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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to_____


Commission File Number	Exact name of registrants as specified in their charters, address of principal executive offices and registrants' telephone number	I.R.S. Employer Identification No.
1-12579	OGE ENERGY CORP.	73-1481638
1-1097	OKLAHOMA GAS AND ELECTRIC COMPANY	73-0382390

321 North Harvey

P.O. Box 321

Oklahoma City, Oklahoma 73101-0321

405-553-3000

State or other jurisdiction of incorporation or organization: Oklahoma

Securities registered pursuant to Section 12(b) of the Act:


Registrant	Title of each class	Trading Symbol(s)	Name of each exchange on which registered
OGE Energy Corp.	Common Stock	OGE	New York Stock Exchange
Oklahoma Gas and Electric Company	None	N/A	N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

OGE Energy Corp. ☑ Yes ☐ No Oklahoma Gas and Electric Company ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

OGE Energy Corp. ☑ Yes ☐ No Oklahoma Gas and Electric Company ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.


OGE Energy Corp.	Large accelerated filer	☑	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐
Oklahoma Gas and Electric Company	Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☑	Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

OGE Energy Corp. ☐ Yes ☑ No Oklahoma Gas and Electric Company ☐ Yes ☑ No

At March 31, 2026, there were 206,374,321 shares of OGE Energy Corp.'s common stock, par value $0.01 per share, outstanding.

At March 31, 2026, there were 40,378,745 shares of Oklahoma Gas and Electric Company's common stock, par value $2.50 per share, outstanding, all of which were held by OGE Energy Corp. There were no other shares of capital stock of the registrants outstanding at such date.

Oklahoma Gas and Electric Company meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this form with the reduced disclosure format permitted by General Instruction H(2).

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS


	Page
GLOSSARY OF TERMS	ii
FILING FORMAT AND FORWARD-LOOKING STATEMENTS	1

Part I - FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)	3
OGE Energy Corp. Condensed Consolidated Financial Statements	3
Oklahoma Gas and Electric Company Condensed Financial Statements	9
Combined Notes to Condensed Financial Statements	14

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	29

Item 3. Quantitative and Qualitative Disclosures About Market Risk	39

Item 4. Controls and Procedures	40

Part II - OTHER INFORMATION
Item 1. Legal Proceedings	41

Item 1A. Risk Factors	41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	41

Item 5. Other Information	41

Item 6. Exhibits	41

Signature	42

GLOSSARY OF TERMS

The following is a glossary of frequently used abbreviations that are found throughout this Form 10-Q.


Abbreviation	Definition
2025 Form 10-K	Annual Report on Form 10-K for the year ended December 31, 2025
Act 373	Arkansas Act 373, also known as the Generating Arkansas Jobs Act of 2025
APSC	Arkansas Public Service Commission
ASU	Financial Accounting Standards Board Accounting Standards Update
CO2	Carbon dioxide
COVID-19	Novel Coronavirus disease
CWIP	Construction work in progress
Dry Scrubber	Dry flue gas desulfurization unit with spray dryer absorber
EPA	U.S. Environmental Protection Agency
Federal Clean Water Act	Federal Water Pollution Control Act of 1972, as amended
FERC	Federal Energy Regulatory Commission
FIP	Federal Implementation Program
FSAs	Forward equity sale agreements, entered into with Morgan Stanley & Co. LLC and JPMorgan Chase Bank, National Association, New York Branch on November 20 and 21, 2025 in conjunction with OGE Energy's November 2025 public equity offering
GAAP	Accounting principles generally accepted in the U.S.
IRP	Integrated Resource Plan
kV	Kilovolt
LRE	Load Responsible Entity
MW	Megawatt
MWh	Megawatt-hour
NAAQS	National Ambient Air Quality Standard
NOX	Nitrogen oxide
OCC	Oklahoma Corporation Commission
ODEQ	Oklahoma Department of Environmental Quality
OG&E	Oklahoma Gas and Electric Company, wholly-owned subsidiary of OGE Energy
OGE Energy	OGE Energy Corp., collectively with its subsidiaries, holding company and parent company of OG&E
Other operations	Other operations primarily includes the operations of the holding company, other energy-related investments and consolidating eliminations
Pension Plan	Qualified defined benefit retirement plan
PISA	Plant-in-service accounting, as allowed by Oklahoma Senate Bill 998, which established a regulatory asset to defer for recovery certain depreciation expense and return associated with qualified plant investments that are not classified as transmission or new generation
PM	Particulate matter
Regional Haze	The EPA's Regional Haze Rule
Registrants	OGE Energy and OG&E
Restoration of Retirement Income Plan	Supplemental retirement plan to the Pension Plan
SIP	State Implementation Plan
SO2	Sulfur dioxide
SPP	Southwest Power Pool
System sales	Sales to OG&E's customers
U.S.	United States of America
Winter Storm Uri	Unprecedented, prolonged extreme cold weather event in February 2021

