OGE Energy Corp. (OGE) Cash Flow Statement
Where OGE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.14B +39.9% vs 2024
- Capital expenditures
- $1.05B 32.3% of revenue
- Free cash flow
- $82.7M 2.5% margin
- Returned to shareholders
- $341.9M 413% of free cash flow
- Change in cash
- −$400,000 cash at year-end $200,000
Cash from operations
$1.14B
Capital expenditures
−$1.05B
Acquisitions & other
−$72.2M
Dividends
−$341.9M
Share buybacks (net)
+$196.5M
Net borrowing (repayment)
+$134.5M
Shares issued
+$203.8M
Other financing
−$203.8M
Change in cash
−$400,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
OGE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
OGE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $644.7M2016 | $1.14B2025 | +6.5%/yr | |
| Capital expenditures | $660.1M2016 | $1.05B2025 | +5.3%/yr | |
| Free cash flow | −$15.4M2016 | $82.7M2025 | — | |
| Free cash flow margin | −0.7%2016 | 2.5%2025 | +3.2 pts | |
| Operating cash flow / net income | 1.912016 | 2.422025 | +0.51 | |
| Stock-based compensation | $4.6M2016 | $14.0M2025 | +13.2%/yr | |
| Dividends paid | $225.1M2016 | $341.9M2025 | +4.8%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 29.2%2016 | 32.3%2025 | +3.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OGE cash flow by activity
OperatingInvestingFinancingChange in cash
OGE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
OGE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $470.7M | $441.5M | $416.8M | $665.7M | $737.3M | −$173.7M | $433.6M | $425.5M | $619.0M | $338.2M |
| Depreciation & amortization | $559.8M | $539.5M | $506.6M | $460.9M | $416.0M | $391.3M | $355.0M | $321.6M | $283.5M | $322.6M |
| Stock-based compensation | $14.0M | $11.7M | $13.1M | $9.7M | $9.8M | $9.8M | $13.9M | $13.4M | $9.1M | $4.6M |
| Change in working capital | $127.3M | −$128.6M | $402.9M | −$446.3M | −$190.8M | $76.5M | −$78.4M | $167.6M | $28.8M | −$124.2M |
| Other non-cash items | −$34.7M | −$51.3M | −$107.1M | $153.1M | −$1.29B | $408.9M | −$42.6M | $23.0M | −$155.9M | $103.5M |
| Cash from operating activities | $1.14B | $812.8M | $1.23B | $843.1M | −$313.3M | $712.8M | $681.5M | $951.1M | $784.5M | $644.7M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.05B | −$1.09B | −$1.18B | −$1.05B | −$778.5M | −$650.5M | −$635.5M | −$573.6M | −$824.1M | −$660.1M |
| Investments (net) | — | −$1.16B | −$1.24B | $12.9M | −$749.1M | −$654.9M | $18.5M | −$576.0M | $10.0M | $38.8M |
| Acquisitions & other investing | −$72.2M | $1.09B | $1.15B | $1.05B | $778.5M | $650.5M | −$7.7M | $573.6M | −$7.8M | $900,000 |
| Cash from investing activities | −$1.13B | −$1.16B | −$1.27B | $12.9M | −$749.1M | −$654.9M | −$624.7M | −$576.0M | −$821.9M | −$620.4M |
| Financing activities | ||||||||||
| Dividends paid | −$341.9M | −$338.5M | −$333.2M | −$329.3M | −$324.9M | −$314.9M | −$299.2M | −$272.2M | −$247.6M | −$225.1M |
| Share repurchases & issuance (net) | $196.5M | $11.0M | $2.3M | −$900,000 | −$3.4M | −$14.7M | −$10.3M | −$100,000 | −$100,000 | $0 |
| Net borrowing (repayment) | $134.5M | $676.3M | $287.4M | −$437.7M | $1.39B | $280.0M | $158.4M | −$22.5M | $299.2M | $126.0M |
| Shares issued | $203.8M | $17.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$203.8M | −$17.1M | −$4.6M | $0 | $0 | −$7.2M | $0 | −$400,000 | $0 | $0 |
| Cash from financing activities | −$10.9M | $348.8M | −$48.1M | −$767.9M | $1.06B | −$56.8M | −$151.1M | −$295.2M | $51.5M | −$99.1M |
| Summary | ||||||||||
| Net change in cash | −$400,000 | $400,000 | −$87.9M | $88.1M | −$1.1M | $1.1M | −$94.3M | $79.9M | $14.1M | −$74.9M |
| Cash at end of period | $200,000 | $600,000 | $200,000 | $88.1M | $4.9M | $1.1M | $145.9M | $94.3M | $14.4M | $300,000 |
| Free cash flow | $82.7M | −$278.1M | $54.1M | −$207.8M | −$1.09B | $62.3M | $46.0M | $377.5M | −$39.6M | −$15.4M |
| Free cash flow margin | 2.5% | −9.3% | 2.0% | −6.2% | −29.9% | 2.9% | 2.1% | 16.6% | −1.8% | −0.7% |
| Capex / revenue | 32.3% | 36.5% | 44.1% | 31.1% | 21.3% | 30.7% | 28.5% | 25.3% | 36.4% | 29.2% |
| Operating cash flow / net income | 2.42 | 1.84 | 2.96 | 1.27 | −0.42 | — | 1.57 | 2.24 | 1.27 | 1.91 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $15.9M | $50.2M | $69.2M | $231.3M | $107.5M | $62.7M | $101.9M | $218.7M | $102.3M | $18.6M | $48.2M | $241.9M |
