OGE Energy Corp. reports second quarter 2026 results
Rhea-AI Summary
OGE Energy (NYSE: OGE) reported second quarter 2026 net income of $116.3 million and diluted EPS of $0.56, up from $107.5 million and $0.53 a year earlier. Regulated utility subsidiary OG&E contributed net income of $120.1 million or $0.58 per diluted share, versus $107.7 million or $0.53 in second quarter 2025.
Consolidated operating revenues declined to $711.9 million from $741.6 million, while fuel, purchased power and direct transmission expense fell to $217.7 million from $261.1 million. Other operations posted a $3.8 million loss. For the first six months, diluted EPS was $0.80 versus $0.84 in 2025. OGE reaffirmed its 2026 earnings guidance of $2.43 per average diluted share, within a range of $2.38 to $2.48, assuming normal weather.
Positive
- Q2 2026 diluted EPS $0.56 vs. $0.53 in Q2 2025
- OG&E Q2 net income $120.1 million vs. $107.7 million prior year
- Fuel, purchased power and direct transmission expense down to $217.7 million from $261.1 million
- Consolidated interest expense down to $66.7 million from $72.2 million in Q2 2025
- Integrated market revenues $27.4 million vs. $26.3 million; related MWh sales 0.4 vs. 0.2 million
- 2026 EPS guidance reaffirmed at $2.43 per share within $2.38–$2.48 range
Negative
- Q2 2026 operating revenues $711.9 million vs. $741.6 million in Q2 2025
- Six‑month 2026 net income $166.5 million vs. $170.2 million prior year
- Six‑month diluted EPS $0.80 vs. $0.84 for the first half of 2025
- Other operations loss $3.8 million vs. $0.2 million loss in Q2 2025
- Other operation and maintenance expense $138.7 million vs. $127.1 million in Q2 2025
- Interest on long‑term debt $71.6 million vs. $66.6 million in Q2 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
- OG&E, a regulated electric company, contributed earnings of
$0.58 $0.53 - Other operations, which includes the holding company, contributed a loss of
$0.02
"Our second-quarter results reflect the strength of our business and the disciplined execution of our team as we advance investments that support reliable, affordable service for customers," said Sean Trauschke, Chairman, President, and CEO of OGE Energy Corp. "We are making significant progress on initiatives that position OG&E for incremental growth while maintaining a strong focus on protecting existing customers as we prepare to serve new large-load opportunities and support economic development."
Second Quarter 2026 results
OG&E contributed net income of
Other Operations resulted in a loss of
OGE Energy's net income was
2026 Outlook
OGE Energy's 2026 consolidated earnings guidance remains unchanged and is projected to be
See OGE Energy's 2025 Form 10-K for other key factors and assumptions underlying its 2026 guidance.
Conference Call Webcast
OGE Energy Corp. will host an earnings and business update conference call on Wednesday, July 29, 2026, at 8 a.m. CDT. 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, those described in the Company's Form 10-Q for the quarter ended June 30, 2026; and 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.
Note: Condensed Consolidated Statements of Income for OGE Energy Corp., Condensed Statements of Income and Comprehensive Income for Oklahoma Gas & Electric Company, and Financial and Statistical Data for Oklahoma Gas & Electric Company attached.