FILING FORMAT

This combined Form 10-Q is separately filed by OGE Energy and OG&E. Information in this combined Form 10-Q relating to each individual Registrant is filed by such Registrant on its own behalf. OG&E makes no representation regarding information relating to any other companies affiliated with OGE Energy. Neither OGE Energy, nor any of OGE Energy's subsidiaries, other than OG&E, has any obligation in respect of OG&E's debt securities, and holders of such debt securities should not consider the financial resources or results of operations of OGE Energy nor any of OGE Energy's subsidiaries, other than OG&E (in relevant circumstances), in making a decision with respect to OG&E's debt securities. Similarly, none of OG&E nor any other subsidiary of OGE Energy has any obligation with respect to debt securities of OGE Energy. This combined Form 10-Q should be read in its entirety. No one section of this combined Form 10-Q deals with all aspects of the subject matter of this combined Form 10-Q.

FORWARD-LOOKING STATEMENTS

Except for the historical statements contained herein, the matters discussed within this Form 10-Q, including those matters discussed within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "objective," "plan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary materially from those expressed in forward-looking statements. In addition to the specific risk factors discussed within "Item 1A. Risk Factors" in the Registrants' 2025 Form 10-K and within "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" herein, factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to:

•

general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and inflation rates, and their impact on capital expenditures;

•

the ability of the Registrants to access the capital markets and obtain financing on favorable terms, as well as inflation rates and monetary fluctuations;

•

the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel and purchased power costs, operating costs, transmission costs and deferred expenditures;

•

prices and availability of electricity, coal and natural gas;

•

competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Registrants, potentially through deregulation;

•

the impact on demand for the Registrants' services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs;

•

technological developments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets;

•

factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages; unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints;

•

availability and prices of raw materials and equipment for current and future construction projects;

•

the effect of retroactive pricing of transactions in the SPP markets, adjustments in market pricing mechanisms by the SPP, or allocation of transmission upgrade costs;

•

federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competition enters the Registrants' markets;

•

environmental laws, safety laws or other regulations that may impact the cost of operations, restrict or change the way the Registrants' facilities are operated or result in stranded assets;

•

the ability of the Registrants to meet future capacity requirements mandated by the SPP, which could be impacted by future load growth, environmental regulations, and the availability of resources;

•

changes in accounting standards, rules or guidelines;

•

the discontinuance of accounting principles for certain types of rate-regulated activities;

•

the cost of protecting assets against, or damage due to, terrorism or cyberattacks, including the Registrants losing control of their assets and potential ransoms, and other catastrophic events;

•

the availability, cost, coverage and terms of insurance;

•

changes in the use, perception or regulation of generative artificial intelligence technologies, which could limit the Registrants' ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to our business, reputation or financial results;

•

creditworthiness of suppliers, customers and other contractual parties, including large, new customers from industries such as cryptocurrency and data centers;

•

social attitudes regarding the electric utility and power industries;

•

identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures;

•

increased pension and healthcare costs;

