued liabilities | $98 | $99 |
| Federal net operating loss | 2,570 | 2,818 |
| Federal tax credit | 6 | — |
| State net operating loss and benefits | 546 | 515 |
| Derivative instruments | — | 15 |
| Interest expense limitation | 237 | 407 |
| Other | 17 | 39 |
| Total deferred tax assets | 3,474 | 3,893 |
| Valuation allowance for state net operating loss and tax credits | ||
| Carryforward expected to expire prior to utilization | (267) | (252) |
| Net deferred tax assets | 3,207 | 3,641 |
| Deferred tax liabilities | ||
| Excess of tax over book depreciation | 92 | 58 |
| Derivative instruments | 5 | — |
| Investment in partnerships (a) | 9,459 | 9,034 |
| Total deferred tax liabilities | 9,556 | 9,092 |
| Net deferred tax liabilities | $6,349 | $5,451 |
(a) Due primarily to excess of tax over book depreciation.
On January 31, 2025, we completed the EnLink Acquisition by acquiring all of the remaining and outstanding publicly held EnLink Units. EnLink is now a wholly owned subsidiary and included in our consolidated income tax returns.
As of December 31, 2025, we have federal net operating loss carryforwards of $12.2 billion, which have an indefinite carryforward period. We expect to generate taxable income and utilize these net operating loss carryforwards in future periods. We also have loss and credit carryovers in multiple states, $13.2 billion of which, have an indefinite carryforward period and $1.2 billion of which will expire between 2029 and 2043. We have deferred tax assets related to federal and state net operating loss and credit carryforwards of $3.1 billion and $3.3 billion in 2025 and 2024, respectively. We believe that it is more likely than not that the tax benefits of certain state carryforwards will not be utilized; therefore, we recorded a valuation allowance, which was increased by $15 million, $12 million and $165 million in 2025, 2024 and 2023, respectively, through net income.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.