Filing Flows › MGE Energy (MGEE) › Q3 2025
MGE Energy (MGEE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
MGE Energy (MGEE) reported revenue of $176M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +10% from the quarter before. Operating margin was 29.1%, net earnings $44.5M (25.3% of revenue).
MGE Energy, Q3 2025: revenue $176M (+4% year over year), operating margin 29.1%, net earnings $44.5M, operating cash flow $94.8M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $176M | +10% | +4% |
| Operating profit | $51.1M | +49% | +6% |
| Net earnings | $44.5M | +68% | +9% |
| Operating cash flow | $94.8M | +69% | +19% |
What changed
Revenue was $175.7M in Q3 2025, up 4% year over year and up 10% from the previous quarter. Electric was the largest line at 88% of revenue. Electric added $7.5M year over year (up 5%), 104% of the total change. Gas declined 1%.
Operating profit was $51.1M, a 29.1% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 41% reached operating profit, above the 29% margin then. Total costs grew 4% against revenue growth of 4%. Net earnings were $44.5M, up 9% year over year. The effective tax rate was 14.9%.
Operating cash flow was $94.8M (up 19% year over year), 213% of net earnings. Non-cash charges added back $800K of share-based compensation. Working capital and other items added $49.5M. Capital expenditures of $143.9M exceeded it, leaving free cash flow of −$49.1M.
Questions
What was MGE Energy's revenue in the third quarter 2025?
MGE Energy (MGEE) reported revenue of $176M for the third quarter 2025 (Q3 2025), +4% from a year earlier and +10% from the quarter before.
Was MGE Energy profitable in the third quarter 2025?
Operating profit was $51.1M (29.1% of revenue) and net earnings $44.5M.
Source: MGE Energy 10-Q on SEC EDGAR.