---
title: "Oneok: Business Model & Revenue Engine"
description: "Oneok revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/oneok/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# Oneok: Business Model & Revenue Engine

## Direct Answer

Oneok reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Natural Gas Liquids is the largest, with $16.0 billion of revenue (48% of the total), followed by Refined Products and Crude Oil at $13.0 billion (39%).

## How Does Oneok Make Money?

No single line supplies a majority of revenue: the largest, Natural Gas Liquids, is 48%, which spreads Oneok's exposure across several demand drivers. Between fiscal 2024 and 2025, Refined Products and Crude Oil grew fastest (+192.4%) and Natural Gas Liquids slowest (+5.6%), so the revenue mix tilts toward Refined Products and Crude Oil while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Natural Gas Liquids | $16.0 billion | $15.2 billion | 47.6% | 5.6% |
| Refined Products and Crude Oil | $13.0 billion | $4.5 billion | 38.8% | 192.4% |
| Natural Gas Gathering and Processing | $7.7 billion | $4.6 billion | 22.8% | 67.4% |
| Wholly Owned Interstate Natural Gas Pipelines | $1.8 billion | $822 million | 5.5% | 124.6% |

![Bar chart of Oneok revenue by segment for fiscal 2025: Natural Gas Liquids 47.6%, Refined Products and Crude Oil 38.8%, Natural Gas Gathering and Processing 22.8%, Wholly Owned Interstate Natural Gas Pipelines 5.5%.](https://www.getswoopr.com/images/charts/oneok-business-model-segment-mix.webp)
*Oneok revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## What Does Oneok Sell?

Oneok also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Liquids Commodity | $25.6 billion | $19.7 billion | 76.0% | 29.5% |
| Services | $4.8 billion | $3.9 billion | 14.1% | 21.3% |
| Residue Natural Gas Sales | $3.4 billion | $1.3 billion | 10.0% | 153.5% |
| Transportation and Storage Revenue | $3.2 billion | $3.0 billion | 9.4% | 3.8% |
| Exchange Services and Natural Gas Gathering and Processing Revenue | $1.5 billion | $760 million | 4.4% | 93.4% |
| Other | $144 million | $138 million | 0.4% | 4.3% |

## What the Segment Figures Do Not Show

The rows above add up to 115% of Oneok's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value Oneok reported in the segment note and revenue disclosures of its Form 10-K filed February 24, 2026 (accession 0001039684-26-000006), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are Oneok's business segments?

In its fiscal 2025 Form 10-K, Oneok reports revenue for Natural Gas Liquids, Refined Products and Crude Oil, Natural Gas Gathering and Processing and Wholly Owned Interstate Natural Gas Pipelines.

### Which part of Oneok brings in the most revenue?

Natural Gas Liquids, with $16.0 billion of revenue in fiscal 2025, or 48% of the total.

### Where does Oneok report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 24, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: ONEOK INC /NEW/ Form 10-K filed February 24, 2026](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm)
- [SEC EDGAR: ONEOK INC /NEW/ annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1039684&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [Oneok company dossier](https://www.getswoopr.com/stocks/companies/oneok/)
- [Oneok financial metrics](https://www.getswoopr.com/stocks/companies/oneok/metrics/)
- [Oneok financial risk indicators](https://www.getswoopr.com/stocks/companies/oneok/risks/)
- [Oneok peer comparison](https://www.getswoopr.com/stocks/companies/oneok/competitors/)
- [Oneok business model and revenue mix](https://www.getswoopr.com/stocks/companies/oneok/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).