OGE Energy (OGE) Q1 2026 earnings summary

Executive summary

• Q1 2026 diluted EPS was $0.24, down from $0.31 year-over-year, mainly due to mild weather and higher O&M expenses, partially offset by lower depreciation and interest expense.

• Regulated electric operations contributed $0.28 per diluted share, compared to $0.35 in Q1 2025, while other operations posted a loss of $0.04 per share, unchanged year-over-year.

• Full-year 2026 consolidated earnings guidance is affirmed at $2.43 per share, within a range of $2.38–$2.48, assuming normal weather.

• Customer growth continued at just under 1%, with stable year-over-year load and ongoing major contracts with Google for data centers.

• Major generation and storage projects are underway, including new gas, solar capacity, and the Frontier Energy Storage Project.

Financial highlights

• Q1 2026 consolidated net income was $50.2 million ($0.24/share), down from $62.7 million ($0.31/share) in Q1 2025.

• Operating revenues increased slightly to $752.6 million from $747.7 million, with higher fuel and purchased power costs offset by lower customer usage.

• Operating income for the quarter was $113.1 million, down from $133.3 million year-over-year.

• Other operation and maintenance expense increased 12.3% to $136.8 million, driven by energy efficiency programs, professional services, and uncollectible accounts.

• Cash flow from operations was $175.5 million, up significantly from $15.9 million in the prior year period.

Outlook and guidance

• 2026 consolidated earnings guidance remains $2.43 per share, range $2.38–$2.48, with EPS CAGR guidance at 5%-7% through 2030.

• Short-term load growth guidance maintained at 4%-6% for the year.

• Capital expenditure plans for 2026–2030 remain unchanged, focused on grid reliability, resiliency, and customer growth.

• No additional external equity required under current five-year investment plan, except modest DRIP; forward equity agreements for 4.6 million shares to be settled by May 2027.

• Long-term growth outlook supported by Google contracts and ongoing project approvals.