•

national and global events that could adversely affect and/or exacerbate macroeconomic conditions, including inflationary pressures, interest rate fluctuations, supply chain disruptions, economic recessions, pandemic health events, tariffs and uncertainty surrounding continued hostilities or sustained military campaigns, and their collateral consequences;

•

costs and other effects of legal and administrative proceedings, settlements, investigations, claims and matters, including, but not limited to, those described in this Form 10-Q; and

•

other risk factors listed in the reports filed by the Registrants with the Securities and Exchange Commission, including those listed within "Item 1A. Risk Factors" in the Registrants' 2025 Form 10-K.

The Registrants undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


	Three Months Ended
	March 31,
(In millions, except per share data)	2026			2025
OPERATING REVENUES
Revenues from contracts with customers	$	736.7		$	741.1
Other revenues		15.9			6.6
Operating revenues		752.6			747.7
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE		336.7			324.0
OPERATING EXPENSES
Other operation and maintenance		136.5			121.8
Depreciation and amortization		136.4			137.4
Taxes other than income		29.9			31.2
Operating expenses		302.8			290.4
OPERATING INCOME		113.1			133.3
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction		7.5			7.0
Other net periodic benefit expense		(2.6	)		(2.6	)
Other income		13.6			7.0
Other expense		(12.3	)		(4.5	)
Net other income		6.2			6.9
INTEREST EXPENSE
Interest on long-term debt		66.3			61.4
Allowance for borrowed funds used during construction		(3.6	)		(4.5	)
Interest on short-term debt and other interest charges		(2.8	)		10.4
Interest expense		59.9			67.3
INCOME BEFORE TAXES		59.4			72.9
INCOME TAX EXPENSE		9.2			10.2
NET INCOME	$	50.2		$	62.7
BASIC AVERAGE COMMON SHARES OUTSTANDING		206.3			201.2
DILUTED AVERAGE COMMON SHARES OUTSTANDING		207.2			201.9
BASIC EARNINGS PER AVERAGE COMMON SHARE	$	0.24		$	0.31
DILUTED EARNINGS PER AVERAGE COMMON SHARE	$	0.24		$	0.31

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended
	March 31,
(In millions)	2026			2025
Net income	$	50.2		$	62.7
Other comprehensive income (loss), net of tax:
Pension Plan and Restoration of Retirement Income Plan:
Amortization of prior service cost, net of tax of $0.1 and $0.1, respectively		—			—
Amortization of deferred net loss, net of tax of $0.0 and $0.0, respectively		0.1			0.1
Postretirement benefit plans:
Amortization of deferred net gain, net of tax of $(0.0) and $(0.1), respectively		(0.1	)		—
Other comprehensive income, net of tax		—			0.1
Comprehensive income	$	50.2		$	62.8

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
(In millions)	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	50.2		$	62.7
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization		136.4			137.4
Deferred income taxes and other tax credits, net		7.6			0.7
Allowance for equity funds used during construction		(7.5	)		(7.0	)
Stock-based compensation expense		3.8			3.0
Regulatory assets		(6.1	)		(9.5	)
Regulatory liabilities		0.2			0.2
Other assets		1.0			(4.7	)
Other liabilities		(18.0	)		11.2
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net		51.3			(48.8	)
Income taxes receivable		1.6			—
Fuel, materials and supplies inventories		2.4			13.0
Fuel recoveries		28.2			(59.7	)
Other current assets		(6.5	)		0.3
Accounts payable		(45.9	)		(59.4	)
Other current liabilities		(23.2	)		(23.5	)
Net cash provided from operating activities		175.5			15.9
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)		(266.8	)		(249.5	)
Cost of removal and other		(16.5	)		(14.2	)
Net cash used in investing activities		(283.3	)		(263.7	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt		(0.6	)		(0.1	)
Payment of long-term debt		—			(32.4	)
Increase in short-term debt		200.4			297.4
Increase in long-term borrowings under revolver		—			100.0
Dividends paid on common stock		(89.1	)		(86.6	)
Proceeds (costs) from issuance of common stock		2.7			3.1
Cash paid for employee equity-based compensation		(5.6	)		(7.3	)
Net cash provided from financing activities		107.8			274.1
NET CHANGE IN CASH AND CASH EQUIVALENTS		—			26.3
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		0.2			0.6
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	0.2		$	26.9

