OGE Energy Corp. reports first quarter 2026 results
Rhea-AI Summary
OGE Energy (NYSE: OGE) reported Q1 2026 net income of $50.2M ($0.24 diluted EPS) versus $62.7M ($0.31) in Q1 2025. OG&E contributed $57.9M ($0.28 EPS); Other Operations lost $7.7M ($0.04 loss per share). Consolidated 2026 guidance remains $2.43 per share (range $2.38–$2.48), assuming normal weather.
Revenue totaled $752.6M; operating income was $113.1M. Management cited mild weather and higher O&M as primary drivers of the year-over-year earnings decline.
AI-generated analysis. Not financial advice.
Positive
- Consolidated 2026 guidance of $2.43 per share
- OG&E Q1 net income of $57.9M ($0.28 per share)
- Total operating revenues of $752.6M in Q1
Negative
- Consolidated Q1 EPS down to $0.24 from $0.31
- Other operation and maintenance expense rose to $136.5M
- System sales MWh declined from 8.0M to 7.7M
News Market Reaction – OGE
On the day this news was published, OGE declined 0.53%, reflecting a mild negative market reaction. Argus tracked a peak move of +9.8% during that session. Argus tracked a trough of -10.4% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $52M from the company's valuation, bringing the market cap to $9.77B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
OGE was flat pre‑announcement while several regulated electric peers (IDA, POR, MGEE) were modestly negative and ENIC was slightly positive, pointing to stock‑specific focus on these results rather than a broad sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 30 | Earnings webcast set | Neutral | +0.1% | Scheduled Q1 2026 earnings and business update webcast for April 29. |
| Jan 20 | Earnings webcast set | Neutral | +0.0% | Announced Q4 2025 earnings and business update webcast timing. |
| Oct 29 | Q3 2025 results | Positive | -2.2% | Reported higher Q3 2025 EPS and net income with guidance in top half of range. |
| Sep 29 | Earnings webcast set | Neutral | +0.8% | Scheduled Q3 2025 earnings webcast and business update for October 29. |
| Jul 30 | Q2 2025 results | Positive | -0.0% | Delivered higher Q2 2025 EPS, strong OG&E net income and maintained 2025 guidance. |
Earnings‑tagged news has produced a modest average move of -0.25%, with positive quarterly results sometimes met by negative price reactions.
Over the past year, OGE has regularly issued earnings updates and webcasts, alongside solid quarterly results from its regulated OG&E utility. Prior reports highlighted EPS growth, rising operating revenues above $1.0 billion in stronger quarters, and reaffirmed full‑year guidance ranges. Despite generally constructive fundamentals, market reactions have been mixed, with some positive earnings met by selling. Today’s Q1 2026 release, showing lower EPS but maintained 2026 guidance, fits into this pattern of the market scrutinizing quarterly volatility against a steady longer‑term outlook.
Historical Comparison
In the past year, OGE’s earnings‑related headlines averaged a muted -0.25% move, with some strong quarters met by selling. The Q1 2026 miss with reaffirmed guidance fits this pattern of cautious reactions to earnings updates.
Recent earnings news shows OG&E delivering generally growing EPS and net income while management repeatedly reaffirms multi‑year guidance ranges and highlights ongoing generation and infrastructure investment.
Regulatory & Risk Context
An effective S-3ASR registration dated February 23, 2026 supports an Automatic Dividend Reinvestment and Stock Purchase Plan covering 5,000,000 common shares, allowing OGE to issue new, treasury or open‑market shares for reinvested dividends and optional cash purchases, potentially adding incremental equity over time.
Market Pulse Summary
This announcement reports lower Q1 2026 EPS of $0.24 versus $0.31 a year earlier, as mild weather and higher operating costs weighed on OG&E’s results, while operating revenues edged up to $752.6 million. Management kept its 2026 EPS guidance at $2.38–$2.48, emphasizing long‑term infrastructure investment. Recent filings show an effective S‑3ASR plan covering 5,000,000 shares for dividend reinvestment, which could incrementally add equity alongside continued capital spending.
Key Terms
allowance for equity funds used during construction financial
allowance for borrowed funds used during construction financial
other comprehensive income financial
comprehensive income financial
form 10-k regulatory
form 10-q regulatory
forward looking statements regulatory
heating degree days technical
AI-generated analysis. Not financial advice.
