OGE Energy NYSE: OGE reported consolidated earnings of $2.32 per share for 2025, supported by higher earnings at the electric utility and continued customer and load growth across its service territory. Management also introduced its 2026 earnings outlook of $2.38 to $2.48 per share (midpoint $2.43) and reiterated a 5% to 7% long-term EPS growth target off that higher starting point.
2025 results and key drivers
Chairman, President and CEO Sean Trauschke said 2025 was “another strong year” that continued the company’s momentum and positioned it for what he described as a “long runway of future growth with generation and transmission opportunities.” The company reported consolidated earnings of $2.32 per share for the year, comprised of $2.47 per share at the electric company and a holding company loss of $0.15.
CFO Chuck Walworth said consolidated net income for 2025 was approximately $471 million, or $2.32 per diluted share, compared with $442 million, or $2.19, in 2024. At the electric company, net income rose to approximately $500 million, or $2.47 per share, from $470 million, or $2.33 per share, driven by recovery of capital investments and strong load growth. The holding company posted a $29 million loss, or $0.15 per share, which Walworth attributed to higher interest expense partially offset by a one-time legacy midstream benefit.
On operations and demand, Walworth said customer growth was “just under 1%” and weather-normalized load grew approximately 7% in 2025, reflecting strong local economies and what management described as a sustainable model built on low rates and reliable service.
2026 guidance and growth expectations
For 2026, Walworth guided to consolidated EPS of $2.38 to $2.48, with a midpoint of $2.43. He said the midpoint represents a 7% increase from the 2025 midpoint and noted that since becoming a “pure-play electric company,” OGE has “consistently delivered at the high end” of its guidance ranges.
The company expects customer count to increase about 1% in 2026 and weather-normalized load to grow 4% to 6%. In response to an analyst question about the apparent moderation versus 2025, management said load growth can ebb and flow year to year and pointed to a broader trend averaging around 5% since 2021. Walworth added that there is “much more certainty around customer X” as the company prepares to finalize that agreement.
Walworth also highlighted the longer-term load picture, saying total retail weather-normalized load is up more than 24% since 2021.
Capital plan, financing, and rate base discussion
Management emphasized its focus on affordability, pointing to low rates in its states and region and saying O&M per customer growth over the past decade has been less than 1%. Trauschke said that affordability remains foundational to the company’s growth prospects.
On financing, Walworth said the company expects to issue approximately $300 million of debt at the electric utility in 2026, with no long-term debt issuance planned at the holding company. He also referenced an equity issuance completed last November that was intended to support roughly $1 billion of incremental capital expenditures added through 2030, adding that the transaction “satisfies our equity needs through 2030 under the current plan.”
Walworth said the company expects FFO to Debt of approximately 17% through 2030. The company is targeting a 60% to 70% dividend payout ratio with a “stable and growing dividend,” with EPS expected to grow faster than dividends to support that goal.
In Q&A, management addressed how to think about the linkage between the company’s investment plan and rate base growth. Walworth pointed to a slide in the company’s materials indicating about 9% rate base growth under the current plan, while noting that the company also discussed potential incremental opportunities beyond that plan.
Generation and large-load initiatives
Trauschke said the company filed for generation pre-approval of the 300 MW Frontier Energy Storage Project and expects to secure approval in both states. Looking ahead, he said the company issued two RFPs and a draft 2026 integrated resource plan (IRP), and it expects to pursue additional generation pre-approval filings after RFP results.
Walworth said growth in the customer base and Southwest Power Pool (SPP) policy changes are driving increased capacity needs. In January, the company issued:
- A draft RFP for bridge capacity between 2027 and 2032
- An all-source RFP for accredited capacity available for 2032
He said the company expects bid selection in the third quarter, followed by pre-approval filings before year-end. The draft IRP identifies approximately 1.9 GW of capacity needs by 2031, including about 800 MW driven by SPP policy changes. Walworth said that 1.9 GW need is incremental to the 300 MW Frontier project.
Management also discussed “Customer X,” described as a data center customer in the IRP. Trauschke said the company is finalizing a 1 GW contract with that customer and plans to file both the agreement and a large load tier by mid-year. In response to questions about customer protections, management said the framework includes measures such as ensuring the large customer pays its fair share, minimum terms, and collateral requirements, and it reiterated a stated priority of protecting residential customers.
On the large-load pipeline beyond Customer X, management said it remains in negotiations with six to seven large load customers in various stages, but it has not included additional customers in the IRP at this time.
Transmission opportunities and regulatory filings
On transmission, management said SPP finalized its 2025 Integrated Transmission Plan (ITP) portfolio. Trauschke said SPP determined several large projects will be considered short-term reliability projects, and OG&E was assigned a significant portion of the Seminole-to-Shreveport 765-kV line. Walworth said the company was also allocated several additional transmission and substation projects and expects to refine estimates and schedules for the portfolio, with anticipated acceptance of notices to construct in the second half of the year and additions to the investment plan at that time.
In response to an analyst question, management said it is still early in the process, with routing yet to be determined, but Trauschke characterized the transmission assignment—along with associated work—as potentially “on the order of 20% of our current capital plan,” while emphasizing that estimate was preliminary.
On regulatory timing, Walworth said OGE plans to file a rate review in Oklahoma this summer, with new rates in 2027, and is evaluating a potential filing in Arkansas by year-end. Trauschke separately said the company plans to file a rate review mid-year in Oklahoma and will evaluate the timing of an Arkansas rate review later in the year.
About OGE Energy NYSE: OGE
OGE Energy Corp. NYSE: OGE is an energy and infrastructure holding company headquartered in Oklahoma City, Oklahoma. Through its principal subsidiary, Oklahoma Gas & Electric Company, the company provides regulated electric service to residential, commercial and industrial customers across Oklahoma and western Arkansas. Its diversified generation mix includes coal, natural gas and wind-powered facilities, complemented by ongoing investments in grid modernization and smart technology to enhance reliability and customer satisfaction.
In addition to its core electric utility operations, OGE Energy Corp.
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