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Side-by-side financial comparison of Oneok (OKE) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Oneok is the larger business by last-quarter revenue ($9.1B vs $7.7B, roughly 1.2× Smurfit Westrock). Oneok runs the higher net margin — 10.8% vs 0.8%, a 10.0% gap on every dollar of revenue. On growth, Oneok posted the faster year-over-year revenue change (29.5% vs 0.7%). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (61.2% CAGR vs 37.7%).
Oneok, Inc. ONE-oak, stylized as ONEOK, is an American oil and gas midstream operator headquartered in Tulsa, Oklahoma. It provides the oil and gas industry with gathering, processing, fractionation, transportation, and storage services. The company is part of the Fortune 500 and S&P 500. Oneok was founded as Oklahoma Natural Gas Company in 1906, but it changed its corporate name to Oneok in 1980.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
OKE vs SW — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $9.1B | $7.7B |
| Net Profit | $977.0M | $63.0M |
| Gross Margin | 29.4% | 16.4% |
| Operating Margin | 16.9% | 3.3% |
| Net Margin | 10.8% | 0.8% |
| Revenue YoY | 29.5% | 0.7% |
| Net Profit YoY | 5.9% | 0.0% |
| EPS (diluted) | $1.55 | $0.12 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $7.7B | ||
| Q4 25 | $9.1B | $7.6B | ||
| Q3 25 | $8.6B | $8.0B | ||
| Q2 25 | $7.9B | $7.9B | ||
| Q1 25 | $8.0B | $7.7B | ||
| Q4 24 | $7.0B | $7.5B | ||
| Q3 24 | $5.0B | $7.7B | ||
| Q2 24 | $4.9B | $3.0B |
| Q1 26 | — | $63.0M | ||
| Q4 25 | $977.0M | $97.0M | ||
| Q3 25 | $939.0M | $246.0M | ||
| Q2 25 | $841.0M | $-28.0M | ||
| Q1 25 | $636.0M | $384.0M | ||
| Q4 24 | $923.0M | $146.0M | ||
| Q3 24 | $693.0M | $-150.0M | ||
| Q2 24 | $780.0M | $132.0M |
| Q1 26 | — | 16.4% | ||
| Q4 25 | 29.4% | 18.2% | ||
| Q3 25 | 30.9% | 19.6% | ||
| Q2 25 | 32.0% | 19.1% | ||
| Q1 25 | 29.7% | 20.6% | ||
| Q4 24 | 35.8% | 19.1% | ||
| Q3 24 | 39.7% | 17.6% | ||
| Q2 24 | 40.9% | 23.3% |
| Q1 26 | — | 3.3% | ||
| Q4 25 | 16.9% | 5.1% | ||
| Q3 25 | 18.0% | 6.6% | ||
| Q2 25 | 18.1% | 3.2% | ||
| Q1 25 | 15.2% | 7.2% | ||
| Q4 24 | 22.4% | 5.3% | ||
| Q3 24 | 22.5% | 0.7% | ||
| Q2 24 | 25.1% | 8.2% |
| Q1 26 | — | 0.8% | ||
| Q4 25 | 10.8% | 1.3% | ||
| Q3 25 | 10.9% | 3.1% | ||
| Q2 25 | 10.7% | -0.4% | ||
| Q1 25 | 7.9% | 5.0% | ||
| Q4 24 | 13.2% | 1.9% | ||
| Q3 24 | 13.8% | -2.0% | ||
| Q2 24 | 15.9% | 4.4% |
| Q1 26 | — | $0.12 | ||
| Q4 25 | $1.55 | $0.18 | ||
| Q3 25 | $1.49 | $0.47 | ||
| Q2 25 | $1.34 | $-0.05 | ||
| Q1 25 | $1.04 | $0.73 | ||
| Q4 24 | $1.57 | $-0.12 | ||
| Q3 24 | $1.18 | $-0.30 | ||
| Q2 24 | $1.33 | $0.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $78.0M | — |
| Total DebtLower is stronger | — | $980.0M |
| Stockholders' EquityBook value | $22.5B | $18.1B |
| Total Assets | $66.6B | $45.2B |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $78.0M | $892.0M | ||
| Q3 25 | $1.2B | $851.0M | ||
| Q2 25 | $97.0M | $778.0M | ||
