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Madison Gas & Electric earnings and revenue breakdown
Latest: Q3 FY26 · 10-Q filed Aug 5, 2026
Q3 FY26 Revenue up 1% year over year to $161M · 21¢ of every $1 of revenue kept as net profit · operating margin 20.2%
Madison Gas & Electric made $161M in Q3 FY26 (+1% Y/Y): Electric $131M, Gas $29.6M, Non Regulated Energy $214K. Operating margin 20.2%, net earnings $33.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.
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What changed this quarter
Revenue was $161.2M in Q3 FY26, up 1% year over year. Electric was the largest line at 82% of revenue. Electric added $2.1M year over year (up 2%), 119% of the total change. Gas declined 1%.
Operating profit was $32.6M, a 20.2% margin (down 1.2 points year over year). Operating profit fell $1.6M even though revenue rose $1.7M versus Q3 FY25, so costs grew faster than sales. Total costs grew 3% against revenue growth of 1%. Net earnings were $33.4M, up 26% year over year. The effective tax rate was 11.4%.
Operating cash flow was $68.1M (up 21% year over year), 204% of net earnings. Non-cash charges added back $1.6M of share-based compensation. Working capital and other items added $33.2M. Capital expenditures of $109.8M exceeded it, leaving free cash flow of −$41.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 FY26 | 10-Q | Aug 5, 2026 | $161M | +1% | 20.2% | $33.4M | $68.1M |
| Q2 FY26 | 10-Q | May 5, 2026 | $243M | +11% | 21.9% | $48.5M | $80.7M |
| Q4 FY25 | 10-Q | Nov 5, 2025 | $176M | +4% | 29.1% | $44.5M | $94.8M |
| Q3 FY25 | 10-Q | Aug 6, 2025 | $159M | — | 21.5% | $26.5M | $56.1M |
| Q2 FY25 | 10-Q | May 7, 2025 | $219M | +14% | 24.1% | $41.6M | $77.9M |
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Madison Gas & Electric against its Electric & Other Services Combined peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +1% against the peers' median +7%. Operating margin: 20.2% against the peers' median 20.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Madison Gas & Electric | Q3 FY26 | $161M | +1% | 20.2% |
| DUK Duke Energy | Q3 2026 | $9.1B | +7% | 30.2% |
| Pepco Holdings LLC | Q3 2026 | $7.3B | +9% | 18.8% |
| EXC Exelon | Q1 2026 | $7.2B | +8% | 22.2% |
| PCG PG&E | Q3 2026 | $6.2B | -1% | 20.2% |
| ED Consolidated Edison | Q3 2026 | $4.9B | +8% | 23.8% |
| XEL Xcel Energy | Q3 2026 | $4.2B | +7% | 28.5% |
| Consolidated Edison Co of New York | Q2 2026 | $4.1B | +13% | 13.6% |
| PEG Public Service Enterprise Group | Q3 2026 | $3.0B | -6% | 20.6% |
Source: Madison Gas & Electric 10-Q on SEC EDGAR · CIK 61339 · Electric & Other Services Combined