The Oklahoma State Treasurer’s Officereleased the December 2025 State Tax Revenue Report, showing a strong month-over-month rebound and continued year-over-year growth. Total monthly collections reached $1.53 billion, up 22.0% from November and 8.5% higher than December 2024. Over the past 12 months, Oklahoma collected $17.2 billion, an increase of $326.4 million, or 1.9%, compared to the prior year.
- Gross Production Tax: Up 231.6%, reflecting strength in oil and gas revenue.
The state’s 12-month revenue trend has strengthened steadily over the past four months, with incremental gains each month and a notable acceleration in December. The 0.70% increase in the rolling 12-month total represents the strongest growth since February 2023, pointing to renewed momentum heading into the new year.
“December’s report shows a strong rebound in revenues, with notable gains in income tax and gross production tax revenue driving a 22% increase over last month and solid year-over-year growth,” said State Treasurer Todd Russ. ““Ending 2025 with a strong rebound, some indicators point to cooling business activity, while the broader revenue picture remains steady, supported by continued employment strength and energy production. As we begin 2026, these results reinforce the importance of monitoring short-term shifts while keeping focus on Oklahoma’s long-term fiscal stability.”
Key Takeaways from December 2025 Report
- 12-Month Ending Trend: The rolling 12-month total increased for the fourth consecutive month, with December posting a 0.70% gain, the strongest growth since February 2023.
- 12-Month Total Revenue: $17.20 billion, up $326.4 million (+1.9%) year-over-year.
- Year-Over-Year Monthly Growth: December revenue increased $120 million (+8.5%) compared to December 2024.
- Month-Over-Month Change: Total revenue rose 22.0% from November.
By tax source (month-over-month):
- Income Tax: Up 51.7% driven by year-end filings and seasonal income patterns.
- Gross Production Tax: Up 231.6%, reflecting strength in oil and gas revenue.
- Motor Vehicle Tax: Up 19.9%, reflecting steady vehicle transactions heading into year-end.
- Sales & Use Tax: Down 2.7%, but outpaced last December by 5.1% and $29.9 million.
Economic Indicators
- Oklahoma Unemployment: 3.2%, compared to 4.6% nationally.
- Consumer Price Index: Hit 2.7%, an increase of 0.2% over the two-month period from September to November marking the seventh consecutive increase.
- Business Conditions Index: Fell to 44.8 in December from 48.8 in November, signaling slower business activity.
- Manufacturing Exports: Oklahoma exports totaled $5.4 billion through the first three quarters of 2025, down 0.8% from the same period last year.
Ties to National Trends
Nationally, economic data continues to reflect a cooling environment as inflation moderates and business activity slows. Federal data releases remain uneven following the recent government shutdown, requiring greater reliance on private-sector indicators.
- The Federal Reserve’s October interest-rate cut reflects easing inflation and a gradually cooling labor market.
- Oklahoma’s lower unemployment rate and strong year-end revenue rebound highlight continued resilience relative to national trends.
- For state and local governments, December’s gains reinforce that month-to-month volatility can occur even as longer-term revenue trends remain stable.
“Sales and use tax finished higher than December of last year, showing stronger overall holiday spending than in 2024. While shopping activity peaked earlier in the season this year, both November and December outpaced last year’s levels, reflecting continued consumer engagement across Oklahoma,” added Treasurer Russ.
The complete December 2025 Tax Revenue Report is available at treasurer.ok.gov, including breakdowns by tax category, sector, and month.