Equity Profile

OKE

ONEOK, Inc.

EnergyOil & Gas Storage & Transportation$58.4B

Aug3Mon

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

ONEOK, Inc. is a major player in the energy sector, focusing on the storage and transportation of oil and gas....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and is closely watched by investors.

$1.40

Revenue

Total revenue reflects the company's overall sales performance and market demand.

$8.9B

Wall Street expectations, options signals, track record, and call prep available with Pro.

OKE Q2-2026 Earnings Preview

Context

Company Snapshot

ONEOK, Inc. is a major player in the energy sector, focusing on the storage and transportation of oil and gas. With a market cap of $58 billion, the company plays a crucial role in the energy supply chain, making it significant for both consumers and investors as energy demand fluctuates.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+0.82%

Avg Stock Reaction

+0.09%

Last Quarter Recap

In Q1 2026, ONEOK reported an EPS of $1.23, falling short of the estimate of $1.28, resulting in a 3.91% negative surprise. The stock reacted positively, gaining 2.32% the following day.

Management Promises & Guidance

Continue to focus on operational efficiency.
Maintain strong cash flow to support dividends.
Expand infrastructure to meet growing energy demand.

Expectations

Wall Street Expectations

Analysts are cautiously optimistic about ONEOK's upcoming earnings, with expectations for EPS of $1.40 and revenue of $8.9 billion. The company has a mixed earnings history, which adds uncertainty to the outlook.

Bull Case

If ONEOK can exceed EPS expectations and show strong revenue growth, it may indicate robust demand for its services, leading to a positive stock reaction.

Bear Case

Conversely, if the company misses earnings estimates or provides weak guidance, it could signal underlying issues in operations or market demand, resulting in a negative stock reaction.

Key Metrics to Watch

EPS

$1.40

Earnings per share is a key indicator of profitability and is closely watched by investors.

Revenue

$8.9B

Total revenue reflects the company's overall sales performance and market demand.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will ONEOK's EPS exceed the consensus estimate of $1.40?

A beat on EPS could signal strong operational performance and boost investor confidence.

What guidance will ONEOK provide regarding future revenue growth?

Future revenue guidance will be critical in assessing the company's ability to meet market demand and sustain profitability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent infrastructure investments that could drive higher revenue growth than anticipated.

Supporting Evidence

ONEOK's recent operational improvements may not be fully reflected in consensus estimates.

The options market is pricing a larger move than historical averages, indicating potential for significant surprises.

Key Risk

If revenue growth exceeds $9.5 billion, it could challenge current bearish sentiments.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is closely watching ONEOK's ability to navigate current energy demands and maintain profitability amid fluctuating market conditions.

Bull Confirmed If

An EPS of $1.50 or higher would confirm strong operational performance and investor confidence.

Bear Confirmed If

An EPS below $1.20 would raise concerns about profitability and operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±13.22%

Historical Avg

±0.8%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings announcement.

Options are pricing ±13.2% while OKE has averaged ±0.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

33.8%

Calls (211K)P/C Ratio: 0.40Puts (71K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If ONEOK beats expectations, history suggests the stock may react positively, potentially gaining around 0.76% on the first day.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as the market digests the news.

Miss

If ONEOK misses earnings expectations, history suggests a potential decline of around 0.61% on the first day.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on infrastructure expansion projects and their expected impact on revenue.
2Any changes in operational efficiency metrics compared to last quarter.
3Insights into market demand trends for oil and gas transportation.
4Management's commentary on cost management strategies.
5Future outlook on dividend sustainability and cash flow generation.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

ONEOK, Inc. is a major player in the energy sector, focusing on the storage and transportation of oil and gas....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and is closely watched by investors.

$1.40

Revenue

Total revenue reflects the company's overall sales performance and market demand.

$8.9B

Wall Street expectations, options signals, track record, and call prep available with Pro.

OKE Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+0.82%

Avg Stock Reaction

+0.09%

Last Quarter Recap

In Q1 2026, ONEOK reported an EPS of $1.23, falling short of the estimate of $1.28, resulting in a 3.91% negative surprise. The stock reacted positively, gaining 2.32% the following day.

Management Promises & Guidance

Continue to focus on operational efficiency.
Maintain strong cash flow to support dividends.
Expand infrastructure to meet growing energy demand.

Expectations

Wall Street Expectations

Bull Case

If ONEOK can exceed EPS expectations and show strong revenue growth, it may indicate robust demand for its services, leading to a positive stock reaction.

Bear Case

Conversely, if the company misses earnings estimates or provides weak guidance, it could signal underlying issues in operations or market demand, resulting in a negative stock reaction.

Key Metrics to Watch

EPS

$1.40

Earnings per share is a key indicator of profitability and is closely watched by investors.

Revenue

$8.9B

Total revenue reflects the company's overall sales performance and market demand.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will ONEOK's EPS exceed the consensus estimate of $1.40?

A beat on EPS could signal strong operational performance and boost investor confidence.

What guidance will ONEOK provide regarding future revenue growth?

Future revenue guidance will be critical in assessing the company's ability to meet market demand and sustain profitability.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent infrastructure investments that could drive higher revenue growth than anticipated.

Supporting Evidence

ONEOK's recent operational improvements may not be fully reflected in consensus estimates.

The options market is pricing a larger move than historical averages, indicating potential for significant surprises.

Key Risk

If revenue growth exceeds $9.5 billion, it could challenge current bearish sentiments.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is closely watching ONEOK's ability to navigate current energy demands and maintain profitability amid fluctuating market conditions.

Bull Confirmed If

An EPS of $1.50 or higher would confirm strong operational performance and investor confidence.

Bear Confirmed If

An EPS below $1.20 would raise concerns about profitability and operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±13.22%

Historical Avg

±0.8%

Pricing rich

The options market is pricing in a significant move, suggesting that investors expect volatility around the earnings announcement.

Options are pricing ±13.2% while OKE has averaged ±0.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

33.8%

Calls (211K)P/C Ratio: 0.40Puts (71K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If ONEOK beats expectations, history suggests the stock may react positively, potentially gaining around 0.76% on the first day.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as the market digests the news.

Miss

If ONEOK misses earnings expectations, history suggests a potential decline of around 0.61% on the first day.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on infrastructure expansion projects and their expected impact on revenue.
2Any changes in operational efficiency metrics compared to last quarter.
3Insights into market demand trends for oil and gas transportation.
4Management's commentary on cost management strategies.
5Future outlook on dividend sustainability and cash flow generation.