Earnings

MGE Energy Electric Earnings Lift Widens in Third Quarter

The Tip Desk · November 10, 2026 · 2 min read

GAAP earnings were $56.4 million, or $1.48 a share, as electric-segment profit rose $11.6 million from a year earlier.

MGE Energy, Inc. (MGEE), the Madison-based public utility holding company, reported GAAP earnings of $56.4 million, or $1.48 a share, for the third quarter of 2026, up from $44.5 million, or $1.22 a share, a year earlier.

The year-over-year lift in electric-segment earnings widened. Electric earnings increased $11.6 million versus 2025, after a $3.0 million year-over-year increase in the second quarter. The company said the third-quarter rise reflected strategic capital investments that grew rate base, largely driven by the successful deployment of key renewable energy projects. It also reflected higher allowance for funds used during construction equity associated with the construction of Koshkonong, High Noon, Sunnyside, and other early development projects; AFUDC equity from those projects increased $3.3 million compared with the same period in the prior year.

Gas net income remained stable compared with the third quarter of 2025, matching the second-quarter description of stable gas results.

Investment gains added about $2.2 million versus the third quarter of 2025, including returns from venture capital funds focused on technologies and innovations relevant to the evolving energy industry, after about $3.9 million of investment gains in the second quarter.

Operating revenues were $190.4 million in the three months ended September 30, 2026, versus $175.7 million a year earlier. Operating income was $58.1 million, versus $51.1 million a year earlier. Sequentially, GAAP earnings were $56.4 million, or $1.48 a share, after $33.4 million, or $0.89 a share, in the second quarter. Operating revenues were $190.4 million after $161.2 million in the second quarter, and operating income was $58.1 million after $32.6 million.

For the nine months ended September 30, 2026, operating revenues were $594.3 million, versus $554.1 million a year earlier. Operating income was $143.9 million, versus $138.2 million a year earlier. Net income was $138.2 million, versus $112.6 million a year earlier. Diluted earnings were $3.70 a share, versus $3.08 a share a year earlier.

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.

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