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ONEOK Inc. (NYSE:OKE)

This company has been moved to the archive! The financial data has not been updated since August 8, 2023.

Common-Size Income Statement
Quarterly Data

ONEOK Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Commodity sales 90.33 91.93 92.53 94.08 94.23 93.77 93.43 92.69 90.73 88.78 87.56 85.19 80.90 84.65 88.17 86.06 87.36 88.96 89.80 90.86 90.36 90.91
Services 9.67 8.07 7.47 5.92 5.77 6.23 6.57 7.31 9.27 11.22 12.44 14.81 19.10 15.35 11.83 13.94 12.64 11.04 10.20 9.14 9.64 9.09
Revenues 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Cost of sales and fuel -66.51 -74.03 -77.37 -80.71 -81.34 -80.19 -79.68 -76.04 -69.84 -66.41 -63.30 -58.21 -56.63 -59.76 -67.25 -62.50 -66.15 -70.37 -73.90 -75.45 -73.49 -76.34
Net margin 33.49% 25.97% 22.63% 19.29% 18.66% 19.81% 20.32% 23.96% 30.16% 33.59% 36.70% 41.79% 43.37% 40.24% 32.75% 37.50% 33.85% 29.63% 26.10% 24.55% 26.51% 23.66%
Operations and maintenance -7.93 -5.29 -5.46 -4.03 -3.85 -3.94 -4.72 -4.97 -6.27 -6.48 -8.65 -7.98 -11.45 -8.19 -8.69 -9.65 -8.41 -7.46 -6.81 -6.08 -6.82 -5.84
Depreciation and amortization -4.56 -3.58 -3.13 -2.66 -2.63 -2.83 -2.82 -3.41 -4.63 -4.92 -5.94 -7.05 -8.46 -6.19 -4.73 -5.37 -4.68 -4.11 -3.53 -3.16 -3.59 -3.36
Impairment charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.12 0.00 0.00 -28.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
General taxes -1.26 -1.26 -0.94 -0.81 -0.78 -0.91 -0.75 -0.88 -1.24 -1.39 -1.07 -1.44 -2.07 -1.50 -1.05 -1.19 -1.26 -1.20 -0.72 -0.71 -0.95 -0.94
Other operating income (expense), net 0.00 17.27 1.94 0.03 0.09 0.03 0.00 0.01 0.02 0.01 0.03 0.00 0.02 0.01 0.01 0.00 -0.12 0.00 0.01 0.00 0.00 0.00
Operating income (loss) 19.75% 33.11% 15.04% 11.82% 11.49% 12.17% 12.03% 14.72% 18.04% 20.81% 20.95% 25.32% 21.42% -3.91% 18.30% 21.30% 19.37% 16.86% 15.04% 14.60% 15.14% 13.53%
Equity in net earnings from investments 1.15 0.88 0.73 0.66 0.59 0.67 0.64 0.63 0.76 1.04 1.37 1.75 1.53 2.09 1.48 1.66 1.39 1.56 1.35 1.16 1.24 1.30
Impairment of equity investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.77 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Allowance for equity funds used during construction 0.00 0.00 0.02 0.01 0.01 0.01 0.00 0.01 0.01 0.03 0.05 0.14 0.23 0.72 0.74 0.70 0.69 0.45 0.15 0.07 0.03 0.01
Other income (expense), net 0.35 0.18 -0.02 -0.14 -0.16 -0.25 0.02 0.03 -0.01 -0.16 0.19 0.17 0.69 0.21 0.05 0.03 0.05 0.21 -0.34 0.05 -0.09 -0.08
Interest expense, net of capitalized interest -4.82 -3.67 -3.30 -2.82 -2.85 -3.16 -3.29 -4.06 -5.46 -5.81 -6.88 -8.11 -13.19 -6.58 -4.85 -5.73 -4.78 -4.15 -3.78 -3.59 -3.83 -3.73
Income (loss) before income taxes 16.43% 30.50% 12.46% 9.54% 9.09% 9.43% 9.40% 11.33% 13.34% 15.91% 15.69% 19.26% 10.69% -9.23% 15.71% 17.96% 16.72% 14.93% 12.42% 12.28% 12.49% 11.02%
Income taxes -3.89 -7.30 -2.82 -2.23 -2.18 -2.25 -2.41 -2.69 -3.25 -3.82 -3.70 -4.90 -2.60 2.59 -3.69 -4.30 -4.03 -2.80 -3.08 -3.03 -2.96 -2.44
Net income (loss) 12.54% 23.20% 9.64% 7.30% 6.91% 7.18% 7.00% 8.64% 10.10% 12.09% 11.98% 14.36% 8.09% -6.64% 12.02% 13.66% 12.69% 12.13% 9.34% 9.25% 9.53% 8.58%
Net income attributable to noncontrolling interests 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.02 -0.04 -0.05
Net income (loss) attributable to ONEOK 12.54% 23.20% 9.64% 7.30% 6.91% 7.18% 7.00% 8.64% 10.10% 12.09% 11.98% 14.36% 8.09% -6.64% 12.02% 13.66% 12.69% 12.13% 9.34% 9.23% 9.49% 8.53%
Preferred stock dividends 0.00 0.00 -0.01 0.00 0.00 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.02 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01
Net income (loss) available to common shareholders 12.54% 23.20% 9.63% 7.30% 6.91% 7.18% 6.99% 8.64% 10.09% 12.08% 11.97% 14.35% 8.07% -6.65% 12.01% 13.65% 12.68% 12.12% 9.33% 9.22% 9.48% 8.52%

