MGE Energy (MGEE) Q4 2025 earnings summary

Executive summary

• Reported full-year 2025 GAAP earnings of $135.9 million ($3.72 per share), up from $120.6 million ($3.33 per share) year-over-year.

• Fourth-quarter 2025 earnings were $23.3 million ($0.64 per share), compared to $22.0 million ($0.61 per share) in Q4 2024.

Financial highlights

• Full-year 2025 operating revenues reached $743.7 million, up from $676.9 million in 2024.

• Operating income for 2025 was $170.7 million, compared to $146.3 million in 2024.

• Q4 2025 operating revenues were $189.6 million, up from $171.4 million in Q4 2024.

• Q4 2025 operating income was $32.5 million, compared to $27.6 million in Q4 2024.

Outlook and guidance

• Forward-looking statements caution about uncertainties and risks, referencing the 2025 Annual Report for further details.