OGE Energy
OGE · NYSEElectric Services · Fiscal year ends Dec 31
OGE Energy reported revenue of $3.2B in the fiscal year ended Dec 2025, up 9.4% from the year before. Operating income was $799M, an operating margin of 25.1%, and net income was $471M. Operating cash flow of $1.1B less capital expenditure of $1.1B left free cash flow of $83M. Net debt was $5.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.6B | $3.3B | $2.6B | $2.9B | $3.2B |
| Cost of revenue | $2.1B | $1.7B | $912M | $1.1B | $1.3B |
| Gross profit | $1.5B | $1.6B | $1.7B | $1.8B | $1.9B |
| Selling, general & admin | $139M | $136M | $148M | – | – |
| Operating income | $544M | $650M | $650M | $745M | $799M |
| Interest expense | $158M | $166M | $221M | $255M | $270M |
| Pre-tax income | $879M | $789M | $473M | $521M | $561M |
| Income tax | $141M | $124M | $56M | $79M | $90M |
| Net income | $737M | $666M | $417M | $442M | $471M |
| Diluted EPS | 3.68 | 3.32 | 2.07 | 2.19 | 2.32 |
| Diluted shares | 200M | 201M | 201M | 201M | 203M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $0 | $88M | $200,000 | $600,000 | $200,000 |
| Receivables | $162M | $250M | $209M | $241M | $348M |
| Inventory | $41M | $109M | $159M | $148M | $112M |
| Current assets | $614M | $1.3B | $772M | $895M | $858M |
| Net PP&E | $9.8B | $10.5B | $11.3B | $12.1B | $12.7B |
| Total assets | $12.6B | $12.5B | $12.8B | $13.7B | $14.4B |
| Payables | $274M | $449M | $276M | $306M | $351M |
| Deferred revenue | $81M | $89M | $104M | $111M | $127M |
| Current liabilities | $1.1B | $1.8B | $1.2B | $1.2B | $1.1B |
| Short-term debt | $0 | $1,000M | $0 | $32M | $0 |
| Long-term debt | $4.5B | $3.5B | $4.3B | $5B | $5.4B |
| Total liabilities | $8.6B | $8.1B | $8.3B | $9.1B | $9.4B |
| Shareholders' equity | $4.1B | $4.4B | $4.5B | $4.6B | $5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$230M | $952M | $1.2B | $813M | $1.1B |
| Capital expenditure | $779M | $1.1B | $1.2B | $1.1B | $1.1B |
| Free cash flow | −$1B | −$99M | $54M | −$278M | $83M |
| Depreciation & amortisation | $416M | $461M | $507M | $540M | $560M |
| Stock-based compensation | $10M | $10M | $13M | $12M | $14M |
| Dividends paid | $325M | $329M | $333M | $339M | $342M |
| Dividend per share | 1.63 | 1.65 | 1.66 | 1.68 | 1.69 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −7.9% | −21.1% | 11.9% | 9.4% |
| Operating income growth (YoY) | – | 19.3% | 0.1% | 14.6% | 7.3% |
| EPS growth (YoY) | – | −9.8% | −37.7% | 5.8% | 5.9% |
| Gross margin | 40.7% | 49.7% | 65.0% | 63.1% | 60.5% |
| Operating margin | 15.2% | 19.7% | 24.9% | 25.6% | 25.1% |
| Net margin | 20.5% | 20.1% | 16.0% | 15.1% | 14.8% |
| Return on equityBlank when equity is negative | 18.2% | 15.1% | 9.2% | 9.5% | 9.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.7% | 6.0% | 5.6% | 6.0% | 6.0% |
| Free cash flow margin | −28.1% | −3.0% | 2.1% | −9.5% | 2.6% |
| Cash conversion (CFO ÷ net income) | −0.31x | 1.43x | 2.96x | 1.84x | 2.42x |
| Receivable days | 17 | 28 | 29 | 30 | 40 |
| Inventory days | 7 | 24 | 63 | 50 | 32 |
| Payable days | 47 | 99 | 111 | 104 | 102 |
| Interest cover | 3.44x | 3.91x | 2.94x | 2.93x | 2.96x |
| Debt ÷ equity | 1.11x | 1.03x | 0.96x | 1.09x | 1.08x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.5B | $4.5B | $4.3B | $5.1B | $5.4B |
| Current ratio | 0.56x | 0.74x | 0.65x | 0.73x | 0.78x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.