Equity Profile

OKE

ONEOK, Inc.

EnergyOil & Gas Storage & Transportation$58.4B

Aug3Mon

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

ONEOK, Inc. is a major player in the energy sector, focusing on the storage and transportation of oil and gas....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing costs and generating income.

$1.40

Revenue

Total revenue provides insight into the company's overall sales performance and market demand for its services.

$8.9B

Wall Street expectations, options signals, track record, and call prep available with Pro.

OKE Q2-2026 Earnings Preview

Context

Company Snapshot

ONEOK, Inc. is a major player in the energy sector, focusing on the storage and transportation of oil and gas. With a market cap of $58 billion, the company plays a crucial role in energy infrastructure, which is vital for meeting the growing demand for energy resources.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+0.82%

Avg Stock Reaction

+0.09%

Last Quarter Recap

In Q1-2026, ONEOK reported an EPS of $1.23, which was slightly below the expected $1.28, resulting in a 2.32% increase in stock price the following day. The company did not provide specific revenue figures for that quarter.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts are cautiously optimistic about ONEOK's upcoming earnings, with expectations for a modest EPS increase. The consensus revenue estimate suggests steady demand in the energy sector.

Bull Case

If ONEOK exceeds the EPS estimate, it could signal strong operational efficiency and robust demand, potentially driving the stock higher.

Bear Case

A miss on EPS or revenue could indicate underlying challenges in the energy market, leading to a negative reaction from investors.

Key Metrics to Watch

EPS

$1.40

Earnings per share is a key indicator of profitability and will show how well the company is managing costs and generating income.

Revenue

$8.9B

Total revenue provides insight into the company's overall sales performance and market demand for its services.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will ONEOK's EPS exceed the consensus estimate of $1.40?

A positive surprise could boost investor confidence and support a higher stock price.

What are the revenue figures for Q2-2026 and how do they compare to expectations?

Revenue performance will indicate the company's ability to capitalize on market demand and manage costs.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the impact of recent operational efficiencies that could drive better-than-expected earnings.

Supporting Evidence

ONEOK has a history of outperforming EPS estimates, with a 63% beat rate over the last eight quarters.

The options market is pricing in a larger move than historical averages, suggesting that investors expect significant news.

The recent increase in energy demand could support higher revenue than analysts anticipate.

Key Risk

If the company reports an EPS significantly above $1.40, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether ONEOK can maintain its profitability amidst fluctuating energy prices and demand.

Bull Confirmed If

An EPS of $1.50 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $1.20 would confirm the bear case, suggesting potential issues in profitability.

Pre-Earnings Positioning

Options Market

Implied Move

±13.22%

Historical Avg

±0.8%

Pricing rich

The options market is pricing in a significant move following the earnings report, suggesting that investors expect volatility.

Options are pricing ±13.2% while OKE has averaged ±0.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

33.8%

Calls (211K)P/C Ratio: 0.40Puts (71K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If ONEOK beats expectations, history suggests the stock could see a modest increase, confirming strong operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may remain relatively stable, but cautious commentary could lead to volatility.

Miss

A miss on earnings could lead to a decline in stock price, with history indicating an average drop of around 0.61%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiencies that could impact profitability.
2Insights into energy demand trends and how they are affecting revenue.
3Management's outlook on future earnings and market conditions.
4Details on any cost management strategies being implemented.
5Responses to questions about potential regulatory impacts on operations.

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Company Snapshot

ONEOK, Inc. is a major player in the energy sector, focusing on the storage and transportation of oil and gas....

Key Metrics to Watch

EPS

Earnings per share is a key indicator of profitability and will show how well the company is managing costs and generating income.

$1.40

Revenue

Total revenue provides insight into the company's overall sales performance and market demand for its services.

$8.9B

Wall Street expectations, options signals, track record, and call prep available with Pro.

OKE Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

+0.82%

Avg Stock Reaction

+0.09%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts are cautiously optimistic about ONEOK's upcoming earnings, with expectations for a modest EPS increase. The consensus revenue estimate suggests steady demand in the energy sector.

Bull Case

If ONEOK exceeds the EPS estimate, it could signal strong operational efficiency and robust demand, potentially driving the stock higher.

Bear Case

A miss on EPS or revenue could indicate underlying challenges in the energy market, leading to a negative reaction from investors.

Key Metrics to Watch

EPS

$1.40

Earnings per share is a key indicator of profitability and will show how well the company is managing costs and generating income.

Revenue

$8.9B

Total revenue provides insight into the company's overall sales performance and market demand for its services.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will ONEOK's EPS exceed the consensus estimate of $1.40?

A positive surprise could boost investor confidence and support a higher stock price.

What are the revenue figures for Q2-2026 and how do they compare to expectations?

Revenue performance will indicate the company's ability to capitalize on market demand and manage costs.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the impact of recent operational efficiencies that could drive better-than-expected earnings.

Supporting Evidence

ONEOK has a history of outperforming EPS estimates, with a 63% beat rate over the last eight quarters.

The options market is pricing in a larger move than historical averages, suggesting that investors expect significant news.

The recent increase in energy demand could support higher revenue than analysts anticipate.

Key Risk

If the company reports an EPS significantly above $1.40, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether ONEOK can maintain its profitability amidst fluctuating energy prices and demand.

Bull Confirmed If

An EPS of $1.50 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $1.20 would confirm the bear case, suggesting potential issues in profitability.

Pre-Earnings Positioning

Options Market

Implied Move

±13.22%

Historical Avg

±0.8%

Pricing rich

The options market is pricing in a significant move following the earnings report, suggesting that investors expect volatility.

Options are pricing ±13.2% while OKE has averaged ±0.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

33.8%

Calls (211K)P/C Ratio: 0.40Puts (71K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If ONEOK beats expectations, history suggests the stock could see a modest increase, confirming strong operational performance.

In-Line / Cautious

If results are in line with expectations, the stock may remain relatively stable, but cautious commentary could lead to volatility.

Miss

A miss on earnings could lead to a decline in stock price, with history indicating an average drop of around 0.61%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on operational efficiencies that could impact profitability.
2Insights into energy demand trends and how they are affecting revenue.
3Management's outlook on future earnings and market conditions.
4Details on any cost management strategies being implemented.
5Responses to questions about potential regulatory impacts on operations.