OGE Energy (OGE) Q4 2025 earnings summary

Executive summary

• Reported 2025 consolidated earnings of $2.32 per share, with electric utility earnings at $2.47 per share and a holding/other operations loss of $0.15 per share, driven by strong load growth and capital investment recovery.

• Achieved results at the upper end of guidance, supported by robust local economies, disciplined cost control, and maintaining among the lowest retail and commercial rates.

• Recognized for workplace and safety performance, with a continued focus on reliable, affordable electricity.

• Advanced major projects, including the Frontier Energy Storage Project, new generation at Tinker Air Force Base, and significant transmission assignments.

• Finalizing a 1 GW contract with a large data center customer, with explicit consumer protection measures.

Financial highlights

• Consolidated net income for 2025 was $471 million, or $2.32 per diluted share, up from $442 million, or $2.19 in 2024.

• Electric utility net income rose to $500 million ($2.47/share), up from $470 million ($2.33/share) year-over-year.

• Holding/other operations loss increased to $29 million ($0.15/share), mainly due to higher interest expense, partially offset by a one-time legacy midstream benefit.

• Operating revenues increased to $3,260.1 million in 2025 from $2,985.3 million in 2024.

• Customer growth just under 1%; weather-normalized load grew about 6.6%–7% year-over-year.

Outlook and guidance

• 2026 consolidated earnings guidance midpoint is $2.43 per share (range: $2.38–$2.48), a 7% increase from the 2025 midpoint.

• Long-term EPS growth targeted at 5%–7% annually from the higher base, aiming for the top half of the range through 2028.

• Customer count expected to rise ~1% and weather-normalized load to grow 4%–6% in 2026.

• OG&E earnings forecasted at $2.57 per diluted share for 2026; holding company loss projected at $0.14 per share.