Filing Flows

Filing Flows › Companies › MGE Energy › Cash flow

MGE Energy cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$20.4M in Q1 2026 · −$104M over twelve months

Operating cash flow$80.7M
Capital spending−$101M
Free cash flow−$20.4M

Analysis

In Q1 2026, MGE Energy generated $80.7M of operating cash flow and spent $101M on capital projects, leaving free cash flow of −$20.4M. That is $50.7M less than in Q1 2025 ($30.2M).

Over the twelve months to Sep 30, 2026, operating cash flow was $276M; the largest uses were capital spending ($380M), dividends ($71.9M), other investing ($6.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($92.7M), shares issued ($92.0M); the cash balance fell by $127K.

Operating cash flow was $80.7M against net income of $48.5M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets +$20.9M, payables −$16.7M, other non-cash −$3.2M.

Free cash flow

MGE Energy: free cash flow by quarterMGE Energy: free cash flow by quarter$27.0MQ3 2024−$4.9MQ4 2024$30.2MQ1 2025−$8.0MQ2 2025−$49.1MQ3 2025−$53.1MQ4 2025−$20.4MQ1 2026
Operating cash flow less capital spending.
MGE Energy: operating cash flow against capital spendingMGE Energy: operating cash flow against capital spendingOperating cash flowCapital spending$79.4M$52.4MQ3 2024$67.9M$72.9MQ4 2024$77.9M$47.7MQ1 2025$56.1M$64.1MQ2 2025$94.8M$144MQ3 2025$34.5M$87.6MQ4 2025$80.7M$101MQ1 2026
Latest (Q1 2026): Operating cash flow $80.7M, Capital spending $101M.

Capital allocation, year by year

MGE Energy: where the cash came from (up) and went (down), by fiscal yearMGE Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow $138MFY2021: Net borrowing $48.2MFY2021: Capital spending −$153MFY2021: Dividends −$54.8M$186MFY2021FY2022: Operating cash flow $154MFY2022: Net borrowing $85.1MFY2022: Capital spending −$175MFY2022: Dividends −$57.5M$239MFY2022FY2023: Operating cash flow $238MFY2023: Net borrowing $52.5MFY2023: Capital spending −$222MFY2023: Dividends −$60.4M$290MFY2023FY2024: Operating cash flow $278MFY2024: Net borrowing $6.9MFY2024: Shares issued $31.6MFY2024: Capital spending −$237MFY2024: Dividends −$63.6M$316MFY2024FY2025: Operating cash flow $263MFY2025: Net borrowing $137MFY2025: Shares issued $3.8MFY2025: Capital spending −$343MFY2025: Dividends −$67.6M$404MFY2025
Over these 5 years operating cash flow totalled $1.1B; the largest uses were capital spending ($1.1B) and dividends ($304M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$5.7M
Debt$908M
Net debt$903M
Due within a year$21.6M

MGE Energy's operations bring cash in ($276M over twelve months), and it spends more than that on capital projects: a gap of $104M funded from its $5.7M of cash and investments and from borrowing ($908M of debt, $21.6M due within a year). That is a choice to invest, not a cash runway running down.

MGE Energy: debt maturities by year (FY2025)MGE Energy: debt maturities by year (FY2025)$21.6MYear 1$54.9MYear 2$25.8MYear 3$55.9MYear 4$6.1MYear 5$654MAfter year 5
Principal due in each year as disclosed in the annual report, against $5.7M of cash and investments now.

Where the cash came from and went

MGE Energy: sources (+) and uses (−) of cash, Q1 2026MGE Energy: sources (+) and uses (−) of cash, Q1 2026Capital spending−$101MOperating cash flow$80.7MNet borrowing (+) / repaid (−)$33.2MDividends−$17.4MShares issued$14.0MOther investing−$4.3MCash drawn (+) / kept (−)−$3.7MOther financing−$1.3M
MGE Energy: sources (+) and uses (−) of cash, TTM to Q3 2026MGE Energy: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$380MOperating cash flow$276MNet borrowing (+) / repaid (−)$92.7MShares issued$92.0MDividends−$71.9MOther investing−$6.0MOther financing−$2.6MCash drawn (+) / kept (−)$127K

From profit to cash

MGE Energy: net income to operating cash flow, Q1 2026MGE Energy: net income to operating cash flow, Q1 2026Net income$48.5MStock-based pay$1.1MDeferred taxes$2.5MOther non-cash−$3.2MPayables−$16.7MPrepaid and other assets$20.9MOther liabilities−$2.3MOperating cash flow$80.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 2026$80.7M−$101M−$17.4M$33.2M$14.0M−$3.7M−$20.4M
Q4 2025$34.5M−$87.6M−$17.4M$67.2M—$5.3M−$53.1M
Q3 2025$94.8M−$144M−$17.4M$67.2M—−$884K−$49.1M
Q2 2025$56.1M−$64.1M−$16.4M$4.2M$471K$23.5M−$8.0M
Q1 2025$77.9M−$47.7M−$16.4M−$1.3M$3.3M−$12.2M$30.2M
Q4 2024$67.9M−$72.9M−$16.4M$201K$29.0M−$6.1M−$4.9M
Q3 2024$79.4M−$52.4M−$16.3M−$12.6M$2.6M$1.1M$27.0M

MGE Energy: income statement and cash flow

MGE Energy, Q3 2026: revenue $190M (+8% year over year), operating margin 30.5%. The chart follows the revenue to costs, profit and cash.

MGE Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.