MGE Energy (MGEE) Cash Flow: Operating & Free Cash Flow

MGE Energy Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for MGE Energy, Inc. (MGEE) - 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
Operating Activities
Net Income	135.89	120.57	117.70	110.95	105.76	92.42	86.87	84.22	97.61
Depreciation & Amortization	114.32	108.58	100.35	85.55	76.98	74.19	71.56	56.41	53.08
Deferred Income Tax	7.62	0.61	23.00	23.44	4.84	10.36	7.21	3.75	-4.08
Stock Based Compensation	0.00	0.00	0.00	1.30	0.00	0.00	0.00	1.10	1.00
Change in Working Capital	11.64	36.15	6.09	-42.06	-41.15	8.04	-24.88	17.56	-2.03
Change in Accounts Receivable	-21.75	-6.57	11.17	-16.73	-24.65	-5.45	1.06	-2.24	-4.50
Change in Inventory	5.07	5.54	-0.85	-22.23	-6.34	-0.84	-3.42	2.72	-2.57
Change in Accounts Payable	8.48	6.49	-5.21	5.10	2.73	14.35	-7.43	-4.86	-5.29
Change in Other Working Capital	19.84	40.40	4.33	-9.29	-12.88	-0.02	-15.09	21.92	10.33
Other Operating Activities	-6.25	-1.15	4.33	-0.71	-8.91	-12.57	-10.29	-6.40	-10.56
Net Cash from Operating Activities	263.23	277.78	237.56	153.74	137.53	172.44	130.48	153.04	132.99
Investing Activities
Capital Expenditures	-343.22	-236.93	-222.07	-175.03	-153.17	-203.14	-164.04	-212.20	-108.13
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.82
Purchases of Investments	-9.50	-4.79	-7.00	-5.19	-4.03	-5.60	-7.81	-5.93	-11.08
Other Investing Activities	2.16	-4.56	-0.95	-5.12	0.22	-1.67	-0.51	-0.21	2.85
Net Cash from Investing Activities	-350.56	-241.49	-230.02	-180.15	-156.98	-210.41	-172.36	-218.33	-116.36
Financing Activities
Debt Repayment	137.24	-5.15	-54.31	-4.89	48.23	32.84	32.45	84.55	39.64
Common Stock Issued	3.75	31.61	0.00	0.00	0.00	79.64	0.00	0.00	0.00
Dividends Paid	-67.59	-63.60	-60.39	-57.50	-54.79	-51.73	-47.84	-45.76	-43.68
Other Financing Activities	-1.84	-1.69	-2.58	-2.07	-2.20	-1.55	-1.84	-0.66	-0.60
Net Cash from Financing Activities	71.57	-26.83	-10.48	25.54	-8.76	59.19	-17.23	38.12	-4.64
Summary
Net Change in Cash	-15.76	9.47	-2.94	-0.87	-28.20	21.23	-59.12	-27.17	11.99
Cash at Beginning of Period	24.50	15.03	17.97	18.84	47.04	25.81	84.93	112.09	95.96
Cash at End of Period	8.74	24.50	15.03	17.97	18.84	47.04	25.81	84.93	107.95
Free Cash Flow	-79.99	40.86	15.49	-21.30	-15.64	-30.70	-33.56	-59.16	24.86
Supplemental Disclosures
Interest Paid	-	34.31	29.53	25.96	23.50	23.90	-	-	-
Income Taxes Paid	-	-13.10	9.80	3.17	4.00	8.13	-	-	-

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 Cash Flow

What is MGE Energy's free cash flow?

MGE Energy had negative free cash flow of $79.99M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $263.23M minus $343.22M of capital expenditures.

How much does MGE Energy spend on capital expenditures?

MGE Energy spent $343.22M on capital expenditures in fiscal 2025, compared with $236.93M a year earlier. That equals 130.4% of operating cash flow.

Does MGE Energy pay dividends or buy back shares?

Yes. In fiscal 2025 MGE Energy returned $67.59M in dividends to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition