Common-Size Income Statement
Quarterly Data
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ONEOK Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Commodity Sales
- Commodity sales as a percentage of revenues show a general upward trend from 2018 to early 2022, reaching a peak around 94.23% in June 2022. Following this peak, there was a gradual decrease to 90.33% by June 2023. This indicates that commodity sales continue to dominate the revenue mix, though there was some recent reduction in their share.
- Services
- The percentage of revenues from services displayed an inverse pattern compared to commodity sales, generally increasing from 2018 to mid-2020 where it peaked at 19.1%. Afterward, this share declined substantially to lows around 5.7%-6.2% throughout late 2021 to early 2023, followed by a modest increase toward 9.67% by June 2023.
- Cost of Sales and Fuel
- Cost of sales and fuel as a percentage of revenues exhibited a declining trend from 2018 through 2019, indicating improving cost efficiency or product pricing dynamics. However, starting 2020, this ratio rose notably, peaking near 80.19%-81.34% during 2021-2022 before declining again to 66.51% in June 2023. The spike in costs in 2021-2022 suggests increased expenses or pricing pressures during that period, with recent improvements.
- Net Margin
- Net margin showed considerable volatility, moving upwards from 2018 into 2020, peaking at over 43% in mid-2020, possibly reflecting strong profitability or lower cost bases. This was followed by a gradual declining trajectory until early 2022, with a minimum near 18.66%, and then a recovery to 33.49% in mid-2023. This pattern indicates fluctuating profitability affected by cost changes and revenue mix.
- Operations and Maintenance
- Operations and maintenance expenses as a percentage of revenues increased from about -5.8% in 2018 to a peak of -11.45% in mid-2020, indicating rising operational costs. Subsequently, the expense ratio decreased significantly to below -4% during late 2021 and 2022 before rising again close to -7.93% by mid-2023. This suggests variable operational efficiency or expense timing effects within the periods reviewed.
- Depreciation and Amortization
- This cost component increased notably from 2018 (around -3.3%) to a high of -8.46% in mid-2020, reflecting perhaps new asset additions or impairments triggering higher amortization costs. Following this, depreciation declined steadily to below -2.66% in late 2021-2022, then rose to -4.56% by mid-2023, indicating variability in asset base or accounting treatment.
- Impairment Charges
- Impairment charges were absent in most periods, with the exception of a significant charge near -28.27% in mid-2020 and a small -0.12% in late 2020. This large impairment negatively impacted profitability during 2020 and was a notable one-off event affecting financial results.
- General Taxes
- General taxes remained relatively stable around -1% of revenues throughout the periods considered, with minor fluctuations, suggesting consistent tax rates or tax bases.
- Other Operating Income (Expense), Net
- This item was near zero in early years, but showed sudden, substantial jumps in 2023, with a rise to 1.94% in March 2023 and an extraordinary 17.27% in June 2023. This surge likely represents non-recurring gains or exceptional items impacting operating income.
- Operating Income (Loss)
- Operating income as a percentage of revenues generally improved from 2018 through 2019, with a dip to negative territory (-3.91%) in early 2020, likely linked to market or operational disruptions. Thereafter, it rebounded strongly with fluctuations, achieving a peak of 33.11% in March 2023 before declining to 19.75% in mid-2023, reflecting operational volatility and the impact of non-recurring items.
- Equity in Net Earnings from Investments
- Equity earnings from investments maintained a steady range mostly between 0.6% and 1.7%, peaking at 2.09% in March 2020, then dipping below 0.6% in 2021-2022, and recovering slightly to 1.15% by mid-2023. This indicates moderate contributions from associate investments.
- Interest Expense, Net of Capitalized Interest
- Interest expense increased significantly in early 2020 to -13.19% of revenues, which is an anomaly compared to prior and subsequent periods generally ranging between -2.8% to -6%. This spike in interest costs notably affected profitability during that quarter, followed by a decrease afterwards, then a mild uptick again by mid-2023.
- Income Before Income Taxes
- This measure fluctuated in line with operating income and interest expense trends. Notably negative at -9.23% in March 2020, it rebounded quite strongly to a maximum of 30.5% in March 2023, before decreasing to 16.43% in June 2023, reflective of operational improvements and volatility in expenses.
- Income Taxes
- Income taxes as a percentage of revenues mostly remained negative, reflecting tax expense, but showed a positive 2.59% in March 2020 coinciding with negative pre-tax income, indicating tax benefit in that quarter. The tax rate fluctuated around -2% to -4% and spiked to -7.3% in March 2023, pointing to increased tax charges during strong earnings periods.
- Net Income (Loss)
- Net income followed a pattern similar to net margin and operating income, with steady improvements until early 2020, then a sharp loss (-6.64%) in the first quarter of 2020. It subsequently recovered, reaching a peak of 23.2% in March 2023 before dropping to 12.54% in June 2023, mirroring the underlying profit fluctuations and expense impacts seen across the reporting periods.
- Net Income Attributable to ONEOK and Net Income Available to Common Shareholders
- These metrics exhibited trends almost identical to net income, reinforcing the consistency of income attribution and common shareholder results over time.