Third Quarter 2026
Filed Oct 27, 2026OGE Energy Corp. reported third-quarter 2026 earnings of $1.52 per diluted share, compared to $1.14 per diluted share in the third quarter 2025, and raised its 2026 consolidated earnings outlook to $2.62 to $2.68 per average diluted share.
Third-quarter operating revenues, operating income, net income and diluted earnings per share were higher than the comparable 2025 period. OG&E attributed its earnings increase to stronger sales from significantly warmer weather, and the company now expects to exceed its original 2026 earnings guidance range.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating revenues, three months ended September 30GAAP | $1.18B | – | – |
| Revenues from contracts with customers, three months ended September 30GAAP | $1.16B | – | – |
| Other revenues, three months ended September 30GAAP | $19.9M | – | – |
| Fuel, purchased power and direct transmission expense, three months ended September 30GAAP | $441.2M | – | – |
| Other operation and maintenance expense, three months ended September 30GAAP | $137.1M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | $149.2M | – | – |
| Taxes other than income, three months ended September 30GAAP | $26.8M | – | – |
| Operating expenses, three months ended September 30GAAP | $313.1M | – | – |
| Operating income, three months ended September 30GAAP | $428.5M | – | – |
| Net other income, three months ended September 30GAAP | $10.7M | – | – |
| Interest expense, three months ended September 30GAAP | $63M | – | – |
| Income before taxes, three months ended September 30GAAP | $376.2M | – | – |
| Income tax expense, three months ended September 30GAAP | $60M | – | – |
| Net income, three months ended September 30GAAP | $316.2M | – | – |
| Basic average common shares outstanding, three months ended September 30GAAP | 206.7M | – | – |
| Diluted average common shares outstanding, three months ended September 30GAAP | 208.2M | – | – |
| Basic earnings per average common share, three months ended September 30GAAP | $ 1.53 | – | – |
| Diluted earnings per average common share, three months ended September 30GAAP | $ 1.52 | – | – |
| Operating revenues, nine months ended September 30GAAP | $2.65B | – | – |
| Revenues from contracts with customers, nine months ended September 30GAAP | $2.59B | – | – |
| Other revenues, nine months ended September 30GAAP | $59.7M | – | – |
| Fuel, purchased power and direct transmission expense, nine months ended September 30GAAP | $995.6M | – | – |
| Other operation and maintenance expense, nine months ended September 30GAAP | $412.3M | – | – |
| Depreciation and amortization, nine months ended September 30GAAP | $423.7M | – | – |
| Taxes other than income, nine months ended September 30GAAP | $82.5M | – | – |
| Operating expenses, nine months ended September 30GAAP | $918.5M | – | – |
| Operating income, nine months ended September 30GAAP | $733.2M | – | – |
| Net other income, nine months ended September 30GAAP | $29.8M | – | – |
| Interest expense, nine months ended September 30GAAP | $189.6M | – | – |
| Income before taxes, nine months ended September 30GAAP | $573.4M | – | – |
| Income tax expense, nine months ended September 30GAAP | $90.7M | – | – |
| Net income, nine months ended September 30GAAP | $482.7M | – | – |
| Basic earnings per average common share, nine months ended September 30GAAP | $ 2.34 | – | – |
| Diluted earnings per average common share, nine months ended September 30GAAP | $ 2.32 | – | – |
| OG&E net income, three months ended September 30GAAP | $320.9M | – | – |
| OG&E net income, nine months ended September 30GAAP | $498.9M | – | – |
| Other Operations loss, three months ended September 30GAAP | $4.7M | – | – |
| Total sales, three months ended September 30other | 11.1 million MWh | – | – |
| Total sales, nine months ended September 30other | 27.9 million MWh | – | – |
| Number of customersother | 918,559 | – | – |
| Cooling degree days, actual, three months ended September 30other | 1,897 | – | – |
| Cooling degree days, actual, nine months ended September 30other | 2,761 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| OG&EOG&E net income increased due to stronger sales from significantly warmer weather, partially offset by increased income tax expense. | $1.18B | – | – |
| Other OperationsResults were driven by higher income from energy-related investments and lower interest expense. | Not reported | – | – |
2026 outlook
- NoteConsolidated earnings between $2.62 to $2.68 per average diluted share.