OGE ENERGY CORP. | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In millions, except per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
OPERATING REVENUES | ||||||||||||||||
Revenues from contracts with customers | $ | 688.0 | $ | 719.7 | $ | 1,424.7 | $ | 1,460.8 | ||||||||
Other revenues | 23.9 | 21.9 | 39.8 | 28.5 | ||||||||||||
Operating revenues | 711.9 | 741.6 | 1,464.5 | 1,489.3 | ||||||||||||
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 217.7 | 261.1 | 554.4 | 585.1 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Other operation and maintenance | 138.7 | 127.1 | 275.2 | 248.9 | ||||||||||||
Depreciation and amortization | 138.1 | 140.6 | 274.5 | 278.0 | ||||||||||||
Taxes other than income | 25.8 | 26.2 | 55.7 | 57.4 | ||||||||||||
Operating expenses | 302.6 | 293.9 | 605.4 | 584.3 | ||||||||||||
OPERATING INCOME | 191.6 | 186.6 | 304.7 | 319.9 | ||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||
Allowance for equity funds used during construction | 7.3 | 6.0 | 14.8 | 13.0 | ||||||||||||
Other net periodic benefit expense | (2.6) | (2.9) | (5.2) | (5.5) | ||||||||||||
Other income | 15.3 | 17.2 | 28.9 | 24.2 | ||||||||||||
Other expense | (7.1) | (5.2) | (19.4) | (9.7) | ||||||||||||
Net other income | 12.9 | 15.1 | 19.1 | 22.0 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest on long-term debt | 71.6 | 66.6 | 137.9 | 128.0 | ||||||||||||
Allowance for borrowed funds used during construction | (3.4) | (3.7) | (7.0) | (8.2) | ||||||||||||
Interest on short-term debt and other interest charges | (1.5) | 9.3 | (4.3) | 19.7 | ||||||||||||
Interest expense | 66.7 | 72.2 | 126.6 | 139.5 | ||||||||||||
INCOME BEFORE TAXES | 137.8 | 129.5 | 197.2 | 202.4 | ||||||||||||
INCOME TAX EXPENSE | 21.5 | 22.0 | 30.7 | 32.2 | ||||||||||||
NET INCOME | $ | 116.3 | $ | 107.5 | $ | 166.5 | $ | 170.2 | ||||||||
BASIC AVERAGE COMMON SHARES OUTSTANDING | 206.5 | 201.3 | 206.4 | 201.3 | ||||||||||||
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 207.8 | 202.1 | 207.5 | 202.0 | ||||||||||||
BASIC EARNINGS PER AVERAGE COMMON SHARE | $ | 0.56 | $ | 0.53 | $ | 0.81 | $ | 0.85 | ||||||||
DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ | 0.56 | $ | 0.53 | $ | 0.80 | $ | 0.84 | ||||||||
| ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
OPERATING REVENUES | ||||||||||||||||
Revenues from contracts with customers | $ | 688.0 | $ | 719.7 | $ | 1,424.7 | $ | 1,460.8 | ||||||||
Other revenues | 23.9 | 21.9 | 39.8 | 28.5 | ||||||||||||
Operating revenues | 711.9 | 741.6 | 1,464.5 | 1,489.3 | ||||||||||||
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 217.7 | 261.1 | 554.4 | 585.1 | ||||||||||||
OPERATING EXPENSES | ||||||||||||||||
Other operation and maintenance | 138.6 | 126.3 | 275.4 | 248.1 | ||||||||||||
Depreciation and amortization | 138.1 | 140.6 | 274.5 | 278.0 | ||||||||||||
Taxes other than income | 25.8 | 26.2 | 55.7 | 57.4 | ||||||||||||
Operating expenses | 302.5 | 293.1 | 605.6 | 583.5 | ||||||||||||
OPERATING INCOME | 191.7 | 187.4 | 304.5 | 320.7 | ||||||||||||
OTHER INCOME (EXPENSE) | ||||||||||||||||
Allowance for equity funds used during construction | 7.3 | 6.0 | 14.8 | 13.0 | ||||||||||||
