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How MGE Energy (MGEE) makes money
MGE Energy (MGEE) made $190M of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Electric brought in $173M (91%); Gas brought in $17.5M (9%). Of every dollar of revenue, 31¢ was left as operating profit, 30¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Electric | $173M | 90.8% | — | +11% |
| Gas | $17.5M | 9.2% | — | -13% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $190M | 100.0% |
| Operating profit | $58.1M | 30.5% |
| Income tax | $9.4M | 4.9% |
| Net earnings | $56.4M | 29.6% |
| Operating cash flow | $92.2M | 48.5% |
| Free cash flow | $10.9M | 5.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $190M | +8% |
| Q2 2026 | $161M | +1% |
| Q1 2026 | $243M | +11% |
| Q4 2025 | $190M | +11% |
| Q3 2025 | $176M | +4% |
| Q2 2025 | $159M | +9% |
| Q4 2024 | $171M | +4% |
From MGE Energy's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does MGE Energy make money?
MGE Energy (MGEE) made $190M of revenue in the third quarter 2026 (Q3 2026), +8% from a year earlier. Electric brought in $173M (91%); Gas brought in $17.5M (9%). Of every dollar of revenue, 31¢ was left as operating profit, 30¢ was left as net earnings.
What is MGE Energy's biggest business?
Electric: $173M in the third quarter 2026, 91% of revenue, +11% from a year earlier.
What is MGE Energy's profit margin?
Net earnings were $56.4M, 29.6% of revenue, in the third quarter 2026; the operating margin was 30.5%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.