The November 2025 State Tax Revenue Report released today by State Treasurer Todd Russ shows a 4.1% increase in total revenue compared to November 2024, even as monthly results were uneven. Over the past 12 months, Oklahoma collected $17.08 billion, up 1.3% from the prior period, underscoring continued revenue resilience heading into 2026.
“Even with a softer month in several categories, Oklahoma’s revenue picture remains steady,” said State Treasurer Todd Russ. “Year-over-year revenue shows solid growth driven by strong income tax performance and improving business conditions. The rebound in sales and use tax also reflects continued consumer confidence heading into the holiday season. With federal data still delayed from the shutdown, we are watching national trends closely, but Oklahoma continues to demonstrate resilience and balanced economic momentum.”
Key Takeaways from the November 2025 Report
12-Month Total Revenue: $17.08 billion — up $213.4 million (+1.3%) compared to last year.
Year-Over-Year Monthly Growth: November 2025 collections rose $49.2 million (+4.1%) over November 2024.
Sales & Use Tax: $627.5 million — up 9.0% year-over year and 7.8% month-over-month.
Business Conditions Update
Oklahoma’s Business Conditions Index fell to 48.8 in November, down from 52.2 in October.
The dip was mainly driven by weaker new orders, slower production, and softer manufacturing employment.
This marks the second month this year of the index being below the growth-neutral threshold of 50, indicating a mild short-term contraction in manufacturing activity and softer conditions for producers heading into year-end.
Ties to National Trends
The federal shutdown continues to delay some U.S. economic data, prompting reliance on private-sector sources for key indicators.
The Federal Reserve recognized mixed signals in inflation and labor markets and executed an interest-rate cut in October, aiming to balance growth and price stability.
Oklahoma’s diversified economy is supported by income tax strength, energy production, and consumer demand and continues to outperform national averages and provides a stable base for both state and local governments through budget cycles.
For cities and towns that rely heavily on sales and use tax revenue, the dips over last month in some categories should be viewed as seasonal rather than a cause for alarm, given the increase in November year-over year of 4.1%.
“Although four of the five major tax sources were down from October, the overall year-over-year total for November increased compared to 2024, demonstrating continued strength despite typical seasonal patterns,” added Treasurer Russ.
The complete November 2025 Tax Revenue Report is available at treasurer.ok.gov, including breakdowns by tax category, sector, and month.
