ONEOK, Inc. stock research
FY2023 Q3
ONEOK (OKE) Gross Margin — Quarter Ended Sep 30, 2023
Revenue decreased compared to the same quarter last year but increased from the previous quarter. Gross profit rose both year-over-year and sequentially, while cost of revenue fell year-over-year but rose sequentially; consequently, gross margin improved sharply from the prior year but weakened slightly from the preceding quarter.
Gross margin takeaway
Quarter ended Sep 30, 2023 · FY2023 Q3
Revenue decreased compared to the same quarter last year but increased from the previous quarter. Gross profit rose both year-over-year and sequentially, while cost of revenue fell year-over-year but rose sequentially; consequently, gross margin improved sharply from the prior year but weakened slightly from the preceding quarter.
- Compared to the prior year, gross profit increased while cost of revenue decreased, resulting in a higher gross margin.
- Revenue was lower than the same quarter last year but higher than the preceding quarter. Gross margin improved significantly from the prior year but was slightly lower than the previous quarter.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
33.2%
Gross profit
$1.4B
Revenue
$4.2B
Cost of revenue
$2.8B
Quarter-over-quarter change
-0.3 pts
Year-over-year change
+13.9 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 |
|---|---|---|---|---|
| Mar 31, 2023 | $4.5B | $1.2B | $3.3B | 26.0% |
| Jun 30, 2023 | $3.7B | $1.3B | $2.5B | 33.5% |
| Sep 30, 2023 | $4.2B | $1.4B | $2.8B | 33.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2023
-0.3 pts
Year-over-year change
Sep 30, 2022
+13.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Compared to the prior year, gross profit increased while cost of revenue decreased, resulting in a higher gross margin.
Revenue was lower than the same quarter last year but higher than the preceding quarter. Gross margin improved significantly from the prior year but was slightly lower than the previous quarter.
The integration and financial impact of the recently completed Magellan acquisition should be monitored.