Oneok (OKE) Operating Margin (2009 - 2026)
Oneok (OKE) posted Operating Margin of 13.22% for Q2 2026, down 10.95% on a QoQ basis from 14.85% in Q1 2026, and down 492.0% year-over-year from 3.37% in Q2 2025.
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Oneok (OKE) Operating Margin (2009 - 2026) Analysis & Trends
Oneok has reported Operating Margin for 18 years, with the latest figure at 13.22% in Q2 2026.
- On a quarterly basis, Operating Margin fell 492.0% year-over-year to 13.22% in Q2 2026; TTM through Jun 2026 was 15.52%, a 360.0% decrease from a year earlier, with the FY2025 full-year figure at 17.07%, down 592.0% from the prior year.
- Operating Margin was 13.22% for Q2 2026 at Oneok, down from 14.85% in the prior quarter.
- The five-year high for Operating Margin was 33.11% in Q1 2023, with the low at 11.49% in Q2 2022.
- Average Operating Margin over 5 years is 18.36%, with a median of 17.84% recorded in 2023.
- The sharpest annual moves came in 2023 and 2024: Operating Margin soared 2095 bps in 2023, then slumped 1086 bps in 2024.
- Over 5 years, Operating Margin stood at 15.02% in 2022, then jumped by 40 bps to 20.99% in 2023, then advanced by 7 bps to 22.4% in 2024, then fell by 25 bps to 16.9% in 2025, then dropped by 22 bps to 13.22% in 2026.
- The last three Operating Margin figures came in at 13.22% (Q2 2026), 14.85% (Q1 2026), and 16.9% (Q4 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Kinder Morgan | 111.69 Bn | 112.81 Bn | 3.07 Bn | 30.06% |
| 2 | Enterprise Products Partners | 84.07 Bn | 83.21 Bn | - | 12.31% |
| 3 | Energy Transfer | 74.03 Bn | 73.00 Bn | 7.40 Bn | 10.41% |
| 4 | Tc Energy | 65.16 Bn | 64.62 Bn | 1.80 Bn | - |
| 5 | Targa Resources | 62.18 Bn | 62.19 Bn | 2.14 Bn | 27.80% |
| 6 | Mplx | 60.51 Bn | 59.48 Bn | 2.73 Bn | 41.61% |
| 7 | Oneok | 60.16 Bn | 60.09 Bn | 2.81 Bn | 13.22% |
| 8 | Enbridge | 54.38 Bn | 54.88 Bn | 5.23 Bn | 9.93% |
| 9 | Pembina Pipeline | 28.12 Bn | 27.76 Bn | 933.00 Mn | 37.45% |
| 10 | Gas Transporter Of The South | 21.92 Bn | -3,019.13 Bn | - | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 13.22% |
| Mar 31, 2026 | 14.85% |
| Dec 31, 2025 | 16.90% |
| Sep 30, 2025 | 18.04% |
| Jun 30, 2025 | 18.14% |
| Mar 31, 2025 | 15.17% |
| Dec 31, 2024 | 22.40% |
| Sep 30, 2024 | 22.46% |
| Jun 30, 2024 | 25.11% |
| Mar 31, 2024 | 22.25% |
| Dec 31, 2023 | 20.99% |
| Sep 30, 2023 | 17.64% |
| Jun 30, 2023 | 19.75% |
| Mar 31, 2023 | 33.11% |
| Dec 31, 2022 | 15.02% |
| Sep 30, 2022 | 11.84% |
| Jun 30, 2022 | 11.49% |
| Mar 31, 2022 | 12.16% |
| Dec 31, 2021 | 12.03% |
| Sep 30, 2021 | 14.72% |