ONEOK, Inc. stock research
FY2026 Q1
ONEOK (OKE) Gross Margin & Quarterly History
Explore ONEOK, Inc. (OKE) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue increased compared with both the prior quarter and the same quarter last year, but cost of revenue rose at a faster pace, causing gross profit to decline sequentially and gross margin to weaken on both comparisons.
- The most observable driver is the disproportionate increase in cost of revenue relative to revenue, which compressed gross margin. The filing notes higher optimization and marketing activity and higher volumes contributed to earnings growth, yet gross margin declined, indicating cost pressures.
- Sequentially, gross margin weakened as revenue growth was outpaced by cost growth. Year over year, gross margin also weakened despite higher revenue and gross profit.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
26.7%
Gross profit
$2.6B
Revenue
$9.6B
Cost of revenue
$7.1B
Quarter-over-quarter change
-2.8 pts
Year-over-year change
-3.0 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $7.9B | $2.5B | $5.4B | 32.0% |
| Sep 30, 2025 | $8.6B | $2.7B | $6.0B | 30.9% |
| Dec 31, 2025 | $9.1B | $2.7B | $6.4B | 29.4% |
| Mar 31, 2026 | $9.6B | $2.6B | $7.1B | 26.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-2.8 pts
Year-over-year change
Mar 31, 2025
-3.0 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver is the disproportionate increase in cost of revenue relative to revenue, which compressed gross margin. The filing notes higher optimization and marketing activity and higher volumes contributed to earnings growth, yet gross margin declined, indicating cost pressures.
Sequentially, gross margin weakened as revenue growth was outpaced by cost growth. Year over year, gross margin also weakened despite higher revenue and gross profit.
Monitor the trajectory of cost of revenue relative to revenue, particularly in light of the volatile commodity price environment noted in the filing.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| ONEOK, Inc. (OKE) | 26.7% |