0001039684-26-000006
SEC filingONEOK 2025年营收与利润双增，EnLink 并表驱动，但债务高企。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $33.63B | $21.70B | +55% |
| Gross Profit | $10.26B | $8.39B | +22% |
| Gross Margin | 30.5% | 38.7% | -820 bps |
| Operating Income | $5.74B | $4.99B | +15% |
| Operating Margin | 17.1% | 23.0% | -590 bps |
| Net Income | $3.46B | $3.11B | +11% |
| Diluted EPS | $5.42 | $5.17 | +5% |
| Adjusted EBITDA | $8.02B | $6.78B | +18% |
| Operating Cash Flow | $5.60B | $4.89B | +15% |
| Free Cash Flow | $2.45B | $2.87B | -15% |
2025年营收大幅增长55%至$33.6B，主要受EnLink并表驱动，但毛利率因商品价格波动和并表结构变化下降820 bps至30.5%。净利润增长11%至$3.46B，Diluted EPS $5.42，略低于营收增速，反映利息支出增加30%至$1.78B及运营成本上升。
盈利质量方面，经营现金流$5.6B，超过净利润，但FCF因资本开支激增56%至$3.15B而下降15%至$2.45B。剔除EnLink相关交易成本$81M和债务清偿收益$106M后，run-rate盈利略低于报告值。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Natural Gas Gathering and Processing | $7.68B | +67% | $2.14B | 27.8% | EnLink并表、量增，但NGL价格下跌 |
| Natural Gas Liquids | $16.01B | +6% | $2.78B | 17.4% | EnLink并表、exchange services增长 |
| Natural Gas Pipelines | $1.85B | +125% | $0.86B | 46.6% | 2024年剥离拖累，EnLink并表抵消 |
| Refined Products and Crude | $13.04B | +192% | $2.18B | 16.7% | Medallion/EnLink并表、成本下降 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $78M | -$655M |
| Total Debt | $34.0B | +$0.7B |
| Net Debt | $33.9B | +$1.4B |
| Operating Cash Flow | $5.60B | +$0.7B |
| Capex | $3.15B | +$1.1B |
| Free Cash Flow | $2.45B | -$0.4B |
| FCF 转化率 | 71% | -21pp |
Net Debt/EBITDA约4.2x，高于行业平均，反映收购驱动的债务扩张。
关注点：高杠杆（4.3x）与利息负担上升；Permian扩张项目（Bighorn、Eiger）的资本回报；EnLink协同效应的持续释放；商品价格波动对G&P部门的影响。