MGE Energy (MGEE) FY2025 results: revenue $744 million, up 9.9% on the year
MGE Energy Inc. (MGEE) reported revenue of $744 million for fiscal 2025, the year ended 31 December 2025, up 9.9% on the year before. Net income was $136 million, up 12.7%, and diluted earnings per share $3.72. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2026.
Revenue
$744 million
+9.9% on the year
FY2018FY2025
Operating margin
22.9%
21.6% a year earlier
FY2018FY2025
Net income
$136 million
+12.7% on the year
FY2018FY2025
Diluted EPS
$3.72
+11.7% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
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.
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.
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.
Electric earnings up $11.3 million: Electric segment earnings rose $11.3 million for 2025 compared to 2024, the company reported.
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.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
263
278
238
-5.2%
Capital expenditure
343
237
222
+44.9%
Free cash flow
-80.0
40.9
15.5
Free cash flow margin
-10.8%
6.0%
2.2%
Cash from investing
-351
-241
-230
Cash from financing
71.6
-26.8
-10.5
Share-based compensation
3.3
4.5
2.7
-26.7%
Dividends paid
67.6
63.6
60.4
+6.3%
Dividend per share
$1.85
$1.76
$1.67
+5.1%
Diluted shares, weighted
37m
36m
36m
+0.9%
Shares outstanding at period end
37m
36m
36m
+0.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,304
1,230
1,140
+6.0%
Short-term borrowings
n/a
0.0
n/a
Debt
908
769
762
+18.1%
Operating lease liabilities
7.7
7.8
7.8
-0.9%
Finance lease liabilities
18.3
18.5
18.0
-0.8%
Other liabilities
917
803
748
+14.3%
Total liabilities and equity
3,155
2,828
2,675
+11.6%
Fixed assets
2,573
2,287
2,128
+12.5%
Cash and equivalents
5.7
21.3
11.1
-73.4%
Receivables
57.6
51.3
46.7
+12.2%
Other assets
519
468
489
+11.0%
Total assets
3,155
2,828
2,675
+11.6%
10-K for the year ended 31 December 2025, filed 24 February 2026: the filing.