- OG&E, a regulated electric company, contributed earnings of
$0.28 $0.35 - Other operations, which includes the holding company, contributed a loss of
$0.04 $0.04
"We're executing our plan with discipline — propelling community growth, maintaining our low rates, and investing in the infrastructure our customers and communities will rely on for years to come," said Sean Trauschke, Chairman, President and CEO of OGE Energy Corp.
First Quarter 2026 results
OG&E contributed net income of
Other Operations resulted in a loss of
OGE Energy's net income was
2026 Outlook
OGE Energy's 2026 consolidated earnings guidance remains unchanged and is projected to be
See OGE Energy's 2025 Form 10-K for other key factors and assumptions underlying its 2026 guidance.
Conference Call Webcast
OGE Energy Corp. will host an earnings and business update conference call on Wednesday, April 29, 2026, at 8 a.m. CT. The conference will be available through the Investor Center at www.oge.com.
OGE Energy Corp. is the parent company of OG&E, a regulated electric company with approximately 915,000 customers in
Some of the matters discussed in this news release may contain forward looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "objective," "plan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and inflation rates, and their impact on capital expenditures; the ability of the Company to access the capital markets and obtain financing on favorable terms, as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel and purchased power costs, operating costs, transmission costs and deferred expenditures; prices and availability of electricity, coal and natural gas; competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Company, potentially through deregulation; the impact on demand for the Company's services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages; unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials and equipment for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets, adjustments in market pricing mechanisms by the SPP, or allocation of transmission upgrade costs; federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Company's markets; environmental laws, safety laws or other regulations that may impact the cost of operations, restrict or change the way the Company's facilities are operated or result in stranded assets; the ability of the Company to meet future capacity requirements mandated by the SPP, which could be impacted by future load growth, environmental regulations, and the availability of resources; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks, including the Company losing control of its assets and potential ransoms, and other catastrophic events; the availability, cost, coverage and terms of insurance; changes in the use, perception or regulation of generative artificial intelligence technologies, which could limit the Company's ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to the Company's business, reputation or financial results; creditworthiness of suppliers, customers and other contractual parties, including large, new customers from industries such as cryptocurrency and data centers; social attitudes regarding the electric utility and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; national and global events that could adversely affect and/or exacerbate macroeconomic conditions, including inflationary pressures, interest rate fluctuations, supply chain disruptions, economic recessions, pandemic health events, tariffs and uncertainty surrounding continued hostilities or sustained military campaigns, and their collateral consequences; costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters, including, but not limited to, those described in the Company's Form 10-Q for the quarter ended March 31, 2026; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission, including those listed within the Company's most recent Form 10-K for the year ended December 31, 2025.
OGE ENERGY CORP | ||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||
(Unaudited) | ||||
Three Months Ended | ||||
March 31, | ||||
(In millions, except per share data) | 2026 | 2025 | ||
OPERATING REVENUES | ||||
