Filing Flows › MGE Energy (MGEE) › Q3 2026
MGE Energy (MGEE) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
MGE Energy (MGEE) reported revenue of $190M for the third quarter 2026 (Q3 2026), +8% from a year earlier. Operating margin was 30.5%, net earnings $56.4M (29.6% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $190M | — | +8% |
| Operating profit | $58.1M | — | +14% |
| Net earnings | $56.4M | — | +27% |
| Operating cash flow | $92.2M | — | -3% |
| Free cash flow | $10.9M | — | — |
What changed
Revenue was $190.4M in Q3 2026, up 8% year over year. Electric was the largest line at 91% of revenue. Electric added $17.4M year over year (up 11%), 118% of the total change. Gas declined 13%.
Operating profit was $58.1M, a 30.5% margin (up 1.4 points year over year). Of the extra revenue versus Q3 2025, 48% reached operating profit, above the 29% margin then. Total costs grew 6% against revenue growth of 8%. Net earnings were $56.4M, up 27% year over year. The effective tax rate was 14.3%.
Operating cash flow was $92.2M (down 3% year over year), 164% of net earnings. Non-cash charges added back $700K of share-based compensation. Working capital and other items added $35.2M. Capital expenditures of $81.3M left free cash flow of $10.9M.
Questions
What was MGE Energy's revenue in the third quarter 2026?
MGE Energy (MGEE) reported revenue of $190M for the third quarter 2026 (Q3 2026), +8% from a year earlier.
Was MGE Energy profitable in the third quarter 2026?
Operating profit was $58.1M (30.5% of revenue) and net earnings $56.4M.
Source: MGE Energy 10-Q on SEC EDGAR.