MGE Energy (NASDAQ: MGEE) posts higher 2025 earnings on renewables, gas growth
Rhea-AI Filing Summary
MGE Energy reported stronger results for the fourth quarter and full year 2025. Full-year GAAP net income rose to $135.9 million, or $3.72 per share, compared with $120.6 million, or $3.33 per share, a year earlier. Fourth-quarter net income was $23.3 million, or $0.64 per share, up from $22.0 million, or $0.61 per share.
Operating revenues increased to $743.7 million for 2025 from $676.9 million in 2024, and operating income rose to $170.7 million from $146.3 million. The electric segment added Darien Solar and the Paris Battery Energy Storage System in 2025, contributing to an $11.3 million earnings increase. Gas segment earnings grew $2.5 million as retail therm deliveries climbed about 14% versus 2024.
Positive
- Meaningful earnings growth: 2025 GAAP net income increased to $135.9 million from $120.6 million, with EPS rising to $3.72 from $3.33, supported by higher operating revenues and income.
- Renewable and storage projects contributing to profits: Electric segment earnings rose $11.3 million, helped by the Darien Solar Project and Paris Battery Energy Storage System becoming operational in 2025.
Negative
- None.
Insights
MGE Energy delivered higher 2025 earnings supported by new renewables and gas volume growth.
MGE Energy’s 2025 net income increased to $135.9 million from $120.6 million, with EPS up to $3.72 from $3.33. Operating revenues and operating income also rose for both the quarter and full year, indicating broad-based earnings strength.
Electric segment earnings grew $11.3 million, helped by the Darien Solar Project and Paris Battery Energy Storage System coming online. These assets added 25 MW of solar and 11 MW of battery capacity, showing tangible movement toward renewables while still boosting earnings.
Gas segment earnings increased $2.5 million as retail therm deliveries were about 14% higher than 2024, mainly because the prior year had warmer-than-normal weather. Future filings may clarify how sustainable these higher gas volumes and the renewable-driven earnings contributions are relative to weather and regulatory factors.
8-K Event Classification
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
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FORM CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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Commission File No. |
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Name of Registrant, State of Incorporation, Address of Principal Executive Offices, and Telephone No. |
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IRS Employer Identification No. |
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(a ( |
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(a (
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
MGE Energy, Inc.
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
MGE Energy, Inc. ☐ Madison Gas and Electric Company ☐
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Item 2.02. Results of Operations and Financial Condition.
On February 24, 2026, MGE Energy, Inc. (the Company) issued a press release announcing its fourth quarter and full year 2025 earnings. The Company is furnishing a copy of that press release as Exhibit 99.1 to this report.
This combined Form 8-K is being furnished separately by the Company and Madison Gas and Electric Company. Information contained herein relating to any individual registrant has been furnished by such registrant on its own behalf. Neither registrant makes any representation as to information relating to the other registrant.
Item 9.01. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired: None
(b) Pro forma financial information: None
(c) Shell company transactions: None
(d) Exhibits.
Exhibit No. |
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Description |
99.1 |
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Press release of MGE Energy, Inc., issued on February 24, 2026. |
104 |
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Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
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MGE Energy, Inc. Madison Gas and Electric Company |
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(Registrants) |
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Date: February 24, 2026 |
/s/ Jenny L. Lagerwall |
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Jenny L. Lagerwall Assistant Vice President - Accounting and Controller (Chief Accounting Officer) |
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EXHIBIT 99.1
News
MGE Energy Reports Fourth-Quarter and Full-Year 2025 Earnings
Madison, Wis., Feb. 24, 2026—MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the fourth quarter and full year of 2025.
MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the full year of 2025 were $135.9 million, or $3.72 per share, compared to $120.6 million, or $3.33 per share, for the same period in the prior year.
MGE Energy's earnings for the fourth quarter of 2025 were $23.3 million, or 64 cents per share, compared to $22.0 million, or 61 cents per share, for the same period in the prior year.
Electric segment earnings increased $11.3 million for 2025 compared to 2024. This growth was largely driven by the successful deployment of key renewable energy projects. The Darien Solar Project in Rock and Walworth counties became operational in March 2025, followed by the Paris Battery Energy Storage System (BESS) in June 2025. MGE owns 25 MW of solar capacity from the Darien Solar Project and 11 MW of battery capacity from the Paris BESS.
Gas segment earnings increased $2.5 million for 2025 compared to 2024. During 2025, gas retail therm deliveries increased approximately 14% compared to the prior year, primarily due to warmer-than-normal weather in 2024.
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MGE Energy, Inc.
(In thousands, except per-share amounts)
(Unaudited)
Three Months Ended December 31, |
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2025 |
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2024 |
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Operating Revenues |
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$ |
189,553 |
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$ |
171,415 |
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Operating Income |
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$ |
32,490 |
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$ |
27,642 |
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Net Income |
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$ |
23,302 |
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$ |
22,022 |
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Earnings Per Share - basic |
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$ |
0.64 |
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$ |
0.61 |
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Earnings Per Share - diluted |
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$ |
0.64 |
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$ |
0.61 |
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Weighted average shares outstanding - basic |
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36,542 |
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36,312 |
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Weighted average shares outstanding - diluted |
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36,578 |
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36,347 |
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Year Ended December 31, |
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2025 |
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2024 |
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Operating Revenues |
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$ |
743,654 |
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$ |
676,944 |
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Operating Income |
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$ |
170,653 |
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$ |
146,262 |
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Net Income |
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$ |
135,889 |
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$ |
120,569 |
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Earnings Per Share - basic |
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$ |
3.72 |
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$ |
3.33 |
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Earnings Per Share - diluted |
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$ |
3.72 |
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$ |
3.33 |
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Weighted average shares outstanding - basic |
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36,534 |
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36,210 |
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Weighted average shares outstanding - diluted |
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36,571 |
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36,239 |
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About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 170,000 customers in Dane County, Wis., and purchases and distributes natural gas to 180,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the “Risk Factors” sections in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission.
Contact: |
Steve B. Schultz Media Relations 608-252-7219 | sbschultz@mge.com
Ken Frassetto Investor Relations 608-252-4723 | kfrassetto@mge.com |
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