{"schemaVersion":1,"research":true,"symbol":"oke","name":"Oneok","topic":"moat","path":"/stock/oke/moat","status":"published","version":5,"updatedAt":"2026-10-17T23:44:33.575Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"ONEOK has a narrow moat supported by its integrated pipeline footprint and long-term firm capacity commitments in Natural Gas Pipelines. These provide location-dependent infrastructure advantages and contractual customer dependency, but the evidence does not establish exclusive routes or broad superiority over rival pipelines. Higher realized refined-products rates demonstrate some pricing power, constrained by regulation and competition. Volume exposure, uneven segment results and substantial debt limit resilience.","advantages":[{"mechanism":"efficient_scale","claim":"The existing approximately 60,000-mile network connects production, processing and demand centers, supporting a location-dependent infrastructure advantage. Efficient scale is a qualified inference from the installed footprint and connectivity; the passages do not demonstrate that competing capacity would be uneconomic on individual routes.","durability":"Existing infrastructure and integrated connections support persistence, while growing processing and refined-products throughput demonstrate current use. Route exclusivity, replacement costs and a precise duration of protection are not established.","risks":"Other infrastructure operators compete on location, fees, reliability and delivery capabilities. Supply depletion, competing capacity, operating costs and loss of land-use rights could weaken the advantage. Announced expansion projects represent potential rather than demonstrated additional protection.","invalidation":"Persistent diversion of comparable customer volumes to alternative systems, sustained fee concessions to preserve utilization, or failure of connected assets to recover operating and investment costs would undermine this advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]},{"mechanism":"switching_costs","claim":"The majority of Natural Gas Pipelines capacity is subscribed under long-term firm fee-based contracts, creating contractual customer dependency and reducing near-term exposure to throughput changes. This protection is evidenced for that segment and cannot be extended to the entire company.","durability":"Protection persists over existing contract terms. The supplied passages do not disclose remaining duration, termination provisions or renewal outcomes, limiting confidence beyond those terms.","risks":"Customers may choose alternatives at renewal, counterparties may encounter financial stress, and other segments retain significant volume exposure. Firm commitments demonstrate contractual friction, not quantified physical switching costs.","invalidation":"Material firm-capacity cancellations, defaults, or renewals at substantially lower rates or subscription levels would invalidate the claimed contractual protection.","competitors":[],"evidenceIds":["e11"],"counterEvidenceIds":["e6","e7","e12","e13"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: approximately 60,000-mile pipeline network","excerpt":"and around the world. Through our approximately 60,000-mile pipeline network, we transport the natural gas, NGLs, Refined Products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future."},{"id":"e2","sourceId":"filing-1","location":"Midstream value chain: pipeline transportation economics","excerpt":"For transportation of crude oil, natural gas, Refined Products and NGLs, pipelines are generally the most reliable, lowest cost, least carbon intensive and safest alternative for intermediate and long-haul movements between markets and end users."},{"id":"e3","sourceId":"filing-3","location":"Summary proxy information: integrated asset connectivity","excerpt":"Our extensive and integrated assets are located in, and connected with, some of the most productive shale basins, as well as refineries and demand centers, in the United States."},{"id":"e4","sourceId":"filing-2","location":"Natural Gas Gathering and Processing: operating volumes","excerpt":"Three Months Ended Six Months Ended June 30, June 30, Operating Information 2026 2025 2026 2025 Natural gas processed (MMcf/d) (a) 5,707 5,573 5,585 5,412 (a) - Included volumes for consolidated entities and volumes we processed at company-owned and third-party facilities."},{"id":"e5","sourceId":"filing-2","location":"Refined Products and Crude: shipment volumes","excerpt":"Three Months Ended Six Months Ended June 30, June 30, Operating Information (a) 2026 2025 2026 2025 Refined Products volumes shipped (MBbl/d) 1,629 1,503 1,598 1,452 Crude oil volumes shipped (MBbl/d) 1,766 1,782 1,690 1,814 (a) - Included volumes for consolidated entities only."},{"id":"e6","sourceId":"filing-1","location":"Business: competition categories","excerpt":"Competition - We compete for natural gas, NGL, Refined Products and crude oil volumes with other midstream companies, major integrated oil companies and independent exploration and production companies that have gathering and processing assets, fractionators, pipelines, terminals and storage facilities."