ONEOK (OKE) is trading higher as investors react to fresh first-quarter 2026 results and an improved full-year outlook. The company reported Q1 2026 net income of $776 million ($1.23 per diluted share) and adjusted EBITDA of about $2.0 billion, and it increased 2026 guidance for net income, EPS, and adjusted EBITDA while leaving its capital expenditure plan unchanged. (ir.oneok.com)

ONEOK raised 2026 net income guidance to $3.21 billion–$3.79 billion (midpoint $3.5 billion), lifted diluted EPS guidance to a midpoint of $5.53, and increased adjusted EBITDA guidance to $8.0 billion–$8.5 billion (midpoint $8.25 billion). The company kept total 2026 capital expenditures at roughly $2.7 billion–$3.2 billion, signaling confidence that stronger performance can be delivered without a larger spending step-up. (ir.oneok.com)

The company tied the guidance increase to strong segment performance and incremental opportunities across its system, citing a more constructive market environment developing late in the first quarter. Operationally, ONEOK highlighted year-over-year volume momentum, including growth in NGL raw feed throughput, refined products shipments, and natural gas volumes processed, which contributed to the quarter’s higher profitability. (ir.oneok.com)

OKE’s move comes alongside a broader repricing of near-term earnings power after the raised outlook, with investors focusing on whether volume strength and commercial optimization can persist into mid-year. Key next checkpoints include follow-through in throughput/processing volumes, any changes to 2026 capex discipline, and balance-sheet actions that could influence equity upside through lower interest expense or expanded financial flexibility. (fool.com)