OGE Energy Corp. reports 2025 results and outlook for 2026

Rhea-AI Summary

OGE Energy (NYSE: OGE) reported 2025 diluted EPS of $2.32 versus $2.19 in 2024, and consolidated net income of $470.7 million in 2025.

OG&E contributed $499.8 million of net income; holding-company other operations lost $29.1 million. The company set 2026 guidance midpoint at $2.43 per diluted share and targets 5%–7% annual EPS growth from that midpoint through 2028. A Q2 dividend of $0.425 per share was declared.

Positive

• 2026 guidance midpoint of $2.43 per diluted share with 5%–7% annual EPS growth target
• Board declared $0.425 Q2 dividend per common share payable April 24, 2026

Negative

• Q4 2025 diluted EPS fell to $0.34 from $0.50 in Q4 2024 (≈32% decline)
• Interest on long-term debt increased to $261.0M in 2025 from $228.3M in 2024 (+14.5%)

Key Figures

2025 diluted EPS: $2.32 per share 2025 net income: $470.7 million 2025 operating revenues: $3,260.1 million +5 more

8 metrics

2025 diluted EPS $2.32 per share OGE Energy 2025 diluted earnings per share vs. $2.19 in 2024

2025 net income $470.7 million OGE Energy consolidated net income for year ended Dec. 31, 2025

2025 operating revenues $3,260.1 million Consolidated operating revenues for 2025 vs. $2,985.3 million in 2024

2026 EPS guidance $2.38–$2.48 per share 2026 consolidated earnings guidance, midpoint $2.43 per diluted share

EPS growth target 5%–7% annually Planned consolidated EPS growth from 2026 guidance midpoint through 2028

Quarterly dividend $0.425 per share Second quarter 2026 dividend payable April 24, 2026

Customers served 913,305 customers OG&E customer count at December 31, 2025

System sales 33.6 million MWh OG&E 2025 system sales volume, up 5.0% over 2024 per 10-K

Market Reality Check

Price: $46.90 Vol: Volume 2,245,887 is above...

normal vol

$46.90 Last Close

Volume Volume 2,245,887 is above the 20-day average 1,738,796 (relative volume 1.29) ahead of this earnings release. normal

Technical Shares at $46.90 are above the 200-day MA of $44.44, trading 1.26% below the 52-week high of $47.50 and 14.95% above the 52-week low of $40.80.

Peers on Argus

OGE slipped 0.17% while key regulated electric peers were also negative: POR -2....

OGE slipped 0.17% while key regulated electric peers were also negative: POR -2.45%, IDA -1.60%, MGEE -1.28%, ENIC -0.72%, TXNM -0.20%. With no peers in the momentum scanner and mixed magnitudes, the move screens as stock-specific rather than a coordinated sector rotation.

Historical Context

5 past events · Latest: Jan 20 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 20	Earnings call notice	Neutral	+0.0%	Scheduled Q4 2025 earnings and business update webcast announcement.
Dec 03	Dividend declaration	Positive	-1.7%	Board declared quarterly dividend of $0.425 per common share.
Nov 20	Equity offering priced	Neutral	+0.4%	Priced 8,023,256-share public offering at $43.00 for capex funding.
Nov 20	Equity offering announced	Neutral	+0.4%	Announced $345 million common stock offering and forward sales.
Oct 29	Q3 2025 earnings	Positive	-2.2%	Reported higher Q3 EPS and revenue with rising fuel costs and capex.

Pattern Detected

Positive fundamental news (earnings, dividends) has sometimes seen negative or muted next-day reactions, while capital-raising announcements drew limited price impact.

Recent Company History

Over the last few months, OGE has focused on steady utility growth and balance sheet funding. A Q3 2025 report showed higher diluted EPS of $1.14 and net income of $231.3 million, yet shares fell 2.16%. Two November 2025 common stock offerings around $43.00 per share saw only a modest 0.39% gain. A December 2025 dividend declaration of $0.425 per share coincided with a 1.72% drop. Today’s full-year 2025 results and 2026 outlook extend that earnings-growth narrative.