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OGE ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


	March 31,		December 31,
(In millions)	2026		2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	0.2	$	0.2
Accounts receivable, less reserve of $4.4 and $4.1, respectively		304.8		347.8
Accrued unbilled revenues		67.9		76.2
Income taxes receivable		35.7		37.3
Fuel inventories		108.8		112.0
Materials and supplies, at average cost		212.9		212.7
Other		78.2		71.7
Total current assets		808.5		857.9
OTHER PROPERTY AND INVESTMENTS
Other		128.8		129.4
Total other property and investments		128.8		129.4
PROPERTY, PLANT AND EQUIPMENT
In service		17,409.6		17,203.0
Construction work in progress		744.3		744.9
Total property, plant and equipment		18,153.9		17,947.9
Less: accumulated depreciation		5,243.1		5,217.5
Net property, plant and equipment		12,910.8		12,730.4
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets		555.9		557.2
Other		68.1		95.6
Total deferred charges and other assets		624.0		652.8
TOTAL ASSETS	$	14,472.1	$	14,370.5

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OGE ENERGY CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS (Continued)

(Unaudited)


	March 31,			December 31,
(In millions)	2026			2025
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Short-term debt	$	492.4		$	292.0
Accounts payable		282.9			350.6
Dividends payable		87.7			87.6
Customer deposits		125.3			127.2
Accrued taxes		32.8			53.0
Accrued interest		82.6			68.8
Accrued compensation		33.4			54.3
Fuel clause over recoveries		55.3			27.1
Other		39.5			33.5
Total current liabilities		1,231.9			1,094.1
LONG-TERM DEBT		5,369.6			5,369.2
DEFERRED CREDITS AND OTHER LIABILITIES
Accrued benefit obligations		153.1			164.4
Deferred income taxes		1,511.2			1,489.3
Deferred investment tax credits		9.6			9.8
Regulatory liabilities		941.9			957.1
Other		315.6			309.3
Total deferred credits and other liabilities		2,931.4			2,929.9
Total liabilities		9,532.9			9,393.2
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDERS' EQUITY
Common stockholders' equity		1,379.3			1,378.4
Retained earnings		3,562.5			3,601.5
Accumulated other comprehensive loss, net of tax		(2.6	)		(2.6	)
Total stockholders' equity		4,939.2			4,977.3
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	14,472.1		$	14,370.5

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OGE ENERGY CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Unaudited)


	Common Stock
(In millions)	Shares		Value		Premium on Common Stock			Retained Earnings			Accumulated Other Comprehensive (Loss) Income			Total
Balance at December 31, 2025		206.1	$	2.1	$	1,376.3		$	3,601.5		$	(2.6	)	$	4,977.3
Net income		—		—		—			50.2			—			50.2
Other comprehensive income, net of tax		—		—		—			—			—			—
Dividends declared on common stock ($0.425 per share)		—		—		—			(89.2	)		—			(89.2	)
Issuance of common stock		0.1		—		2.7			—			—			2.7
Stock-based compensation		0.2		—		(1.8	)		—			—			(1.8	)
Balance at March 31, 2026		206.4	$	2.1	$	1,377.2		$	3,562.5		$	(2.6	)	$	4,939.2

Balance at December 31, 2024		201.0	$	2.0	$	1,165.9		$	3,475.7		$	(2.7	)	$	4,640.9
Net income		—		—		—			62.7			—			62.7
Other comprehensive income, net of tax		—		—		—			—			0.1			0.1
Dividends declared on common stock ($0.42125 per share)		—		—		—			(86.8	)		—			(86.8	)
Issuance of common stock		0.1		—		3.1			—			—			3.1
Stock-based compensation		0.2		—		(4.3	)		—			—			(4.3	)
Balance at March 31, 2025		201.3	$	2.0	$	1,164.7		$	3,451.6		$	(2.6	)	$	4,615.7

