OGE Energy Corp (NYSE: OGE) on Wednesday reported consolidated earnings of $2.32 per average diluted share for the full year 2025, compared with $2.19 per share in 2024. For the fourth quarter ending Dec. 31, 2025, the company reported consolidated earnings of $0.34 per share, a decrease from $0.50 per share in the same period a year earlier.
Latest Quarterly and Full-Year Results
The 32% year-over-year decrease in fourth-quarter consolidated earnings was attributed to factors including operation and maintenance expenses, interest expense, and the recognition of six months of an interim order in the fourth quarter of 2024 related to an Oklahoma rate review settlement. Weather-normalized load growth for the fourth quarter was 7.2% compared to the prior-year period.
On a full-year basis, consolidated earnings grew 5.9% year-over-year. The results reflect a directional trend of growth for the 12-month period, driven by capital investment recovery and load growth of 6.6%.
Segment Highlights
Electric Utility (OG&E): The electric utility segment reported full-year 2025 earnings of $2.47 per share, compared to $2.33 per share in 2024. Fourth-quarter earnings for the segment were $0.38 per share, down from $0.55 in the fourth quarter of 2024. Customer growth for the year was 0.7%.
Other Operations and Holding Company: This segment reported a full-year loss of $0.15 per share in 2025, compared to a loss of $0.14 per share in 2024. The fourth-quarter loss was $0.04 per share, narrowing from a $0.05 per share loss in the prior-year period. Results were impacted by interest expenses and a one-time benefit from legacy midstream operations.
Business and Operations Update
OGE Energy received regulatory pre-approval in Oklahoma for the Horseshoe Lake 13 and 14 natural gas-fired combustion turbines. The company filed for pre-approval of the Frontier Battery Storage project and accepted a Notification to Construct (NTC) for the Ft. Smith to Muskogee transmission line.
Operational updates for 2026 include plans to file a rate review in Oklahoma by midyear and a large-load tariff for data centers. The company’s 2026 Draft Integrated Resource Plan (IRP) identifies a 1.9 GW resource need by 2031.
Strategic Moves and Financing
The company issued $350 million of long-term debt in 2025. For 2026, OGE Energy plans to issue approximately $300 million in long-term debt at the electric company. The company has also entered into forward equity sale agreements for approximately 4.6 million shares, to be settled prior to May 27, 2027. No additional external equity is required under the current five-year investment plan of $7.3 billion.
Guidance and Outlook
For 2026, OGE Energy issued consolidated earnings guidance with a midpoint of $2.43 per share, within a range of $2.38 to $2.48 per share. The company targets a long-term annual earnings growth rate of 5% to 7% through 2030, based on the 2026 midpoint.
Items to watch in 2026 include the finalization of a data center contract by midyear, the regulatory decision on Frontier Energy Storage expected in August, and the results of a generation request for proposals (RFP) due by year-end.
Performance Summary
OGE Energy reported full-year 2025 earnings of $2.32 per share. Fourth-quarter earnings declined to $0.34 per share. The electric utility segment reported 6.6% annual load growth. The 2026 earnings midpoint is projected at $2.43 per share.
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