# OGE Energy Corp. (OGE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/OGE/thesis · /stocks/OGE/memo

## Financial Snapshot

---
ticker: OGE
step: 04
generated: 2026-05-13
source: quick-research
---

### OGE Energy Corp. (OGE) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $3.38B* | $2.67B | $2.99B | +11.6% |
| Operating Margin | ~14% | ~22% | ~22% | flat |
| Net Income | $666M* | $417M | $442M | +6.0% |
| EPS (diluted) | $3.32* | $2.07 | $2.19 | +5.8% |

*FY2022 includes $1.16/share from midstream (Energy Transfer units sold); underlying utility EPS ~$2.16. Revenue decline in 2023 reflects midstream exit, not utility deterioration.*

*FY2025: EPS $2.32 (+5.9%); 7% weather-normalized load growth*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$600M |
| Free Cash Flow | Modestly negative (capex cycle) |
| Capital Expenditures | ~$700M |
| Cash & Equivalents | ~$50M |
| Total Debt | ~$3.5B |

#### Key Ratios (approximate)
- P/E: ~20x (adj.) | EV/EBITDA: ~11x | Dividend Yield: ~3.5%
- EPS CAGR (utility, 2023–2025): ~6% | Load growth (weather-normalized, 2025): ~7%

#### Growth Profile
OGE's utility earnings have grown at a steady 5–7% annual rate post-midstream exit, driven by infrastructure investment and modest customer growth in Oklahoma. The step-change catalyst is data centers: a 1 GW Google commitment and 7% weather-normalized load growth in 2025 signal a potential acceleration from the historical 5–6% growth rate. The company plans to file an Oklahoma rate case to recover costs from 1.9 GW of new capacity additions required to serve growing demand.

#### Forward Estimates
- FY2025 EPS: $2.32 (+5.9% vs FY2024)
- FY2026 EPS guidance: $2.43 (+4.7%)
- New capacity: 1.9 GW planned (gas, renewables, storage)
- Google data center: 1 GW contract; 3 facilities in Oklahoma
- Oklahoma rate case: planned filing 2025/2026
- Analyst avg. price target: ~$48.89 (consensus Buy, 9 analysts)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/OGE/fundamental

## Navigation

- Overview: /stocks/OGE
- Financials (this page): /stocks/OGE/financials
- Thesis: /stocks/OGE/thesis
- Investment Memo: /stocks/OGE/memo
- Coverage universe: /stocks