State Treasurer Todd Russ last week released the March 2026 State Tax Revenue Report, showing total monthly revenue of $1.4 billion, a 7.2% increase from March 2025. Revenues also rose 18.7% from February, reflecting broad-based gains across major tax categories. Over the last 12 months, Oklahoma revenues total $17.3 billion, up 2.9% year-overyear, continuing a trend of steady fiscal growth.

Key Takeaways from the March 2026 Tax Revenue Report

• Total Monthly Revenue: $1.4 billion, up 7.2% year-over-year and up 18.7% month-over-month, reflecting strong gains across multiple sectors.

• Sales & Use Tax: $568.6 million, up 10.5% from last year, signaling continued strength in consumer spending.

• Income Tax: $533.5 million, down 4.7% year-over-year, with mixed performance between individual and corporate receipts.

• Gross Production Tax (oil & gas): $108.0 million, down 8.6% from last year, though rising month-over-month as energy activity improves.

• Motor Vehicle Tax: $80.8 million, up 5.1% year-over-year, reflecting steady vehicle-related activity.

• Other Sources: $119.1 million, up 3.4% year-over-year, showing moderate gains across smaller revenue streams.

• 12-Month Total: $17.32 billion, up $485.1 million (2.9%) year-over-year, demonstrating continued stability and growth in Oklahoma’s fiscal base.

Revenue Trend and Economic Context Following a strong finish in December, revenue growth moderated in January and February before strengthening again in March. The 12-month ending revenue growth increased to 0.55%, up from 0.04% in February, and has remained positive for seven consecutive months, signaling improving momentum in the rolling annual total and supporting a firmer outlook heading into the spring.

Oklahoma’s Business Conditions Index dipped to 45.7, showing new orders remained strong while the drop appears driven more by an inventory correction and shifting supply dynamics than a collapse in demand. Though rising claims suggest conditions may be weakening more broadly.

Nationally, consumer fundamentals remain supportive of economic stability. The U.S. consumer delinquency rate remains below its long-term historical average, while household wealth continues at record levels. These factors help sustain consumer spending, which plays a critical role in overall economic activity and state revenues.