Snapshot

Income statement snapshot

ONEOK INC /NEW/'s top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.

Revenue

+19.4%

$33.6B

Compound growth, FY2021 to FY2025

Gross profit

+24.4%

$10.3B

Compound growth, FY2021 to FY2025

Operating Income

+21.9%

$5.7B

Compound growth, FY2021 to FY2025

Net income

+22.6%

$3.4B

Compound growth, FY2021 to FY2025

Headline results

Four lines, five fiscal years, straight from the filings.

Revenue$33,629

Gross profit$10,256

Operating Income$5,741

Net income$3,393

Filing10-K

ONEOK INC /NEW/ headline income statement
Metric	2025	2024	2023	2022	2021
Revenue	$33,629	$21,698	$17,677	$22,387	$16,540
Gross profit	$10,256	$8,387	$5,748	$4,477	$4,283
Operating Income	$5,741	$4,989	$4,072	$2,807	$2,596
Net income	$3,393	$3,035	$2,659	$1,722	$1,500
Filing	10-K	10-K	10-K	10-K	10-K

Trend

The same four lines drawn across the window.

All values shown in USD millions unless noted otherwise.

Line items

Expanded line items

The full annual income statement layer for ONEOK INC /NEW/, from revenue down to share counts.

Statement basis

USD millions, except per-share and share-count rows.

Total revenue$33,629

Cost of revenue$23,373

Gross profit$10,256

Operating Income$5,741

Interest expenseN/A

Other non-operating income (expense)$146

Pretax income$4,490

Income tax expense (benefit)$1,028

Net income$3,393

Basic EPS$5.43

Diluted EPS$5.42

Basic average shares624.8M

Diluted average shares625.9M

Filing10-K

ONEOK INC /NEW/ expanded income statement
Line item	2025	2024	2023	2022	2021
Total revenue	$33,629	$21,698	$17,677	$22,387	$16,540
Cost of revenue	$23,373	$13,311	$11,929	$17,910	$12,257
Gross profit	$10,256	$8,387	$5,748	$4,477	$4,283
Operating Income	$5,741	$4,989	$4,072	$2,807	$2,596
Interest expense	N/A	N/A	$866	$676	$733
Other non-operating income (expense)	$146	$53	$89	-$29	-$1
Pretax income	$4,490	$4,110	$3,497	$2,250	$1,984
Income tax expense (benefit)	$1,028	$998	$838	$528	$484
Net income	$3,393	$3,035	$2,659	$1,722	$1,500
Basic EPS	$5.43	$5.19	$5.49	$3.85	$3.36
Diluted EPS	$5.42	$5.17	$5.48	$3.84	$3.35
Basic average shares	624.8M	584.6M	484.3M	447.5M	446.4M
Diluted average shares	625.9M	586.5M	485.4M	448.4M	447.4M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from the SEC EDGAR database for ONEOK INC /NEW/.

Margins

Profitability conversion

How much of ONEOK INC /NEW/'s revenue survives through gross profit, operating income, and net income.

Gross margin

+460 bps

30.5%

FY2025, versus FY2021

Operating Margin

+138 bps

17.1%

FY2025, versus FY2021

Net income margin

+102 bps

10.1%

FY2025, versus FY2021

Observation window

years

FY2021 through FY2025

Margin table

Side-by-side read of gross, operating and net margin.

Gross margin30.5%

Operating Margin17.1%

Net income margin10.1%

Filing10-K

Margin trend

The shape of profitability across the window.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

Year on year

Annual momentum

Every headline line of ONEOK INC /NEW/'s statement measured against the immediately prior period.

Revenue YoY

FY2024

+55.0%

FY2025 versus FY2024

Gross profit YoY

FY2024

+22.3%

FY2025 versus FY2024

Op. income YoY

FY2024

+15.1%

FY2025 versus FY2024

Net income YoY

FY2024

+11.8%

FY2025 versus FY2024

Year-on-year table

Contractions are tinted so slowdowns are obvious.

