Oneok (OKE) Operating Margin (2009 - 2026)
Oneok (OKE) reported Operating Margin of 13.22% for Q2 2026, down 4.92 percentage points from 18.14% a year earlier and down 1.63 percentage points from the prior quarter.
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Analysis
Oneok (OKE) Operating Margin (2009 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Oneok's Operating Margin came in at 15.52%, down 3.60 percentage points year-over-year; for FY2025, it was 17.07%, down 5.92 percentage points from FY2024.
- Operating Margin has a five-year change of +1.13 percentage points (FY2020 to FY2025).
- By year, Operating Margin came in at 22.99% in FY2024 (-0.04 pp), 23.04% in FY2023 (+10.50 pp), 12.54% in FY2022 (-3.16 pp) and 15.70% in FY2021 (-0.24 pp).
- The Q2 2026 figure ranks as the lowest quarterly Operating Margin since Q3 2022.
- Year over year, Operating Margin has now declined in each of the last six quarters, with an average year-over-year change of -2.87 percentage points over the last eight quarters.
- The high point for year-over-year Operating Margin in five years was Q1 2023 (a gain of 20.95 percentage points); the low point was Q1 2024 (a drop of 10.86 percentage points).
- Per Business Quant data, the three quarters before Q2 2026 came in at 14.85% (Q1 2026), 16.90% (Q4 2025) and 18.04% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 101.88 Bn | 99.42 Bn | 4.84 Bn | 9.93% |
| 2 | Enterprise Products Partners | 77.78 Bn | 76.22 Bn | - | 12.31% |
| 3 | Energy Transfer | 68.56 Bn | 62.00 Bn | 7.40 Bn | 10.41% |
| 4 | Kinder Morgan | 67.77 Bn | 68.72 Bn | 3.07 Bn | 30.06% |
| 5 | Tc Energy | 60.65 Bn | 63.72 Bn | 2.81 Bn | 135.28% |
| 6 | Targa Resources | 58.65 Bn | 58.26 Bn | 2.14 Bn | 27.80% |
| 7 | Mplx | 57.82 Bn | 51.38 Bn | 2.91 Bn | 41.61% |
| 8 | Cheniere Energy | 55.20 Bn | 55.33 Bn | 5.29 Bn | 74.84% |
| 9 | Oneok | 54.77 Bn | 53.26 Bn | 2.81 Bn | 13.22% |
| 10 | Venture Global | 31.21 Bn | 25.77 Bn | 2.92 Bn | 47.79% |
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% |
API Access
Oneok Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=OKE&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "OKE", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=OKE&period=max&api_key=YOUR_API_KEY");
const data = await res.json();