Filing Flows › MGE Energy (MGEE) › Q2 2026
MGE Energy (MGEE) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
MGE Energy (MGEE) reported revenue of $161M for the second quarter 2026 (Q2 2026), +1% from a year earlier and -34% from the quarter before. Operating margin was 20.2%, net earnings $33.4M (20.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $161M | -34% | +1% |
| Operating profit | $32.6M | -39% | -5% |
| Net earnings | $33.4M | -31% | +26% |
| Operating cash flow | $68.1M | -16% | +21% |
What changed
Revenue was $161.2M in Q2 2026, up 1% year over year and down 34% from the previous quarter. Electric was the largest line at 82% of revenue. Electric added $2.1M year over year (up 2%), 119% of the total change. Gas declined 1%.
Operating profit was $32.6M, a 20.2% margin (down 1.2 points year over year). Operating profit fell $1.6M even though revenue rose $1.7M versus Q2 2025, so costs grew faster than sales. Total costs grew 3% against revenue growth of 1%. Net earnings were $33.4M, up 26% year over year. The effective tax rate was 11.4%.
Operating cash flow was $68.1M (up 21% year over year), 204% of net earnings. Non-cash charges added back $1.6M of share-based compensation. Working capital and other items added $33.2M. Capital expenditures of $109.8M exceeded it, leaving free cash flow of −$41.6M.
Questions
What was MGE Energy's revenue in the second quarter 2026?
MGE Energy (MGEE) reported revenue of $161M for the second quarter 2026 (Q2 2026), +1% from a year earlier and -34% from the quarter before.
Was MGE Energy profitable in the second quarter 2026?
Operating profit was $32.6M (20.2% of revenue) and net earnings $33.4M.
Source: MGE Energy 10-Q on SEC EDGAR.