Revenue growth+55.0%

Gross profit growth+22.3%

Operating Income Growth+15.1%

Net income growth+11.8%

Filing10-K

ONEOK INC /NEW/ year-on-year change
Metric	2025	2024	2023	2022	2021
Revenue growth	+55.0%	+22.7%	-21.0%	+35.4%	N/A
Gross profit growth	+22.3%	+45.9%	+28.4%	+4.5%	N/A
Operating Income Growth	+15.1%	+22.5%	+45.1%	+8.1%	N/A
Net income growth	+11.8%	+14.1%	+54.4%	+14.8%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum

Whether the business is accelerating or rolling over.

Year-on-year change compares each annual period against the immediately prior year inside the selected window.

Compound growth

Through-cycle growth

Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.

Revenue CAGR

4yr

+19.4%

FY2021 to FY2025

Gross profit CAGR

4yr

+24.4%

FY2021 to FY2025

Op. income CAGR

4yr

+21.9%

FY2021 to FY2025

Net income CAGR

4yr

+22.6%

FY2021 to FY2025

Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.

Snapshot

Income statement snapshot

ONEOK INC /NEW/'s top line, gross profit, operating income, and bottom-line conversion. Values in USD millions.

Revenue

+19.4%

$33.6B

Compound growth, FY2021 to FY2025

Gross profit

+24.4%

$10.3B

Compound growth, FY2021 to FY2025

Operating Income

+21.9%

$5.7B

Compound growth, FY2021 to FY2025

Net income

+22.6%

$3.4B

Compound growth, FY2021 to FY2025

Headline results

Four lines, five fiscal years, straight from the filings.

Revenue$33,629

Gross profit$10,256

Operating Income$5,741

Net income$3,393

Filing10-K

ONEOK INC /NEW/ headline income statement
Metric	2025	2024	2023	2022	2021
Revenue	$33,629	$21,698	$17,677	$22,387	$16,540
Gross profit	$10,256	$8,387	$5,748	$4,477	$4,283
Operating Income	$5,741	$4,989	$4,072	$2,807	$2,596
Net income	$3,393	$3,035	$2,659	$1,722	$1,500
Filing	10-K	10-K	10-K	10-K	10-K

Trend

The same four lines drawn across the window.

All values shown in USD millions unless noted otherwise.

Line items

Expanded line items

The full annual income statement layer for ONEOK INC /NEW/, from revenue down to share counts.

Statement basis

USD millions, except per-share and share-count rows.

Total revenue$33,629

Cost of revenue$23,373

Gross profit$10,256

Operating Income$5,741

Interest expenseN/A

Other non-operating income (expense)$146

Pretax income$4,490

Income tax expense (benefit)$1,028

Net income$3,393

Basic EPS$5.43

Diluted EPS$5.42

Basic average shares624.8M

Diluted average shares625.9M

Filing10-K

ONEOK INC /NEW/ expanded income statement
Line item	2025	2024	2023	2022	2021
Total revenue	$33,629	$21,698	$17,677	$22,387	$16,540
Cost of revenue	$23,373	$13,311	$11,929	$17,910	$12,257
Gross profit	$10,256	$8,387	$5,748	$4,477	$4,283
Operating Income	$5,741	$4,989	$4,072	$2,807	$2,596
Interest expense	N/A	N/A	$866	$676	$733
Other non-operating income (expense)	$146	$53	$89	-$29	-$1
Pretax income	$4,490	$4,110	$3,497	$2,250	$1,984
Income tax expense (benefit)	$1,028	$998	$838	$528	$484
Net income	$3,393	$3,035	$2,659	$1,722	$1,500
Basic EPS	$5.43	$5.19	$5.49	$3.85	$3.36
Diluted EPS	$5.42	$5.17	$5.48	$3.84	$3.35
Basic average shares	624.8M	584.6M	484.3M	447.5M	446.4M
Diluted average shares	625.9M	586.5M	485.4M	448.4M	447.4M
Filing	10-K	10-K	10-K	10-K	10-K

Expanded annual statement lines sourced from the SEC EDGAR database for ONEOK INC /NEW/.

Margins

Profitability conversion

How much of ONEOK INC /NEW/'s revenue survives through gross profit, operating income, and net income.

Gross margin

+460 bps

30.5%

FY2025, versus FY2021

Operating Margin

+138 bps

17.1%

FY2025, versus FY2021

Net income margin

+102 bps

10.1%

FY2025, versus FY2021

Observation window

years

FY2021 through FY2025

Margin table

Side-by-side read of gross, operating and net margin.

