ONEOK, Inc. stock research
FY2024 Q2
ONEOK (OKE) Gross Margin — Quarter Ended Jun 30, 2024
Revenue was higher than the prior quarter and the same quarter last year. Gross profit also improved, while cost of revenue held steady versus the prior quarter and was lower than the year-ago period, resulting in gross margin that strengthened both sequentially and year over year.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue was higher than the prior quarter and the same quarter last year. Gross profit also improved, while cost of revenue held steady versus the prior quarter and was lower than the year-ago period, resulting in gross margin that strengthened both sequentially and year over year.
- The strongest observable margin driver is the combination of higher revenue and stable or lower cost of revenue, which directly lifted gross margin.
- Compared to the prior quarter, revenue rose slightly and gross profit increased, while gross margin improved. Versus the same quarter one year earlier, revenue and gross profit were substantially higher, and gross margin showed a significant improvement.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
40.9%
Gross profit
$2.0B
Revenue
$4.9B
Cost of revenue
$2.9B
Quarter-over-quarter change
+1.5 pts
Year-over-year change
+7.4 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 |
|---|---|---|---|---|
| Sep 30, 2023 | $4.2B | $1.4B | $2.8B | 33.2% |
| Dec 31, 2023 | $5.2B | $1.9B | $3.3B | 36.9% |
| Mar 31, 2024 | $4.8B | $1.9B | $2.9B | 39.4% |
| Jun 30, 2024 | $4.9B | $2.0B | $2.9B | 40.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
+1.5 pts
Year-over-year change
Jun 30, 2023
+7.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the combination of higher revenue and stable or lower cost of revenue, which directly lifted gross margin.
Compared to the prior quarter, revenue rose slightly and gross profit increased, while gross margin improved. Versus the same quarter one year earlier, revenue and gross profit were substantially higher, and gross margin showed a significant improvement.
Monitor the trend in cost of revenue, as it remained stable this quarter despite higher revenue; any future increase could pressure gross margin.