Filing Flows › MGE Energy (MGEE) › Q4 2025
MGE Energy (MGEE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
MGE Energy (MGEE) reported revenue of $190M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +8% from the quarter before. Operating margin was 17.1%, net earnings $23.3M (12.3% of revenue).
MGE Energy, Q4 2025: revenue $190M (+11% year over year), operating margin 17.1%, net earnings $23.3M, operating cash flow $34.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $190M | +8% | +11% |
| Operating profit | $32.5M | -36% | +18% |
| Net earnings | $23.3M | -48% | +6% |
| Operating cash flow | $34.5M | -64% | -49% |
What changed
Revenue was $189.6M in Q4 2025, up 11% year over year and up 8% from the previous quarter. Electric was the largest line at 64% of revenue.
Operating profit was $32.5M, a 17.1% margin (up 1.0 points year over year). Of the extra revenue versus Q4 2024, 27% reached operating profit, above the 16% margin then. Total costs grew 9% against revenue growth of 11%. Net earnings were $23.3M, up 6% year over year. The effective tax rate was 13.7%.
Operating cash flow was $34.5M (down 49% year over year), 148% of net earnings. Non-cash charges added back $800K of share-based compensation. Working capital and other items added $10.4M. Capital expenditures of $87.6M exceeded it, leaving free cash flow of −$53.1M.
Questions
What was MGE Energy's revenue in the fourth quarter 2025?
MGE Energy (MGEE) reported revenue of $190M for the fourth quarter 2025 (Q4 2025), +11% from a year earlier and +8% from the quarter before.
Was MGE Energy profitable in the fourth quarter 2025?
Operating profit was $32.5M (17.1% of revenue) and net earnings $23.3M.
Source: MGE Energy 10-K on SEC EDGAR.