OKE FY2026 Q2 Raised

ONEOK, Inc. earnings call

Aug 04, 2026 · 11:00 ET Megan PattersonPierce NortonRandy Lentz earningscall_biz

Buzzberg read

Second guidance raise driven by strong volumes and momentum

ONEOK's Q2 2026 earnings call highlighted record NGL volumes, raised full-year guidance, and flagged a growing pipeline of data center and power generation projects. The company is confident in its mid- to high-single-digit EBITDA growth target through 2029, underpinned by strong demand across all business segments. Record NGL throughput volumes and strong refined products demand drove Q2 results.

Buzzberg read Second guidance raise driven by strong volumes and momentum ONEOK's Q2 2026 earnings call highlighted record NGL volumes, raised full-year guidance, and flagged a growing pipeline of data center and power generation projects. The company is confident in its mid- to high-single-digit EBITDA growth target through 2029, underpinned by strong demand across all business segments. Record NGL throughput volumes and strong refined products demand drove Q2 results. Read full analysisCollapse analysis

Raised FY2026 adjusted EBITDA guidance by $250 million to $8.35 billion midpoint.
Announced increased capacity of Bighorn plant and on-track completion of major projects in Permian, Powder River, and Mid-Continent.
Secured a 1 GW power generation supply agreement and is in late-stage discussions for data center projects.

Revenue$12.049B+25% QoQ

EPS$1.53+24% QoQ

Gross margin14.15%Reported

Operating margin13.22%Reported

6 grounded callouts

What matters now

The highest-signal changes from the call.

Guidance

Second guidance raise driven by strong volumes and momentum

Demand

LPG export capacity 80% contracted, reaching target threshold

Capex

Permian capacity expanded on strong producer activity

Show 3 more callouts

Demand

New 1GW power plant supply agreement awarded

Macro

Cash tax benefits increased to $2.6 billion, deferring taxes to 2031

Data centers likely additional growth, discussions advanced

Reported period

Actuals

Metric	Reported	Change
Revenue	$12.049B	+25% QoQ
EPS	$1.53	+24% QoQ
Gross margin	14.15%	Reported
Operating margin	13.22%	Reported
Free cash flow	$1.44B	Reported
Capex	$0.613B	Reported

Forward-looking

Forward guidance

Metric	Period	Range	Midpoint	Status
Revenue	FY2027	$8.1B–$8.6BIn line with consensus	$8.35B	Raised

AI, capex & demand read

Management read

Tone

Confident

Management reiterated and raised full-year guidance, highlighted strong volume growth across all segments, and expressed confidence in the long-term growth outlook and visibility into 2027.

Management AI read

Management mentioned growing natural gas demand from power generation, LNG exports, and industrial development, including a new 1 gigawatt power plant supply agreement and ongoing commercial discussions for large-scale data center development, though none have reached FID.

Capex

Investment and capacity

Management maintained 2026 capital expenditure guidance of $2.7-3.2 billion, with spending accelerating in H2 as major projects near completion. Future growth capex is expected to moderate to a $2-2.5 billion run rate, funded by a pipeline of midsize projects (no billion-plus projects on the horizon) and brownfield expansions.

External signals

Supply-chain alpha · 1returns since call

ONEOK is in late-stage discussions to supply natural gas for 1 GW of power generation and two additional data center projects, indicating a robust pipeline of gas demand from AI infrastructure.

Sheridan Swords

Evidence

“We are in late-stage discussions with customers for two other large-scale data center projects, and we're also in what we believe is a competitive position to win a third.”

Methodology & coverage

Management-only analysis. All 0 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.