},{"id":"e7","sourceId":"filing-1","location":"Business: competitive factors including fees and asset location","excerpt":"The factors that typically affect our ability to compete for natural gas, NGL, Refined Products and crude oil volumes are: •quality and quantity of services provided; •producer drilling activity; •proceeds remitted and/or fees charged under our contracts; •proximity of our assets to natural gas, NGL, Refined Products and crude oil supply areas and markets; •proximity of our assets to alternative energy production; •location of our assets relative to those of our competitors; •efficiency and reliability of our operations; •receipt and delivery capabilities for natural gas, NGLs, Refined Products and crude oil that exist in each pipeline system, plant, fractionator, terminal and storage location; •the petrochemical industry’s level of capacity utilization and feedstock requirements; •current and forward natural gas, NGLs, Refined Products and crude oil prices; and •cost of and access to capital."},{"id":"e8","sourceId":"filing-1","location":"Risk factors: replacement supply and future volumes","excerpt":"In such event, if we are unable to secure additional sources, then the volumes that we gather, process, fractionate and transport in the future could be less than anticipated."},{"id":"e9","sourceId":"filing-1","location":"Risk factors: finite third-party land-use rights","excerpt":"We obtain the rights to construct and operate certain of our pipelines and related facilities on land owned by third parties and governmental agencies for a specific period of time."},{"id":"e10","sourceId":"filing-2","location":"Quarterly operating-income discussion: Natural Gas Liquids decline","excerpt":"•Natural Gas Liquids - a decrease of $16 million due primarily to higher operating costs and lower transportation and storage volumes, offset partially by higher optimization and marketing and higher exchange services."},{"id":"e11","sourceId":"filing-1","location":"Executive summary: long-term firm Natural Gas Pipelines contracts","excerpt":"Our Natural Gas Pipelines segment is not exposed to significant volumetric risk due to the majority of our capacity being subscribed under long-term, firm fee-based contracts."},{"id":"e12","sourceId":"filing-1","location":"Executive summary: gathering, processing and NGL volume exposure","excerpt":"In addition, our Natural Gas Gathering and Processing and Natural Gas Liquids segments are exposed to volumetric risk as a result of drilling and completion activity, severe weather disruptions, operational outages, global crude oil, NGL and natural gas demand and normal volumetric well declines."},{"id":"e13","sourceId":"filing-1","location":"Risk factors: customer ability to meet obligations","excerpt":"Volatility in commodity prices may have an impact on many of our suppliers and customers, which, in turn, could have a negative impact on their ability to meet their obligations to us."},{"id":"e14","sourceId":"filing-1","location":"Executive summary: 2025 fee-based earnings","excerpt":"Each of our four reportable segments are primarily fee-based, and our consolidated earnings were approximately 90% fee-based in 2025."},{"id":"e15","sourceId":"filing-2","location":"Quarterly operating-income discussion: higher refined-products volumes and rates","excerpt":"•Refined Products and Crude - an increase of $103 million due primarily to higher Refined Products volumes and rates, and higher crude marketing earnings, offset partially by higher operating costs."},{"id":"e16","sourceId":"filing-1","location":"Rate regulation: negative index adjustments","excerpt":"When the change in the ceiling level is negative, we are generally required to reduce our rates that are subject to the FERC’s indexing methodology."},{"id":"e17","sourceId":"filing-1","location":"Rate regulation: market-based pricing authority","excerpt":"The FERC and most relevant state regulatory authorities allow us to establish rates based on conditions in competitive markets without regard to the FERC’s index level or our cost-of-service."},{"id":"e18","sourceId":"filing-1","location":"Rate regulation: negotiated crude tariffs and shipper protests","excerpt":"The tariffs on most of our long-haul crude oil pipelines are at negotiated rates but are still subject to regulation by the FERC or state agencies and subject to protest by shippers."},{"id":"e19","sourceId":"filing-2","location":"Gathering and processing: six-month earnings bridge","excerpt":"Adjusted EBITDA decreased $18 million for the six months ended June 30, 2026, compared with the same period in 2025, primarily as a result of the following: •a decrease of $53 million due primarily to lower realized NGL and natural gas prices, net of hedging, offset partially by higher realized condensate prices, net of hedging; and •an increase of $8 million in operating costs due primarily to the growth of our operations; offset by •an increase of $49 million from higher volumes due to increased production in all regions."