Oneok (OKE) Operating Margin (2009 - 2026)
Oneok's (OKE) quarterly Operating Margin came in at 14.85% in Q1 2026, down 32.0% year-on-year from 21.83% in Q1 2025, and down 12.15% quarter-over-quarter from 16.9% in Q4 2025.
Oneok (OKE) Operating Margin (2009 - 2026) Analysis & Trends
Oneok's Operating Margin history runs 18 years deep, the most recent figure standing at 14.85% for Q1 2026.
- On a quarterly basis, Operating Margin fell 32.0% year-over-year to 14.85% in Q1 2026; TTM through Mar 2026 was 16.9%, a 371.0% decrease from a year earlier, with the FY2025 full-year figure at 17.07%, down 592.0% from the prior year.
- Operating Margin eased to 14.85% in Q1 2026 per OKE's latest filing, from 16.9% in the prior quarter.
- Across five years, Operating Margin topped out at 33.11% in Q1 2023 and bottomed at 11.49% in Q2 2022.
- The 5-year median for Operating Margin is 18.04% (2025), against an average of 18.67%.
- Across the five-year window, Operating Margin jumped 2095 bps in 2023 and tumbled 1086 bps in 2024, its largest moves.
- Year by year, Operating Margin stood at 15.02% in 2022, then soared by 40 bps to 20.99% in 2023, then gained by 7 bps to 22.4% in 2024, then declined by 25 bps to 16.9% in 2025, then declined by 12 bps to 14.85% in 2026.
- Per Business Quant, the three latest OKE Operating Margin figures stand at 14.85% (Q1 2026), 16.9% (Q4 2025), and 18.04% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | DHT Holdings | 2,706.13 Bn | 2,706.00 Bn | 167.16 Mn | 90.00% |
| 2 | Flex LNG | 1,674.16 Bn | 1,673.77 Bn | 61.79 Mn | 103.91% |
| 3 | Kinder Morgan | 112.74 Bn | 113.82 Bn | 3.07 Bn | 30.06% |
| 4 | Enbridge | 89.82 Bn | 89.03 Bn | 6.70 Bn | 14.43% |
| 5 | Enterprise Products Partners | 83.97 Bn | 82.82 Bn | - | 13.17% |
| 6 | Tc Energy | 72.76 Bn | 73.95 Bn | 1.36 Bn | 31.60% |
| 7 | Energy Transfer | 70.27 Bn | 69.30 Bn | 6.62 Bn | 10.74% |
| 8 | Targa Resources | 61.30 Bn | 61.34 Bn | 1.70 Bn | 20.68% |
| 9 | Oneok | 61.15 Bn | 61.02 Bn | 8.98 Bn | 14.85% |
| 10 | Mplx | 58.39 Bn | 56.89 Bn | 1.95 Bn | 51.68% |
Historic Data
Download Data| Date | Value |
|---|---|
| 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% |
| Jun 30, 2021 | 18.04% |