MGE Energy Q3 2026 net income rises to $56.4M
Electric segment earnings increased $11.6 million as renewable projects, construction-related AFUDC equity and investment gains contributed to results.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
MGE Energy, Inc. (MGEE) reported third-quarter 2026 GAAP net income of $56.358 million, or $1.48 per diluted share, compared with $44.497 million and $1.22 per diluted share a year earlier. Quarterly operating revenues were $190.397 million versus $175.679 million, and operating income was $58.083 million versus $51.075 million. For the nine months ended September 30, 2026, revenue was $594.295 million, net income was $138.192 million and diluted EPS was $3.70, compared with $554.101 million, $112.587 million and $3.08, respectively, in 2025.
Electric segment earnings increased $11.6 million compared with the third quarter of 2025, reflecting capital investments that grew rate base, largely through renewable energy projects. Higher allowance for funds used during construction (AFUDC) equity from projects including Koshkonong, High Noon and Sunnyside contributed $3.3 million more than a year earlier. Gas net income remained stable. Earnings also included an approximately $2.2 million increase in investment gains, including returns from venture capital funds focused on energy technologies and innovation.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly net income was $56.358 million, versus $44.497 million.
- Moderate pointQuarterly operating revenue was $190.397 million, versus $175.679 million.
Negative
- None.
8-K Event Classification
Key Figures
Key Terms
GAAP financial
rate base financial
AFUDC equity financial
venture capital funds financial
Earnings Snapshot
FAQ
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What were MGEE's third-quarter 2026 earnings?
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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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(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 November 4, 2026, MGE Energy, Inc. (the Company) issued a press release announcing its third 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 November 4, 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: November 4, 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 Third-Quarter 2026 Earnings
Madison, Wis., November 04, 2026—MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the third quarter of 2026.
MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2026 were $56.4 million, or $1.48 per diluted share, compared to $44.5 million, or $1.22 per diluted share, for the same period in the prior year.
Electric segment earnings increased $11.6 million for 2026 compared to 2025, reflecting strategic capital investments that grew rate base, largely driven by the successful deployment of key renewable energy projects. The increase also reflected higher allowance for funds used during construction (AFUDC) equity associated with the construction of Koshkonong, High Noon, Sunnyside, and other early development projects. AFUDC equity from these projects increased $3.3 million compared to the same period in the prior year. Gas net income remained stable compared to the third quarter of 2025. In addition, earnings benefited from an approximately $2.2 million increase in investment gains compared to the third quarter of 2025, including returns from venture capital funds focused on technologies and innovations relevant to the evolving energy industry.
MGE Energy, Inc.
(In thousands, except per-share amounts)
(Unaudited)
Three Months Ended September 30, |
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2026 |
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2025 |
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Operating revenues |
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$ |
190,397 |
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$ |
175,679 |
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Operating income |
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$ |
58,083 |
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$ |
51,075 |
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Net income |
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$ |
56,358 |
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$ |
44,497 |
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Earnings per share - basic |
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$ |
1.49 |
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$ |
1.22 |
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Earnings per share - diluted |
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$ |
1.48 |
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$ |
1.22 |
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Weighted average shares outstanding - basic |
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37,791 |
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36,542 |
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Weighted average shares outstanding - diluted |
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38,018 |
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36,576 |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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Operating revenues |
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$ |
594,295 |
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$ |
554,101 |
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Operating income |
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$ |
143,869 |
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$ |
138,163 |
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Net income |
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$ |
138,192 |
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$ |
112,587 |
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Earnings per share - basic |
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$ |
3.71 |
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$ |
3.08 |
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Earnings per share - diluted |
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$ |
3.70 |
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$ |
3.08 |
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Weighted average shares outstanding - basic |
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37,248 |
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36,531 |
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Weighted average shares outstanding - diluted |
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37,373 |
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36,565 |
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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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