OGE Energy Corp. reports third quarter 2025 results

Rhea-AI Summary

OGE Energy (NYSE: OGE) reported third-quarter 2025 diluted EPS of $1.14 versus $1.09 in Q3 2024 and consolidated net income of $231.3 million versus $218.7 million a year earlier. Regulated utility Oklahoma Gas and Electric contributed $242.9 million of net income and EPS of $1.20. Revenue from contracts rose to $1,028.4 million and total operating revenues were $1,045.0 million. Fuel costs per kWh increased materially, with natural gas cost at 3.190 cents/kWh (vs. 2.142) and total fuel at 2.965 cents/kWh (vs. 2.277).

Company reiterated 2025 consolidated earnings guidance remains projected in the top half of its $2.21–$2.33 range and noted ~550 MW of new natural gas turbines under construction.

Positive

• Consolidated EPS increased to $1.14 from $1.09
• Operating revenues rose to $1,045.0 million
• OG&E net income of $242.9 million
• 2025 guidance remains in top half of $2.21–$2.33 range
• ~550 MW of natural gas turbines under construction

Negative

• Natural gas cost per kWh up to 3.190 cents from 2.142 cents
• Total fuel cost per kWh rose to 2.965 cents from 2.277 cents
• Interest on long-term debt increased to $66.4 million from $59.6 million
• Other operations loss widened to $11.6 million from $6.3 million

Insights

Utility financial analyst

OGE posts modest year-over-year EPS growth and reaffirms guidance in the top half of its 2025 range.

OGE Energy Corp. reported $1.14 diluted EPS for the three months ended September 30, 2025, up from $1.09 a year earlier, driven by the regulated utility, which delivered $1.20 of EPS versus $1.12 in Q3 2024. Consolidated operating revenues rose to $1,045.0 million and net income increased to $231.3 million; OG&E operating income improved to $341.1 million. The release calls out higher recovery of capital investments as the primary driver of utility earnings growth while noting higher fuel, purchased power and interest costs as offsets.

The results show controlled, regulated earnings expansion but with clear cost pressure risks. Fuel and purchased power expense increased to $388.5 million for the quarter and interest expense rose to $69.6 million, which amplified Other Operations losses (now $11.6 million). Management reiterated full-year 2025 guidance in the top half of the original $2.21 to $2.33 per share range and conditioned results on normal weather, reflecting notable seasonality and sensitivity to temperature-driven demand.

Watch near-term indicators: quarterly trends in fuel and purchased-power costs, interest expense, and regulatory recovery mechanics tied to capital investment. Also monitor execution on the announced ~550 MW of new gas turbines under construction and any rate-recovery filings; expect relevant updates over the next 6–12 months that will clarify sustainability of the EPS progression.

OKLAHOMA CITY, Oct. 29, 2025 /PRNewswire/ -- OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), today reported earnings of $1.14 per diluted share during the three months that ended September 30, 2025, compared to $1.09 per diluted share in the third quarter 2024.

• OG&E, a regulated electric company, contributed earnings of $1.20 per diluted share, compared to earnings of $1.12 per diluted share in the third quarter 2024.
• Other operations, which includes the holding company, contributed a loss of $0.06 per diluted share, compared to a loss of $0.03 per diluted share in the third quarter 2024.

"Our third quarter results demonstrate the strength of our business and commitment of the team," stated Sean Trauschke, Chairman, President, and CEO of OGE Energy Corp. "With approximately 550 MW of new natural gas turbines under construction and more planned, we are proactively addressing the region's growing energy needs as we maintain some of the lowest rates in the nation for our customers."

Third Quarter 2025 results

OG&E  contributed net income of $242.9 million, or $1.20 per diluted share, in the third quarter compared to $225.0 million, or $1.12 per diluted share, in the same period 2024. The increase in net income was primarily due to increased recovery of capital investments, partially offset by higher operation and maintenance expense, income tax expense, and milder weather.