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OKLAHOMA GAS AND ELECTRIC COMPANY

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Unaudited)


	Three Months Ended
	March 31,
(In millions)	2026			2025
OPERATING REVENUES
Revenues from contracts with customers	$	736.7		$	741.1
Other revenues		15.9			6.6
Operating revenues		752.6			747.7
FUEL, PURCHASED POWER AND DIRECT TRANSMISSION EXPENSE		336.7			324.0
OPERATING EXPENSES
Other operation and maintenance		136.8			121.8
Depreciation and amortization		136.4			137.4
Taxes other than income		29.9			31.2
Operating expenses		303.1			290.4
OPERATING INCOME		112.8			133.3
OTHER INCOME (EXPENSE)
Allowance for equity funds used during construction		7.5			7.0
Other net periodic benefit expense		(2.5	)		(2.5	)
Other income		2.7			5.3
Other expense		(0.8	)		(0.9	)
Net other income		6.9			8.9
INTEREST EXPENSE
Interest on long-term debt		60.6			55.6
Allowance for borrowed funds used during construction		(3.6	)		(4.5	)
Interest on short-term debt and other interest charges		(7.0	)		5.7
Interest expense		50.0			56.8
INCOME BEFORE TAXES		69.7			85.4
INCOME TAX EXPENSE		11.8			14.4
NET INCOME	$	57.9		$	71.0
Other comprehensive income, net of tax		—			—
COMPREHENSIVE INCOME	$	57.9		$	71.0

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OKLAHOMA GAS AND ELECTRIC COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
(In millions)	2026			2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	57.9		$	71.0
Adjustments to reconcile net income to net cash provided from operating activities:
Depreciation and amortization		136.4			137.4
Deferred income taxes and other tax credits, net		7.5			0.3
Allowance for equity funds used during construction		(7.5	)		(7.0	)
Stock-based compensation expense		3.8			3.0
Regulatory assets		(6.1	)		(9.5	)
Regulatory liabilities		0.2			0.2
Other assets		1.5			(3.5	)
Other liabilities		(13.4	)		12.2
Change in certain current assets and liabilities:
Accounts receivable and accrued unbilled revenues, net		51.1			(48.8	)
Fuel, materials and supplies inventories		2.4			13.0
Fuel recoveries		28.2			(59.7	)
Other current assets		(5.4	)		5.2
Accounts payable		(45.2	)		(43.3	)
Income taxes payable - parent		4.2			14.0
Other current liabilities		(28.0	)		(37.8	)
Net cash provided from operating activities		187.6			46.7
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures (less allowance for equity funds used during construction)		(266.8	)		(249.5	)
Cost of removal		(17.3	)		(13.9	)
Net cash used in investing activities		(284.1	)		(263.4	)
CASH FLOWS FROM FINANCING ACTIVITIES
Changes in advances with parent		97.1			286.8
Proceeds from long-term debt		(0.6	)		(0.1	)
Payment of long-term debt		—			(32.4	)
Increase in short-term debt		—			17.0
Increase in long-term borrowings under revolver		—			100.0
Dividends paid on common stock		—			(130.0	)
Net cash provided from financing activities		96.5			241.3
NET CHANGE IN CASH AND CASH EQUIVALENTS		—			24.6
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		0.2			0.2
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	0.2		$	24.8

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OKLAHOMA GAS AND ELECTRIC COMPANY

CONDENSED BALANCE SHEETS

(Unaudited)


