MGE Energy (MGEE) Q3 2025 earnings summary

Executive summary

• Net income for the nine months ended September 30, 2025, was $118.6 million, up from $98.5 million year-over-year; EPS rose to $3.08 from $2.72.

• Third quarter net income was $44.5 million, or $1.22 per share, compared to $40.9 million, or $1.13 per share, in the prior year.

• Earnings growth was driven by increased electric and gas investments, higher residential sales, favorable weather, and rate base and non-utility investment gains.

• Significant capital projects in renewables and grid modernization are underway, supporting a net-zero carbon goal by 2050.

Financial highlights

• Operating revenues for the nine months ended September 30, 2025, were $554.1 million, up from $505.5 million year-over-year.

• Third-quarter 2025 operating revenues were $175.7 million, up from $168.5 million in Q3 2024.

• Operating income for the nine months was $138.2 million, up from $118.6 million; Q3 operating income was $51.1 million, up from $48.1 million.

• Electric revenues increased to $410.5 million (from $384.8 million), and gas revenues to $143.6 million (from $120.8 million).

• Cash provided by operating activities was $228.8 million, with capital expenditures of $255.6 million.

Outlook and guidance

• Capital expenditures are forecasted at $330 million for 2025, with continued investment in renewables, storage, and grid modernization through 2030.

• Pending regulatory approval, rate increases of 0.04% (electric) and 2.77% (gas) are proposed for 2026, and 3.76% (electric) and 2.04% (gas) for 2027.

• The company expects to maintain adequate liquidity and strong credit ratings to support future operations and capital needs.

• Forward-looking statements caution about uncertainties and risks that could impact future results.