MGE Energy (MGEE) financial statements
MGE Energy reported revenue of $744M in fiscal 2025, up 3.5% a year over 9 years.
Net income was $136M and the operating margin 22.9%, against 22.7% in 2016.
Free cash flow was -$80M, and the company returned $68M in dividends.
The diluted share count rose 5% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from MGE Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $545M | $563M | $560M | $569M | $539M | $607M | $715M | $690M | $677M | $744M |
| Operating income | $124M | $125M | $114M | $111M | $110M | $117M | $138M | $146M | $146M | $171M |
| Pre-tax income | $118M | $120M | $112M | $107M | $112M | $110M | $137M | $146M | $131M | $157M |
| Income tax | $43M | $22M | $27M | $20M | $19M | $4M | $26M | $28M | $11M | $21M |
| Net income | $76M | $98M | $84M | $87M | $92M | $106M | $111M | $118M | $121M | $136M |
| EPS (diluted) | $2.18 | $2.82 | $2.43 | $2.51 | $2.60 | $2.92 | $3.07 | $3.25 | $3.33 | $3.72 |
| Diluted shares | 35M | 35M | 35M | 35M | 36M | 36M | 36M | 36M | 36M | 37M |
| Operating margin | 22.7% | 22.1% | 20.4% | 19.5% | 20.4% | 19.3% | 19.3% | 21.2% | 21.6% | 22.9% |
| Net margin | 13.9% | 17.3% | 15.0% | 15.3% | 17.2% | 17.4% | 15.5% | 17.0% | 17.8% | 18.3% |
Balance sheet
Fiscal years, from MGE Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $96M | $108M | $83M | $23M | $45M | $17M | $12M | $11M | $21M | $6M |
| Receivables | $40M | $42M | $44M | $40M | $41M | $46M | $55M | $47M | $51M | $58M |
| Total current assets | $276M | $291M | $241M | $182M | $210M | $199M | $243M | $238M | $227M | $229M |
| Property, plant and equipment | $1.3B | $1.3B | $1.5B | $1.6B | $1.8B | $1.9B | $2.0B | $2.1B | $2.3B | $2.6B |
| Total assets | $1.8B | $1.9B | $2.0B | $2.1B | $2.3B | $2.4B | $2.5B | $2.7B | $2.8B | $3.2B |
| Total current liabilities | $104M | $127M | $121M | $129M | $191M | $118M | $225M | $157M | $126M | $297M |
| Long-term debt | $383M | $398M | $493M | $524M | $519M | $614M | $585M | $719M | $764M | $792M |
| Total liabilities | $1.1B | $1.1B | $1.2B | $1.2B | $1.3B | $1.3B | $1.4B | $1.5B | $1.6B | $1.9B |
| Shareholders' equity | $724M | $778M | $817M | $856M | $976M | $1.0B | $1.1B | $1.1B | $1.2B | $1.3B |
| Net debt | $291M | $315M | $415M | $520M | $479M | $602M | $628M | $713M | $748M | $808M |
Cash flow
Fiscal years, from MGE Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $148M | $131M | $153M | $130M | $172M | $138M | $154M | $238M | $278M | $263M |
| Capital spending | $84M | $108M | $212M | $164M | $203M | $153M | $175M | $222M | $237M | $343M |
| Free cash flow | $64M | $23M | -$59M | -$34M | -$31M | -$16M | -$21M | $15M | $41M | -$80M |
| Stock-based compensation | $3M | $1M | $1M | $3M | $1M | $3M | $1M | $3M | $4M | $3M |
| Dividends paid | $42M | $44M | $46M | $48M | $52M | $55M | $58M | $60M | $64M | $68M |
| Net borrowing | -$4M | $40M | $85M | $32M | $33M | $48M | $85M | $52M | $7M | $137M |
| Free cash flow margin | 11.8% | 4.1% | -10.6% | -5.9% | -5.7% | -2.6% | -3.0% | 2.2% | 6.0% | -10.8% |
| Dividends per share | $1.21 | $1.26 | $1.32 | $1.38 | $1.45 | $1.51 | $1.59 | $1.67 | $1.75 | $1.85 |
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Open MGEE in InvestinglyQuestions
What was MGE Energy's revenue in 2025?
$744M in fiscal 2025, from its 10-K filing.
How much free cash flow does MGE Energy generate?
-$80M in fiscal 2025 (operating cash flow minus capital spending).
From MGE Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.