},{"id":"e20","sourceId":"filing-2","location":"Consolidated financial results: operating income, EPS, impairment and capital expenditures","excerpt":"2025 Financial Results 2026 2025 2026 2025 $ Increase (Decrease) $ Increase (Decrease) (Millions of dollars, except per share amounts) Revenues Commodity sales $ 10,814 $ 6,726 $ 19,259 $ 13,638 4,088 5,621 Services and other 1,235 1,161 2,408 2,292 74 116 Total revenues 12,049 7,887 21,667 15,930 4,162 5,737 Cost of sales and fuel (exclusive of items shown separately below) 9,242 5,360 16,295 11,015 3,882 5,280 Operating costs 823 706 1,569 1,458 117 111 Depreciation and amortization 387 368 765 748 19 17 Transaction costs 4 22 11 64 (18) (53) Other operating expense (income), net — — 6 (6) — (12) Operating income $ 1,593 $ 1,431 $ 3,021 $ 2,651 162 370 Equity in net earnings from investments $ 103 $ 81 $ 192 $ 189 22 3 Impairment of equity investments $ — $ — $ (60) $ — — (60) Interest expense, net of capitalized interest $ (434) $ (438) $ (873) $ (880) (4) (7) Net income $ 967 $ 853 $ 1,743 $ 1,544 114 199 Net income attributable to ONEOK $ 966 $ 841 $ 1,740 $ 1,477 125 263 Diluted EPS $ 1.53 $ 1.34 $ 2.75 $ 2.38 0.19 0.37 Adjusted EBITDA $ 2,121 $ 1,981 $ 4,118 $ 3,756 140 362 Capital expenditures $ 613 $ 749 $ 1,477 $ 1,378 (136) 99 Changes in commodity prices and sales volumes affect both revenues and cost of sales and fuel in our Consolidated Statements of Income and, therefore, the impact is largely offset between these line items."},{"id":"e21","sourceId":"filing-2","location":"Cash flow analysis: six-month operating, investing and financing cash flows","excerpt":"2025 June 30, $ Increase (Decrease) in Cash 2026 2025 (Millions of dollars) Total cash provided by (used in): Operating activities $ 2,987 $ 2,429 558 Investing activities (1,789) (1,508) (281) Financing activities (1,115) (1,557) 442 Change in cash and cash equivalents 83 (636) 719 Cash and cash equivalents at beginning of period 78 733 (655) Cash and cash equivalents at end of period $ 161 $ 97 64 Operating Cash Flows - Operating cash flows are affected by earnings from our business activities and changes in our operating assets and liabilities."},{"id":"e22","sourceId":"filing-2","location":"Liquidity and capital resources: operating cash flow above dividends","excerpt":"For the six months ended June 30, 2026, our cash flows from operations exceeded dividends paid by $1.6 billion."},{"id":"e23","sourceId":"filing-1","location":"Executive summary: EnLink acquisition share issuance","excerpt":"We issued 41 million shares of common stock with a fair value of $4.0 billion as of the closing date of the EnLink Acquisition."},{"id":"e24","sourceId":"filing-1","location":"Risk factors: year-end 2025 indebtedness","excerpt":"As of December 31, 2025, we had total indebtedness of $34.0 billion."},{"id":"e25","sourceId":"filing-2","location":"Debt: credit-agreement borrowings, leverage ratio and covenant compliance","excerpt":"As of June 30, 2026, we had no outstanding borrowings, our ratio of consolidated indebtedness to adjusted EBITDA was 4.1 to 1, and we were in compliance with all covenants under our $3.5 Billion Credit Agreement."},{"id":"e26","sourceId":"filing-2","location":"Gathering and processing: completed plant relocation","excerpt":"Capital expenditures decreased for the three and six months ended June 30, 2026, compared with the same periods in 2025, due primarily to the timing of payments on capital projects and the completion of the Permian Basin plant relocation project that was placed in service during the first quarter of 2026."},{"id":"e27","sourceId":"filing-3","location":"Executive compensation: actual February 2025 annual equity grants","excerpt":"In February 2025, consistent with our pay-for-performance philosophy, we granted to our named executive officers annual equity grants consisting of: (1) performance units (having a value equal to approximately 70% of the aggregate annual equity grant value); and (2) time-vesting restricted units (having a value equal to approximately 30% of the aggregate annual equity grant value)."},{"id":"e28","sourceId":"filing-1","location":"Stock compensation: granted performance units and three-year vesting","excerpt":"Performance Unit Awards - We have granted performance unit awards to key employees that vest at the end of a three-year period."},{"id":"e29","sourceId":"filing-1","location":"Stock compensation: relative shareholder-return payout terms","excerpt":"Upon vesting, a holder of outstanding performance units is entitled to receive a number of shares of our common stock equal to a percentage (0% to 200%) of the performance units granted, based on our total shareholder return over the performance period, compared with the total shareholder return of a peer group of other energy companies over the same period."},{"id":"e30","sourceId":"filing-3","location":"Summary proxy information: existing board and shareholder governance practices","excerpt":"Our corporate governance practices are designed not only to satisfy regulatory and stock exchange requirements, but also to provide for effective oversight and management of our company, and include: óIndependent Board Chair with robust duties óCurrently a twelve-member Board with diverse experience and expertise óEleven of twelve current directors are independent óRegular executive sessions of independent directors at Board and committee meetings óCommitment to proactive Board refreshment with four new directors added in the last three years óAll Board committees are composed of independent directors óDirectors are limited to two other public company directorships óAnnual Board and