ONEOK (OKE) Delivers Q2 2026 Beat and Raises Guidance, Shares Fall -3%
Key Takeaways
- ONEOK reported second-quarter 2026 net income attributable to ONEOK of $966 million, or $1.53 per diluted share, beating analyst consensus estimates of approximately $1.46 to $1.49 per share.
- Revenue climbed 52.8% year-over-year to $12.05 billion, well above the FactSet consensus estimate of $8.95 billion.
- Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 7% to $2.12 billion, supported by record NGL (natural gas liquids) raw feed throughput volumes.
- ONEOK raised its full-year 2026 financial guidance, lifting the EPS (earnings per share) midpoint to $5.68 and adjusted EBITDA midpoint to $8.35 billion.
- Despite the earnings beat and guidance increase, ONEOK shares fell approximately 3% in the trading session following the release.
Why ONEOK’s Q2 Results Carry Weight
ONEOK’s second-quarter 2026 earnings carried added importance after a mixed first quarter that included an EPS miss. As one of North America’s largest midstream operators, OKE sits at the center of rising natural gas demand from data centers and LNG exports, shifting production dynamics between the Permian and Bakken, and the ongoing integration of the EnLink and Medallion acquisitions. With roughly 90% of earnings tied to fee-based contracts, the results offer a useful read on broader midstream health and volume trends.
The Quarter’s Reported Numbers
ONEOK posted second-quarter 2026 net income of $967 million, of which $966 million was attributable to shareholders—a 13% increase from $853 million ($841 million attributable) a year earlier. Diluted EPS reached $1.53, up from $1.34 and above the consensus range of $1.46 to $1.49. Revenue jumped 52.8% to $12.05 billion from $7.89 billion, clearing the FactSet estimate of $8.95 billion. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Adjusted EBITDA climbed 7% to $2.12 billion from $1.98 billion, helped by record NGL raw feed throughput and higher natural gas processing and refined products volumes. Operating income rose to $1.59 billion from $1.43 billion. Key volume moves included an 8% rise in refined products shipped, a 7% increase in NGL raw feed throughput (with a 15% jump in the Gulf Coast/Permian area), and a 2% gain in natural gas volumes processed. The Greater Denver refined products pipeline expansion reached mechanical completion in early August.
Market Reaction and Sentiment
Even with the earnings and revenue beats, OKE shares declined about 3% on the announcement day, closing near $88. The move likely reflected a few factors. The full-year 2026 EPS guidance midpoint of $5.68 came in just below the $5.79 consensus, which may have tempered expectations for a larger raise. Concerns about volume growth sustainability in the Bakken and Morgan Stanley’s recent downgrade to Equal Weight also weighed on sentiment. The reaction followed a similar pattern after the first-quarter report earlier in the year.
Guidance and Factors to Watch
ONEOK lifted its 2026 outlook, now projecting net income between $3.41 billion and $3.79 billion, adjusted EBITDA of $8.2 billion to $8.5 billion, and EPS at a $5.68 midpoint. Capital expenditure guidance stays at $2.7 billion to $3.2 billion. The mechanical completion of the Greater Denver pipeline should support incremental volumes ahead. Permian processing growth is expected to continue, helping offset steadier activity in the Bakken. Investors will also track commodity price spreads, the pace of EnLink and Medallion integration synergies, and macro drivers such as data-center gas demand and LNG exports that support the fee-based model.
Using Tickeron’s AI Screener in My Workflow
When I review earnings like these, Tickeron’s AI Screener helps me quickly filter midstream names against peers on volume trends, valuation, and technical signals. It surfaces comparable ideas efficiently and adds useful context to the reported results without replacing the core fundamental work.
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Financial writer and active order flow futures trader with a focus on fundamental analysis, macroeconomic factors, and equity research. I make in-depth blogs on stocks and ETFs, bridging the gap between raw market data and real-world trading decisions.
OKE's MACD Histogram just turned positive
The Moving Average Convergence Divergence (MACD) for OKE turned positive on August 11, 2026. Looking at past instances where OKE's MACD turned positive, the stock continued to rise in of 46 cases over the following month. The odds of a continued upward trend are .
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on August 10, 2026. You may want to consider a long position or call options on OKE as a result. In of 96 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
OKE moved above its 50-day moving average on August 10, 2026 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for OKE crossed bullishly above the 50-day moving average on July 13, 2026. This indicates that the trend has shifted higher and could be considered a buy signal. In of 15 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where OKE advanced for three days, in of 379 cases, the price rose further within the following month. The odds of a continued upward trend are .
The Aroon Indicator entered an Uptrend today. In of 259 cases where OKE Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .
Bearish Trend Analysis
The Stochastic Oscillator entered the overbought zone. Expect a price pull-back in the foreseeable future.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where OKE declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
Fundamental Analysis (Ratings)
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is slightly undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (2.541) is normal, around the industry mean (185.773). P/E Ratio (15.971) is within average values for comparable stocks, (24.182). Projected Growth (PEG Ratio) (2.017) is also within normal values, averaging (3.998). Dividend Yield (0.046) settles around the average of (0.049) among similar stocks. P/S Ratio (1.484) is also within normal values, averaging (4.571).
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating steady price growth. OKE’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 43, placing this stock slightly worse than average.
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
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a company which purchases, gathers, compresses, transports and stores natural gas
Industry OilGasPipelines
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