Natural Gas Liquids was Oneok’s largest segment in fiscal 2025, bringing in $16.01B of $33.63B (48%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Natural Gas Liquids | $19.07B | $14.43B | $15.17B | $16.01B | |||||||||||||
| Oneok Partners | — | — | — | — | |||||||||||||
| Oneok Partners Regulated | — | — | — | — | |||||||||||||
| Refined Products & Crude | — | $1.07B | $4.46B | $13.04B | |||||||||||||
| Natural Gas Gathering & Processing | $6.53B | $4.06B | $4.59B | $7.68B | |||||||||||||
| Energy Services | — | — | — | — | |||||||||||||
| Natural Gas Distribution | — | — | — | — | |||||||||||||
| Natural Gas Distribution Regulated | — | — | — | — | |||||||||||||
| Distribution Regulated | — | — | — | — | |||||||||||||
| Natural Gas Pipelines | $579.00M | $623.00M | $822.00M | $1.85B | |||||||||||||
| Revenues | — | — | — | — | |||||||||||||
| Corporate Elimination | — | — | — | — | |||||||||||||
| Other & Eliminations | -$3.79B | -$2.50B | -$3.34B | -$4.95B | |||||||||||||
| Eliminations & Reconciling Items | — | — | — | — | |||||||||||||
| Total | $22.39B | $17.68B | $21.70B | $33.63B |
Oneok brought in $33.63B from its five segments in fiscal 2025, the year ended December 31, 2025. That was up 55.0% from $21.70B in fiscal 2024. Natural Gas Liquids was the largest at $16.01B (47.6%), ahead of Refined Products & Crude at $13.04B (38.8%) and Natural Gas Gathering & Processing at $7.68B (22.8%). The remaining segment, Natural Gas Pipelines, brought in $1.85B.
Compared with fiscal 2024, Refined Products & Crude grew fastest, up 192.4% to $13.04B. Every segment above 2% of revenue grew.
Oneok began breaking out Refined Products & Crude in fiscal 2023, when it brought in $1.07B. The total is net of Other & Eliminations, which took $4.95B off revenue in fiscal 2025.
Liquids Commodity was Oneok’s largest product and service line in fiscal 2025, bringing in $30.41B of $33.63B (90%).
| Product and Service | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Liquids Commodity | — | $16.65B | $19.74B | $30.41B | |||||
| Ngl & Condensate Sales | $22.02B | — | — | — | |||||
| Commodity Sales | — | — | — | — | |||||
| Services | — | — | — | — | |||||
| Residue Natural Gas Sales | $2.71B | $1.44B | $1.34B | $3.37B | |||||
| Transportation & Storage Revenue | $719.00M | $1.32B | $3.04B | $3.16B | |||||
| Exchange Services & Natural Gas Gathering And Processing Revenue | — | — | $760.00M | $1.47B | |||||
| Gathering & Exchange Services Revenue | $691.00M | $696.00M | — | — | |||||
| Other | $37.00M | $78.00M | $158.00M | $166.00M | |||||
| Other & Eliminations | -$3.79B | -$2.50B | -$3.34B | -$4.95B | |||||
| Eliminations & Reconciling Items | — | — | — | — | |||||
| Total | $22.39B | $17.68B | $21.70B | $33.63B |
Oneok brought in $33.63B from its six product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 55.0% from $21.70B in fiscal 2024. Liquids Commodity was the largest at $30.41B (90.4%), ahead of Residue Natural Gas Sales at $3.37B (10.0%) and Transportation & Storage Revenue at $3.16B (9.4%). The other two lines brought in $1.64B combined.
Compared with fiscal 2024, Residue Natural Gas Sales grew fastest, up 151.6% to $3.37B. Every line above 2% of revenue grew.
Oneok began breaking out Liquids Commodity in fiscal 2023 and Exchange Services & Natural Gas Gathering And Processing Revenue in fiscal 2024. Oneok stopped reporting Ngl & Condensate Sales ($22.02B in fiscal 2022) and Gathering & Exchange Services Revenue ($696.00M in fiscal 2023) as separate lines. The total is net of Other & Eliminations, which took $4.95B off revenue in fiscal 2025.
Oneok (OKE) reports its revenue by segment and by product and service. In fiscal 2025, Natural Gas Liquids was its largest segment, bringing in $16.01B (47.6% of the total), followed by Refined Products & Crude at $13.04B (38.8%).
Natural Gas Liquids was Oneok's largest segment in fiscal 2025, bringing in $16.01B, or 47.6% of the $33.63B total across its five segments.
Liquids Commodity was Oneok's largest product and service line in fiscal 2025, bringing in $30.41B, or 90.4% of the $33.63B total across its six product and service lines.
Among Oneok's segments that make up at least 2% of revenue, Refined Products & Crude grew fastest in fiscal 2025, up 192.4% from $4.46B to $13.04B.
Every figure comes from Oneok's annual financial filings, as reported. Each line keeps the name Oneok gives it, and years follow its fiscal calendar.
Oneok's revenue by segment goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.