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The financial performance over the analyzed period demonstrates significant volatility in revenue composition and margin stability, characterized by a cyclical shift in the balance between commodity sales and service-based revenues. While the company maintains a high reliance on commodity sales, there was a notable period of expansion in the services segment peaking in mid-2020 before returning to historical norms.

Revenue Stream Dynamics
Commodity sales consistently constitute the primary revenue driver, fluctuating between approximately 80% and 94% of total revenues. A divergent trend was observed between 2019 and 2021, where service revenues grew from 11.04% in March 2019 to a peak of 19.10% in June 2020. Following this peak, service revenue contribution steadily declined, returning to 9.67% by June 2023, indicating a reversion to the core commodity-centric business model.
Gross Margin and Cost of Sales
Net margins exhibited extreme volatility, reaching a high of 43.37% in June 2020 before compressing to a low of 18.66% in June 2022. This fluctuation is directly correlated with the cost of sales and fuel, which decreased to 56.63% of revenues during the peak margin period and expanded to 81.34% during the margin trough. A strong recovery is evident toward the end of the period, with net margins climbing back to 33.49% by June 2023.
Operating Income and Impairment Impact
Operating income generally remained positive and stable, typically ranging between 11% and 25% of revenues. However, a significant anomaly occurred in March 2020, where operating income fell to -3.91% due to a substantial impairment charge representing 28.27% of revenues. Conversely, March 2023 saw a sharp spike in operating income to 33.11%, driven largely by a one-time increase in other operating income, which surged to 17.27% of revenues.
Interest and Tax Burden
Interest expenses, net of capitalized interest, remained relatively stable between 3% and 6% for most of the period, with a temporary spike to 13.19% in June 2020. The tax burden as a percentage of revenue remained consistent, generally hovering between 2% and 4%, except for a tax credit of 2.59% recorded in March 2020 coinciding with the operating loss.
Net Profitability Trends
Net income available to common shareholders mirrored the volatility of operating margins. After a period of growth peaking at 13.65% in September 2019, the company experienced a net loss of 6.65% in March 2020. Profitability recovered and stabilized between 7% and 12% for several years before reaching a period high of 23.20% in March 2023, before settling at 12.54% in June 2023.

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