OGE Energy Raises 2026 Outlook as Q3 EPS Rises to $1.52

OGE Energy Corp. (OGE ), the parent company of Oklahoma Gas and Electric Company, on October 28, 2026 reported third-quarter earnings of $1.52 per diluted share and net income of $316.2 million, compared with $1.14 per diluted share and net income of $231.3 million in the same period of 2025, and raised its full-year 2026 earnings guidance. The Oklahoma City-based company attributed the quarter’s earnings increase at its regulated utility, OG&E, to stronger sales from significantly warmer weather, partially offset by increased income tax expense, according to its third-quarter 2026 earnings release.

OG&E contributed net income of $320.9 million, or $1.54 per diluted share, in the third quarter, compared with $242.9 million, or $1.20 per diluted share, in the same period of 2025. Other Operations, which includes the holding company, posted a loss of $4.7 million, or $0.02 per diluted share, compared with a loss of $11.6 million, or $0.06 per diluted share, a year earlier, results the company said were driven by higher income from energy-related investments and lower interest expense.

“I’m proud of our team for delivering reliable service through record-setting weather conditions while continuing to execute on investments that strengthen the grid and position us to support future growth across our region,” said Sean Trauschke, chairman, president and CEO of OGE Energy Corp.

Quarterly Financial Detail

Operating revenues were $1,182.8 million for the three months ended September 30, 2026, compared with $1,045.0 million in the third quarter of 2025. Revenues from contracts with customers accounted for $1,162.9 million, against $1,028.4 million a year earlier, with other revenues of $19.9 million versus $16.6 million. Fuel, purchased power and direct transmission expense was $441.2 million, compared with $388.5 million.

Operating expenses totaled $313.1 million, compared with $315.2 million a year earlier, including other operation and maintenance expense of $137.1 million versus $143.3 million, depreciation and amortization of $149.2 million versus $146.7 million, and taxes other than income of $26.8 million versus $25.2 million. Operating income was $428.5 million, compared with $341.3 million, and net other income was $10.7 million versus $5.1 million.

Interest expense was $63.0 million, down from $69.6 million, with interest on long-term debt of $71.7 million compared with $66.4 million. Income before taxes was $376.2 million versus $276.8 million, and income tax expense was $60.0 million versus $45.5 million. Diluted average common shares outstanding were 208.2 million, compared with 202.1 million a year earlier, and basic earnings per average common share were $1.53 versus $1.15.

For the nine months ended September 30, 2026, OGE Energy reported net income of $482.7 million, or $2.32 per diluted share, compared with $401.5 million, or $1.99 per diluted share, in the same period of 2025. Nine-month operating revenues were $2,647.3 million versus $2,534.3 million.

Customer-Class Revenue, Sales Volumes and Weather

Within OG&E’s system sales revenues of $1,135.6 million for the quarter, compared with $969.5 million a year earlier, residential operating revenue was $523.2 million versus $408.0 million, commercial revenue was $346.3 million versus $319.1 million, industrial revenue was $87.5 million versus $81.6 million, oilfield revenue was $79.3 million versus $73.1 million, and public authorities and street light revenue was $99.3 million versus $87.7 million. Integrated market revenues were $29.3 million versus $23.6 million, while transmission revenues were $12.7 million versus $38.8 million.

System sales volumes were 10.7 million megawatt-hours in the quarter, compared with 9.7 million megawatt-hours a year earlier, and total sales were 11.1 million megawatt-hours versus 9.9 million. Residential sales were 3.9 million megawatt-hours versus 3.1 million, and commercial sales were 3.6 million megawatt-hours versus 3.5 million. OG&E reported 918,559 customers for the third quarter, compared with 910,464 a year earlier.

The weighted-average cost of fuel per kilowatt-hour was 2.759 cents in the quarter, compared with 2.965 cents in the third quarter of 2025, with natural gas at 2.954 cents versus 3.190 cents and coal at 2.647 cents versus 2.765 cents. Total fuel and purchased power cost 3.836 cents per kilowatt-hour, compared with 3.732 cents. Actual cooling degree days were 1,897 in the quarter, compared with 1,288 a year earlier and a normal level of 1,265. The company calculates degree days by averaging a day’s high and low temperatures and measuring the difference from 65 degrees, with each degree of difference equaling one degree day, and bases normal levels on a 30-year average weighted on a jurisdictional split.

For full-year 2026, OGE Energy said it expects to exceed its original earnings guidance range due to warmer-than-normal weather and now expects consolidated earnings of $2.62 to $2.68 per average diluted share. The guidance assumes, among other things, normal weather for the remainder of the year, and the company noted that OG&E has significant seasonality in its earnings due to weather on a year-over-year basis. The company directed readers to its 2025 Form 10-K for other key factors and assumptions underlying the 2026 guidance.

OGE Energy scheduled an earnings and business update conference call for 8 a.m. Central Time on October 28, 2026, available through the company’s Investor Center.