Filing Flows › MGE Energy (MGEE) › Q3 2026 › vs Q3 2025
MGE Energy (MGEE) Q3 2026 vs Q3 2025 (year over year)
MGE Energy's revenue rose $14.7M (+8%) from $176M in Q3 2025 to $190M in Q3 2026. The biggest changes: Electric +$17.4M (+11%); Gas −$2.7M (-13%). Operating margin 30.5% against 29.1% (+1.4 pts).
MGE Energy, Q3 2026: revenue $190M (+8% year over year), operating margin 30.5%, net earnings $56.4M, operating cash flow $92.2M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 30.5% | 29.1% | +1.4 pts |
| Net margin | 29.6% | 25.3% | +4.3 pts |
| Free cash flow margin | 5.7% | -27.9% | +33.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Electric | $173M | $155M | $17.4M | +11% |
| Gas | $17.5M | $20.2M | −$2.7M | -13% |
| Revenue | $190M | $176M | $14.7M | +8% |
| Other income, net | $7.7M | $1.2M | $6.5M | +533% |
| Operating profit | $58.1M | $51.1M | $7.0M | +14% |
| Costs & expenses | $132M | $125M | $7.7M | +6% |
| Pre-tax earnings | $65.7M | $52.3M | $13.5M | +26% |
| Net earnings | $56.4M | $44.5M | $11.9M | +27% |
| Income tax | $9.4M | $7.8M | $1.6M | +21% |
| Share-based compensation | $700K | $800K | −$100K | -12% |
| Working capital & other | $35.2M | $49.5M | −$14.4M | -29% |
| Operating cash flow | $92.2M | $94.8M | −$2.6M | -3% |
| Free cash flow (OCF − capex) | $10.9M | −$49.1M | $60.0M | — |
| Capital expenditures | $81.3M | $144M | −$62.6M | -43% |
Questions
How much did MGE Energy's revenue grow year over year in Q3 2026?
MGE Energy's revenue rose $14.7M (+8%) from $176M in Q3 2025 to $190M in Q3 2026.
What drove MGE Energy's revenue change in Q3 2026?
Electric +$17.4M (+11%); Gas −$2.7M (-13%).