MGE Energy, Inc. (MGEE) Income Statement
MGEE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMGEE revenue and net income
Where MGEE's revenue goes
2025Each bar shows an amount and its share of revenue. MGEE kept 18.3% of revenue as net income.
MGEE profit margins
MGEE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +9.9% | +2.5% | +0.8% | +2.7% |
| Gross profit | +10.8% | +4.7% | +4.8% | +4.3% |
| Operating income | +16.7% | +5.2% | +4.4% | +4.4% |
| Net income | +12.7% | +4.9% | +4.1% | +4.6% |
| EPS (diluted) | +11.7% | +4.6% | +3.9% | +4.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MGEE quarterly EPS vs estimates
MGE Energy beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 4, 2026 (estimate $1.15).
MGEE income statement
| 2025 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $743.7M | $676.9M | $690.4M | $690.4M | $714.5M | $714.5M | $606.6M | $606.6M | $538.6M | $538.6M |
| Cost of revenue | $434.8M | $398.1M | $421.4M | $421.4M | $470.6M | $470.6M | $393.0M | $393.0M | $334.7M | $334.7M |
| Gross profit | $308.9M | $278.8M | $269.0M | $269.0M | $243.9M | $243.9M | $213.6M | $213.6M | $203.9M | $203.9M |
| Total operating expenses | $138.2M | $132.6M | $122.7M | $122.7M | $106.2M | $106.2M | $96.3M | $96.3M | $93.9M | $93.9M |
| Operating income | $170.7M | $146.3M | $146.4M | $146.4M | $137.7M | $137.7M | $117.3M | $117.3M | $110.0M | $110.0M |
| Interest expense | $33.8M | $32.9M | $30.4M | $30.4M | $26.6M | $26.6M | $24.1M | $24.1M | $23.5M | $23.5M |
| Income before taxes | $156.7M | $131.2M | $145.5M | $145.5M | $137.2M | $137.2M | $109.9M | $109.9M | $111.8M | $111.8M |
| Income taxes | $20.8M | $10.6M | $27.8M | $27.8M | $26.2M | $26.2M | $4.1M | $4.1M | $19.4M | $19.4M |
| Net income | $135.9M | $120.6M | $117.7M | $117.7M | $111.0M | $111.0M | $105.8M | $105.8M | $92.4M | $92.4M |
| EBITDA | $304.8M | $272.7M | $276.3M | $276.3M | $249.4M | $249.4M | $211.0M | $211.0M | $209.6M | $209.6M |
| EPS (diluted) | $3.72 | $3.33 | $3.25 | $3.25 | $3.06 | $3.07 | $2.93 | $2.92 | $2.60 | $2.56 |
| Gross margin | 41.5% | 41.2% | 39.0% | 39.0% | 34.1% | 34.1% | 35.2% | 35.2% | 37.9% | 37.9% |
| Operating margin | 22.9% | 21.6% | 21.2% | 21.2% | 19.3% | 19.3% | 19.3% | 19.3% | 20.4% | 20.4% |
| Net margin | 18.3% | 17.8% | 17.0% | 17.0% | 15.5% | 15.5% | 17.4% | 17.4% | 17.2% | 17.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $161.2M | $242.7M | $189.6M | $175.7M | $159.5M | $219.0M | $171.4M | $168.5M | $145.7M | $191.3M | $164.7M | $160.5M |
| Cost of revenue | $93.2M | $155.2M | $121.7M | $89.7M | $90.9M | $132.5M | $109.9M | $87.1M | $83.1M | $118.0M | $109.7M | $85.9M |
| Gross profit | $67.9M | $87.5M | $67.9M | $86.0M | $68.5M | $86.5M | $61.5M | $81.3M | $62.6M | $73.3M | $54.9M | $74.6M |
| Sales, general & admin | $65.2M | — | — | — | — | — | — | — | — | — | — | — |
| Total operating expenses | $35.3M | $34.4M | $35.4M | $34.9M | $34.3M | $33.6M | $33.9M | $33.2M | $32.9M | $32.6M | $30.8M | $30.8M |
| Operating income | $32.6M | $53.2M | $32.5M | $51.1M | $34.2M | $52.9M | $27.6M | $48.1M | $29.7M | $40.7M | $24.2M | $43.8M |