| Q1 25 | $141.0M | $797.0M | ||
| Q4 24 | $733.0M | $855.0M | ||
| Q3 24 | $579.0M | — | ||
| Q2 24 | $36.0M | $26.8K |
| Q1 26 | — | $980.0M | ||
| Q4 25 | — | $13.4B | ||
| Q3 25 | $33.7B | $13.3B | ||
| Q2 25 | $31.3B | $13.3B | ||
| Q1 25 | $31.8B | $12.9B | ||
| Q4 24 | $32.1B | $12.5B | ||
| Q3 24 | $28.1B | $13.2B | ||
| Q2 24 | $21.7B | — |
| Q1 26 | — | $18.1B | ||
| Q4 25 | $22.5B | $18.3B | ||
| Q3 25 | $22.1B | $18.4B | ||
| Q2 25 | $21.8B | $18.3B | ||
| Q1 25 | $21.4B | $17.9B | ||
| Q4 24 | $17.0B | $17.4B | ||
| Q3 24 | $16.9B | $18.0B | ||
| Q2 24 | $16.7B | $14.5K |
| Q1 26 | — | $45.2B | ||
| Q4 25 | $66.6B | $45.2B | ||
| Q3 25 | $66.6B | $45.6B | ||
| Q2 25 | $64.5B | $45.7B | ||
| Q1 25 | $64.3B | $44.6B | ||
| Q4 24 | $64.1B | $43.8B | ||
| Q3 24 | $51.0B | $45.0B | ||
| Q2 24 | $44.5B | $26.8K |
| Q1 26 | — | 0.05× | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | 1.53× | 0.72× | ||
| Q2 25 | 1.43× | 0.73× | ||
| Q1 25 | 1.49× | 0.72× | ||
| Q4 24 | 1.88× | 0.72× | ||
| Q3 24 | 1.66× | 0.73× | ||
| Q2 24 | 1.30× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | $204.0M |
| Free Cash FlowOCF − Capex | $576.0M | — |
| FCF MarginFCF / Revenue | 6.4% | — |
| Capex IntensityCapex / Revenue | 10.7% | — |
| Cash ConversionOCF / Net Profit | 1.58× | 3.24× |
| TTM Free Cash FlowTrailing 4 quarters | $2.4B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $204.0M | ||
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.5B | $829.0M | ||
| Q1 25 | $904.0M | $235.0M | ||
| Q4 24 | $1.6B | $781.0M | ||
| Q3 24 | $1.3B | $320.0M | ||
| Q2 24 | $1.4B | $340.0M |
| Q1 26 | — | — | ||
| Q4 25 | $576.0M | $612.0M | ||
| Q3 25 | $820.0M | $523.0M | ||
| Q2 25 | $776.0M | $307.0M | ||
| Q1 25 | $275.0M | $-242.0M | ||
| Q4 24 | $1.0B | $212.0M | ||
| Q3 24 | $783.0M | $-192.0M | ||
| Q2 24 | $951.0M | $163.0M |
| Q1 26 | — | — | ||
| Q4 25 | 6.4% | 8.1% | ||
| Q3 25 | 9.5% | 6.5% | ||
| Q2 25 | 9.8% | 3.9% | ||
| Q1 25 | 3.4% | -3.2% | ||
| Q4 24 | 15.0% | 2.8% | ||
| Q3 24 | 15.6% | -2.5% | ||
| Q2 24 | 19.4% | 5.5% |
| Q1 26 | — | — | ||
| Q4 25 | 10.7% | 7.7% | ||
| Q3 25 | 9.3% | 7.6% | ||
| Q2 25 | 9.5% | 6.6% | ||
| Q1 25 | 7.8% | 6.2% | ||
| Q4 24 | 8.0% | 7.5% | ||
| Q3 24 | 9.3% | 6.7% | ||
| Q2 24 | 9.8% | 6.0% |
| Q1 26 | — | 3.24× | ||
| Q4 25 | 1.58× | 12.32× | ||
| Q3 25 | 1.73× | 4.61× | ||
| Q2 25 | 1.81× | — | ||
| Q1 25 | 1.42× | 0.61× | ||
| Q4 24 | 1.75× | 5.35× | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | 1.83× | 2.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OKE
| Natural Gas Liquids | $4.0B | 44% |
| Natural Gas Gathering And Processing | $1.8B | 20% |
| Services | $1.2B | 14% |
| Liquids Commodity | $979.0M | 11% |
| Wholly Owned Interstate Natural Gas Pipelines | $527.0M | 6% |
| Exchange Services And Natural Gas Gathering And Processing Revenue | $365.0M | 4% |
| Transportationand Storage Revenue | $108.0M | 1% |
| Other | $12.0M | 0% |
SW
Segment breakdown not available.
