MGE Energy (MGEE) Q2 2026 earnings summary

Executive summary

• Reported GAAP net income for Q2 2026 was $33.4 million ($0.89 per share), up from $26.5 million ($0.72 per share) year-over-year, with six-month net income at $81.8 million ($2.21 per share), up from $68.1 million ($1.86 per share).

• Earnings growth was driven by increased electric investments, higher rate base, and investment gains from venture capital funds.

• Maintained 50 consecutive years of dividend increases and a 5-year EPS CAGR of 7.4%.

• Continued progress on clean energy transition, targeting net-zero carbon electricity by 2050 and net-zero methane emissions from the gas distribution system by 2035.

• A 2026/2027 rate settlement approved minimal electric and moderate gas rate increases, supporting continued capital investment.

Financial highlights

• Q2 2026 operating revenues were $161.2 million, up 1.1% year-over-year; six-month revenues were $403.9 million, up 6.7%.

• Quarterly operating income was $32.6 million, down from $34.2 million year-over-year; six-month operating income was $85.8 million, down from $87.1 million.

• Dividends per share increased to $1.85 in 2025, with a 5-year CAGR of 5.0%.

• Regulated asset base grew at a 10-year CAGR of 7.5%.

• Weighted average shares outstanding (basic) for Q2 2026 were 37,351, compared to 36,540 in Q2 2025.

Outlook and guidance

• Forecasted capital investment of $1.9 billion from 2026 through 2030, focused on reliability and sustainability.

• Authorized ROE of 9.8% and regulatory equity layer of ~56% through 2027.

• Large-load growth from data-intensive and technology-focused customers is anticipated.

• Ongoing regulatory and environmental developments, including solar procurement disruptions and tariffs, may impact project costs and timelines.

• Forward-looking statements caution about uncertainties and risks, referencing the latest annual report for detailed risk factors.