ONEOK INC /NEW/ FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$33.6B
Gross margin	30.5%
Operating income	$5.7B
Net income	$3.4B
Diluted EPS	$5.42
Cash & equivalents	$78.0M
Total assets	$66.6B
Long-term debt	$30.8B

Key takeaway

ONEOK reported $33.6 billion in revenue and $3.4 billion in net income for fiscal 2025, supported by its diversified gathering, processing, transportation and storage businesses.

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Beneath the surface

Cash reserves of just $78 million against $32 billion of total debt (current plus long-term) highlight a very lean liquidity position, meaning the company relies almost entirely on operating cash flow and access to credit markets rather than a cash cushion.

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