	March 31,		December 31,
(In millions)	2026		2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	0.2	$	0.2
Accounts receivable, less reserve of $4.4 and $4.1, respectively		304.4		347.2
Accrued unbilled revenues		67.9		76.2
Advances to parent		—		78.3
Fuel inventories		108.8		112.0
Materials and supplies, at average cost		212.9		212.7
Other		76.9		71.5
Total current assets		771.1		898.1
OTHER PROPERTY AND INVESTMENTS		3.6		4.1
PROPERTY, PLANT AND EQUIPMENT
In service		17,403.5		17,196.9
Construction work in progress		744.3		744.9
Total property, plant and equipment		18,147.8		17,941.8
Less: accumulated depreciation		5,243.1		5,217.5
Net property, plant and equipment		12,904.7		12,724.3
DEFERRED CHARGES AND OTHER ASSETS
Regulatory assets		555.9		557.2
Other		66.4		93.8
Total deferred charges and other assets		622.3		651.0
TOTAL ASSETS	$	14,301.7	$	14,277.5

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OKLAHOMA GAS AND ELECTRIC COMPANY

CONDENSED BALANCE SHEETS (Continued)

(Unaudited)


	March 31,		December 31,
(In millions)	2026		2025
LIABILITIES AND STOCKHOLDER'S EQUITY
CURRENT LIABILITIES
Accounts payable	$	281.8	$	348.7
Advances from parent		23.0		—
Customer deposits		125.3		127.2
Accrued taxes		32.1		52.3
Accrued interest		75.4		66.4
Accrued compensation		33.4		54.3
Fuel clause over recoveries		55.3		27.1
Other		39.5		33.5
Total current liabilities		665.8		709.5
LONG-TERM DEBT		4,961.9		4,961.7
DEFERRED CREDITS AND OTHER LIABILITIES
Accrued benefit obligations		86.4		93.2
Deferred income taxes		1,552.9		1,531.3
Deferred investment tax credits		9.6		9.8
Regulatory liabilities		941.9		957.1
Other		281.3		274.7
Total deferred credits and other liabilities		2,872.1		2,866.1
Total liabilities		8,499.8		8,537.3
COMMITMENTS AND CONTINGENCIES (NOTE 12)
STOCKHOLDER'S EQUITY
Common stockholder's equity		1,757.3		1,753.5
Retained earnings		4,044.6		3,986.7
Total stockholder's equity		5,801.9		5,740.2
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY	$	14,301.7	$	14,277.5

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

OKLAHOMA GAS AND ELECTRIC COMPANY

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY

(Unaudited)


	Common Stock
(In millions)	Shares		Value		Premium on Common Stock		Retained Earnings		Total
Balance at December 31, 2025		40.4	$	100.9	$	1,652.6	$	3,986.7	$	5,740.2
Net income		—		—		—		57.9		57.9
Stock-based compensation		—		—		3.8		—		3.8
Balance at March 31, 2026		40.4	$	100.9	$	1,656.4	$	4,044.6	$	5,801.9

Balance at December 31, 2024		40.4	$	100.9	$	1,488.6	$	3,736.9	$	5,326.4
Net income		—		—		—		71.0		71.0
Stock-based compensation		—		—		3.0		—		3.0
Balance at March 31, 2025		40.4	$	100.9	$	1,491.6	$	3,807.9	$	5,400.4

The accompanying Combined Notes to Condensed Financial Statements are an integral part hereof.

COMBINED NOTES TO THE CONDENSED FINANCIAL STATEMENTS

(Unaudited)

Index of Combined Notes to Condensed Financial Statements

The Combined Notes to the Condensed Financial Statements are a combined presentation for OGE Energy and OG&E. The following table indicates the Registrant(s) to which each Note applies.