Market Pulse Summary

This announcement details solid 2025 performance, with diluted EPS of $2.32, net income of $470.7 mi...

Analysis

This announcement details solid 2025 performance, with diluted EPS of $2.32, net income of $470.7 million and operating revenues of $3,260.1 million, plus a 2026 EPS guidance midpoint of $2.43 and a 5%–7% annual growth target. OG&E served 913,305 customers and sold 33.6 million MWh, reflecting load growth. Investors may focus on how ongoing capex, interest expense, regulatory outcomes and customer demand trends support the guidance and dividend at $0.425 per share.

Key Terms

form 10-k, securities and exchange commission, forward looking statements, heating degree days, +3 more

7 terms

form 10-k regulatory

"More information ... is contained in the Company's Form 10-K filed with the Securities and Exchange Commission."

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

securities and exchange commission regulatory

"More information ... is contained in the Company's Form 10-K filed with the Securities and Exchange Commission."

A national government agency that enforces rules for buying, selling and disclosing information about stocks and other investments, acting like a referee and scorekeeper for financial markets. It requires companies to share clear, regular financial and business information and investigates fraud or rule-breaking, which matters to investors because those rules and disclosures help ensure fair prices, reduce hidden risks and make it easier to compare investment choices.

forward looking statements regulatory

"Some of the matters discussed in this news release may contain forward looking statements that are subject to certain risks..."

Statements about a company’s expected future performance, plans, goals, or projections that are not historical facts and involve assumptions and estimates. Investors care because these are predictions that guide decisions but can be wrong; like a weather forecast, they help set expectations and risk — if circumstances change, actual results may differ significantly, so investors should weigh them alongside hard data and risk factors.

heating degree days technical

"If the calculated average is below 65 degrees, then the difference ... is expressed as heating degree days..."

Heating degree days (HDD) measure how cold a location is over time by adding up how many degrees the daily average temperature falls below a set comfortable threshold (commonly 65°F/18°C); each degree below that threshold for one day counts as one HDD. Investors use HDD to gauge likely demand for heating fuels, utility revenues, and seasonal sales—think of it like counting “cold units” that predict how much heating activity and related spending to expect.

cooling degree days technical

"If the calculated average is above 65 degrees, then the difference ... is expressed as cooling degree days..."

Cooling degree days measure how much and for how long daily temperatures exceed a comfort baseline (commonly 65°F), by adding up the degrees above that baseline across days. Think of it as a thermometer-based tally of extra heat: the higher the number, the greater the likely need for air conditioning. Investors use this to estimate energy consumption, utility demand, HVAC sales, and weather-driven revenue or cost swings.

degree days technical

"Degree days are calculated as follows: The high and low degrees of a particular day are added together..."

Degree days measure how far and for how long outdoor temperatures differ from a chosen comfort baseline, expressed as heating degree days (when it’s colder than the baseline) or cooling degree days (when it’s warmer). Investors use them as a simple weather-driven proxy for energy demand and sales of temperature-sensitive goods and services; think of them as counting how many extra blankets or fans a region will need during a season.

deferred compensation plan financial

"The units were credited at a reference price ... under the company’s Deferred Compensation Plan."

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

AI-generated analysis. Not financial advice.

OKLAHOMA CITY, Feb. 18, 2026 /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), today reported earnings of $2.32 per diluted share in 2025, compared to $2.19 per diluted share in 2024.

• OG&E, a regulated electric company, contributed earnings of $2.47 per diluted share in 2025, compared to earnings of $2.33 per diluted share in 2024.
• Other operations, which includes the holding company, contributed a loss of $0.15 per diluted share in 2025, compared to a loss of $0.14 per diluted share in 2024.

"Our momentum in 2025 delivered strong results that reflect our disciplined approach and continued commitment to deliver reliable electricity at low rates for our customers," said Sean Trauschke, OGE Energy Corp. Chairman, President and CEO. "Our progress reflects our employees' dedication and focus to building a resilient energy future grounded in safety and community focus. We are well-positioned to continue our growth trajectory as we move into 2026 and beyond."

