The quarter cleared expectations, not just last year’s results. Diluted EPS was $1.53 versus published estimates around $1.39-$1.46, while adjusted EBITDA rose 7% to $2.12 billion. That makes this a genuine earnings beat, although the exact consensus varies by provider. (Financial Highlights)
| Metric | Q2 2026 | Q2 2025 | Market comparison |
|---|---|---|---|
| Diluted EPS | $1.53 | $1.34 | Consensus ~$1.39-$1.46 |
| Net income | $967M | $853M | Up 13% |
| Adjusted EBITDA | $2.121B | $1.981B | Up 7% |
| Refined products shipped | 1,629 MBbl/d | 1,503 MBbl/d | Up 8% |
| NGL raw feed throughput | 1,630 MBbl/d | 1,527 MBbl/d | Up 7% |
| Natural gas processed | 5,707 MMcf/d | 5,573 MMcf/d | Up 2% |
The more important surprise is the second increase to full-year guidance. ONEOK lifted the midpoint of 2026 adjusted EBITDA guidance to $8.35 billion from $8.25 billion and EPS guidance to $5.68 from $5.53; capital spending stayed unchanged at $2.7-$3.2 billion. The direction was already established after the April guidance increase, so the new information is the additional $100 million of EBITDA embedded in the outlook rather than a first-time change. (Updated 2026 Guidance Range; Q1 2026 prior guidance)
Growth was broad, but the quality of the quarter was uneven. Natural Gas Pipelines adjusted EBITDA jumped to $297 million from $188 million, helped by favorable Waha-to-Katy price differentials and higher firm transportation revenue. Refined Products and Crude rose to $627 million from $557 million on higher volumes, rates and crude-marketing earnings. By contrast, Natural Gas Liquids EBITDA slipped to $659 million from $673 million despite record throughput, and Gathering and Processing was essentially flat at $546 million. (Segment results — Natural Gas Pipelines; Refined Products and Crude; Natural Gas Liquids; Natural Gas Gathering and Processing)
Net read: a moderate beat with a constructive outlook, but some upside came from market-sensitive optimization activity. The filing supports a better-than-expected quarter and a higher earnings base, while the unchanged capital budget preserves the stated investment plan. However, $77 million of the Natural Gas Pipelines quarterly improvement came from optimization and marketing tied to regional price differentials, so the durability of that contribution is the key issue for the Aug. 4 call. (Segment results — Natural Gas Pipelines; Financial Highlights)
Read the original 8-K on SEC EDGAR ↗