ONEOK (OKE) Q2 FY2026: Revenue +53%, EPS $1.53, Guidance Raised; Margin -4.9pp

ONEOK Inc. (NYSE: OKE), one of the largest midstream operators in the United States, reported second-quarter 2026 results on August 3, 2026, and filed its 10-Q with the SEC on August 4. Revenue rose 52.8% year-over-year to $12.049 billion, ONEOK-attributable net income reached $966 million (+14.9%), and diluted EPS came in at $1.53 (+14.2%). The company simultaneously raised its full-year 2026 guidance for the second time this year, setting net income guidance of $3.41–$3.79 billion and Adjusted EBITDA of $8.2–$8.5 billion (up from $3.21–$3.79 billion / $8.0–$8.5 billion previously).

However, with operating income growing at only +11.3% versus revenue's +52.8%, commodity pass-through margin dilution was pronounced. The record the company itself highlighted was not revenue but NGL raw feed throughput at an all-time high, supported by refined products volumes +8% and NGL throughput +7% (Gulf Coast and Permian +15%).

Sources: ONEOK Form 10-Q (quarter ended June 30, 2026), Q2 2026 earnings press release and guidance update (August 3, 2026, ONEOK IR).