ONEOK Beats on Q3, Raises 2026 Guidance Again as Brazos Midland Closes
OKE sits 50% above its 52-week low of $64.02.
Summary
ONEOK reported Q3 2026 EPS of $2.13 (including a $0.53 one-time tax benefit) and raised 2026 guidance to a $6.30 EPS midpoint, with the $4.425 billion Brazos Midland acquisition now closed and debt cut by nearly $5.5 billion.
Key Events · Earnings and Guidance · OKE
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Q3 Earnings Beat, Guidance Raised Again
Net income attributable to ONEOK was $1.35 billion, or $2.13 per diluted share, versus $939 million and $1.49 a year ago; adjusted EBITDA rose 6% to $2.24 billion.
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2026 Guidance Midpoint Lifted to $6.30 EPS
Full-year net income guidance is now $4.09-$4.27 billion and adjusted EBITDA $8.5-$8.6 billion, with EPS at a $6.30 midpoint and capex around $3.5 billion.
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One-Time Tax Benefit Inflates Reported EPS
Results include a $336 million noncash income tax benefit, or $0.53 per diluted share, from the reorganization tied to the minority equity transaction.
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Brazos Midland Closed, Debt Cut, Ratings Up
The $4.425 billion Brazos Midland acquisition closed and adds about $75 million to 2026 guidance; nearly $5.5 billion of debt principal was extinguished in September and S&P and Fitch upgraded ONEOK to BBB+.
Analysis · OKE · Energy & Transportation
ONEOK earned $2.13 per diluted share in Q3 2026 versus $1.49 a year ago, and adjusted EBITDA rose 6% to $2.24 billion. Management raised full-year guidance for the third time this year, now pointing to a $6.30 EPS midpoint and $8.55 billion adjusted EBITDA midpoint, with roughly $75 million of the increase coming from the just-closed Brazos Midland acquisition. The headline EPS figure is flattered by a one-time noncash $336 million tax benefit ($0.53 per share) tied to the holding company reorganization, so the underlying beat is smaller than the reported number suggests. Balance-sheet work is the other half of the story: nearly $5.5 billion of debt principal was retired in September and both S&P and Fitch moved the credit rating to BBB+, which lowers future borrowing costs on a still-large debt load.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 36.2% of the 898 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.75%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, OKE was trading at $96.01 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $60.5B. The 52-week trading range was $64.02 to $99.85. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.