OGE Energy Corp. Q1 2026 Earnings Recap

OGE Energy shares closed up 2.5% after first-quarter results that were largely in line with expectations, as mild weather weighed on earnings but management reaffirmed full-year guidance and announced new long-term contracts with Google.

Key Takeaways

• First-quarter consolidated earnings were $0.24 per share, down from $0.31 a year ago; the electric business net income decreased to $0.28 per share from $0.35, primarily due to mild weather and O&M timing.
• Management reiterated 2026 EPS guidance of $2.43 (range: $2.38–$2.48), assuming normal weather over the remainder of the year.
• New long-term agreements with Google, covering multiple Oklahoma data centers, are expected to be filed soon, providing visibility on future load growth.
• Customer growth remains just under 1% year-over-year, with overall weather-normalized load reported as stable.
• Ongoing capital investment includes commissioning of a new 98 MW gas plant, additional generation and storage projects totaling 1.7 GW, and anticipated regulatory filings for rates and large load tariffs throughout the year.