OGE Energy Corp.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 29 October 2025: press release. Guidance figures: 1 kept. The quarter’s numbers.

Key takeaways

Diluted EPS rose to $1.14: The company reported diluted EPS of $1.14 for the third quarter 2025, against $1.09 in the third quarter 2024. Net income was $231.3 million versus $218.7 million. Source
OG&E earnings rose to $1.20: OG&E net income was $242.9 million, or $1.20 per diluted share, against $225.0 million, or $1.12, in the year-earlier quarter. Source
Capital investment recovery drove gain: Management attributed the OG&E net income increase primarily to increased recovery of capital investments. Source
Commercial revenue grew most: Commercial revenue rose to $319.1 million from $288.8 million, the largest increase by class. Residential revenue fell to $408.0 million from $422.8 million. Source
Rate refund provision absent this quarter: The provision for rate refund was nil in the third quarter 2025, compared with a $43.5 million provision in the third quarter 2024, which affects the year-over-year revenue comparison. Source
Natural gas cost per kWh rose: Natural gas cost was 3.190 cents per kWh versus 2.142. Coal was 2.765 cents versus 2.976. Total fuel and purchased power was 3.732 cents versus 3.448. Source
Turbine in-service dates no longer given: The previous release said the 550 MW would be operational in 2026 and two proposed turbines by end-2029. This release says more are planned, without those dates.

“Our third quarter results demonstrate the strength of our business and commitment of the team,”
Sean Trauschke, Chairman, President, and CEO of OGE Energy Corp.

Guidance

Area	Period	Figure	Against last quarter
Consolidated diluted EPS Source	full year 2025	top half of $2.21 to $2.33 per average diluted share	Kept

What changed from last quarter

Guidance kept: Full-year guidance stayed in the top half of the range. The second quarter release tied that position to year-to-date performance and economic growth, which the third quarter release does not repeat.

Consolidated third-quarter results

Diluted EPS rose to $1.14: The company reported diluted EPS of $1.14 for the third quarter 2025, against $1.09 in the third quarter 2024. Net income was $231.3 million versus $218.7 million. Source
Operating revenues rose to $1,045.0 million: Operating revenues were $1,045.0 million versus $965.4 million. Revenue from contracts with customers was $1,028.4 million, against $945.2 million. Source
Nine-month diluted EPS reached $1.99: For the nine months ended September 30, 2025, diluted EPS was $1.99 against $1.69, and net income was $401.5 million versus $339.6 million. Source

OG&E and holding company

OG&E earnings rose to $1.20: OG&E net income was $242.9 million, or $1.20 per diluted share, against $225.0 million, or $1.12, in the year-earlier quarter. Source
Capital investment recovery drove gain: Management attributed the OG&E net income increase primarily to increased recovery of capital investments. Source
Holding company loss widened: Other operations, including the holding company, lost $11.6 million, or $0.06 per share, against a loss of $6.3 million, or $0.03 per share a year earlier. Source

“With approximately 550 MW of new natural gas turbines under construction and more planned, we are proactively addressing the region’s growing energy needs as we maintain some of the lowest rates in the nation for our customers.”
Sean Trauschke, Chairman, President, and CEO of OGE Energy Corp.

Revenue by customer class

Commercial revenue grew most: Commercial revenue rose to $319.1 million from $288.8 million, the largest increase by class. Residential revenue fell to $408.0 million from $422.8 million. Source
Rate refund provision absent this quarter: The provision for rate refund was nil in the third quarter 2025, compared with a $43.5 million provision in the third quarter 2024, which affects the year-over-year revenue comparison. Source
Integrated market and transmission revenue rose: Integrated market revenue was $23.6 million versus $19.2 million. Transmission revenue was $38.8 million versus $36.6 million. Source

Sales volume and weather

Commercial sales rose, residential fell: Commercial sales were 3.5 million MWh versus 3.2 million, and residential sales were 3.1 million MWh versus 3.2 million. Source
Cooling degree days below last year: Actual cooling degree days were 1,288 against 1,387 a year earlier, compared with 1,265 normal for the quarter. Source
Nine-month heating above last year: Nine-month actual heating degree days were 2,056 against 1,812. Third-quarter heating degree days were nil, with 19 normal. Source

Fuel and operating costs

Fuel and purchased power expense rose: Fuel, purchased power and direct transmission expense was $388.5 million against $350.1 million. Nine-month expense was $973.6 million versus $776.2 million. Source
Natural gas cost per kWh rose: Natural gas cost was 3.190 cents per kWh versus 2.142. Coal was 2.765 cents versus 2.976. Total fuel and purchased power was 3.732 cents versus 3.448. Source
OG&E maintenance and depreciation rose: OG&E operation and maintenance expense was $143.5 million versus $131.4 million. Depreciation and amortization was $146.7 million versus $144.0 million. Source

Interest, taxes and new turbines

Long-term debt interest rose: OG&E interest on long-term debt was $60.6 million versus $53.6 million. Short-term debt and other interest was $(2.7) million versus $4.4 million. Source
OG&E income tax expense rose: OG&E income tax expense was $51.3 million versus $45.7 million. Nine-month expense was $89.0 million versus $71.8 million. Source
Turbine in-service dates no longer given: The previous release said the 550 MW would be operational in 2026 and two proposed turbines by end-2029. This release says more are planned, without those dates.

