How does ONEOK (OKE) make money?

ONEOK (OKE) primarily makes money through Natural Gas Liquids, which accounts for 43% of total revenue. For TTM through Q4 2025, ONEOK generated $33.63B in total revenue with a net profit margin of 10.1%.

What is ONEOK (OKE) gross profit margin?

ONEOK (OKE) reported a gross profit margin of 21.5% for TTM through Q4 2025, equivalent to $7.22B in gross profit. This means ONEOK retains 21.5% of each revenue unit after direct costs of production.

What is ONEOK (OKE) operating profit margin?

ONEOK (OKE) reported an operating profit margin of 20.7% for TTM through Q4 2025, equivalent to $6.97B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.

What is ONEOK (OKE) net profit margin?

ONEOK (OKE) reported a net profit margin of 10.1% for TTM through Q4 2025, equivalent to $3.40B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.

How much does ONEOK (OKE) spend on capital expenditures?

ONEOK (OKE) spent $3.15B on capital expenditures in TTM through Q4 2025 (9.4% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.

What is ONEOK (OKE) free cash flow?

ONEOK (OKE) generated $2.45B in free cash flow for TTM through Q4 2025 (7.3% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.

What is ONEOK (OKE) effective tax rate?

ONEOK (OKE) had an effective tax rate of 22.9% for TTM through Q4 2025. This is the actual percentage of pre-tax income paid as income taxes.

How ONEOK (OKE) Makes Money: A Visual Guide

ONEOK (OKE) generated $33.63B in revenue, earning $3.40B in net profit (10.1% margin). Its largest revenue source is Natural Gas Liquids (43% of revenue). Below is an interactive breakdown of how revenue flows through the income statement.

ONEOK (OKE) Income Statement Flow — TTM through Q4 2025

Calculated from the four most recent reported quarters, ending December 31, 2025 (reported February 24, 2026).

Frequently asked questions

How does ONEOK (OKE) make money?: ONEOK (OKE) primarily makes money through Natural Gas Liquids, which accounts for 43% of total revenue. For TTM through Q4 2025, ONEOK generated $33.63B in total revenue with a net profit margin of 10.1%.
What is ONEOK (OKE) gross profit margin?: ONEOK (OKE) reported a gross profit margin of 21.5% for TTM through Q4 2025, equivalent to $7.22B in gross profit. This means ONEOK retains 21.5% of each revenue unit after direct costs of production.
What is ONEOK (OKE) operating profit margin?: ONEOK (OKE) reported an operating profit margin of 20.7% for TTM through Q4 2025, equivalent to $6.97B in operating profit. This reflects profitability after operating expenses such as R&D, sales, and administration, but before taxes and non-operating items.
What is ONEOK (OKE) net profit margin?: ONEOK (OKE) reported a net profit margin of 10.1% for TTM through Q4 2025, equivalent to $3.40B in net profit. This is the share of revenue that remains as profit after all expenses, taxes, and non-operating items.
How much does ONEOK (OKE) spend on capital expenditures?: ONEOK (OKE) spent $3.15B on capital expenditures in TTM through Q4 2025 (9.4% of total revenue). Capital expenditures represent investments in physical assets such as property, equipment, and infrastructure.
What is ONEOK (OKE) free cash flow?: ONEOK (OKE) generated $2.45B in free cash flow for TTM through Q4 2025 (7.3% of total revenue). Free cash flow is the cash remaining after capital expenditures and represents the company's ability to fund growth, pay dividends, or reduce debt.
What is ONEOK (OKE) effective tax rate?: ONEOK (OKE) had an effective tax rate of 22.9% for TTM through Q4 2025. This is the actual percentage of pre-tax income paid as income taxes.

Data & methodology

What is a Sankey diagram?: A Sankey diagram shows how money flows through a company from revenue to net profit. The width of each flow represents its proportion.
How is the data calculated?: We use the income statement from company filings. For TTM (Trailing Twelve Months), we use a pre-aggregated twelve-month view aligned with our latest four quarterly periods. Revenue flows to cost of revenue and gross profit, then to operating expenses (R&D, S&M, G&A) and operating profit.
When was this data last updated?: Based on company filings through TTM through Q4 2025.