Other Operations  resulted in a loss of $11.6 million, or $0.06 per share, in the third quarter compared to a loss of $6.3 million, or $0.03 per diluted share, in the same period 2024. The increase in net loss was primarily due to higher interest expense, partially offset by higher income tax benefit.

OGE Energy's net income was $231.3 million or $1.14 per diluted share in the third quarter, compared to earnings of $218.7 million, or $1.09 per diluted share, in the same period 2024.

2025 Outlook 
OGE Energy's 2025 consolidated earnings guidance remains projected to be in the top half of its original 2025 earnings guidance range of $2.21 to $2.33 per average diluted share. This guidance assumes, among other things, 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. See OGE Energy's 2024 Form 10-K for other key factors and assumptions underlying its 2025 guidance.

Conference Call Webcast
OGE Energy Corp. will host an earnings and business update conference call on Wednesday, October 29, 2025, 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 their 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 emerging industries such as cryptocurrency; 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 September 30, 2025; 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, 2024.

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.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(In millions, except per share data)		2025		2024		2025		2024
OPERATING REVENUES
Revenues from contracts with customers		$                 1,028.4		$                    945.2		$                 2,489.2		$                 2,171.9
Other revenues		16.6		20.2		45.1		52.9
Operating revenues		1,045.0		965.4		2,534.3		2,224.8
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE		388.5		350.1		973.6		776.2
OPERATING EXPENSES
Other operation and maintenance		143.3		131.4		392.2		394.2
Depreciation and amortization		146.7		144.0		424.7		408.7
Taxes other than income		25.2		26.7		82.6		82.6
Operating expenses		315.2		302.1		899.5		885.5
OPERATING INCOME		341.3		313.2		661.2		563.1
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction		6.3		6.9		19.3		18.2
Other net periodic benefit income (expense)		(2.7)		1.7		(8.2)		5.0
Other income		6.1		6.8		30.3		20.2
Other expense		(4.6)		(4.7)		(14.3)		(15.8)
Net other income		5.1		10.7		27.1		27.6
INTEREST EXPENSE
Interest on long-term debt		66.4		59.6		194.4		166.5
Allowance for borrowed funds used during construction		(3.7)		(3.9)		(11.9)		(10.7)
Interest on short-term debt and other interest charges		6.9		8.5		26.6		33.5
Interest expense		69.6		64.2		209.1		189.3
INCOME BEFORE TAXES		276.8		259.7		479.2		401.4
INCOME TAX EXPENSE		45.5		41.0		77.7		61.8
NET INCOME		$                    231.3		$                    218.7		$                    401.5		$                    339.6
BASIC AVERAGE COMMON SHARES OUTSTANDING		201.5		200.9		201.3		200.7
DILUTED AVERAGE COMMON SHARES OUTSTANDING		202.1		201.5		202.0		201.2
BASIC EARNINGS PER AVERAGE COMMON SHARE		$                      1.15		$                      1.09		$                1.99		$                      1.69
DILUTED EARNINGS PER AVERAGE COMMON SHARE		$                      1.14		$                      1.09		$                1.99		$                      1.69

 

OKLAHOMA GAS AND ELECTRIC COMPANY
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Unaudited)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(In millions)		2025		2024		2025		2024
OPERATING REVENUES
Revenues from contracts with customers		$                 1,028.4		$                    945.2		$                 2,489.2		$                 2,171.9
Other revenues		16.6		20.2		45.1		52.9
Operating revenues		1,045.0		965.4		2,534.3		2,224.8
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE		388.5		350.1		973.6		776.2
OPERATING EXPENSES
Other operation and maintenance		143.5		131.4		391.6		394.0
Depreciation and amortization		146.7		144.0		424.7		408.7
Taxes other than income		25.2		26.7		82.6		82.6
Operating expenses		315.4		302.1		898.9		885.3
OPERATING INCOME		341.1		313.2		661.8		563.3
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction		6.3		6.9		19.3		18.2
Other net periodic benefit income (expense)		(2.7)		1.9		(7.8)		5.5
Other income		4.2		3.4		13.6		8.6
Other expense		(0.5)		(0.6)		(1.9)		(3.9)
Net other income		7.3		11.6		23.2		28.4
INTEREST EXPENSE
Interest on long-term debt		60.6		53.6		177.0		156.0
Allowance for borrowed funds used during construction		(3.7)		(3.9)		(11.9)		(10.7)
Interest on short-term debt and other interest charges		(2.7)		4.4		9.3		15.1
Interest expense		54.2		54.1		174.4		160.4
INCOME BEFORE TAXES		294.2		270.7		510.6		431.3
INCOME TAX EXPENSE		51.3		45.7		89.0		71.8
NET INCOME		$                    242.9		$                    225.0		$                    421.6		$                    359.5
Other comprehensive income, net of tax		—		—		—		—
COMPREHENSIVE INCOME		$                    242.9		$                    225.0		$                    421.6		$                    359.5