- NoteThe guidance assumes, among other things, normal weather for the remainder of the year.
What drove it
- OG&E stated that the increase in net income was driven by stronger sales from significantly warmer weather, partially offset by increased income tax expense.
- Other Operations results were driven by higher income from energy-related investments and lower interest expense.
- Actual cooling degree days were 1,897 in the third quarter, compared to 1,288 in the third quarter 2025.
- Total sales were 11.1 million MWh in the third quarter, compared to 9.9 million MWh in the third quarter 2025.
Concerns
- OG&E has significant seasonality in its earnings due to weather on a year-over-year basis.
- The updated guidance assumes normal weather for the remainder of the year.
- Income tax expense was $60.0 million in the third quarter, compared to $45.5 million in the third quarter 2025.
- Fuel, purchased power and direct transmission expense was $441.2 million in the third quarter, compared to $388.5 million in the third quarter 2025.
What to watch
- Weather conditions and their effect on OG&E sales during the remainder of 2026.
- Delivery of consolidated earnings between $2.62 to $2.68 per average diluted share.
- The balance between increased sales, fuel and purchased-power costs, and income tax expense.
- Customer growth, which was reported as 918,559 customers compared to 910,464.
Analysis
OGE Energy reported a stronger third quarter. Operating revenues were $ 1,182.8 million, compared to $ 1,045.0 million in the third quarter 2025, while operating income was $ 428.5 million, compared to $ 341.3 million. Net income was $ 316.2 million, compared to $ 231.3 million, and diluted earnings per average common share were $ 1.52, compared to $ 1.14.
OG&E generated net income of $ 320.9 million, compared to $ 242.9 million. The company attributed the improvement to stronger sales from significantly warmer weather, partially offset by increased income tax expense. Actual cooling degree days were 1,897 versus 1,288, while total sales were 11.1 million MWh versus 9.9 million MWh. Residential operating revenues were $ 523.2 million versus $ 408.0 million, commercial operating revenues were $ 346.3 million versus $ 319.1 million, and industrial operating revenues were $ 87.5 million versus $ 81.6 million.
Costs increased in several areas, including fuel, purchased power and direct transmission expense of $ 441.2 million versus $ 388.5 million and income tax expense of $ 60.0 million versus $ 45.5 million. Other operation and maintenance expense declined to $ 137.1 million from $ 143.3 million, while depreciation and amortization rose to $ 149.2 million from $ 146.7 million. Interest expense declined to $ 63.0 million from $ 69.6 million. Other Operations recorded a loss of $ 4.7 million, compared to a loss of $ 11.6 million, reflecting higher income from energy-related investments and lower interest expense.
For the first nine months, operating revenues were $ 2,647.3 million compared to $ 2,534.3 million, operating income was $ 733.2 million compared to $ 661.2 million, and net income was $ 482.7 million compared to $ 401.5 million. Diluted earnings per average common share were $ 2.32 compared to $ 1.99. The company did not report capital-return activity, cash balances, debt balances, operating cash flow or free cash flow in this release.
OGE now expects consolidated earnings between $2.62 to $2.68 per average diluted share for 2026 and stated that it expects to exceed its original 2026 earnings guidance range due to warmer than normal weather. The updated outlook assumes normal weather for the remainder of the year. The central watch item is whether weather-normalized conditions for the balance of the year support delivery within the updated range, given the company's stated earnings seasonality.
Management, verbatim
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.
Sean Trauschke, Chairman, President and CEO of OGE Energy Corp.
Not in the filing
stated, not guessed- Gross margin or gross profit.
- Non-GAAP earnings, non-GAAP EPS, or non-GAAP operating income.
- Prior-quarter comparisons for reported metrics.
- Percentage year-over-year changes for reported metrics.
- Cash and cash equivalents.
- Debt balances.
- Operating cash flow.
- Free cash flow.
- Capital expenditures.
- Share repurchases.
- Dividend declarations or payments.
- Original 2026 earnings guidance range.
- Prior outlook section for comparison against prior guidance.
- Revenue, gross margin, operating-expense, or tax-rate guidance.
- Revenue for Other Operations.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.