Key Highlights

  • ONEOK (NYSE:OKE) reports third-quarter 2026 results after the close on Tuesday, October 27, 2026, with the call at 11:00 a.m. ET on Wednesday, October 28, against consensus earnings of USD 1.50 per share.
  • Second-quarter net income was USD 967 million, up 13%, with diluted earnings of USD 1.53 per share and adjusted EBITDA of USD 2.12 billion, up 7%.
  • Full-year guidance was raised to net income of USD 3.41 billion to USD 3.79 billion and adjusted EBITDA of USD 8.2 billion to USD 8.5 billion, with capital spending unchanged.
  • The USD 4.425 billion Brazos Midstream acquisition closed on Tuesday, October 6, 2026, after a USD 9 billion minority investment by Apollo closed on Thursday, September 10.

The Setup: A Raised Outlook and a Lower Bar

ONEOK (NYSE:OKE), a pipeline operator that gathers, processes and transports natural gas, natural gas liquids and refined products, reports third-quarter 2026 results after the close on Tuesday, October 27, 2026, with the call at 11:00 a.m. ET on Wednesday, October 28. Consensus earnings are USD 1.50 per share, USD 0.03 below the USD 1.53 reported for the second quarter. In its release of Monday, August 3, 2026, the company reported net income of USD 967 million against USD 853 million and adjusted EBITDA of USD 2.12 billion against USD 1.98 billion. It raised 2026 net income guidance to USD 3.41 billion to USD 3.79 billion, a midpoint of USD 3.6 billion, with earnings per share at a midpoint of USD 5.68. Results cannot be known in advance.

Why Volumes and Segment Mix Drive the Numbers

Midstream earnings come largely from fees on volumes moved, so throughput matters more than commodity prices. Natural gas liquids raw feed throughput rose 7% to a record, with a 15% rise in the Gulf Coast and Permian region, while refined products shipped rose 8% and natural gas processed rose 2%. Adjusted EBITDA guidance of USD 8.2 billion to USD 8.5 billion has a midpoint of USD 8.35 billion, and the second quarter annualises to about USD 8.5 billion. Capital spending guidance of USD 2.7 billion to USD 3.2 billion was unchanged. Recent events add to the picture: the acquisition of Brazos Midstream Permian Midland Basin assets was completed on Tuesday, October 6, 2026, and cash tender offers announced on Sunday, August 30 support a USD 5 billion debt repayment plan. The shares fell about 3% after the August report.

Risks and What to Watch

A positive reading would be earnings at or above USD 1.50, volumes near the second-quarter record and an adjusted EBITDA range lifted or narrowed toward the top, including a first estimate for the Brazos contribution. That could support the shares because fee-based growth is visible. A negative reading would be a miss on gathering and processing volumes, weaker natural gas liquids margins or a higher capital plan, which could pressure the shares, since August showed that a raised outlook alone did not lift the stock. ONEOK (NYSE:OKE) also carries significant debt, so the Federal Reserve rate of 3.75% to 4.00%, set on Wednesday, September 16, 2026, raises financing costs. Investors should watch the progress of debt repayment and the quarterly dividend declared on Wednesday, October 14, 2026.

Where Things Stand

The answer is that ONEOK (NYSE:OKE) faces a USD 1.50 per share bar that sits below its second-quarter result, so the reaction is likely to turn on volumes, the effect of Brazos and Apollo on the outlook and 2027 capital commentary. The next catalysts are the results after the close on Tuesday, October 27, 2026, the call at 11:00 a.m. ET and the Federal Reserve decision on Wednesday, October 28, 2026. Estimates and guidance are not guarantees, and this is not investment advice.