Gross margin30.5%

Operating Margin17.1%

Net income margin10.1%

Filing10-K

Margin trend

The shape of profitability across the window.

Margins are calculated from annual SEC facts using reported revenue as the denominator.

Year on year

Annual momentum

Every headline line of ONEOK INC /NEW/'s statement measured against the immediately prior period.

Revenue YoY

FY2024

+55.0%

FY2025 versus FY2024

Gross profit YoY

FY2024

+22.3%

FY2025 versus FY2024

Op. income YoY

FY2024

+15.1%

FY2025 versus FY2024

Net income YoY

FY2024

+11.8%

FY2025 versus FY2024

Year-on-year table

Contractions are tinted so slowdowns are obvious.

Revenue growth+55.0%

Gross profit growth+22.3%

Operating Income Growth+15.1%

Net income growth+11.8%

Filing10-K

ONEOK INC /NEW/ year-on-year change
Metric	2025	2024	2023	2022	2021
Revenue growth	+55.0%	+22.7%	-21.0%	+35.4%	N/A
Gross profit growth	+22.3%	+45.9%	+28.4%	+4.5%	N/A
Operating Income Growth	+15.1%	+22.5%	+45.1%	+8.1%	N/A
Net income growth	+11.8%	+14.1%	+54.4%	+14.8%	N/A
Filing	10-K	10-K	10-K	10-K	10-K

Momentum

Whether the business is accelerating or rolling over.

Year-on-year change compares each annual period against the immediately prior year inside the selected window.

Compound growth

Through-cycle growth

Compounded annual growth from FY2021 to FY2025, which filters out one-year noise.

Revenue CAGR

4yr

+19.4%

FY2021 to FY2025

Gross profit CAGR

4yr

+24.4%

FY2021 to FY2025

Op. income CAGR

4yr

+21.9%

FY2021 to FY2025

Net income CAGR

4yr

+22.6%

FY2021 to FY2025

Compound rates use the first and last reported year in the window, so a gap in either endpoint suppresses the figure.

Commentary

Commentary on ONEOK INC /NEW/ performance

A written read of the filing-backed figures above. The statement itself remains the source of truth.

Snapshot Jul 25, 2026

This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.

Over the past five years, ONEOK Inc. has demonstrated noteworthy financial variability with an overall upward trend in profitability despite uneven revenue growth. Revenue grew from USD 16,540 million in 2021 to USD 33,629 million in 2025, although not in a linear fashion. A significant revenue jump of approximately 55% between 2024 (USD 21,698 million) and 2025 indicates a strong recent expansion, while a downturn of about 21% occurred from 2022 (USD 22,387 million) to 2023 (USD 17,677 million). In contrast, gross profit steadily increased from USD 4,283 million in 2021 to USD 10,256 million in 2025, suggesting that the company has managed to improve its cost efficiency and maintain healthy margins even amidst revenue fluctuations. Operating income and net income followed robust growth trajectories, reinforcing the company’s overall financial resilience. Operating income increased from USD 2,596 million in 2021 to USD 5,741 million in 2025, with notable increments of around 45% from 2022 to 2023 and about 22% from 2023 to 2024. Similarly, net income rose from USD 1,500 million in 2021 to USD 3,393 million in 2025, with a significant increase of roughly 54% from 2022 to 2023. Given ONEOK’s role in the midstream energy sector, these improvements may be attributed to operational efficiencies, scale benefits, and favorable market conditions, particularly in pipeline and natural gas infrastructure investments. Overall, the data suggests that ONEOK Inc. has maintained solid financial health and sustainability through effective margin control and a strategic response to market dynamics, positioning it well for future growth.

This analysis is for informational purposes only and does not constitute financial advice or a recommendation for any investment decision. Please consult a qualified financial professional for personalised guidance.

ONEOK INC /NEW/

OKE Income Statement

ONEOK INC /NEW/

OKE Income Statement

Income statement snapshot

Expanded line items

Profitability conversion

Annual momentum

Through-cycle growth

Income statement snapshot

Expanded line items

Profitability conversion

Annual momentum

Through-cycle growth

Commentary on ONEOK INC /NEW/ performance

Commentary on ONEOK INC /NEW/ performance