	OGE Energy	OG&E
Note 1. Summary of Significant Accounting Policies	X	X
Note 2. Accounting Pronouncements	X	X
Note 3. Revenue Recognition	X	X
Note 4. Fair Value Measurements	X	X
Note 5. Stock-Based Compensation	X	X
Note 6. Income Taxes	X	X
Note 7. Common Equity	X
Note 8. Long-Term Debt	X	X
Note 9. Credit Facilities and Short-Term Debt	X	X
Note 10. Retirement Plans and Postretirement Benefit Plans	X	X
Note 11. Report of Business Segments	X
Note 12. Commitments and Contingencies	X	X
Note 13. Rate Matters and Regulation	X	X

1. Summary of Significant Accounting Policies

Organization

OGE Energy is a holding company whose primary investment provides electricity in Oklahoma and western Arkansas. OGE Energy's electric company operations are conducted through its wholly-owned subsidiary, OG&E, which generates, transmits, distributes and sells electric energy in Oklahoma and western Arkansas and are reported through OGE Energy's electric company business segment. OG&E's rates are subject to regulation by the OCC, the APSC and the FERC. OG&E was incorporated in 1902 under the laws of the Oklahoma Territory and is the largest electric company in Oklahoma, with a franchised service territory that includes Fort Smith, Arkansas and the surrounding communities. OG&E sold its retail natural gas business in 1928 and is no longer engaged in the natural gas distribution business.

The accounts of OGE Energy and its wholly-owned subsidiaries, including OG&E, are included in OGE Energy's condensed consolidated financial statements. All intercompany transactions and balances are eliminated in such consolidation.

Basis of Presentation

The condensed financial statements included herein have been prepared by the Registrants, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, the Registrants believe that the disclosures are adequate to prevent the information presented from being misleading.

In the opinion of management, all adjustments necessary to fairly present the financial position of the Registrants at March 31, 2026 and December 31, 2025, the results of the Registrants' operations for the three months ended March 31, 2026 and 2025 and the Registrants' cash flows for the three months ended March 31, 2026 and 2025 have been included and are of a normal, recurring nature except as otherwise disclosed. Management also has evaluated the impact of events occurring after March 31, 2026 up to the date of issuance of these condensed financial statements, and these statements contain all necessary adjustments and disclosures resulting from that evaluation.

Due to seasonal fluctuations and other factors, the Registrants' operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026 or for any future period. The condensed financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto included in the Registrants' 2025 Form 10-K.

Accounting Records

The accounting records of OG&E are maintained in accordance with the Uniform System of Accounts prescribed by the FERC and adopted by the OCC and the APSC. Additionally, OG&E, as a regulated electric company, is subject to accounting principles for certain types of rate-regulated activities, which provide that certain incurred costs that would otherwise be charged to expense can be deferred as regulatory assets, based on the expected recovery from customers in future rates. Likewise, certain actual or anticipated credits that would otherwise reduce expense can be deferred as regulatory liabilities, based on the expected flowback to customers in future rates. Management's expected recovery of deferred costs and flowback of deferred credits generally results from specific decisions by regulators granting such ratemaking treatment.

OG&E records certain incurred costs and obligations as regulatory assets or liabilities if, based on regulatory orders or other available evidence, it is probable that the costs or obligations will be included in amounts allowable for recovery or refund in future rates. The following table presents a summary of OG&E's regulatory assets and liabilities.


	March 31,		December 31,
(In millions)	2026		2025
REGULATORY ASSETS
Current:
SPP cost tracker under recoveries (A)	$	13.6	$	7.1
Other (A)		5.5		4.3
Total current regulatory assets	$	19.1	$	11.4
Non-current:
Oklahoma deferred storm expenses	$	215.3	$	224.7
Pension tracker		86.7		88.7
Benefit obligations regulatory asset		84.0		85.6
Arkansas Winter Storm Uri costs		52.1		54.2
Oklahoma PISA deferred costs, net		43.8		22.9
Oklahoma SAP S/4 HANA deferred expenses		16.5		16.5
Sooner Dry Scrubbers		15.3		15.5
Arkansas deferred pension expenses		8.8		13.9
Oklahoma vegetation management program deferred costs		8.4		9.3
Arkansas capacity power purchase agreements		6.7		6.7
Unamortized loss on reacquired debt		5.3		5.5
COVID-19 impacts		3.8		4.1
Other		9.2		9.6
Total non-current regulatory assets	$	555.9	$	557.2
REGULATORY LIABILITIES
Current:
Oklahoma fuel clause over recoveries	$	43.9	$	15.7
Oklahoma Energy Efficiency Rider over recoveries (B)		13.3		5.8
Arkansas fuel clause over recoveries		11.4		11.4
Other (B)		1.1		2.0
Total current regulatory liabilities	$	69.7	$	34.9
Non-current:
Income taxes refundable to customers, net	$	703.7	$	718.9
Accrued removal obligations, net		234.8		234.7
Other		3.4		3.5
Total non-current regulatory liabilities	$	941.9	$	957.1