Figures management reported

Figure	Reported
Customer growth (number of customers) Source	910,464 (vs 904,900 a year earlier)
Load growth (total MWh sales) Source	9.9 million MWh (vs 9.7 million)

Risks management discussed

External: The 2025 guidance assumes normal weather for the rest of the year. The release notes OG&E earnings are seasonal and driven by weather. Source
Financial: Higher interest expense was the main reason for the holding company's larger loss, partly offset by a higher income tax benefit. Source

Earlier plans management reported on

Not stated: Management said guidance remains in the top half of the original 2025 range, referring back to the prior position. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

OGE Energy Corp. reports third quarter 2025 results

OKLAHOMA CITY - OGE Energy Corp. (NYSE: OGE), the parent company of Oklahoma Gas and Electric Company ("OG&E"), today reported earnings of $1.14 per diluted share during the three months that ended September 30, 2025, compared to $1.09 per diluted share in the third quarter 2024.

OG&E, a regulated electric company, contributed earnings of $1.20 per diluted share, compared to earnings of $1.12 per diluted share in the third quarter 2024.

Other operations, which includes the holding company, contributed a loss of $0.06 per diluted share, compared to a loss of $0.03 per diluted share in the third quarter 2024.

“Our third quarter results demonstrate the strength of our business and commitment of the team," stated Sean Trauschke, Chairman, President, and CEO of OGE Energy Corp. "With approximately 550 MW of new natural gas turbines under construction and more planned, we are proactively addressing the region’s growing energy needs as we maintain some of the lowest rates in the nation for our customers."

Third Quarter 2025 results

OG&E contributed net income of $242.9 million, or $1.20 per diluted share, in the third quarter compared to $225.0 million, or $1.12 per diluted share, in the same period 2024. The increase in net income was primarily due to increased recovery of capital investments, partially offset by higher operation and maintenance expense, income tax expense, and milder weather.

Other Operations resulted in a loss of $11.6 million, or $0.06 per share, in the third quarter compared to a loss of $6.3 million, or $0.03 per diluted share, in the same period 2024. The increase in net loss was primarily due to higher interest expense, partially offset by higher income tax benefit.

OGE Energy's net income was $231.3 million or $1.14 per diluted share in the third quarter, compared to earnings of $218.7 million, or $1.09 per diluted share, in the same period 2024.

2025 Outlook

OGE Energy’s 2025 consolidated earnings guidance remains projected to be in the top half of its original 2025 earnings guidance range of $2.21 to $2.33 per average diluted share. This guidance assumes, among other things, normal weather for the remainder of the year. OG&E has significant seasonality in its earnings due to weather on a year-over-year basis. See OGE Energy’s 2024 Form 10-K for other key factors and assumptions underlying its 2025 guidance.

Conference Call Webcast

OGE Energy Corp. will host an earnings and business update conference call on Wednesday, October 29, 2025, at 8 a.m. CDT. The conference will be available through the Investor Center at www.oge.com.

Forward-looking statements notice

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 their 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 emerging industries such as cryptocurrency; 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 September 30, 2025; 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, 2024.

Note: Condensed Consolidated Statements of Income for OGE Energy Corp., Condensed Statements of Income and Comprehensive Income for Oklahoma Gas & Electric Company, and Financial and Statistical Data for Oklahoma Gas & Electric Company attached.

OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In millions, except per share data)	2025	2024	2025	2024
OPERATING REVENUES
Revenues from contracts with customers	$1,028.4	$945.2	$2,489.2	$2,171.9
Other revenues	16.6	20.2	45.1	52.9
Operating revenues	1,045.0	965.4	2,534.3	2,224.8
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE	388.5	350.1	973.6	776.2
OPERATING EXPENSES
Other operation and maintenance	143.3	131.4	392.2	394.2
Depreciation and amortization	146.7	144.0	424.7	408.7
Taxes other than income	25.2	26.7	82.6	82.6
Operating expenses	315.2	302.1	899.5	885.5
OPERATING INCOME	341.3	313.2	661.2	563.1
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction	6.3	6.9	19.3	18.2
Other net periodic benefit income (expense)	(2.7)	1.7	(8.2)	5.0
Other income	6.1	6.8	30.3	20.2
Other expense	(4.6)	(4.7)	(14.3)	(15.8)
Net other income	5.1	10.7	27.1	27.6
INTEREST EXPENSE
Interest on long-term debt	66.4	59.6	194.4	166.5
Allowance for borrowed funds used during construction	(3.7)	(3.9)	(11.9)	(10.7)
Interest on short-term debt and other interest charges	6.9	8.5	26.6	33.5
Interest expense	69.6	64.2	209.1	189.3
INCOME BEFORE TAXES	276.8	259.7	479.2	401.4
INCOME TAX EXPENSE	45.5	41.0	77.7	61.8
NET INCOME	$231.3	$218.7	$401.5	$339.6
BASIC AVERAGE COMMON SHARES OUTSTANDING	201.5	200.9	201.3	200.7
DILUTED AVERAGE COMMON SHARES OUTSTANDING	202.1	201.5	202.0	201.2
BASIC EARNINGS PER AVERAGE COMMON SHARE	$1.15	$1.09	$1.99	$1.69
DILUTED EARNINGS PER AVERAGE COMMON SHARE	$1.14	$1.09	$1.99	$1.69

