Key Takeaways
- • MGE Energy reported GAAP earnings of $56.4 million, or $1.48 per diluted share, for the third quarter of 2026, up from $44.5 million, or $1.22 per diluted share, in the same period of 2025.
- • Electric segment earnings rose $11.6 million year over year, driven by rate base growth from renewable energy project deployments.
- • Higher AFUDC equity from the Koshkonong, High Noon, and Sunnyside projects added $3.3 million compared with the prior-year quarter.
- • Investment gains were approximately $2.2 million higher than in Q3 2025, including returns from venture capital funds focused on energy technologies.
- • Gas segment net income was stable year over year.
Summary
MGE Energy, Inc. (Nasdaq: MGEE), the public utility holding company whose principal subsidiary is Madison Gas and Electric, reported GAAP earnings of $56.4 million, or $1.48 per diluted share, for the third quarter of 2026. That compares with $44.5 million, or $1.22 per diluted share, in the third quarter of 2025, according to the company's press release distributed through Business Wire.
The electric segment was the main driver of the increase, with earnings up $11.6 million year over year. The company attributed the gain to strategic capital investments that expanded rate base, largely from the deployment of key renewable energy projects. Higher allowance for funds used during construction (AFUDC) equity tied to the construction of Koshkonong, High Noon, Sunnyside, and other early-stage development projects contributed $3.3 million of the increase relative to the prior-year quarter.
Non-utility results also improved. Investment gains rose approximately $2.2 million compared with the third quarter of 2025, including returns from venture capital funds focused on technologies relevant to the evolving energy industry. Gas net income was flat year over year.
MGE Energy serves approximately 170,000 electric customers in Dane County, Wisconsin, and about 180,000 natural gas customers across seven south-central and western Wisconsin counties. The company noted that its forward-looking statements are subject to risks detailed in its 2025 Form 10-K filed with the Securities and Exchange Commission.
The electric segment was the main driver of the increase, with earnings up $11.6 million year over year. The company attributed the gain to strategic capital investments that expanded rate base, largely from the deployment of key renewable energy projects. Higher allowance for funds used during construction (AFUDC) equity tied to the construction of Koshkonong, High Noon, Sunnyside, and other early-stage development projects contributed $3.3 million of the increase relative to the prior-year quarter.
Non-utility results also improved. Investment gains rose approximately $2.2 million compared with the third quarter of 2025, including returns from venture capital funds focused on technologies relevant to the evolving energy industry. Gas net income was flat year over year.
MGE Energy serves approximately 170,000 electric customers in Dane County, Wisconsin, and about 180,000 natural gas customers across seven south-central and western Wisconsin counties. The company noted that its forward-looking statements are subject to risks detailed in its 2025 Form 10-K filed with the Securities and Exchange Commission.
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