Oklahoma Revenues Continue Positive Growth in May as Gross Production Tax Remains Strong

State Treasurer Todd Russ released the May 2026 State Tax Revenue Report, showing total monthly revenue of $1.3 billion, a 2.7% increase from May 2025. While revenues declined 46.9% from April’s tax-season peak, Oklahoma’s rolling 12-month revenue total continued to strengthen, reaching $17.83 billion, up $951 million, or 5.6%, year-over-year. May also marked the ninth consecutive month of positive annual revenue growth.

“May’s report reflects continued stability in Oklahoma’s revenues, supported by strong gross production tax collections and steady consumer activity,” said Treasurer Todd Russ. “While revenue growth moderated following April’s seasonal tax collections, the rolling 12-month total continues to strengthen, reinforcing Oklahoma’s long-term fiscal stability as we move further into 2026.”

Key Takeaways from the May 2026 Tax Revenue Report

• 12-Month Total: $17.83 billion, up $951 million (5.6%) year-over-year, continuing a steady upward trend in Oklahoma revenues.
• Rolling 12-Month Growth: May marked the ninth consecutive month of positive growth in Oklahoma’s rolling 12-month revenue total, with the annual growth rate at 0.19%.
• Total Monthly Revenue: $1.3 billion, up 2.7% year-over-year, reflecting continued growth across key revenue categories despite a seasonal decline from April.
• Gross Production Tax (oil & gas): $109.9 million, up 22.3% from last year, supported by continued strength in Oklahoma’s energy sector.
• Sales & Use Tax: $599.5 million, up 4.6% year-over-year, signaling continued consumer spending stability.
• Income Tax: $407.1 million, down 0.9% from last year following April’s peak filing month.
• Motor Vehicle Tax: $127.4 million, down 2.9% year-over-year.
• Other Tax Sources: $73.6 million, down 5.4% year-over-year, reflecting mixed performance across smaller revenue streams.

Revenue Trend and Economic Context

May marked the ninth consecutive month of growth in Oklahoma’s rolling 12-month revenue total, extending a steady upward trend that began in the fall of 2025. While the pace of growth moderated following April’s seasonally stronger tax collections, overall revenues continued to show underlying strength supported by consumer spending and energy-related activity.

Economic indicators reflected a stable but mixed environment entering the second quarter of 2026. Oklahoma’s Business Conditions Index showed modest improvement during April but remained below growth-neutral levels, signaling continued caution among manufacturers despite stronger demand conditions. The state’s unemployment rate remained below the national average at 4.0% compared to 4.3% nationally.

Inflation pressures also remained elevated, with the Consumer Price Index increasing 3.8% in April, marking the 13th consecutive monthly increase as higher shelter, food, and energy costs continued to impact households and businesses.

“Oklahoma’s economy continues to show resilience through strong energy revenues and stable employment conditions,” Treasurer Russ added. “While inflation and broader economic uncertainty remain challenges, the state’s long-term fiscal outlook remains steady.”

The complete May 2026 Tax Revenue Report is available at treasurer.ok.gov, including breakdowns by tax category, sector, and month.