 

OKLAHOMA GAS AND ELECTRIC COMPANY
FINANCIAL AND STATISTICAL DATA
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(Dollars in millions)		2025		2024		2025		2024
Operating revenues by classification:
Residential		$                    408.0		$                    422.8		$                    956.3		$                    898.1
Commercial		319.1		288.8		753.8		626.1
Industrial		81.6		79.0		204.0		190.0
Oilfield		73.1		68.1		185.5		166.4
Public authorities and street light		87.7		86.8		213.0		198.6
System sales revenues		969.5		945.5		2,312.6		2,079.2
Provision for rate refund		—		(43.5)		3.0		(43.5)
Integrated market		23.6		19.2		71.2		51.3
Transmission		38.8		36.6		120.7		114.7
Other		13.1		7.6		26.8		23.1
Total operating revenues		$                 1,045.0		$                    965.4		$                 2,534.3		$                 2,224.8
MWh sales by classification (In millions)
Residential		3.1		3.2		7.7		7.8
Commercial		3.5		3.2		9.3		7.8
Industrial		1.1		1.1		3.1		3.2
Oilfield		1.1		1.1		3.2		3.3
Public authorities and street light		0.9		0.9		2.3		2.4
System sales		9.7		9.5		25.6		24.5
Integrated market		0.2		0.2		0.6		0.6
Total sales		9.9		9.7		26.2		25.1
Number of customers		910,464		904,900		910,464		904,900
Weighted-average cost of energy per kilowatt-hour (In cents)
Natural gas		3.190		2.142		3.704		2.453
Coal		2.765		2.976		2.759		3.064
Total fuel		2.965		2.277		3.243		2.487
Total fuel and purchased power		3.732		3.448		3.549		2.953
Degree days (A)
Heating - Actual		—		—		2,056		1,812
Heating - Normal		19		19		2,158		2,155
Cooling - Actual		1,288		1,387		1,886		2,139
Cooling - Normal		1,265		1,268		1,828		1,831
(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-third-quarter-2025-results-302597667.html

SOURCE OGE Energy Corp.

FAQ

What did OGE Energy (OGE) report for third-quarter 2025 EPS and net income?

OGE reported diluted EPS of $1.14 and consolidated net income of $231.3 million for Q3 2025.

How much net income did Oklahoma Gas and Electric (OG&E) contribute in Q3 2025?

OG&E contributed net income of $242.9 million, or $1.20 per diluted share in Q3 2025.

What guidance did OGE Energy give for full-year 2025 (OGE)?

OGE said 2025 consolidated earnings are projected to be in the top half of the original $2.21–$2.33 per share guidance range.

What drove higher costs in OGE's Q3 2025 results (OGE)?

Higher fuel costs were a key driver: natural gas cost rose to 3.190 cents/kWh and total fuel cost rose to 2.965 cents/kWh in Q3 2025.

Did OGE report any major capital projects or capacity additions in Q3 2025?

The company said approximately 550 MW of new natural gas turbines are under construction, with more planned.

When is OGE Energy's Q3 2025 earnings call and where can investors listen?

The earnings and business update conference call is on October 29, 2025 at 8:00 a.m. CDT and will be available via the company's Investor Center at www.oge.com.