How does ONEOK (OKE) make money?

ONEOK (OKE) generates revenue primarily from Natural Gas Liquids, which accounted for 40.3% of total revenue in TTM through Q1 2026. The company reported $35.2B in revenue and converted 10% of it into net profit, equivalent to roughly $3.53B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of ONEOK (OKE)?

ONEOK (OKE) reported a gross profit margin of 23.9% in TTM through Q1 2026, equivalent to $8.43B in gross profit on $35.2B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of ONEOK (OKE)?

ONEOK (OKE) reported an operating profit margin of 20.3% in TTM through Q1 2026, equivalent to $7.13B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of ONEOK (OKE)?

ONEOK (OKE) reported a net profit margin of 10% in TTM through Q1 2026, equivalent to $3.53B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is ONEOK (OKE) profitable?

Yes. ONEOK (OKE) reported $3.53B in net income for TTM through Q1 2026, with a net profit margin of 10%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

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

ONEOK (OKE) spent $3.39B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 9.6% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does ONEOK (OKE) generate?

ONEOK (OKE) generated $2.24B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of 6.4%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of ONEOK (OKE)?

ONEOK (OKE) had an effective tax rate of 23.3% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of ONEOK (OKE)?

ONEOK (OKE) reports revenue across 3 reportable product segments, led by Natural Gas Liquids at 40.3% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How ONEOK Makes Money: 2026 Visual Revenue Map

ONEOK (OKE) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported April 29, 2026).

ONEOK discloses geographic revenue only in annual filings. to view the full breakdown.

ONEOK (OKE) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for ONEOK (OKE), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Natural Gas Liquids	$14.2B	40.3%
Refined Products and Crude Oil	$14.1B	40.1%
Natural Gas Gathering And Processing	$6.9B	19.6%
Total	$35.2B	100%

Natural Gas Liquids$14.2B
Refined Products and Crude Oil$14.1B
Natural Gas Gathering And Processing$6.9B
Total$35.2B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, ONEOK (OKE) reports revenue across 3 reportable product segments; the largest segment was Natural Gas Liquids at 40.3%, followed by Refined Products and Crude Oil (40.1%) and Natural Gas Gathering And Processing (19.6%).

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