OGE Energy Corp. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $3.4 billion, which rose 2.4% on the year before. That growth rate was up 1.8 percentage points on the rate a quarter earlier.
What stands out in the filings
Net income rose 9.6% over the year while free cash flow fell 69.6%: reported profit and cash are moving at different speeds.
What the company earns
Reported profit is running well ahead of the cash. The trailing gross margin was 62.0%. The trailing operating margin was 25.8%, up 0.2 percentage points from a year earlier. Meanwhile, the trailing net margin was 16.4%. Net income over the twelve months was $551.9 million, which rose 9.6% on the year before.
Where the cash went
The cash flow statement shows a decline. Operating cash flow over the twelve months was $1.3 billion, up 45.0% on the year before. Capital spending was $1.1 billion, or 31.7% of revenue. Free cash flow, operating cash flow less capital spending, was $209.2 million, down 69.6% on the year before. Free cash flow was 6.2% of revenue (the free-cash-flow margin), up 11.3 percentage points from a year earlier.
Share count
Growth is speeding up. The average diluted share count rose 2.4% over the year.
Against its own history
Set against the company's own record: today's free-cash-flow margin of 6.2% is higher than 75% of the company's own past quarterly readings, which have ranged from −30.7% to 20.2%. Today's operating margin of 25.8% is above every past reading (14.9% to 25.7%). Today's twelve-month revenue growth rate of 2.4% is higher than 66% of past readings (−33.4% to 72.2%).
Guidance
The company kept its 2026 guidance for consolidated earnings guidance at $2.43.
The valuation angle
Our model translates these figures into value. A free-cash-flow margin 1 percentage point lower would lower it by 60.4%.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