(A)

Included in Other Current Assets in the condensed balance sheets.

(B)

Included in Other Current Liabilities in the condensed balance sheets.

Management continuously monitors the future recoverability of regulatory assets. When in management's judgment future recovery becomes impaired, the amount of the regulatory asset is adjusted, as appropriate. If OG&E were required to discontinue the

application of accounting principles for certain types of rate-regulated activities for some or all of its operations, it could result in writing off the related regulatory assets or liabilities, which could have significant financial effects.

Allowance for Uncollectible Accounts Receivable

Customer balances are generally written off if not collected within six months after the final billing date. The allowance for uncollectible accounts receivable for OG&E is generally calculated by multiplying the last six months of electric revenue by the provision rate, which is based on a historical average of actual balances written off and is adjusted for current conditions and supportable forecasts as necessary. To the extent the historical collection rates, when incorporating forecasted conditions, are not representative of future collections, there could be an effect on the amount of uncollectible expense recognized. Also, a portion of the uncollectible provision related to fuel within the Oklahoma jurisdiction is being recovered through the fuel adjustment clause. The allowance for uncollectible accounts receivable is a reduction to Accounts Receivable in the condensed balance sheets and is included in Other Operation and Maintenance Expense in the condensed statements of income.

New business customers are required to provide a security deposit in the form of cash, bond or irrevocable letter of credit that is refunded when the account is closed or when certain requirements are met. New residential customers whose outside credit scores indicate an elevated risk are required to provide a security deposit that is refunded based on customer protection rules defined by the OCC and the APSC. The payment behavior of all existing customers is continuously monitored, and, if the payment behavior indicates sufficient risk within the meaning of the applicable utility regulation, customers will be required to provide a security deposit.

Accumulated Other Comprehensive Income (Loss)

The following tables present changes in the components of accumulated other comprehensive income (loss) attributable to OGE Energy during the three months ended March 31, 2026 and 2025. All amounts below are presented net of tax.


(In millions)	Pension Plan and Restoration of Retirement Income Plan			Postretirement Benefit Plans			Total
Balance at December 31, 2025	$	(10.0	)	$	7.4		$	(2.6	)
Amounts reclassified from accumulated other comprehensive income (loss)		0.1			(0.1	)		—
Balance at March 31, 2026	$	(9.9	)	$	7.3		$	(2.6	)


(In millions)	Pension Plan and Restoration of Retirement Income Plan			Postretirement Benefit Plans		Total
Balance at December 31, 2024	$	(8.8	)	$	6.1	$	(2.7	)
Amounts reclassified from accumulated other comprehensive income (loss)		0.1			—		0.1
Balance at March 31, 2025	$	(8.7	)	$	6.1	$	(2.6	)

The following table presents significant amounts reclassified out of accumulated other comprehensive income (loss) attributable to OGE Energy by the respective line items in net income during the three months ended March 31, 2026 and 2025.


Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)							Affected Line Item in OGE Energy's Statements of Income
		Three Months Ended
		March 31,
(In millions)		2026			2025
Amortization of Pension Plan and Restoration of Retirement Income Plan items:
Actuarial losses		$	(0.1	)	$	(0.1	)	(A)
Prior service cost			(0.1	)		(0.1	)	(A)
			(0.2	)		(0.2	)	Income Before Taxes

OGE ENERGY CORP. 10-Q