Filing Flows › MGE Energy (MGEE) › Q2 2025
MGE Energy (MGEE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
MGE Energy (MGEE) reported revenue of $159M for the second quarter 2025 (Q2 2025), +9% from a year earlier and -27% from the quarter before. Operating margin was 21.5%, net earnings $26.5M (16.6% of revenue).
MGE Energy, Q2 2025: revenue $159M (+9% year over year), operating margin 21.5%, net earnings $26.5M, operating cash flow $56.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $159M | -27% | +9% |
| Operating profit | $34.2M | -35% | +15% |
| Net earnings | $26.5M | -36% | +11% |
| Operating cash flow | $56.1M | -28% | -13% |
What changed
Revenue was $159.5M in Q2 2025, up 9% year over year and down 27% from the previous quarter. Electric was the largest line at 81% of revenue. Electric added $8.9M year over year (up 7%), 65% of the total change.
Operating profit was $34.2M, a 21.5% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 33% reached operating profit, above the 20% margin then. Total costs grew 8% against revenue growth of 9%. Net earnings were $26.5M, up 11% year over year. The effective tax rate was 10.1%.
Operating cash flow was $56.1M (down 13% year over year), 212% of net earnings. Non-cash charges added back $500K of share-based compensation. Working capital and other items added $29.1M. Capital expenditures of $64.1M exceeded it, leaving free cash flow of −$8.0M.
Questions
What was MGE Energy's revenue in the second quarter 2025?
MGE Energy (MGEE) reported revenue of $159M for the second quarter 2025 (Q2 2025), +9% from a year earlier and -27% from the quarter before.
Was MGE Energy profitable in the second quarter 2025?
Operating profit was $34.2M (21.5% of revenue) and net earnings $26.5M.
Source: MGE Energy 10-Q on SEC EDGAR.