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Side-by-side financial comparison of Oneok (OKE) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Oneok is the larger business by last-quarter revenue ($9.1B vs $6.2B, roughly 1.5× Union Pacific Corporation). Union Pacific Corporation runs the higher net margin — 27.4% vs 10.8%, a 16.6% gap on every dollar of revenue. On growth, Oneok posted the faster year-over-year revenue change (29.5% vs 3.2%). Union Pacific Corporation produced more free cash flow last quarter ($631.0M vs $576.0M). Over the past eight quarters, Oneok's revenue compounded faster (37.7% CAGR vs 1.7%).
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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
OKE vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $9.1B | $6.2B |
| Net Profit | $977.0M | $1.7B |
| Gross Margin | 29.4% | — |
| Operating Margin | 16.9% | 39.5% |
| Net Margin | 10.8% | 27.4% |
| Revenue YoY | 29.5% | 3.2% |
| Net Profit YoY | 5.9% | 4.6% |
| EPS (diluted) | $1.55 | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $9.1B | $6.1B | ||
| Q3 25 | $8.6B | $6.2B | ||
| Q2 25 | $7.9B | $6.2B | ||
| Q1 25 | $8.0B | $6.0B | ||
| Q4 24 | $7.0B | $6.1B | ||
| Q3 24 | $5.0B | $6.1B | ||
| Q2 24 | $4.9B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $977.0M | $1.8B | ||
| Q3 25 | $939.0M | $1.8B | ||
| Q2 25 | $841.0M | $1.9B | ||
| Q1 25 | $636.0M | $1.6B | ||
| Q4 24 | $923.0M | $1.8B | ||
| Q3 24 | $693.0M | $1.7B | ||
| Q2 24 | $780.0M | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | 29.4% | — | ||
| Q3 25 | 30.9% | — | ||
| Q2 25 | 32.0% | — | ||
| Q1 25 | 29.7% | — | ||
| Q4 24 | 35.8% | — | ||
| Q3 24 | 39.7% | — | ||
| Q2 24 | 40.9% | — |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 16.9% | 39.5% | ||
| Q3 25 | 18.0% | 40.8% | ||
| Q2 25 | 18.1% | 41.0% | ||
| Q1 25 | 15.2% | 39.3% | ||
| Q4 24 | 22.4% | 41.3% | ||
| Q3 24 | 22.5% | 39.7% | ||
| Q2 24 | 25.1% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 10.8% | 30.4% | ||
| Q3 25 | 10.9% | 28.6% | ||
| Q2 25 | 10.7% | 30.5% | ||
| Q1 25 | 7.9% | 27.0% | ||
| Q4 24 | 13.2% | 28.8% | ||
| Q3 24 | 13.8% | 27.4% | ||
| Q2 24 | 15.9% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $1.55 | $3.12 | ||
| Q3 25 | $1.49 | $3.01 | ||
| Q2 25 | $1.34 | $3.15 | ||
| Q1 25 | $1.04 | $2.70 | ||
| Q4 24 | $1.57 | $2.91 | ||
| Q3 24 | $1.18 | $2.75 | ||
| Q2 24 | $1.33 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $22.5B | — |
| Total Assets | $66.6B | $69.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $78.0M | $1.3B | ||
| Q3 25 | $1.2B | $808.0M | ||
| Q2 25 | $97.0M | $1.1B | ||
| Q1 25 | $141.0M | $1.4B | ||
| Q4 24 | $733.0M | $1.0B | ||
| Q3 24 | $579.0M | $947.0M | ||
| Q2 24 | $36.0M | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | $33.7B | $30.3B | ||
| Q2 25 | $31.3B | $30.3B | ||
| Q1 25 | $31.8B | $30.6B | ||
| Q4 24 | $32.1B | $29.8B | ||
| Q3 24 | $28.1B | $29.8B | ||
| Q2 24 | $21.7B | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $22.5B | $18.5B | ||
| Q3 25 | $22.1B | $17.3B | ||
| Q2 25 | $21.8B | $16.3B | ||
| Q1 25 | $21.4B | $16.0B | ||
| Q4 24 | $17.0B | $16.9B | ||
| Q3 24 | $16.9B | $16.6B | ||
| Q2 24 | $16.7B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $66.6B | $69.7B | ||
| Q3 25 | $66.6B | $68.6B | ||
| Q2 25 | $64.5B | $68.6B | ||
| Q1 25 | $64.3B | $68.5B | ||
| Q4 24 | $64.1B | $67.7B | ||
| Q3 24 | $51.0B | $67.6B | ||
| Q2 24 | $44.5B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | 1.53× | 1.75× | ||
| Q2 25 | 1.43× | 1.86× | ||
| Q1 25 | 1.49× | 1.91× | ||
| Q4 24 | 1.88× | 1.76× | ||
| Q3 24 | 1.66× | 1.79× | ||
| Q2 24 | 1.30× | 1.89× |
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 | — |
| Free Cash FlowOCF − Capex | $576.0M | $631.0M |
| FCF MarginFCF / Revenue | 6.4% | 10.1% |
| Capex IntensityCapex / Revenue | 10.7% | — |
| Cash ConversionOCF / Net Profit | 1.58× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.4B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.6B | $2.5B | ||
| Q2 25 | $1.5B | $2.3B | ||
| Q1 25 | $904.0M | $2.2B | ||
| Q4 24 | $1.6B | $2.7B | ||
| Q3 24 | $1.3B | $2.7B | ||
| Q2 24 | $1.4B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $576.0M | $1.2B | ||
| Q3 25 | $820.0M | $1.6B | ||
| Q2 25 | $776.0M | $1.4B | ||
| Q1 25 | $275.0M | $1.3B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $783.0M | $1.8B | ||
| Q2 24 | $951.0M | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 6.4% | 20.1% | ||
| Q3 25 | 9.5% | 25.2% | ||
| Q2 25 | 9.8% | 22.7% | ||
| Q1 25 | 3.4% | 21.6% | ||
| Q4 24 | 15.0% | 28.4% | ||
| Q3 24 | 15.6% | 29.9% | ||
| Q2 24 | 19.4% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 10.7% | 16.4% | ||
| Q3 25 | 9.3% | 15.2% | ||
| Q2 25 | 9.5% | 15.2% | ||
| Q1 25 | 7.8% | 15.0% | ||
| Q4 24 | 8.0% | 15.1% | ||
| Q3 24 | 9.3% | 13.6% | ||
| Q2 24 | 9.8% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.58× | 1.20× | ||
| Q3 25 | 1.73× | 1.41× | ||
| Q2 25 | 1.81× | 1.24× | ||
| Q1 25 | 1.42× | 1.36× | ||
| Q4 24 | 1.75× | 1.51× | ||
| Q3 24 | 1.81× | 1.59× | ||
| Q2 24 | 1.83× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
