ONEOK, Inc. stock research
FY2025 Q3
ONEOK (OKE) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin weakened from both the preceding quarter and the year-ago quarter.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit increased compared to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin weakened from both the preceding quarter and the year-ago quarter.
- The relationship among revenue, cost of revenue, and gross profit shows that revenue grew faster than cost of revenue compared to the prior quarter, but gross margin still declined. Compared to the year-ago quarter, cost of revenue grew at a higher rate relative to revenue, compressing margin.
- Gross margin is lower than both the immediately preceding quarter and the same quarter one year earlier. Revenue and gross profit are higher in both comparisons, while cost of revenue is also higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
30.9%
Gross profit
$2.7B
Revenue
$8.6B
Cost of revenue
$6.0B
Quarter-over-quarter change
-1.1 pts
Year-over-year change
-8.8 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 |
|---|---|---|---|---|
| Dec 31, 2024 | $7.0B | $2.5B | $4.5B | 35.8% |
| Mar 31, 2025 | $8.0B | $2.4B | $5.7B | 29.7% |
| Jun 30, 2025 | $7.9B | $2.5B | $5.4B | 32.0% |
| Sep 30, 2025 | $8.6B | $2.7B | $6.0B | 30.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-1.1 pts
Year-over-year change
Sep 30, 2024
-8.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The relationship among revenue, cost of revenue, and gross profit shows that revenue grew faster than cost of revenue compared to the prior quarter, but gross margin still declined. Compared to the year-ago quarter, cost of revenue grew at a higher rate relative to revenue, compressing margin.
Gross margin is lower than both the immediately preceding quarter and the same quarter one year earlier. Revenue and gross profit are higher in both comparisons, while cost of revenue is also higher.
Monitor the trajectory of cost of revenue relative to revenue, as its growth rate has outpaced revenue expansion compared to the year-ago quarter.