OGE Energy Corporation

OGE Energy is a holding company whose main business is one electric utility, Oklahoma Gas and Electric Company (OG&E). OG&E was founded in 1902 and is Oklahoma's largest electric company. It generates, transmits, distributes and sells electricity to about 913,000 customers across a 30,000-square-mile area that includes Oklahoma City and Fort Smith, Arkansas. In 2025, 92% of its electric revenue came from Oklahoma and the rest from western Arkansas. In 2022 it left its former pipeline (midstream) business by selling its Energy Transfer shares.

Revenue was about $3.26 billion in 2025. Households are the largest source, followed by commercial customers. Commercial electricity use grew faster than any other customer group's from 2023 to 2025. Industrial and oilfield customers, public authorities and street lighting, and transmission fees supply most of the rest. OG&E bought more power than it generated in 2025.

OG&E cannot set its own prices. Oklahoma regulators oversee 88% of its electric revenue, Arkansas regulators 7% and federal regulators 5%. Rates cover operating costs plus an authorized return, which is the profit regulators allow on money invested. So earnings tend to grow as OG&E builds approved plants and power lines. A fuel adjustment clause passes actual fuel and purchased-power costs on to customers, but regulators can refuse costs they judge imprudent. Rural cooperatives and city-owned systems also compete with OG&E, because Oklahoma law bars exclusive utility franchises.

• In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.18B, up 13.2% from a year earlier, and net income was $316.2M (+36.7%).
• For fiscal 2025, revenue was $3.26B (+9.2% year over year; +9.0% a year from FY2020 to FY2025) with a 14.4% net margin.

• Over FY2021–FY2025: $0.00 in buybacks and $1.67B in dividends.
• At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +1.4% a year over 5 years (FY2020–FY2025).
• Dividends took 72.6% of earnings and 413.4% of free cash flow in the latest fiscal year.
• Shares outstanding changed +3.3% from Dec 31, 2021 to Sep 30, 2026.

Rank among 1514 US companies

Market value at each year end

OGE Energy’s market value went from $6.68B at the end of 2016 to $10.10B on Oct 28, 2026, up 51%; since the end of 2025 it is up 17%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($500K) and 3 sales ($945K).

Large shareholders (13G filings)

ETFs with the most weight in OGE

1. Regulators decide what OG&E can charge. Profits depend on Oklahoma, Arkansas and federal regulators approving rates that cover costs and a return on capital. They may deny or delay increases, cut the authorized return, or even lower rates.
2. Fuel costs could be disallowed. Fuel and purchased-power costs pass through to customers, but regulators can later rule the spending unreasonable and block recovery. The company calls recovering costs after fuel-price rises a significant risk.
3. Big grid spending needs regulators' approval. OG&E is expanding generation and the grid for what it calls unprecedented demand. If regulators won't allow those costs into rates, earnings suffer. Free cash flow (cash left after investment) was $82.7 million in 2025.
4. Severe weather can damage the grid. Tornadoes, ice storms, windstorms, flooding, droughts and wildfires can knock out equipment and raise repair costs. Unusually mild summers or winters also reduce electricity sales.
5. Debt load and interest-rate sensitivity. Total debt was about $5.85 billion as of September 30, 2026, more than shareholders' equity of $5.22 billion. A credit-rating cut or higher interest rates would raise financing costs, and debt could grow further.
6. Environmental and climate rules add costs. Air, water and greenhouse-gas rules could limit output from fossil-fuel plants or require costly pollution controls. EPA power-plant carbon rules finalized in 2024 could still change before taking effect.

• Oct 28, 2026 Other company announcement
• Oct 28, 2026 Quarterly results released
• Oct 8, 2026 Executive or board change
• Aug 3, 2026 Executive or board change
• Jul 29, 2026 Quarterly results released
• Jun 15, 2026 Major agreement signed; New debt or financial obligation
• May 14, 2026 Shareholder vote results; Other company announcement
• Apr 29, 2026 Quarterly results released
• Apr 15, 2026 Executive or board change
• Apr 1, 2026 Other company announcement

OGE Energy has raised its dividend at least nine straight years through FY2025, though raises are small: dividends per share rose from $1.58 in 2020 to $1.69 in 2025, about 1.4% a year. The yield was 3.52% as of October 28, 2026. In 2025 the dividend took 72.6% of earnings, above the company's 60% to 70% target, and 413% of free cash flow (cash left after investment), so outside financing covers the gap. Management expects earnings to outgrow the dividend for several years. There were no buybacks from FY2021 to FY2025; the share count rose 3.3% from December 2021 to September 2026.

The shares have fallen sharply in crashes. They dropped 46.6% in the 2008 financial crisis, recovering about 9 months after the low. In the 2020 COVID crash they fell 47.6% and took about 24 months to recover; in 2022 they slid 19.6% and needed about 22 months. A single stock carries more risk than a diversified fund.