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MGE Energy (MGEE) investor relations material
MGE Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net income for the nine months ended September 30, 2025, was $118.6 million, up from $98.5 million year-over-year; EPS rose to $3.08 from $2.72.
Third quarter net income was $44.5 million, or $1.22 per share, compared to $40.9 million, or $1.13 per share, in the prior year.
Earnings growth was driven by increased electric and gas investments, higher residential sales, favorable weather, and rate base and non-utility investment gains.
Significant capital projects in renewables and grid modernization are underway, supporting a net-zero carbon goal by 2050.
Financial highlights
Operating revenues for the nine months ended September 30, 2025, were $554.1 million, up from $505.5 million year-over-year.
Third-quarter 2025 operating revenues were $175.7 million, up from $168.5 million in Q3 2024.
Operating income for the nine months was $138.2 million, up from $118.6 million; Q3 operating income was $51.1 million, up from $48.1 million.
Electric revenues increased to $410.5 million (from $384.8 million), and gas revenues to $143.6 million (from $120.8 million).
Cash provided by operating activities was $228.8 million, with capital expenditures of $255.6 million.
Outlook and guidance
Capital expenditures are forecasted at $330 million for 2025, with continued investment in renewables, storage, and grid modernization through 2030.
Pending regulatory approval, rate increases of 0.04% (electric) and 2.77% (gas) are proposed for 2026, and 3.76% (electric) and 2.04% (gas) for 2027.
The company expects to maintain adequate liquidity and strong credit ratings to support future operations and capital needs.
Forward-looking statements caution about uncertainties and risks that could impact future results.
Future impact of venture capital investment gains?
Next steps for renewable energy capacity growth?
Gas segment growth strategy and investment plans?
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Next MGE Energy earnings date
Q4 202520 Feb, 2026
Next MGE Energy earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
MGE Energy, Inc. is a public utility holding company headquartered in Madison, Wisconsin. The company, through its subsidiaries, generates, purchases, and distributes electricity and natural gas in Wisconsin and Iowa. It operates in several segments, including Regulated Electric Utility Operations, Regulated Gas Utility Operations, Nonregulated Energy Operations, and Transmission Investments. MGE Energy generates electricity from coal-fired, gas-fired, and renewable energy sources, and manages extensive electric distribution and gas facilities. The company is headquartered in Madison, Wisconsin, and its shares are listed on the NASDAQ.
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