OGE Energy Raises 2026 Earnings Outlook to $2.62-$2.68 Per Share

OGE Energy raised its 2026 earnings range after stronger electricity sales in an unusually warm third quarter and increased its multiyear investment plan by $555 million.

The company now expects consolidated earnings of $2.62 to $2.68 per average diluted share, compared with its previous forecast of $2.38 to $2.48. OGE Energy set the earlier range on July 29. The updated estimate assumes normal weather for the remainder of 2026. Its July outlook also assumed normal weather, and the utility's earnings are seasonal.

For the quarter ended Sept. 30, OGE Energy posted net income of $316.2 million, or $1.52 per diluted share. In the year-earlier quarter, it recorded $231.3 million in net income and $1.14 per diluted share. Sales increased during significantly warmer weather, while higher income-tax expense partly reduced the earnings gain.

OGE Energy is the parent company of Oklahoma Gas and Electric (OG&E), a regulated utility serving Oklahoma and western Arkansas. OG&E serves about 919,000 customers. The earnings forecast covers OGE Energy's consolidated results; the service area and customer count refer to its utility subsidiary.

On Oct. 28, OGE Energy announced an inaugural at-the-market equity program authorizing up to $750 million in common stock issuance. The company expects to raise about $200 million in additional equity through the program over its planning horizon. The $750 million authorization is the maximum amount permitted under the program; about $200 million is the expected equity contribution for the expanded plan.

The capital plan increase includes $395 million for the Frontier Energy Storage Project, which received regulatory approval during the third quarter, and $160 million for transmission investments. The transmission work is planned between 2027 and 2030. Together, those additions account for the full $555 million increase.

Chief Financial Officer Chuck Walworth described the financing effort as an “inaugural at-the-market equity program.” Chairman, President and CEO Sean Trauschke credited the team with delivering “reliable service through record-setting weather conditions.”