ONEOK reported second-quarter 2026 net income of $967 million, up 13% from $853 million a year earlier, and adjusted EBITDA of $2.12 billion, up 7% from $1.98 billion. Diluted earnings per share rose to $1.53 from $1.34, on record quarterly natural gas liquids volumes across the company's system.
Results also reflected higher natural gas processing and refined products volumes, plus increased optimization and marketing activity across ONEOK's Natural Gas Pipelines, Refined Products and Crude, and Natural Gas Liquids segments.
Volumes across the system
Refined products volumes shipped rose 8% from the prior-year quarter. NGL raw feed throughput volumes rose 7%, a record, including a 15% increase in the Gulf Coast/Permian region. Natural gas volumes processed rose 2%. ONEOK's Greater Denver refined products pipeline expansion reached mechanical completion in early August 2026.
Segment results
Three of ONEOK's four business segments posted higher second-quarter adjusted EBITDA than a year earlier. Natural gas liquids adjusted EBITDA slipped as higher operating costs and lower transportation and storage earnings outweighed gains in optimization, marketing and exchange services.
| Segment | Q2 2026 | Q2 2025 |
|---|---|---|
| Natural Gas Liquids | $659M | $673M |
| Refined Products and Crude | $627M | $557M |
| Natural Gas Gathering and Processing | $546M | $540M |
| Natural Gas Pipelines | $297M | $188M |
In the refined products and crude segment, higher transportation and storage earnings and higher crude marketing earnings drove the increase, partly offset by higher operating costs. For the six months ended June 30, 2026, that segment's results also reflected a $23 million decline in earnings from Powder Springs Logistics, a 50%-owned joint venture that posted losses in the period.
Guidance raised for the second time this year
ONEOK increased its 2026 financial guidance, which it said reflects continued strong segment performance and strategic opportunities across its system. Net income guidance rose to a range of $3.41 billion to $3.79 billion, with a $3.6 billion midpoint, and earnings-per-diluted-share guidance rose to a $5.68 midpoint. Adjusted EBITDA guidance increased to a range of $8.2 billion to $8.5 billion, with an $8.35 billion midpoint. Total 2026 capital expenditure guidance was unchanged at $2.7 billion to $3.2 billion.
President and CEO Pierce H. Norton II said the volume gains "drove another consecutive quarter of earnings growth," and said the growth projects nearing completion across ONEOK's footprint support the company's second guidance increase this year.
In July 2026, ONEOK declared a quarterly dividend of $1.07 per share, or $4.28 per share annualized.
