MGE Energy (MGEE) Financial Statements & Analysis

MGE Energy (MGEE) Income Statement

MGE Energy reported revenue of $743.65M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 9.9% from $676.94M a year earlier. Net income was $135.89M, up 12.7% year over year, a net margin of 18.3%. Gross margin was 97.3% and operating margin 22.9%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $161.19M, up 1.1% from the same quarter a year earlier.

MGE Energy Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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MGE Energy, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	743.65	676.94	690.43	714.52	606.58	538.63	568.86	559.77	563.10
Cost of Revenue	20.00	398.12	421.39	470.60	393.03	334.69	366.53	369.74	361.99
Gross Profit	723.65	278.83	269.04	243.92	213.55	203.94	202.33	190.03	201.11
Operating Expenses
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.00	0.00	0.00	0.00	0.00	0.00	0.00	10.95	6.23
Operating Expenses	553.00	132.57	122.66	106.18	96.26	93.94	91.42	75.82	72.37
Operating Income	170.65	146.26	146.39	137.74	117.29	110.00	110.91	114.21	128.74
Other Income/Expense
Interest Income	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest Expense	33.80	32.93	30.43	26.65	24.11	23.52	23.06	19.61	19.32
Other Income/Expense	-14.00	-15.10	29.55	26.08	-7.42	1.84	-4.25	-2.55	-4.93
Income
Income Before Tax	156.65	131.17	145.50	137.18	109.88	111.84	106.66	111.65	119.70
Income Tax Expense	20.77	10.60	27.80	26.22	4.12	19.42	19.78	27.43	22.09
Net Income	135.89	120.57	117.70	110.95	105.76	92.42	86.87	84.22	97.61
Net Income - Continuous Operations	135.89	120.57	117.70	110.95	105.76	92.42	86.87	84.22	97.61
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	304.78	272.68	276.28	249.37	210.97	209.55	201.28	187.67	192.10
EBIT	182.56	156.05	175.93	163.82	133.90	123.10	-	-	-
Depreciation & Amortization	114.32	108.58	100.35	85.55	76.98	74.19	71.56	56.41	53.08
Earnings Per Share
Basic EPS	4.00	3.00	3.00	3.00	3.00	3.00	2.00	2.00	3.00
Diluted EPS	4.00	3.00	3.00	3.00	3.00	3.00	2.00	2.00	3.00
Basic Shares Outstanding	36.53	36.21	36.16	36.16	36.16	35.61	34.67	34.67	34.67
Diluted Shares Outstanding	36.57	36.24	36.19	36.17	36.17	35.61	34.67	34.67	34.67

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About MGE Energy Financial Statements

What was MGE Energy's revenue in fiscal 2025?

MGE Energy reported revenue of $743.65M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 9.9% from $676.94M a year earlier.

Is MGE Energy profitable?

Yes. MGE Energy earned net income of $135.89M in fiscal 2025, a net margin of 18.3%. In fiscal 2024 it earned $120.57M.

What is MGE Energy's operating margin?

MGE Energy's operating income was $170.65M on revenue of $743.65M in fiscal 2025, an operating margin of 22.9%, compared with 21.6% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition