MGE Energy Inc.: Q4 FY2025 earnings call
What management said about Q4 FY2025, from the documents filed with the SEC on 24 February 2026: press release. The quarter’s numbers.
Key takeaways
- Full-year earnings rose to $3.72: Full-year 2025 GAAP net income was $135.9 million, or $3.72 per share, against $120.6 million, or $3.33 per share, a year earlier. Source
- Fourth-quarter earnings rose to 64 cents: Fourth-quarter 2025 net income was $23.3 million, or 64 cents per share, against $22.0 million, or 61 cents per share, a year earlier. Source
- Full-year revenue and operating income grew: Full-year operating revenues were $743.7 million against $676.9 million, and operating income was $170.7 million against $146.3 million. Source
- Electric earnings up $11.3 million: Electric segment earnings rose $11.3 million for 2025 compared to 2024, the company reported. Source
- Darien solar and Paris battery in service: The Darien Solar Project became operational in March 2025 and the Paris BESS in June 2025. MGE owns 25 MW of solar and 11 MW of battery capacity from them. Source
- Therm deliveries up about 14%: Gas retail therm deliveries rose approximately 14% in 2025 compared to the prior year. Source
“Electric segment earnings increased $11.3 million for 2025 compared to 2024. This growth was largely driven by the successful deployment of key renewable energy projects.”
MGE Energy Inc., press release
Full-year and fourth-quarter results
- Full-year earnings rose to $3.72: Full-year 2025 GAAP net income was $135.9 million, or $3.72 per share, against $120.6 million, or $3.33 per share, a year earlier. Source
- Fourth-quarter earnings rose to 64 cents: Fourth-quarter 2025 net income was $23.3 million, or 64 cents per share, against $22.0 million, or 61 cents per share, a year earlier. Source
- Full-year revenue and operating income grew: Full-year operating revenues were $743.7 million against $676.9 million, and operating income was $170.7 million against $146.3 million. Source
- Fourth-quarter revenue and operating income rose: Fourth-quarter operating revenues were $189.6 million against $171.4 million, and operating income was $32.5 million against $27.6 million. Source
Electric segment and renewable projects
- Electric earnings up $11.3 million: Electric segment earnings rose $11.3 million for 2025 compared to 2024, the company reported. Source
- Darien solar and Paris battery in service: The Darien Solar Project became operational in March 2025 and the Paris BESS in June 2025. MGE owns 25 MW of solar and 11 MW of battery capacity from them. Source
“During 2025, gas retail therm deliveries increased approximately 14% compared to the prior year, primarily due to warmer-than-normal weather in 2024.”
MGE Energy Inc., press release
Gas segment and therm deliveries
- Gas earnings up $2.5 million: Gas segment earnings rose $2.5 million for 2025 compared to 2024. Source
- Therm deliveries up about 14%: Gas retail therm deliveries rose approximately 14% in 2025 compared to the prior year. Source
Customers served
- Customers at 170,000 electric and 180,000 gas: The company serves 170,000 electric customers in Dane County and 180,000 gas customers in seven south-central and western Wisconsin counties. Source
- Customer counts up from prior release: The prior release gave 167,000 electric and 178,000 gas customers, against 170,000 and 180,000 in this release.
Share count and per-share earnings
- Full-year diluted shares near 36.6 million: Full-year weighted average diluted shares were 36,571 thousand, up from 36,239 thousand. Basic shares were 36,534 thousand against 36,210 thousand. Source
- Fourth-quarter diluted shares 36.6 million: Fourth-quarter weighted average diluted shares were 36,578 thousand, against 36,347 thousand a year earlier. Source
Company profile
- Holding company for Madison Gas and Electric: The company is a public utility holding company whose principal subsidiary, Madison Gas and Electric, generates and distributes electricity and purchases and distributes gas. Source
- Roots in Madison over 150 years: The company says its roots in the Madison area date back more than 150 years. Source
Figures management reported
| Figure | Reported |
|---|---|
| Customer growth Source | 170,000 electric and 180,000 gas customers, up from 167,000 and 178,000 in the prior release |
| Load growth Source | gas retail therm deliveries up approximately 14% in 2025 |
Other quarters
Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.