Discussion of 2025 Results
OG&E contributed net income of $499.8 million, or $2.47 per diluted share, in 2025 compared to $469.9 million, or $2.33 per diluted share, in 2024. The increase in net income was primarily driven by higher operating revenue from the recovery of capital investments and strong load growth, partially offset by higher depreciation and interest expense on a growing asset base. 

Other Operations resulted in a loss of $29.1 million, or $0.15 per diluted share, in 2025 compared to a loss of $28.4 million, or $0.14 per diluted share, in 2024. The increase in net loss was primarily due to higher interest expense, partially offset by a one-time benefit related to legacy midstream operations. 

OGE Energy's net income was $470.7 million or $2.32 per diluted share in 2025, compared to earnings of $441.5 million, or $2.19 per diluted share, in 2024.

Fourth Quarter Results
For the three months ended December 31, 2025, OGE Energy reported net income of $69.2 million, or $0.34 per diluted share, compared with net income of $101.9 million, or $0.50 per diluted share, in the same period of 2024.

OG&E reported net income of $78.2 million, or $0.38 per diluted share, compared with net income of $110.4 million, or $0.55 per diluted share, in the same period of 2024. The decrease in net income was primarily driven by the recognition of six months of the interim order in the fourth quarter of 2024 related to the Oklahoma rate review settlement, along with higher operation and maintenance expense, partially offset by strong load growth, and lower income taxes and interest expense.

Other operations reported a loss of $9.0 million, or $0.04 per diluted share, compared to a loss of $8.5 million, or $0.05 per diluted share in the same period 2024.

2026 Outlook and Consolidated Earnings per Share Growth Rate
The midpoint of OGE Energy's consolidated earnings guidance for 2026 is $2.43 per average diluted share, within a range of $2.38 to $ 2.48 per average diluted share. The Company forecasts earnings for OG&E, the electric company, of $2.57 per average diluted share and earnings for the holding company of a loss of $0.14 per average diluted share. The Company expects to grow consolidated earnings per share annually between 5% and 7% from the midpoint of 2026's guidance range and is targeting the top half of the range through 2028.

The guidance assumes, among other things, approximately 207.3 million average diluted shares outstanding and normal weather for the remainder of the year. OG&E has significant seasonality in its earnings due to weather on a year- over-year basis.

More information regarding the Company's financial results and 2026 earnings guidance is contained in the Company's Form 10-K filed with the Securities and Exchange Commission.

Dividend Declared
On February 17, 2026, the Company's Board of Directors approved a second quarter dividend of $0.425 per common share of stock, to be paid April 24, 2026, to shareholders of record on April 6, 2026.

Conference Call Webcast
OGE Energy Corp. will host an earnings and business update on Wednesday, February 18, 2026, at 8 a.m. CST. The conference will be available through the Investor Center at www.oge.com.

Some of the matters discussed in this news release may contain forward looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "objective," "plan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and inflation rates, and their impact on capital expenditures; the ability of the Company to access the capital markets and obtain financing on favorable terms, as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel and purchased power costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal and natural gas; competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Company, potentially through deregulation; the impact on demand for the Company's services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages; unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials and equipment for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets adjustments in market pricing mechanisms by the SPP, or allocation of transmission upgrade costs; federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations, restrict or change the way the Company's facilities are operated or result in stranded assets; the ability of the Company to meet future capacity requirements mandated by the SPP, which could be impacted by future load growth, environmental regulations, and the availability of resources; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks, including the Company losing control of its assets and potential ransoms, and other catastrophic events; the availability, cost, coverage and terms of insurance; changes in the use, perception or regulation of generative artificial intelligence technologies, which could limit the Company's ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to the Company's business, reputation or financial results; creditworthiness of suppliers, customers and other contractual parties, including large, new customers from industries such as cryptocurrency and data centers; social attitudes regarding the electric utility and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; national and global events that could adversely affect and/or exacerbate macroeconomic conditions, including inflationary pressures, interest rate fluctuations, supply chain disruptions, economic recessions, pandemic health events, tariffs and uncertainty surrounding continued hostilities or sustained military campaigns, and their collateral consequences; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters, including, but not limited to, other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission, including those listed within the Company's most recent Form 10-K for the year ended December 31, 2025.

