OGE Energy (OGE) Q2 2025 earnings summary

Executive summary

• Q2 2025 net income was $108 million ($0.53 per diluted share), up from $102 million ($0.51 per share) year-over-year, with all earnings from electric operations and other operations flat or improved due to a one-time midstream benefit.

• Growth was driven by higher operating revenues from capital investment recovery, offsetting milder weather and higher expenses.

• Strategic initiatives, robust customer demand, and a sustainable business model are supporting strong performance and future growth.

• Large-scale generation projects are underway, with 550 MW of new natural gas turbines under construction and two additional turbines (450 MW) proposed for 2029.

• Service area is experiencing diversified economic growth, including tribal, defense, retail, and data center sectors.

Financial highlights

• Q2 2025 operating revenues rose to $741.6 million from $662.6 million year-over-year; operating income increased to $186.6 million from $175.9 million.

• Year-to-date weather-normalized load grew 6.5%, with full-year guidance of 7.5% to 9.5%.

• Residential and commercial customer growth at 1% and 25% year-to-date, respectively.

• One-time $8.7 million pre-tax benefit from legacy midstream operations recognized in Q2.

• Dividends declared per share were $0.42125 for Q2 2025.

Outlook and guidance

• 2025 consolidated earnings guidance remains $2.21–$2.33 per diluted share, with expectations to finish in the top half of the range.

• Long-term annual EPS growth forecasted at 5%-7% through 2029, based on a $2.27/share midpoint for 2025.

• Guidance assumes 202.1 million average diluted shares and normal weather for the remainder of the year.

• No changes to capital plan or external equity needs, except for annual DRIP of $15M-$25M.

• Plan to file an Oklahoma rate review by year-end, with Arkansas to follow.