Other net periodic benefit expense | (2.5) | (2.6) | (5.0) | (5.1) | ||||||||||||
Other income | 6.4 | 4.1 | 9.1 | 9.4 | ||||||||||||
Other expense | (0.6) | (0.5) | (1.4) | (1.4) | ||||||||||||
Net other income | 10.6 | 7.0 | 17.5 | 15.9 | ||||||||||||
INTEREST EXPENSE | ||||||||||||||||
Interest on long-term debt | 65.9 | 60.8 | 126.5 | 116.4 | ||||||||||||
Allowance for borrowed funds used during construction | (3.4) | (3.7) | (7.0) | (8.2) | ||||||||||||
Interest on short-term debt and other interest charges | (4.1) | 6.3 | (11.1) | 12.0 | ||||||||||||
Interest expense | 58.4 | 63.4 | 108.4 | 120.2 | ||||||||||||
INCOME BEFORE TAXES | 143.9 | 131.0 | 213.6 | 216.4 | ||||||||||||
INCOME TAX EXPENSE | 23.8 | 23.3 | 35.6 | 37.7 | ||||||||||||
NET INCOME | $ | 120.1 | $ | 107.7 | $ | 178.0 | $ | 178.7 | ||||||||
Other comprehensive income, net of tax | — | — | — | — | ||||||||||||
COMPREHENSIVE INCOME | $ | 120.1 | $ | 107.7 | $ | 178.0 | $ | 178.7 | ||||||||
| ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(Dollars in millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
Operating revenues by classification: | ||||||||||||||||
Residential | $ | 261.1 | $ | 261.0 | $ | 521.5 | $ | 548.3 | ||||||||
Commercial | 215.6 | 225.9 | 427.6 | 434.7 | ||||||||||||
Industrial | 56.5 | 60.2 | 117.2 | 122.4 | ||||||||||||
Oilfield | 49.3 | 53.2 | 107.7 | 112.4 | ||||||||||||
Public authorities and street light | 62.3 | 64.5 | 124.2 | 125.3 | ||||||||||||
System sales revenues | 644.8 | 664.8 | 1,298.2 | 1,343.1 | ||||||||||||
Provision for rate refund | — | — | — | 3.0 | ||||||||||||
Integrated market | 27.4 | 26.3 | 74.7 | 47.6 | ||||||||||||
Transmission | 30.5 | 42.1 | 71.2 | 81.9 | ||||||||||||
Other | 9.2 | 8.4 | 20.4 | 13.7 | ||||||||||||
Total operating revenues | $ | 711.9 | $ | 741.6 | $ | 1,464.5 | $ | 1,489.3 | ||||||||
MWh sales by classification (In millions) | ||||||||||||||||
Residential | 2.3 | 2.1 | 4.4 | 4.6 | ||||||||||||
Commercial | 3.3 | 3.1 | 6.1 | 5.8 | ||||||||||||
Industrial | 1.0 | 1.0 | 2.0 | 2.0 | ||||||||||||
Oilfield | 1.1 | 1.0 | 2.2 | 2.1 | ||||||||||||
Public authorities and street light | 0.7 | 0.7 | 1.4 | 1.4 | ||||||||||||
System sales | 8.4 | 7.9 | 16.1 | 15.9 | ||||||||||||
Integrated market | 0.4 | 0.2 | 0.7 | 0.4 | ||||||||||||
Total sales | 8.8 | 8.1 | 16.8 | 16.3 | ||||||||||||
Number of customers | 917,157 | 909,131 | 917,157 | 909,131 | ||||||||||||
Weighted-average cost of energy per kilowatt-hour (In cents) | ||||||||||||||||
Natural gas | 3.438 | 3.498 | 5.173 | 4.265 | ||||||||||||
Coal | 2.662 | 2.761 | 2.620 | 2.751 | ||||||||||||
Total fuel | 3.086 | 3.120 | 4.208 | 3.508 | ||||||||||||
Total fuel and purchased power | 2.406 | 3.076 | 3.179 | 3.437 | ||||||||||||
Degree days (A) | ||||||||||||||||
Heating - Actual | 127 | 156 | 1,510 | 2,056 | ||||||||||||
Heating - Normal | 250 | 250 | 2,139 | 2,139 | ||||||||||||
Cooling - Actual | 772 | 579 | 864 | 598 | ||||||||||||
Cooling - Normal | 553 | 553 | 563 | 563 | ||||||||||||
(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. |
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SOURCE OGE Energy Corp.