| Interest expense | $9.3M | $9.8M | $9.1M | $8.7M | $8.5M | $7.6M | $8.2M | $8.4M | $8.3M | $8.0M | $7.5M | $7.7M |
| Income before taxes | $37.6M | $54.3M | $27.0M | $52.3M | $29.5M | $47.9M | $24.7M | $44.6M | $25.3M | $36.6M | $25.3M | $46.7M |
| Income taxes | $4.3M | $5.9M | $3.7M | $7.8M | $3.0M | $6.3M | $2.7M | $3.6M | $1.5M | $2.8M | $5.3M | $8.8M |
| Net income | $33.4M | $48.5M | $23.3M | $44.5M | $26.5M | $41.6M | $22.0M | $40.9M | $23.8M | $33.8M | $20.1M | $37.9M |
| EBITDA | $47.3M | $92.2M | $65.6M | $89.8M | $66.3M | $83.1M | $60.8M | $80.1M | $60.5M | $71.2M | $58.3M | $79.6M |
| EPS (diluted) | $0.89 | $1.32 | $0.64 | $1.22 | $0.72 | $1.14 | $0.61 | $1.13 | $0.66 | $0.93 | $0.55 | $1.05 |
| Gross margin | 42.2% | 36.1% | 35.8% | 49.0% | 43.0% | 39.5% | 35.9% | 48.3% | 43.0% | 38.3% | 33.4% | 46.5% |
| Operating margin | 20.2% | 21.9% | 17.1% | 29.1% | 21.5% | 24.1% | 16.1% | 28.6% | 20.4% | 21.3% | 14.7% | 27.3% |
| Net margin | 20.7% | 20.0% | 12.3% | 25.3% | 16.6% | 19.0% | 12.8% | 24.3% | 16.3% | 17.7% | 12.2% | 23.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MGEE's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MGEE financial results
In fiscal year 2025 (ended December 31, 2025), MGE Energy reported revenue of $743.7 million, up 9.9% from the year before. It had net income of $135.9 million (up 12.7%), a net profit margin of 18.3%. Diluted earnings per share came to $3.72. Over five years revenue grew at an average rate of 0.8% a year.
See the MGEE stock overview for the latest quote and news, or the MGEE chart for price history and technical indicators.
MGEE income statement FAQ
What is MGE Energy's annual revenue?
MGE Energy reported total revenue of $743.7 million for fiscal year 2025, which ended on December 31, 2025. That was up 9.9% from $676.9 million the previous year.
Is MGE Energy profitable?
Yes. MGE Energy reported net income of $135.9 million in fiscal 2025, a net profit margin of 18.3%; its operating margin was 22.9%.
What is MGE Energy's gross margin?
MGE Energy's gross margin was 41.5% in fiscal 2025: for every $100 of revenue, MGE Energy kept $42 after the direct cost of its products and services.
How fast is MGE Energy growing?
Revenue grew 0.8% a year on average over the last five fiscal years, from $714.5 million to $743.7 million.
What are MGE Energy's earnings per share?
MGE Energy earned $3.72 per diluted share in fiscal 2025, compared with $3.33 a year earlier.
When will MGE Energy report its next earnings?
MGE Energy is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does MGE Energy's fiscal year end?
MGE Energy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.
Utilities - Regulated Electric income statements
- KEPKorea Electric Power
- EDNEmpresa Distribuidora y Comercializadora Norte Sociedad Anónima
- CEPUCentral Puerto
- CIGCompanhia Energética de Minas Gerais
- CIG.CEnergy of Minas Gerais Co DRC
- DUKDuke Energy
- SOSouthern Company
- SOMNSouthern
- NEENextEra Energy
- ELPCCompanhia Paranaense de Energia - COPEL
- PCGPG&E
- EXCExelon