MGE Energy Inc.: Q2 FY2026 earnings call
What management said about Q2 FY2026, from the documents filed with the SEC on 5 August 2026: press release. The quarter’s numbers.
Key takeaways
- Net income and diluted EPS rose: The company reported second-quarter 2026 net income of $33.4 million, against $26.5 million a year earlier, and diluted EPS of $0.89, against $0.72. Source
- Six-month net income and EPS higher: For the six months, net income was $81.8 million against $68.1 million, and diluted EPS was $2.21 against $1.86. Source
- Electric earnings up $3.0 million: Electric segment earnings were $3.0 million higher in the second quarter than in the same quarter of 2025. Source
- Renewable projects drove rate base growth: Management attributed the electric growth to capital investments that grew rate base, largely from the successful deployment of key renewable energy projects. Source
- Investment gains added about $3.9 million: Approximately $3.9 million of investment gains are cited as a benefit to quarterly earnings. Source
- Operating income declined in the quarter: Second-quarter operating income was $32.6 million, against $34.2 million a year earlier; the release gives no cause for the decline. Source
“In addition, earnings benefited from approximately $3.9 million of investment gains, including returns from venture capital funds focused on technologies and innovations relevant to the evolving energy industry.”
MGE Energy Inc., press release
Second-quarter results
- Net income and diluted EPS rose: The company reported second-quarter 2026 net income of $33.4 million, against $26.5 million a year earlier, and diluted EPS of $0.89, against $0.72. Source
- Quarterly operating revenues edged up: Operating revenues were $161.2 million for the three months ended June 30, 2026, against $159.5 million a year earlier. Source
- Basic EPS rose to $0.89: Basic EPS was $0.89 for the quarter, against $0.73 in the same period of 2025. Source
Six-month and first-quarter results
- Six-month net income and EPS higher: For the six months, net income was $81.8 million against $68.1 million, and diluted EPS was $2.21 against $1.86. Source
- Six-month operating revenues rose: Operating revenues were $403.9 million for the six months, against $378.4 million in the same period of 2025. Source
- First-quarter net income and EPS: In the first quarter, net income was $48.5 million against $41.6 million, and diluted EPS was $1.32 against $1.14 in the prior-year quarter.
“Electric segment earnings increased $3.0 million for 2026 compared to 2025, reflecting strategic capital investments that grew rate base, largely driven by the successful deployment of key renewable energy projects.”
MGE Energy Inc., press release
Electric and gas segments
- Electric earnings up $3.0 million: Electric segment earnings were $3.0 million higher in the second quarter than in the same quarter of 2025. Source
- Electric earnings up $5.5 million in Q1: The first-quarter release reported electric segment earnings up $5.5 million from 2025.
- Gas earnings stable year over year: Gas net income was stable in the second quarter, compared with the same quarter of 2025. Source
- Renewable projects drove rate base growth: Management attributed the electric growth to capital investments that grew rate base, largely from the successful deployment of key renewable energy projects. Source
Investment gains and operating income
- Investment gains added about $3.9 million: Approximately $3.9 million of investment gains are cited as a benefit to quarterly earnings. Source
- Venture capital fund returns included: The gains include returns from venture capital funds focused on energy-relevant technologies and innovations. Source
- Operating income declined in the quarter: Second-quarter operating income was $32.6 million, against $34.2 million a year earlier; the release gives no cause for the decline. Source
Share count
- Diluted share count rose: Weighted average diluted shares were 37,456 thousand for the quarter, against 36,569 thousand a year earlier. Source
- Basic share count also higher: Weighted average basic shares were 37,351 thousand for the quarter, against 36,540 thousand a year earlier. Source
- Six-month diluted shares rose: For the six months, weighted average diluted shares were 37,029 thousand, against 36,557 thousand a year earlier. Source
Customers and company structure
- Electric service to 170,000 customers: Madison Gas and Electric generates and distributes electricity to 170,000 customers in Dane County, Wisconsin. Source
- Gas service to 180,000 customers: Gas is purchased and distributed to 180,000 customers in seven south-central and western Wisconsin counties. Source
- Public utility holding company structure: MGE Energy is a public utility holding company, and its principal subsidiary is Madison Gas and Electric. Source
- Utility roots in Madison area: The company states that MGE's roots in the Madison area date back more than 150 years. Source
Figures management reported
| Figure | Reported |
|---|---|
| Rate base growth Source | grew, no figure given |
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.