MGE Energy Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	726.65	659.94	673.93	699.82	593.08
Revenue Growth (YoY)	10.11%	-2.08%	-3.70%	18.00%	13.07%
Fuel & Purchased Power	90.85	86.85	98.85	108.15	94.03
Operations & Maintenance	236.5	228.14	215.89	209.88	199.32
Selling, General & Admin	0.39	0.44	-	-	-
Depreciation & Amortization	114.32	108.58	100.35	85.55	76.98
Other Operating Expenses	102.04	79.89	106.81	139.09	88.86
Total Operating Expenses	544.1	503.89	521.9	542.67	459.18
Operating Income	182.56	156.05	152.03	157.15	133.9
Interest Expense	-33.8	-32.93	-30.43	-26.65	-24.11
Net Interest Expense	-33.8	-32.93	-30.43	-26.65	-24.11
Income (Loss) on Equity Investments	13.01	12.28	10.63	9.14	9.27
Allowance for Equity Funds for Construction	6.2	5.7	5.8	3	5
Other Non-Operating Income (Expenses)	-11.31	-9.93	7.47	-5.46	-14.18
EBT Excluding Unusual Items	156.65	131.17	145.5	137.18	109.88
Pretax Income	156.65	131.17	145.5	137.18	109.88
Income Tax Expense	20.77	10.6	27.8	26.22	4.12
Net Income	135.89	120.57	117.7	110.95	105.76
Net Income to Common	135.89	120.57	117.7	110.95	105.76
Net Income Growth	12.71%	2.44%	6.08%	4.91%	14.44%
Shares Outstanding (Basic)	37	36	36	36	36
Shares Outstanding (Diluted)	37	36	36	36	36
Shares Change (YoY)	0.92%	0.15%	0.03%	0.02%	1.56%
EPS (Basic)	3.72	3.33	3.25	3.07	2.92
EPS (Diluted)	3.72	3.33	3.25	3.07	2.92
EPS Growth	11.71%	2.45%	5.93%	5.07%	12.52%
Free Cash Flow	-79.99	40.86	15.49	-21.3	-15.64
Free Cash Flow Per Share	-2.19	1.13	0.43	-0.59	-0.43
Dividend Per Share	1.850	1.760	1.670	1.590	1.520
Dividend Growth	5.11%	5.39%	5.03%	4.61%	4.83%
Profit Margin	18.70%	18.27%	17.46%	15.85%	17.83%
Free Cash Flow Margin	-11.01%	6.19%	2.30%	-3.04%	-2.64%
EBITDA	286.78	254.13	241.98	231.9	205.18
EBITDA Margin	39.47%	38.51%	35.91%	33.14%	34.60%
D&A For EBITDA	104.22	98.08	89.95	74.75	71.28
EBIT	182.56	156.05	152.03	157.15	133.9
EBIT Margin	25.12%	23.65%	22.56%	22.46%	22.58%
Effective Tax Rate	13.26%	8.08%	19.11%	19.12%	3.74%
Revenue as Reported	743.65	676.94	690.43	714.52	606.58

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.

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