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MGE Energy Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. The quarter’s numbers.

Key takeaways

  • Diluted EPS was $1.48: GAAP earnings were $56.4 million, or $1.48 per diluted share, against $44.5 million, or $1.22 per diluted share, in the third quarter of 2025. Source
  • Revenue and operating income increased: Operating revenues were $190,397 thousand, against $175,679 thousand, and operating income was $58,083 thousand, against $51,075 thousand. Source
  • Electric earnings rose $11.6 million: Electric segment earnings were $11.6 million higher than in 2025. The company attributed this to strategic capital investments that grew rate base. Source
  • AFUDC equity added $3.3 million: AFUDC equity rose $3.3 million from the same period last year, tied to Koshkonong, High Noon, Sunnyside and other early development projects. Source
  • Named construction projects drive AFUDC: AFUDC equity was associated with construction of Koshkonong, High Noon and Sunnyside, plus other early development projects. Source
  • Investment gains rose about $2.2 million: Earnings included an approximately $2.2 million increase in investment gains against the third quarter of 2025, including venture capital fund returns in energy-relevant technologies. Source

“reflecting strategic capital investments that grew rate base, largely driven by the successful deployment of key renewable energy projects.”

MGE Energy Inc., press release

Third-quarter earnings and revenue

  • Diluted EPS was $1.48: GAAP earnings were $56.4 million, or $1.48 per diluted share, against $44.5 million, or $1.22 per diluted share, in the third quarter of 2025. Source
  • Revenue and operating income increased: Operating revenues were $190,397 thousand, against $175,679 thousand, and operating income was $58,083 thousand, against $51,075 thousand. Source
  • Diluted share count higher: Weighted average diluted shares were 38,018 thousand, against 36,576 thousand; basic shares were 37,791 thousand, against 36,542 thousand. Source

Nine-month results

  • Nine-month diluted EPS was $3.70: Nine-month diluted EPS was $3.70, against $3.08; basic EPS was $3.71, against $3.08. Source
  • Nine-month revenue and income higher: Nine-month operating revenues were $594,295 thousand, operating income $143,869 thousand and net income $138,192 thousand, against $554,101 thousand, $138,163 thousand and $112,587 thousand. Source
  • Nine-month diluted shares higher: Nine-month weighted average diluted shares were 37,373 thousand, against 36,565 thousand; basic shares were 37,248 thousand, against 36,531 thousand. Source

“including returns from venture capital funds focused on technologies and innovations relevant to the evolving energy industry.”

MGE Energy Inc., press release

Electric and gas segments

  • Electric earnings rose $11.6 million: Electric segment earnings were $11.6 million higher than in 2025. The company attributed this to strategic capital investments that grew rate base. Source
  • AFUDC equity added $3.3 million: AFUDC equity rose $3.3 million from the same period last year, tied to Koshkonong, High Noon, Sunnyside and other early development projects. Source
  • Named construction projects drive AFUDC: AFUDC equity was associated with construction of Koshkonong, High Noon and Sunnyside, plus other early development projects. Source
  • Gas net income held steady: Gas net income was stable compared with the third quarter of 2025. Source

Investment gains

  • Investment gains rose about $2.2 million: Earnings included an approximately $2.2 million increase in investment gains against the third quarter of 2025, including venture capital fund returns in energy-relevant technologies. Source
  • Second-quarter gains were $3.9 million: The second-quarter release reported approximately $3.9 million of investment gains. The third-quarter release gives only the change from 2025, not a dollar level.

Customers and service area

  • 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: The utility purchases and distributes natural gas to 180,000 customers across seven south-central and western Wisconsin counties. Source
  • Holding company structure: MGE Energy is a public utility holding company whose principal subsidiary is Madison Gas and Electric. Source

Release date and contacts

  • Results released November 4, 2026: The company released its third-quarter 2026 results on November 4, 2026, under the Nasdaq symbol MGEE. Source
  • Media relations contact named: Steve B. Schultz is the media relations contact listed in the release. Source
  • Investor relations contact named: Ken Frassetto is the investor relations contact listed in the release. Source

Figures management reported

FigureReported
Rate base growth Sourcegrew; no figure stated

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.