ONEOK raised its 2026 outlook after reporting third-quarter net income attributable to the company of $1.35 billion, up from $939 million a year earlier, according to its earnings release filed with the SEC. The ONEOK guidance increase is real. But the headline profit includes a one-time item, and the release does not state the earlier ranges, so the size of the raise cannot be measured from this document alone.
What ONEOK reported for the quarter
Diluted earnings per share were $2.13, against $1.49 in the third quarter of 2025. That figure includes a one-time, noncash tax benefit of $336 million, or $0.53 per share. Take out the $0.53 and the quarter comes to about $1.60 a share by our arithmetic, still above last year but a far smaller gain than the headline. Adjusted EBITDA, an operating measure the company reports, rose 6% to $2.24 billion from $2.12 billion. Capital spending was $937 million, and the board declared a quarterly dividend of $1.07 a share, or $4.28 annualized.
The updated ONEOK guidance
For 2026 the company now expects net income of $4.09 billion to $4.27 billion, a midpoint of $4.18 billion. At the midpoints, net income attributable to ONEOK is $3.985 billion and diluted earnings per share are $6.30. Adjusted EBITDA is guided to $8.5 billion to $8.6 billion. Capital expenditures are about $3.5 billion, which the release says reflects spending on the Brazos Permian Midland acquisition. Chief executive Pierce H. Norton II said the company is “once again raising our 2026 financial guidance,” and added that “ONEOK has the assets, financial strength and discipline to capture growing energy demand.” Without the previous ranges, the release leaves open how much the guidance moved.
Volumes behind the numbers
Liquids and refined products carried the quarter. NGL raw feed throughput rose 6% to 1,661 thousand barrels a day, with the Gulf Coast and Permian region up 16%. Refined products shipped also rose 6%, to 1,615 thousand barrels a day. Crude oil shipped fell to 1,693 thousand barrels a day from 1,813 thousand. Natural gas processed was 5,866 million cubic feet a day, roughly flat overall, with Permian volumes processed up 4%. That mix, strong liquids and products against weaker crude, is the pattern behind the 6% rise in adjusted EBITDA.
For the wider energy picture, see our Exxon and Chevron earnings preview, and for commodity prices our reporting on Brent after the Saudi drone strike. Readers tracking ONEOK guidance will want the earnings presentation or call for the prior ranges and for details on the Brazos Permian Midland acquisition, neither of which the release spells out. This article is general information, not investment advice.