 

OGE ENERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31 (In millions except per share data)		2025		2024		2023
OPERATING REVENUES
Revenues from contracts with customers		$                 3,190.9		$                 2,916.6		$                 2,607.3
Other revenues		69.2		68.7		67.0
Operating revenues		3,260.1		2,985.3		2,674.3
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE		1,259.9		1,076.4		911.7
OPERATING EXPENSES
Other operation and maintenance		531.6		514.4		502.6
Depreciation and amortization		559.8		539.5		506.6
Taxes other than income		109.4		109.7		103.2
Operating expenses		1,200.8		1,163.6		1,112.4
OPERATING INCOME		799.4		745.3		650.2
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction		26.0		25.5		19.4
Other net periodic benefit (expense) income		(11.0)		(2.2)		5.6
Other income		39.4		30.6		48.2
Other expense		(23.0)		(24.1)		(29.0)
Net other income		31.4		29.8		44.2
INTEREST EXPENSE
Interest on long-term debt		261.0		228.3		205.0
Allowance for borrowed funds used during construction		(15.8)		(14.6)		(7.1)
Interest on short-term debt and other interest charges		25.1		40.8		23.5
Interest expense		270.3		254.5		221.4
INCOME BEFORE TAXES		560.5		520.6		473.0
INCOME TAX EXPENSE		89.8		79.1		56.2
NET INCOME		$                    470.7		$                    441.5		$                    416.8
BASIC AVERAGE COMMON SHARES OUTSTANDING		201.9		200.8		200.3
DILUTED AVERAGE COMMON SHARES OUTSTANDING		202.5		201.3		200.9
BASIC EARNINGS PER AVERAGE COMMON SHARE		$                      2.33		$                      2.20		$                      2.08
DILUTED EARNINGS PER AVERAGE COMMON SHARE		$                      2.32		$                      2.19		$                      2.07

 

OKLAHOMA GAS AND ELECTRIC COMPANY
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Year Ended December 31 (In millions)		2025		2024		2023
OPERATING REVENUES
Revenues from contracts with customers		$                 3,190.9		$                 2,916.6		$                 2,607.3
Other revenues		69.2		68.7		67.0
Operating revenues		3,260.1		2,985.3		2,674.3
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE		1,259.9		1,076.4		911.7
OPERATING EXPENSES
Other operation and maintenance		531.0		514.1		505.0
Depreciation and amortization		559.8		539.5		506.6
Taxes other than income		109.4		109.7		99.4
Operating expenses		1,200.2		1,163.3		1,111.0
OPERATING INCOME		800.0		745.6		651.6
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction		26.0		25.5		19.4
Other net periodic benefit (expense) income		(10.3)		(1.6)		6.5
Other income		17.3		12.5		23.9
Other expense		(2.6)		(4.5)		(6.3)
Net other income		30.4		31.9		43.5
INTEREST EXPENSE
Interest on long-term debt		237.8		212.0		200.4
Allowance for borrowed funds used during construction		(15.8)		(14.6)		(7.1)
Interest on short-term debt and other interest charges		3.5		17.0		6.6
Interest expense		225.5		214.4		199.9
INCOME BEFORE TAXES		604.9		563.1		495.2
INCOME TAX EXPENSE		105.1		93.2		68.8
NET INCOME		499.8		469.9		426.4
Other comprehensive income, net of tax		—		—		—
COMPREHENSIVE INCOME		$                    499.8		$                    469.9		$                    426.4

 

