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MGE Energy (MGEE) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · MGE Energy (MGEE) Q3 2026 earnings results →
Q3 2026 Revenue up 8% year over year to $190M · 30¢ of every $1 of revenue kept as net profit · operating margin 30.5%
MGE Energy made $190M in Q3 2026 (+8% Y/Y): Electric $173M, Gas $17.5M. Operating margin 30.5%, net earnings $56.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $190.4M in Q3 2026, up 8% year over year. Electric was the largest line at 91% of revenue. Electric added $17.4M year over year (up 11%), 118% of the total change. Gas declined 13%.
Operating profit was $58.1M, a 30.5% margin (up 1.4 points year over year). Of the extra revenue versus Q3 2025, 48% reached operating profit, above the 29% margin then. Total costs grew 6% against revenue growth of 8%. Net earnings were $56.4M, up 27% year over year. The effective tax rate was 14.3%.
Operating cash flow was $92.2M (down 3% year over year), 164% of net earnings. Non-cash charges added back $700K of share-based compensation. Working capital and other items added $35.2M. Capital expenditures of $81.3M left free cash flow of $10.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $190M | +8% | 30.5% | $56.4M | $92.2M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $161M | +1% | 20.2% | $33.4M | $68.1M |
| Q1 2026 | 10-Q | May 5, 2026 | $243M | +11% | 21.9% | $48.5M | $80.7M |
| Q4 2025 | 10-K | Feb 24, 2026 | $190M | +11% | 17.1% | $23.3M | $34.5M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $176M | +4% | 29.1% | $44.5M | $94.8M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $159M | +9% | 21.5% | $26.5M | $56.1M |
| Q4 2024 | 10-K | Feb 25, 2025 | $171M | +4% | 16.1% | $22.0M | $67.9M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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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.
In its own words, from its 8-K, filed Nov 4, 2026.
MGE Energy against its Electric, Gas & Sanitary Services peers
The largest companies of the same SEC industry, each at its latest quarter.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MGEE MGE Energy | Q3 2026 | $190M | +8% | 30.5% |
| Berkshire Hathaway Energy | Q2 2026 | $6.7B | +5% | 19.1% |
Source: MGE Energy 10-Q on SEC EDGAR · CIK 1161728 · Electric, Gas & Sanitary Services
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q4 2024 results