Revenues from contracts with customers | $ 736.7 | $ 741.1 | ||
Other revenues | 15.9 | 6.6 | ||
Operating revenues | 752.6 | 747.7 | ||
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 336.7 | 324.0 | ||
OPERATING EXPENSES | ||||
Other operation and maintenance | 136.5 | 121.8 | ||
Depreciation and amortization | 136.4 | 137.4 | ||
Taxes other than income | 29.9 | 31.2 | ||
Operating expenses | 302.8 | 290.4 | ||
OPERATING INCOME | 113.1 | 133.3 | ||
OTHER INCOME (EXPENSE) | ||||
Allowance for equity funds used during construction | 7.5 | 7.0 | ||
Other net periodic benefit expense | (2.6) | (2.6) | ||
Other income | 13.6 | 7.0 | ||
Other expense | (12.3) | (4.5) | ||
Net other income | 6.2 | 6.9 | ||
INTEREST EXPENSE | ||||
Interest on long-term debt | 66.3 | 61.4 | ||
Allowance for borrowed funds used during construction | (3.6) | (4.5) | ||
Interest on short-term debt and other interest charges | (2.8) | 10.4 | ||
Interest expense | 59.9 | 67.3 | ||
INCOME BEFORE TAXES | 59.4 | 72.9 | ||
INCOME TAX EXPENSE | 9.2 | 10.2 | ||
NET INCOME | $ 50.2 | $ 62.7 | ||
BASIC AVERAGE COMMON SHARES OUTSTANDING | 206.3 | 201.2 | ||
DILUTED AVERAGE COMMON SHARES OUTSTANDING | 207.2 | 201.9 | ||
BASIC EARNINGS PER AVERAGE COMMON SHARE | $ 0.24 | $ 0.31 | ||
DILUTED EARNINGS PER AVERAGE COMMON SHARE | $ 0.24 | $ 0.31 | ||
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | ||||
(Unaudited) | ||||
Three Months Ended | ||||
March 31, | ||||
(In millions) | 2026 | 2025 | ||
OPERATING REVENUES | ||||
Revenues from contracts with customers | $ 736.7 | $ 741.1 | ||
Other revenues | 15.9 | 6.6 | ||
Operating revenues | 752.6 | 747.7 | ||
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE | 336.7 | 324.0 | ||
OPERATING EXPENSES | ||||
Other operation and maintenance | 136.8 | 121.8 | ||
Depreciation and amortization | 136.4 | 137.4 | ||
Taxes other than income | 29.9 | 31.2 | ||
Operating expenses | 303.1 | 290.4 | ||
OPERATING INCOME | 112.8 | 133.3 | ||
OTHER INCOME (EXPENSE) | ||||
Allowance for equity funds used during construction | 7.5 | 7.0 | ||
Other net periodic benefit expense | (2.5) | (2.5) | ||
Other income | 2.7 | 5.3 | ||
Other expense | (0.8) | (0.9) | ||
Net other income | 6.9 | 8.9 | ||
INTEREST EXPENSE | ||||
Interest on long-term debt | 60.6 | 55.6 | ||
Allowance for borrowed funds used during construction | (3.6) | (4.5) | ||
Interest on short-term debt and other interest charges | (7.0) | 5.7 | ||
Interest expense | 50.0 | 56.8 | ||
INCOME BEFORE TAXES | 69.7 | 85.4 | ||
INCOME TAX EXPENSE | 11.8 | 14.4 | ||
NET INCOME | $ 57.9 | $ 71.0 | ||
Other comprehensive income, net of tax | — | — | ||
COMPREHENSIVE INCOME | $ 57.9 | $ 71.0 | ||
FINANCIAL AND STATISTICAL DATA | ||||
FINANCIAL AND STATISTICAL DATA | ||||
Three Months Ended | ||||
March 31, | ||||
(Dollars in millions) | 2026 | 2025 | ||
Operating revenues by classification: | ||||
Residential | $ 260.4 | $ 287.3 | ||
Commercial | 212.0 | 208.8 | ||
Industrial | 60.7 | 62.2 | ||
Oilfield | 58.4 | 59.2 | ||
Public authorities and street light | 61.9 | 60.8 | ||
System sales revenues | 653.4 | 678.3 | ||
Provision for rate refund | — | 3.0 | ||
Integrated market | 47.3 | 21.3 | ||
Transmission | 40.7 | 39.8 | ||
Other | 11.2 | 5.3 | ||
Total operating revenues | $ 752.6 | $ 747.7 | ||
MWh sales by classification (In millions) | ||||
Residential | 2.1 | 2.5 | ||
Commercial | 2.8 | 2.7 | ||
Industrial | 1.0 | 1.0 | ||
Oilfield | 1.1 | 1.1 | ||
Public authorities and street light | 0.7 | 0.7 | ||
System sales | 7.7 | 8.0 | ||
Integrated market | 0.3 | 0.2 | ||
Total sales | 8.0 | 8.2 | ||
Number of customers | 915,232 | 908,851 | ||
Weighted-average cost of energy per kilowatt-hour (In cents) | ||||
Natural gas | 7.454 | 5.345 | ||
Coal | 2.576 | 2.745 | ||
Total fuel | 5.577 | 3.905 | ||
Total fuel and purchased power | 4.012 | 3.795 | ||
Degree days (A) | ||||
Heating - Actual | 1,383 | 1,900 | ||
Heating - Normal | 1,889 | 1,889 | ||
Cooling - Actual | 92 | 19 | ||
Cooling - Normal | 10 | 10 | ||
(A) Degree days are calculated as follows: The high and low degrees of a particular day are added together and then averaged. If the |
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SOURCE OGE Energy Corp.