ONEOK reports $3.46 billion net income and slashes debt in 2025
ONEOK has reported strong financial results for 2025, with net income reaching $3.46 billion. The company also saw significant growth in its Rocky Mountain operations, including a 15% rise in natural gas liquids (NGL) raw feed throughput. These figures come alongside a continued effort to strengthen its balance sheet by reducing debt over the past five years.
In 2025, ONEOK achieved an adjusted EBITDA of $8.02 billion, or $8.085 billion when excluding transaction costs. The fourth quarter alone brought in $2.15 billion in adjusted EBITDA and $978 million in net income, equivalent to $1.55 per diluted share. For the full year, earnings per diluted share stood at $5.42.
The Rocky Mountain region performed particularly well, with NGL raw feed throughput volumes climbing by 15% for both the year and the final quarter. Natural gas processing in the same area also grew by 3% over 2025, matching the increase recorded in the last three months of the year.
Since 2020, ONEOK has worked to improve its capital structure. Long-term debt fell from around $12.5 billion to approximately $11.8 billion by the third quarter of 2025. The company repaid or refinanced over $1.5 billion in senior notes between 2022 and 2024 while extending maturities on new debt. This strategy lowered its debt-to-EBITDA ratio from over 5x in 2020 to about 3.5x by late 2025.
Looking ahead, the company forecasts a 2026 net income midpoint of $3.45 billion, with earnings per diluted share expected to reach $5.45. Adjusted EBITDA for next year is projected at $8.1 billion.
ONEOK's 2025 results highlight steady growth in both financial performance and operational output. With reduced leverage and optimistic projections for 2026, the company appears positioned for continued stability. The Rocky Mountain region's increased throughput and processing volumes further reinforce its operational strength.