committee performance evaluations óNon-employee director stock ownership guidelines require at least 5x annual cash retainer óQuarterly committee oversight of cybersecurity resilience óSuccession planning for senior management óRobust risk management framework with multiple layers of risk assessment and mitigation óBoard and committees regularly review sustainability practices óAnnual review of committee charters and Corporate Governance Guidelines óOne class of outstanding shares with each share entitled to one vote óAnnual advisory approval of executive compensation óShareholder proxy access right by eligible shareholders óMajority voting with director resignation policy for uncontested elections ONEOK 2026 Proxy Statement 9 Summary Proxy Information Board Refreshment Two of our current Board members, Gerald B."},{"id":"e31","sourceId":"filing-3","location":"Executive compensation: special restricted-unit forfeiture provisions","excerpt":"ONEOK 2026 Proxy Statement 87 Executive Compensation Discussion and Analysis In order to enhance and support the retention aspect of the awards, the special restricted units granted will not be eligible to vest upon a participant’s voluntary termination from the Company (including upon retirement) or termination by the Company for cause."},{"id":"e32","sourceId":"filing-3","location":"Executive compensation: special restricted-unit accelerated vesting provisions","excerpt":"Otherwise, the special restricted units will vest in full in connection with a participant’s death, disability, or qualifying termination within 24 months following a change-in-control (\"CIC\") of the Company."}],"changes":["No comparable previous version; previous accepted analysis is null."],"limitations":["Assessment uses only supplied issuer passages. Filing-1 is dated February 24, 2026, filing-3 April 1, 2026, and filing-2 August 4, 2026; each date retains dateKind 'filed' and is not treated as a retrieval or separate publication date.","Competition passages disclose generic categories without naming direct competitors. Named compensation peers and joint-venture partners do not establish direct competitive relationships, so competitor arrays remain empty.","Pipeline cost advantages over transportation alternatives are issuer assertions about the mode generally, not demonstrated ONEOK cost superiority over rival pipelines. Route-level market shares, competing capacity and duplication economics are absent.","Contract expiration schedules, renewal rates, customer-level retention, termination rights and measured switching costs are missing. Retention is assessed indirectly from firm subscriptions and operating demand.","Realized rate improvement is disclosed for refined products, without a rate-only earnings bridge or company-wide pricing history. Commodity-price changes are not treated as evidence of service pricing power.","Cash generation and completed projects demonstrate outcomes, but acquisition returns, integration synergies and investment performance versus original commitments are not fully supplied.","The proxy provides actual compensation and governance disclosures, but supplied passages omit actual executive ownership balances and ownership-guideline compliance. Existing grants are distinguished from future vesting, and proposed director elections are not treated as completed.","Generic risks are possible erosion channels, not evidence that competitive displacement or customer defaults have occurred."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Installed scale, basin-to-demand connectivity and firm capacity commitments support a narrow structural advantage. Geographic competition and absent route-level duplication economics prevent a strong company-wide grade.","evidenceIds":["e1","e2","e3","e7","e11"]},{"criterion":"durability","grade":2,"rationale":"Physical infrastructure and long-term firm contracts support persistence, but contract durations, renewal economics and supply longevity are not quantified. Finite land-use rights add a disclosed vulnerability.","evidenceIds":["e1","e8","e9","e11"]},{"criterion":"customer_dependency","grade":2,"rationale":"Majority firm subscription establishes meaningful contractual dependency in Natural Gas Pipelines. Growing processing and refined-products volumes provide indirect evidence of continued demand, while crude shipments declined and broader switching friction remains unmeasured.","evidenceIds":["e4","e5","e11","e12"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Approximately 90% fee-based earnings and higher consolidated operating income support resilience. Actual NGL quarterly weakness and gathering-and-processing six-month weakness show that costs, volumes and commodity exposure still matter.","evidenceIds":["e14","e20","e10","e19"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher refined-products rates contributed to second-quarter 2026 operating-income growth, demonstrating a favorable realized pricing outcome. The contribution is combined with volumes and marketing, and no sustained company-wide rate record is supplied.","evidenceIds":["e15"]},{"criterion":"retention","grade":2,"rationale":"Long-term firm capacity subscriptions and increased processing and refined-products shipments support repeat demand indirectly. Lower crude shipments