OKLAHOMA GAS AND ELECTRIC COMPANY

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(In millions)	2025	2024	2025	2024
OPERATING REVENUES
Revenues from contracts with customers	$1,028.4	$945.2	$2,489.2	$2,171.9
Other revenues	16.6	20.2	45.1	52.9
Operating revenues	1,045.0	965.4	2,534.3	2,224.8
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE	388.5	350.1	973.6	776.2
OPERATING EXPENSES
Other operation and maintenance	143.5	131.4	391.6	394.0
Depreciation and amortization	146.7	144.0	424.7	408.7
Taxes other than income	25.2	26.7	82.6	82.6
Operating expenses	315.4	302.1	898.9	885.3
OPERATING INCOME	341.1	313.2	661.8	563.3
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction	6.3	6.9	19.3	18.2
Other net periodic benefit income (expense)	(2.7)	1.9	(7.8)	5.5
Other income	4.2	3.4	13.6	8.6
Other expense	(0.5)	(0.6)	(1.9)	(3.9)
Net other income	7.3	11.6	23.2	28.4
INTEREST EXPENSE
Interest on long-term debt	60.6	53.6	177.0	156.0
Allowance for borrowed funds used during construction	(3.7)	(3.9)	(11.9)	(10.7)
Interest on short-term debt and other interest charges	(2.7)	4.4	9.3	15.1
Interest expense	54.2	54.1	174.4	160.4
INCOME BEFORE TAXES	294.2	270.7	510.6	431.3
INCOME TAX EXPENSE	51.3	45.7	89.0	71.8
NET INCOME	$242.9	$225.0	$421.6	$359.5
Other comprehensive income, net of tax	-	-	-	-
COMPREHENSIVE INCOME	$242.9	$225.0	$421.6	$359.5

OKLAHOMA GAS AND ELECTRIC COMPANY

FINANCIAL AND STATISTICAL DATA

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(Dollars in millions)	2025	2024	2025	2024
Operating revenues by classification:
Residential	$408.0	$422.8	$956.3	$898.1
Commercial	319.1	288.8	753.8	626.1
Industrial	81.6	79.0	204.0	190.0
Oilfield	73.1	68.1	185.5	166.4
Public authorities and street light	87.7	86.8	213.0	198.6
System sales revenues	969.5	945.5	2,312.6	2,079.2
Provision for rate refund	-	(43.5)	3.0	(43.5)
Integrated market	23.6	19.2	71.2	51.3
Transmission	38.8	36.6	120.7	114.7
Other	13.1	7.6	26.8	23.1
Total operating revenues	$1,045.0	$965.4	$2,534.3	$2,224.8
MWh sales by classification (In millions)
Residential	3.1	3.2	7.7	7.8
Commercial	3.5	3.2	9.3	7.8
Industrial	1.1	1.1	3.1	3.2
Oilfield	1.1	1.1	3.2	3.3
Public authorities and street light	0.9	0.9	2.3	2.4
System sales	9.7	9.5	25.6	24.5
Integrated market	0.2	0.2	0.6	0.6
Total sales	9.9	9.7	26.2	25.1
Number of customers	910,464	904,900	910,464	904,900
Weighted-average cost of energy per kilowatt-hour (In cents)
Natural gas	3.190	2.142	3.704	2.453
Coal	2.765	2.976	2.759	3.064
Total fuel	2.965	2.277	3.243	2.487
Total fuel and purchased power	3.732	3.448	3.549	2.953
Degree days (A)
Heating - Actual	-	-	2,056	1,812
Heating - Normal	19	19	2,158	2,155
Cooling - Actual	1,288	1,387	1,886	2,139
Cooling - Normal	1,265	1,268	1,828	1,831

(A)

Degree days are calculated as follows: The high and low degrees of a particular day are added together and then averaged. If the calculated average is above 65 degrees, then the difference between the calculated average and 65 is expressed as cooling degree days, with each degree of difference equaling one cooling degree day. If the calculated average is below 65 degrees, then the difference between the calculated average and 65 is expressed as heating degree days, with each degree of difference equaling one heating degree day. The daily calculations are then totaled for the particular reporting period. The calculation of heating and cooling degree normal days is based on a 30-year average and weighted on a jurisdictional split.