Press Release

State Treasurer Todd Russ released the October 2025 State Tax Revenue Report showing total collections of $1.45 billion, a 3.4% decrease from September, but a 4.4% increase from October 2024. Over the last 12 months, Oklahoma has collected $17.03 billion, up 0.5% year-over-year, marking continued stability in the state’s overall fiscal base.

“This month’s report shows a healthy rebound in sales and use tax collections, signaling steady consumer spending even as overall revenues eased slightly from September,” said Treasurer Russ. “Year-over-year growth remains positive, and Oklahoma continues to demonstrate a balanced and resilient economy supported by steady employment and energy strength. The broader trends suggest stability, something both state and local governments can plan around with confidence.”

Key Takeaways from the October 2025 Tax Revenue Report

• Total Monthly Revenue: $1.45 billion, up 4.4% year-over-year, down 3.4% month-over-month.
• Sales & Use Tax: $582.0 million, up 6.5% from last year and 4.6% from September, reflecting solid household spending.
• Income Tax: $565.3 million, up 5.0% year-over-year, but down 13.2% month-over-month following September’s surge.
• Gross Production Tax (oil & gas): $85.7 million, up 16.9% year-over-year, down 4.5% month-over-month due to commodity price movement.
• Motor Vehicle Tax: $72.1 million, down 6.8% year-over-year, reflecting cooler vehicle sales.
• Other Sources: $143.0 million, up 13.5% from September, showing broad-based gains across more than 70 smaller revenue streams.
• 12-Month Total: $17.03 billion, up $81.4 million (0.5%) year-over-year, led by increases in income and energy tax collections.

Ties to National Trends

Nationally, state revenues remain mixed as the U.S. economy adjusts to inflation holding near 3.0% and interest rates that remain elevated. Economic indicators point toward gradual cooling, but Oklahoma continues to outperform in several areas:

• With inflation easing and the labor market showing signs of softening, the Federal Reserve made a second cut this year for interest rates in October, with a third likely by the end of the year.
• Oklahoma’s unemployment rate remains low at 3.1%, compared to 4.3% nationally. Despite uncertainty surrounding the federal shutdown, the labor market has slowed in job gains. The Federal Reserve made its October rate cut using the latest available public and private sector data, aiming to support continued employment stability while keeping inflation in check.
• The state’s Business Conditions Index rose to 52.2, signaling moderate regional growth.
• Energy production continues to bolster revenue stability, with oil and gas collections up 1.6% over the past 12 months.
• Cities and towns that rely on sales and use tax for operations may view the softening earlier in the year as a seasonal adjustment rather than a sign of distress, given the rebound in October collections.

“Oklahoma’s consistent growth and diversified economy show that we’re managing the challenges of a shifting national economy,” Treasurer Russ added. “Steady revenues, responsible budgeting, and strong employment are helping keep Oklahoma on firm financial ground.”

The complete October 2025 Tax Revenue Report is available at treasurer.ok.gov, including breakdowns by tax category, sector, and month.

Last Modified on Nov 24, 2025