ONEOK raises its full-year 2026 guidance after strong first quarter volume growth drove a revenue beat.

ONEOK reported first-quarter 2026 revenue of $9.62 billion, beating estimates, while diluted EPS of $1.23 missed due to a one-time impairment charge. The results were driven by a 13% year-over-year increase in adjusted EBITDA to $2.0 billion, fueled by strong volume growth. Citing a constructive market outlook, the company raised its full-year 2026 financial guidance.

Key Highlights

• The company increased its full-year 2026 adjusted EBITDA guidance to a new midpoint of $8.25 billion.
• Natural Gas Liquids (NGL) raw feed throughput, a key investor metric, grew 15% year-over-year to 1,493 thousand barrels per day, though this was below the analyst estimate of 1,544.5.
• The Natural Gas Pipelines segment was a standout performer, with its adjusted EBITDA increasing from $212 million to $339 million year-over-year, primarily due to a $92 million increase in optimization and marketing activity.