and absent customer-level renewals prevent a stronger retention conclusion; no retention rate is inferred.","evidenceIds":["e11","e4","e5"]},{"criterion":"margin_resilience","grade":2,"rationale":"Fee-based earnings and rising consolidated operating income indicate earnings protection, but segment declines from operating costs and realized commodity prices demonstrate incomplete insulation. This assesses economic resilience rather than inferring a moat from margins.","evidenceIds":["e14","e20","e10","e19"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Market-based rate authority and negotiated long-haul crude tariffs provide meaningful pricing discretion. Regulatory oversight, shipper protests and mandatory reductions when applicable index ceilings fall constrain that discretion.","evidenceIds":["e16","e17","e18"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $2.987 billion and $1.6 billion coverage above dividends support financial capacity. Against this stand $1.789 billion of investing outflows, acquisition equity issuance, substantial indebtedness and a disclosed investment impairment. Covenant compliance is positive, but realized acquisition returns are insufficiently established.","evidenceIds":["e21","e22","e23","e24","e25","e20"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual 2025 executive annual equity grants were approximately 70% performance units and 30% time-vesting units. Three-year relative-return awards with payouts ranging from 0% to 200% provide demonstrated alignment mechanisms. Special retention awards and acceleration provisions qualify the assessment; actual executive ownership and subsequent vesting outcomes are not supplied.","evidenceIds":["e27","e28","e29","e31","e32"]},{"criterion":"execution","grade":3,"rationale":"Completed plant relocation, increased processing volumes, higher operating cash flow and higher operating income and diluted EPS demonstrate execution. Financial and throughput results are indirect evidence of management effectiveness and include acquisition and market effects; segment weakness and impairment prevent an exceptional grade.","evidenceIds":["e26","e4","e21","e20","e10","e19"]},{"criterion":"governance","grade":3,"rationale":"The April 2026 proxy discloses an independent chair, eleven independent directors out of twelve, independent committees, annual evaluations, one-share-one-vote rights, proxy access and majority voting with a resignation policy. These are substantive existing safeguards, although their effectiveness in contested decisions and subsequent board composition are not demonstrated.","evidenceIds":["e30"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"137bd72031e30b0d12f4db38c25f7efa1839a37b3a17d86ce772e1b35930837a","updatedAt":"2026-10-17T23:44:33.575Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm","publishedAt":"2026-02-24","sha256":"83209e8e2fee0e62da0e090aaf8a21163c1d82d3709607b0e03a7a07a98ded42","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm","publishedAt":"2026-08-04","sha256":"38da9ab056fc6743d575a834524e51e05f67c086803efdc2ebb419e67ca0b250","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1039684/000103968426000010/oke-20260331.htm","publishedAt":"2026-04-01","sha256":"b5fe278885b0b3defe763ff941bbd6316eb5e9a7230f8a7cd1e6166107c61b58","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:e0b79779ede5011541dbd5ea7e3a1e4a41b71635cf684f9345918f94213ea7fb","usage":{"input_tokens":54214,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3784,"reasoning_output_tokens":172},"basisSupplement":{"previousHash":"ab4d22c821aead709c426d01ab2320f952478557c9d99b2725b7393e7dee7e3d","checkedAt":"2026-10-18T15:55:15.653Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":25.898270703407057,"operating_margin":15.696556817650745,"roic":9.994912578951395,"fcf_margin":11.181278415052583,"sbc_revenue":null},"issues":{"pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":19.998425864563952,"operating_margin":12.540458943563939,"roic":10.907918850573536,"fcf_margin":7.611141376837839,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":32.51682977880862,"operating_margin":23.035582960909657,"roic":10.730705351443142,"fcf_margin":15.98687560106353,"sbc_revenue":null},"issues":{"sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":38.653332104341416,"operating_margin":22.992902571665592,"roic":8.275953826459835,"fcf_margin":13.21319937321412,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":30.49748728775759,"operating_margin":17.071575128609236,"roic":8.138291495113753,"fcf_margin":7.276457819144191,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm","publishedAt":"2026-02-24","sha256":"83209e8e2fee0e62da0e090aaf8a21163c1d82d3709607b0e03a7a07a98ded42","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1039684/000103968426000029/oke-20260630.htm","publishedAt":"2026-08-04","sha256":"38da9ab056fc6743d575a834524e51e05f67c086803efdc2ebb419e67ca0b250","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1039684/000103968426000010/oke-20260331.htm","publishedAt":"2026-04-01","sha256":"b5fe278885b0b3defe763ff941bbd6316eb5e9a7230f8a7cd1e6166107c61b58","dateKind":"filed"}],"history":[{"version":5,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"narrow","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}