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% |
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.