OGE Energy (OGE) Q4 2025 earnings summary

Executive summary

• Delivered 2025 consolidated EPS of $2.32, at the upper end of guidance, with electric utility EPS at $2.47 and other operations at a loss of $0.15 per share, driven by strong load growth and higher operating revenue.

• Achieved results in the top half of guidance, supported by robust local economies, disciplined cost control, and O&M per customer CAGR of 0.76%.

• Maintained among the lowest retail and commercial rates in the nation, supporting economic development and customer growth.

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

• Recognized for top workplace and safety performance, with continued investments in reliability and growth.

Financial highlights

• 2025 consolidated net income was $471 million ($2.32/share), up from $442 million ($2.19/share) in 2024; electric utility net income rose to $500 million ($2.47/share).

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

• Fourth quarter 2025 EPS was $0.34, down from $0.50 in Q4 2024, impacted by prior year interim order recognition and higher expenses.

• 2025 weather impact reduced EPS by $0.02, primarily in Q4.

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

Outlook and guidance

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

• Annual EPS growth targeted at 5%–7% from the 2026 guidance midpoint, 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.