| Depreciation & amortization | $134.7M | $136.4M | $135.1M | $146.7M | $140.6M | $137.4M | $130.8M | $144.0M | $135.5M | $129.2M | $128.8M | $132.5M |
| Stock-based compensation | −$3.7M | $3.8M | $3.9M | $3.5M | $3.6M | $3.0M | $3.1M | $2.1M | $3.3M | $3.2M | $3.6M | $3.2M |
| Change in working capital | $61.9M | $7.9M | $160.0M | $21.9M | $123.5M | −$178.1M | −$88.8M | $15.3M | $17.3M | −$72.4M | $134.1M | −$101.8M |
| Other non-cash items | −$223.9M | −$22.8M | $16.6M | −$5.6M | −$36.6M | −$9.1M | −$17.4M | −$33.0M | −$5.3M | $4.4M | $68.7M | $116.2M |
| Cash from operating activities | −$15.1M | $175.5M | $384.8M | $397.8M | $338.6M | $15.9M | $129.6M | $347.1M | $253.1M | $83.0M | $383.4M | $392.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$311.8M | −$266.8M | −$301.7M | −$523.2M | −$273.7M | −$249.5M | −$296.6M | −$244.1M | −$323.3M | −$226.9M | −$298.6M | −$299.0M |
| Investments (net) | — | — | — | −$247.8M | −$295.3M | −$263.7M | −$309.9M | −$261.7M | −$346.1M | −$243.5M | −$389.5M | −$299.9M |
| Acquisitions & other investing | $642.9M | −$16.5M | −$18.1M | $523.2M | $273.7M | $249.5M | $296.6M | $244.1M | $323.3M | $226.9M | $298.6M | −$283.7M |
| Cash from investing activities | $331.1M | −$283.3M | −$319.8M | −$247.8M | −$295.3M | −$263.7M | −$309.9M | −$261.7M | −$346.1M | −$243.5M | −$389.5M | −$882.6M |
| Financing activities | ||||||||||||
| Dividends paid | −$90.5M | −$89.1M | −$85.6M | −$84.8M | −$84.9M | −$86.6M | −$84.6M | −$84.0M | −$84.0M | −$85.9M | −$83.8M | −$82.9M |
| Share repurchases & issuance (net) | — | — | $196.5M | $1.6M | −$1.2M | −$4.2M | $11.0M | $7.9M | — | — | −$85.0M | −$2.3M |
| Net borrowing (repayment) | −$21.5M | $199.8M | −$174.4M | −$68.2M | $12.2M | $364.9M | $252.5M | $5.3M | — | — | — | −$6.7M |
| Shares issued | $9.5M | $2.7M | $194.9M | $2.8M | $3.0M | $3.1M | $3.1M | $3.1M | $10.8M | $100,000 | $0 | $0 |
| Other financing | −$212.8M | −$5.6M | −$196.5M | −$1.6M | $1.2M | −$3.1M | −$11.0M | −$7.9M | $162.0M | $250.4M | $172.3M | $2.3M |
| Cash from financing activities | −$315.3M | $107.8M | −$65.1M | −$150.2M | −$69.7M | $274.1M | $171.0M | −$75.6M | $88.8M | $164.6M | $3.5M | −$89.6M |
| Summary | ||||||||||||
| Net change in cash | $700,000 | $0 | −$100,000 | −$200,000 | −$26.4M | $26.3M | −$9.3M | $9.8M | −$4.2M | $4.1M | −$2.6M | $2.5M |
| Cash at end of period | $900,000 | $200,000 | $200,000 | $300,000 | $500,000 | $26.9M | $600,000 | $9.9M | $100,000 | $4.3M | $200,000 | $2.8M |
| Free cash flow | $296.7M | −$91.3M | $83.1M | $921.0M | $64.9M | −$233.6M | −$167.0M | $103.0M | −$70.2M | −$143.9M | $84.8M | $93.0M |
| Free cash flow margin | 41.7% | −12.1% | 11.4% | 88.1% | 8.8% | −31.2% | −22.0% | 10.7% | −10.6% | −24.1% | 15.0% | 9.8% |
| Capex / revenue | 43.8% | 35.5% | 41.6% | 50.1% | 36.9% | 33.4% | 39.0% | 25.3% | 48.8% | 38.0% | 52.7% | 31.6% |
| Operating cash flow / net income | −0.95 | 3.50 | 5.56 | 1.72 | 3.15 | 0.25 | 1.27 | 1.59 | 2.47 | 4.46 | 7.95 | 1.62 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
OGE cash generation
In fiscal 2025 (ended December 31, 2025), OGE Energy generated $1.1 billion of cash from operations (up 39.9%) and spent $1.1 billion on capital expenditures, leaving free cash flow of $82.7 million, 2.5% of revenue. It returned $341.9 million to shareholders through dividends ($341.9 million) and net share buybacks ($0). Cash and equivalents fell by $0.4 million over the year.
Related: OGE income statement, OGE balance sheet, OGE dividend history. See the OGE stock overview for the latest quote and news.
OGE cash flow FAQ
What is OGE Energy's free cash flow?
OGE Energy's free cash flow was $82.7 million in fiscal 2025: $1.1 billion of operating cash flow minus $1.1 billion of capital expenditures It was -$278.1 million a year earlier..
How much cash does OGE Energy generate from operations?
OGE Energy generated $1.1 billion of cash from operating activities in fiscal 2025, 2.42 times its net income of $470.7 million.
How much does OGE Energy spend on capital expenditures?
OGE Energy spent $1.1 billion on capital expenditures in fiscal 2025, 32.3% of revenue, compared with $1.1 billion the year before.
How much does OGE Energy pay in dividends?
OGE Energy paid $341.9 million in dividends in fiscal 2025, 413.4% of free cash flow.
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