Filing Flows › MGE Energy (MGEE) › Q2 2026 › vs Q1 2026
MGE Energy (MGEE) Q2 2026 vs Q1 2026 (quarter over quarter)
MGE Energy's revenue fell $81.5M (-34%) from $243M in Q1 2026 to $161M in Q2 2026. The biggest changes: Gas −$81.7M (-73%); Electric +$0 (0%). Operating margin 20.2% against 21.9% (-1.7 pts).
MGE Energy, Q2 2026: revenue $161M (+1% year over year), operating margin 20.2%, net earnings $33.4M, operating cash flow $68.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 20.2% | 21.9% | -1.7 pts |
| Net margin | 20.7% | 20.0% | +0.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Electric | $131M | $131M | $0 | 0% |
| Gas | $29.6M | $111M | −$81.7M | -73% |
| Revenue | $161M | $243M | −$81.5M | -34% |
| Other income, net | $5.0M | $1.2M | $3.8M | +322% |
| Operating profit | $32.6M | $53.2M | −$20.5M | -39% |
| Costs & expenses | $129M | $190M | −$61.0M | -32% |
| Pre-tax earnings | $37.6M | $54.3M | −$16.7M | -31% |
| Net earnings | $33.4M | $48.5M | −$15.1M | -31% |
| Income tax | $4.3M | $5.9M | −$1.6M | -27% |
| Share-based compensation | $1.6M | $1.1M | $500K | +45% |
| Working capital & other | $33.2M | $31.1M | $2.1M | +7% |
| Operating cash flow | $68.1M | $80.7M | −$12.6M | -16% |
| Capital expenditures | $110M | $101M | $8.6M | +9% |
| Negative free cash flow (OCF − capex) | $41.6M | $20.4M | $21.2M | +104% |
Questions
How much did MGE Energy's revenue grow quarter over quarter in Q2 2026?
MGE Energy's revenue fell $81.5M (-34%) from $243M in Q1 2026 to $161M in Q2 2026.
What drove MGE Energy's revenue change in Q2 2026?
Gas −$81.7M (-73%); Electric +$0 (0%).