MGE Energy posts higher Q1 2026 earnings
MGE Energy, Inc. reported stronger results for the first quarter of 2026.
Rhea-AI Filing Summary
MGE Energy, Inc. reported stronger results for the first quarter of 2026. GAAP net income rose to $48.5 million, or $1.32 per share, up from $41.6 million, or $1.14 per share, a year earlier. Operating revenues increased to $242.7 million from $219.0 million.
Electric segment earnings increased by $5.5 million, driven by strategic capital investments that expanded the rate base, largely from deploying key renewable energy projects. The gas segment delivered stable net income with minimal variation from the prior-year quarter.
Positive
- Strong earnings growth: GAAP net income increased from $41.6 million to $48.5 million, with EPS rising from $1.14 to $1.32, showing solid year-over-year improvement.
- Electric segment momentum: Electric segment earnings rose by $5.5 million, driven by strategic capital investments that expanded rate base, largely through deployment of key renewable energy projects.
Negative
- None.
Insights
MGE Energy delivered solid year-over-year earnings growth led by its electric segment.
MGE Energy reported Q1 2026 GAAP net income of $48.5 million, up from $41.6 million, with earnings per share increasing to $1.32 from $1.14. Operating revenues climbed to $242.7 million from $219.0 million, showing broad top-line growth.
Electric segment earnings rose $5.5 million, which the company links to strategic capital investments that expanded its rate base, largely via key renewable energy projects. Gas net income was described as steady, with minimal variation versus the first quarter of 2025, suggesting stability in that segment.
The filing emphasizes continued deployment of renewable energy, which is shaping the earnings mix toward the electric segment. Future company filings may provide more detail on additional capital investments, regulatory treatment of the growing rate base, and how these factors influence earnings patterns over subsequent quarters.
8-K Event Classification
Key Figures
Key Terms
GAAP financial
rate base financial
renewable energy projects technical
public utility holding company regulatory
forward-looking statements regulatory
Earnings Snapshot
FAQ
How did MGE Energy (MGEE) perform financially in Q1 2026?
How did MGE Energy's Q1 2026 revenue compare to last year?
What drove the increase in MGE Energy's electric segment earnings?
How did MGE Energy's gas segment perform in Q1 2026?
What customer base does MGE Energy serve through Madison Gas and Electric?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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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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Date of report (date of earliest event reported) |
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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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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 May 5, 2026, MGE Energy, Inc. (the Company) issued a press release announcing its first quarter 2026 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 May 5, 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: May 5, 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 First-Quarter 2026 Earnings
Madison, Wis., May 05, 2026—MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the first quarter of 2026.
MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the first quarter of 2026 were $48.5 million, or $1.32 per share, compared to $41.6 million, or $1.14 per share, for the same period in the prior year.
Electric segment earnings increased $5.5 million for 2026 compared to 2025, a result of strategic capital investments that grew rate base. This growth remains largely driven by the successful deployment of key renewable energy projects.
Gas net income exhibited steady performance, with minimal variation compared to the first quarter of 2025.
MGE Energy, Inc.
(In thousands, except per-share amounts)
(Unaudited)
Three Months Ended March 31, |
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2026 |
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2025 |
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Operating revenues |
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$ |
242,703 |
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$ |
218,970 |
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Operating income |
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$ |
53,152 |
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$ |
52,865 |
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Net income |
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$ |
48,481 |
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$ |
41,592 |
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Earnings per share - basic |
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$ |
1.32 |
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$ |
1.14 |
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Earnings per share - diluted |
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$ |
1.32 |
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$ |
1.14 |
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Weighted average shares outstanding - basic |
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36,590 |
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36,511 |
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Weighted average shares outstanding - diluted |
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36,620 |
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36,539 |
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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.
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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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