Orthogonal frequency division multiplexing (OFDM) is widely used in broadband wireless communications systems because of its high resilience to frequency-selective fading and its low implementation complexity. Phase noise (PN) is one of the major RF impairments in direct-conversion wireless transceivers. In this paper, we analyze the impact of PN on an OFDM transceiver. We derive an exact normalized mean square error (NMSE) expression under receive-side PN and examine asymptotic and special cases. An optimized regularization parameter for an MMSE equalizer design is derived and shown to result in appreciable NMSE reduction. (C) 2017 Elsevier GmbH. All rights reserved.