OKLAHOMA GAS AND ELECTRIC COMPANY
FINANCIAL AND STATISTICAL DATA
		Three Months Ended				Year Ended
		December 31,				December 31,
(Dollars in millions)		2025		2024		2025		2024
Operating revenues by classification:
Residential		$                    249.5		$                    250.4		$                 1,205.8		$                 1,148.5
Commercial		224.4		213.0		978.2		839.1
Industrial		61.3		64.1		265.3		254.1
Oilfield		57.3		61.3		242.8		227.7
Public authorities and street light		63.1		63.4		276.1		262.0
System sales revenues		655.6		652.2		2,968.2		2,731.4
Provision for rate refund and tax refund		—		40.5		3.0		(3.0)
Integrated market		20.4		23.2		91.6		74.5
Transmission		38.7		38.2		159.4		152.9
Other		11.1		6.4		37.9		29.5
Total operating revenues		$                    725.8		$                    760.5		$                 3,260.1		$                 2,985.3
MWh sales by classification (In millions)
Residential		2.0		2.0		9.7		9.8
Commercial		3.1		2.7		12.4		10.5
Industrial		1.0		1.0		4.1		4.2
Oilfield		1.1		1.1		4.3		4.4
Public authorities and street light		0.8		0.7		3.1		3.1
System sales		8.0		7.5		33.6		32.0
Integrated market		0.2		0.2		0.8		0.8
Total sales		8.2		7.7		34.4		32.8
Number of customers		913,305		906,952		913,305		906,952
Weighted-average cost of energy per kilowatt-hour (In cents)
Natural gas		4.785		3.770		3.911		2.640
Coal		2.689		3.142		2.744		3.083
Total fuel		3.733		3.401		3.343		2.637
Total fuel and purchased power		3.350		3.751		3.502		3.139
Degree days (A)
Heating - Actual		996		979		3,052		2,791
Heating - Normal		1,414		1,413		3,572		3,568
Cooling - Actual		174		174		2,060		2,313
Cooling - Normal		62		62		1,890		1,893

(A) Degree days are calculated as follows: The high and low degrees of a particular day are added together and then averaged. If the calculated average is above 65 degrees, then the difference between the calculated average and 65 is expressed as cooling degree days, with each degree of difference equaling one cooling degree day. If the calculated average is below 65 degrees, then the difference between the calculated average and 65 is expressed as heating degree days, with each degree of difference equaling one heating degree day. The daily calculations are then totaled for the particular reporting period. The calculation of heating and cooling degree normal days is based on a 30-year average and weighted on a jurisdictional split.

 

View original content:https://www.prnewswire.com/news-releases/oge-energy-corp-reports-2025-results-and-outlook-for-2026-302691246.html

SOURCE OGE Energy Corp.

FAQ

What were OGE Energy's full-year 2025 earnings per share (EPS) and net income (NYSE: OGE)?

OGE Energy reported $2.32 diluted EPS for 2025 and consolidated net income of $470.7 million. According to the company, OG&E contributed $499.8 million of that net income in 2025.

What is OGE Energy's 2026 EPS guidance and growth target for shareholders (NYSE: OGE)?

The company set a 2026 guidance midpoint of $2.43 per diluted share with a range of $2.38–$2.48. According to the company, it targets 5%–7% annual EPS growth from that midpoint through 2028.

How did OGE Energy perform in the fourth quarter of 2025 compared with Q4 2024 (NYSE: OGE)?

OGE reported Q4 2025 diluted EPS of $0.34 versus $0.50 in Q4 2024, reflecting a sharp sequential decline. According to the company, timing of a 2024 rate-review settlement recognition and higher O&M drove the decrease.

What dividend did OGE Energy declare for Q2 2026 and when is it payable (NYSE: OGE)?

The board approved a Q2 dividend of $0.425 per common share, payable April 24, 2026, to shareholders of record April 6, 2026. According to the company, this continues its regular shareholder distribution policy.

What drove OG&E's higher 2025 net income (the regulated utility) reported by OGE Energy (NYSE: OGE)?

OG&E's 2025 net income rose to $499.8 million, mainly from higher operating revenue due to recovery of capital investments and strong load growth. According to the company, higher depreciation and interest partly offset the increase.

How did OGE Energy's interest expense change in 2025 and what is the investor impact (NYSE: OGE)?

Consolidated interest expense increased, with interest on long-term debt rising to $261.0 million in 2025 from $228.3 million in 2024. According to the company, higher debt-related costs may pressure net margins absent offsetting revenue recovery.