Filing Flows › MGE Energy (MGEE) › Q1 2026
MGE Energy (MGEE) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
MGE Energy (MGEE) reported revenue of $243M for the first quarter 2026 (Q1 2026), +11% from a year earlier and +28% from the quarter before. Operating margin was 21.9%, net earnings $48.5M (20.0% of revenue).
MGE Energy, Q1 2026: revenue $243M (+11% year over year), operating margin 21.9%, net earnings $48.5M, operating cash flow $80.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $243M | +28% | +11% |
| Operating profit | $53.2M | +64% | +0.5% |
| Net earnings | $48.5M | +108% | +17% |
| Operating cash flow | $80.7M | +134% | +4% |
What changed
Revenue was $242.7M in Q1 2026, up 11% year over year and up 28% from the previous quarter. Electric was the largest line at 54% of revenue. Gas added $17.8M year over year (up 19%), 75% of the total change.
Operating profit was $53.2M, a 21.9% margin (down 2.2 points year over year). Of the extra revenue versus a year earlier, 1% reached operating profit, below the 24% margin then. Total costs grew 14% against revenue growth of 11%. Net earnings were $48.5M, up 17% year over year. The effective tax rate was 10.8%.
Operating cash flow was $80.7M (up 4% year over year), 166% of net earnings. Non-cash charges added back $1.1M of share-based compensation. Working capital and other items added $31.1M. Capital expenditures of $101.1M exceeded it, leaving free cash flow of −$20.4M.
Questions
What was MGE Energy's revenue in the first quarter 2026?
MGE Energy (MGEE) reported revenue of $243M for the first quarter 2026 (Q1 2026), +11% from a year earlier and +28% from the quarter before.
Was MGE Energy profitable in the first quarter 2026?
Operating profit was $53.2M (21.9% of revenue) and net earnings $48.5M.
Source: MGE Energy 10-Q on SEC EDGAR.